TimeX, a cryptocurrency exchange, has been making waves by urging users not to feed the banks but to transition into the realm of digital currencies. It claims to offer something unique in its trading conditions. Is it too good to be true? Is this exchange a gem or a potential scam? Join us as we uncover the details in our latest review. As always, we’ll bring you the results you need to know.
- TimeX General Information
- Registration and Client Portal Review
- TimeX Trading Conditions
- Account Types Review
- Trading Platform
- TimeX — Deposit and Withdrawal of Funds
- Verification
- Additional Options
- Is TimeX a Scam?
- Legal Information and License
- Timex.io Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
TimeX General Information
| Website | https://timex.io/ |
| Phone Number | — |
| help@chrono.tech | |
| Address | 155-159 William St, Darlinghurst, New South Wales |
| License | AUSTRAC |
| Minimum Deposit | — |
| Assets | Crypto |
| Leverage | — |
| Trading Platform | WebTrader |
Registration and Client Portal Review
The TimeX website adopts a rather eclectic design approach. Upon entering the site, you’ll notice a blend of various styles. On one hand, it showcases a minimalistic interface, while on the other, it incorporates elements of a grunge aesthetic with graffiti-style typography. Despite the diverse visual elements, information about the exchange itself appears to be somewhat limited. Notably, the FAQ section consists of just three questions, which may be part of the intentional design.
The registration process appears straightforward at first glance. You are only required to enter your email address and create a password. Following this, a confirmation link will be sent to your email, allowing you to proceed to your personal dashboard.
The Client Portal maintains a strong commitment to minimalism. Users are presented with options to either fund their accounts or undergo verification. Beyond these features, the interface remains uncluttered. It’s worth noting that while minimalism can be aesthetically pleasing and user-friendly, some may argue that this design borders on excessive minimalism.
TimeX Trading Conditions
We will be scrutinizing TimeX trading conditions in detail to provide you with a comprehensive assessment.
Account Types Review
So, TimeX does not offer a division of accounts. They operate with a single account structure, much like the majority of traditional cryptocurrency exchanges. However, this is where the positive aspects come to an end.
First and foremost, clients are limited to spot trading only. There are no options for margin trading, futures, or any other derivatives. Secondly, the selection of trading pairs is relatively limited, primarily consisting of popular cryptocurrencies paired with USDT, TIME, AUDT, or USDC.
It’s essential to highlight that these trading conditions may be considered rather impoverished for a cryptocurrency exchange with a prestigious reputation.
Trading Platform
Trading in TimeX is facilitated through their web terminal, which is evidently designed by TradingView. One of its standout features is its ease of use, ensuring that traders can quickly navigate through various tools and functions. The platform is designed to cater to both novice traders and professionals.
However, it’s essential to note that TimeX currently lacks both a desktop trading platform and a dedicated mobile application, which could be viewed as a limitation for traders who prefer these alternative methods of access.
TimeX — Deposit and Withdrawal of Funds
TimeX exclusively offers cryptocurrency deposits, a choice that may be attributed to the complexities surrounding regulation in the cryptocurrency exchange sphere. Acquiring a license for a cryptocurrency exchange is distinct from obtaining one for the exchange of digital assets into fiat currencies. As evident from its approach, the platform maintains a reserved stance towards traditional monetary systems and is unlikely to integrate conventional currency deposits in the foreseeable future. While this approach aligns with the platform’s principles, it might present a certain inconvenience to clients seeking more diverse deposit options, a compromise that users may have to accept given TimeX chosen operational path.
Verification
TimeX provides a verification process that determines the daily withdrawal limits for Bitcoin. Here’s how it works:
- If you verify your phone number and email, you can withdraw up to 1 Bitcoin per day.
- Providing personal information can increase your daily withdrawal limit to 5 Bitcoins.
- Verifying your address further raises the limit to 10 Bitcoins.
- For those who submit their documents for verification, the daily withdrawal limit extends to a whopping 50 Bitcoins or $20,000.
It’s important to note that document verification can take up to three business days.
Additional Options
The platform also offers a lucrative partnership program where you can earn up to 80%. While these numbers might sound too good to be true, they are indeed the promised rewards for partners. It’s worth mentioning that the 80% applies to the trading commissions amounts of your referrals specifically. Additionally, you have the flexibility to generate and customize your referral link. For example, you can choose to receive 50%, while your friend gets 20%, or you could opt for 21% for yourself and 49% for your friend. The platform also features four friendship levels, with the first two allowing you to select your reward, and the latter two offering fixed percentages of 7% and 3%, respectively.
Is TimeX a Scam?
It wouldn’t be entirely fair to categorize TimeX as a scam. The exchange is undeniably operational, so outright accusing it of fraudulent activities wouldn’t be accurate. However, there are aspects that warrant a closer look.
Legal Information and License
The hero of our review asserts its registration in Australia and inclusion in AUSTRAC’s registry. Chrono Timex, the company behind TimeX, does exist and has been on record in Australia since 2018. Unfortunately, the available information in this registry is rather limited, making it challenging to acquire more comprehensive insights.
Timex.io Domain Info
Adding weight to the notion that TimeX is relatively old is its domain registration date. According to Whois, the official TimeX website was established towards the end of 2017. The content on this domain is indeed associated with the exchange. While these details are not conclusive proof of any wrongdoing, they do highlight certain considerations for potential users.
Contacts Review
Similar to many exchanges, TimeX provides an email address and some social media channels for communication. However, in case of lengthy response times, clients are recommended to use the widget available on the official website.
More Details
Notably, TimeX can even be found listed on CoinMarketCap. However, it wouldn’t be accurate to claim that the exchange holds a leading position. It currently ranks at 233rd place, with a daily trading volume of just over 4 million, equivalent to roughly 100 Bitcoins. While this might seem substantial for an individual wallet, it’s relatively modest for an exchange of this scale.
Pros and Cons
- Registration simplicity.
- Partner program.
- Limited trade variety.
- Sparse asset selection.
- Web-based platform only.
- Cryptocurrency deposits only.
- Low trading volume.
Frequently Asked Questions (FAQ)
It primarily offers spot trading services for popular cryptocurrencies paired with USDT, TIME, AUDT, or USDC. However, it does not provide margin, futures, or other derivatives trading. The platform also operates a partner program where users can earn up to 80% of trading fees generated by referred traders.
It does not specify a minimum deposit requirement. It’s possible that there is no minimum deposit. So, it’s advisable to deposit an amount that aligns with your trading goals and risk tolerance.
It can be considered relatively safe, but several factors need to be considered. Before engaging with TimeX or any cryptocurrency exchange, it is essential to familiarize yourself with the regulatory framework for cryptocurrencies in Australia. Keep in mind that cryptocurrency-related disputes and regulatory issues can be complex and lengthy to resolve. Therefore, it’s crucial to exercise caution and conduct thorough research before using the platform.
Idk
I’m quite disappointed with this platform. It seems like they can do whatever they want, especially when it comes to tokens in trading pairs where clients have deposited significant amounts. Just take a look at how many coins are currently under maintenance. I’ve found myself unable to do anything with a particular token; neither convert it, nor withdraw it. This specific token has unexpectedly been under maintenance for several weeks, and the situation hasn’t changed.
I’ve also had my share of disappointments with this platform. Trading with such low liquidity can be very challenging. On the bright side, you can make some money through their referral program, but for actual trading, you might want to explore other cryptocurrency exchanges.
Comme ci, comme ça
I’ve been trading on a different exchange until now, but I’m drawn to TimeX because it offers pairs with the Australian dollar. So, I’m contemplating whether it’s a suitable place for trading.
Hello.
Can someone provide a specific piece of advice on whether to trust the cryptocurrency exchange TimeX? On one hand, there are quite a few positive reviews about it, but on the other hand, there are just as many negative ones. I understand that this platform isn’t the top-tier choice, but it’s not entirely obscure either. Could you please offer some detailed insights, preferably with supporting evidence, regarding whether it’s safe to trust this company or not? I’d appreciate a thorough response.
Timex.io definitely a scam
My news about Tinex.io is not good.
1. About a year ago I moved a small amount of crypto to Timex, to buy some cryptos not available on my other exchange accounts.
Only recently have I attempted a withdrawal.
Over the past week I have submitted 3 withdrawal requests and all of them have remained in “pending” status.
2. Normally when a withdrawal is done, the exchange should initiate a “transaction” formatted for submission to the blockchain for starting the confirmation process. This was never actually done with these withdrawals. How do we know? We know becauae if done, the receiving wallet will immediately get notice of the transaction.
Also, on the Timex side, the exchange should publish the Transaction ID, and a link to the blockchain, to permit observation of confirmations.
Thus we know that none of these withdrawals was even started.
3. Repeated messages to the Support Staff, about the status of these withdrawals, are drawing less and less response, now down to the point of dead silence.
4. The Timex.io website shows several pictures of the executive officers. One, the CTO, ( chief technical officer), left the company 2 years ago, and the website has not been updated. I asked who thhe new CTO was and why no mention of a change. This question was ignored. Another executive, the CE, left the company only months ago, and this news has also not been updated on the website.
( I was able to determine this by tracking them down through Linked-In. )
5. The “details” provided for the withdrawals appear to be completely bogus, and are clearly intended to obfuscate the fact that no Transaction has been expedited, by simply claiming that one “stage” of the withdrawal process has been “confirmed”.
6. I have been through no less than three exchange collapses since 2013, most notably FTX. In every one, the red flags appear well before the final collapse. Invariably the first red flag comes with shenanigans about withdrawls. The departure of the executive staff should also be viewed as a major red flag.
7. Timex is no doubt still accepting Deposits. It is now a full blown acam and may succeed in fleecing many more victims until regulatory agencies shut them down. I shall be attempting to initiate this shut down in the next few weeks. If you publish these notes we may be able to limit the damage for future victims.
You may contact me via email at any time if you wish additional details.