Hi all,
I would like to share my experience of using CRXZone with you.
I was looking for reliable bitcoin/altcoin trading service in Singapore, and as the choice was not rich, I quickly came across CRXZone. I tested it on a couple of relatively small transactions, everything was more or less fine, so I decided to give it a chance with bigger funds. The operation was quite simple: deposit SGD, exchange SGD to BTC, withdraw BTC to some external wallet. Unfortunately, this experience wasn't that good. Below are my thoughts about it.
1. Waiting times.
It took 2 hours from the moment I made FAST (Fast And Secure Transfers) transfer from my DBS account to exchange's UOB account before the money showed up. Phone support wasn't helpful at all, and the only thing that they offered was to wait because of "so many transfers today". Given that FAST transfer normally takes seconds, this is an inadequately long waiting time.
Really, from user standpoint, an option to make FAST transactions instead of slow wire transfers makes the most sense of using local Singaporean exchanges for Singapore-based customers. But it seems that CRXZone does not benefit from this at all. By the way, it takes their competitor, FYB-SG, just minutes to credit user account in similar situation.
Another, even more stranger issue, is crypto withdrawal waiting time. Apparently, some (all?) crypto transactions require MANUAL approval from staff as well, so I had to wait around 40 minutes (!) before my BTC withdrawal operation was actually executed (i.e. broadcasted over Bitcoin network).
In that way, the most simple and typical scenario (deposit money, exchange, transfer) took more than 3 hours to complete, which is way too much when you need to pay somebody in crypto real quick.
2. Transaction fee.
The most painful issue. When my transaction was finally broadcasted, I quickly noticed that transaction fee set by the robot (staff?) was way too small for the given period of time/network load (200.738 sat/B). No surprise that transaction didn't go through, and I was able to get it confirmed only after 6 days of waiting, and only because I was lucky enough get it "accelerated" by one of the miners.
I lost a lot because of high exchange rate volatility within that period of time, and I also lost a contract for which I initially was transferring the funds.
I was a little shocked with all this, because transaction fee estimation is not a rocket science, and if they're unable to manage it themselves, there are plenty of services with public API around. I never experienced anything like this with any of exchanges that I ever used in last 4 years.
3. User support.
Of course, I tried to address this issue to their user support (as there are different ways to deal with this situation, like re-sending the transaction with higher fee, accelerating transaction via miners, etc). However, I didn't get any productive output except for a great advice to stop using the service if I was not pleased by the way the company runs it (literally). They never said sorry, nor admitted their liability or offered any help. I also tried to contact their management directly - got no reply.
Bottom line is - CRXzone is a baby exchange with fails the most simple, basic operations, shifts all responsibility to a customer, and provides zero user support. AVOID it!