| Cryptocurrency exchange | |
|---|---|
| Official website | |
| Social network | |
| Date of foundation | 1970 |
| Head Office | Peterburi tee 47, Lasnamäe Linnaosa, Harju Maakond, 11415 Tallinn, Estonia |
| Types of support | |
| Languages | Russian, English |
| Company owner | UT Exchange OÜ |
| Age restrictions | From 18 years |
| Number of cryptocurrencies | 15 |
| Number of trading instruments | 15 |
| Margin trading | No |
| Tokenized assets | There's |
| Free demo account | No |
| Types of accounts | Standard |
| Order execution | Market Execution (at market price), Limit Orders |
| Methods of replenishment | Bank card, Cryptocurrencies |
| Withdrawal methods | Bank card, Cryptocurrencies |
| Account Currencies | USD, Cryptocurrency |
| Types of cryptocurrencies | Bitcoin, Ethereum, Litecoin, Ripple, Tether, et al. |
| Licenses | Licensed |
| Mobile apps | No mobile apps available |
| Trader training | No |
| A way to store cryptocurrencies | Cold: yes Hot: no |
| Fiat accounts | Yes |
| Scalping | No |
| Stop loss and take profit function | No |
| Possibility to exchange for fiat currencies | Yes |
| Terminal capabilities | Working with graphical tools |
| Basic verification | At the request of the administration |
| Advanced AML verification | 4 levels of verification |
| API | No |
| Affiliate Program | Registration30% of the amount of referrals' commission |
| Advantages | Simple and intuitive interface Availability of the necessary license The launch of a mobile app is planned Promotions and contests for users On the site you can find a clear plan of action of the company Large list of available cryptocurrencies |
| Disadvantages | The exchange has flaws |
| Company requisites | Legal name: UT Exchange OÜ Legal address: Peterburi tee 47, Lasnamäe Linnaosa, Harju Maakond, 11415 Tallinn, Estonia |
| Overall assessment | 8.4/10 |
| Date of update | February 20, 2023 |
UTEX is this a scam? Review and Customers Reviews
Contents
UTEX – it’s a young cryptocurrency exchangewhich appeared on the financial market in March 2020. In addition to the exchange, the company also has a service United Trades, which deals with investments. During this period, the project was able to obtain a license and is actively gaining popularity among clients.
In our review, we will take a closer look at the conditions of the exchange and find out whether UTEX is a scam or a reliable platform for cryptocurrency trading.
Why UTEX?
UTEX is an exchange for trading cryptocurrencywhich only recently began its work in March 2020. In such a short period, the company has been able to achieve some success and continues to develop actively. The main office of the organization is located in Tallinn (Estonia), from where the platform is regulated.
The service provides its clients not only favorable but also comfortable conditions for cooperation. The company has developed a simple and intuitive official website. Users have the opportunity to trade more than 15 types of cryptocurrencies. The trading process is carried out through the terminal. There are two versions of the terminal available to users – simple and advanced. The simple version contains only available cryptocurrency pairs and chart. Advanced terminal consists of the following blocks:
- information about the selected trading pair;
- available types of cryptocurrency;
- chart about the selected trading pair;
- order glass;
- tape;
- order history, as well as a list of open orders;
- order to buy and sell cryptocurrency.
At the moment, the site is in the final stages of development of a mobile application, and a release is planned soon. The application will allow clients to access the exchange at any time and any place using their smartphones. In addition to the exchange, the company also offers its clients to invest in various projects. In this way, the user can earn extra income on investments. Each project has a prescribed share price, start-up, minimum term, as well as the value of the organization in recent years and the degree of risk.
The site also has its own blog, where it posts the latest news about its projects, as well as interesting and useful articles on financial topics. Information is available both in Russian and in English (Cryptocurrency Trading Training).
Among the main advantages of the company are:
- large list of available cryptocurrencies;
- simple and intuitive interface;
- the availability of the necessary license;
- security;
- The launch of a mobile application is planned for the near future;
- promotions and contests for users;
- on the site you can find a clear plan of action of the exchange.
How to exchange cryptocurrency on Yutex platform?
To begin the process of trading, the user must register an account on the site utex.io, go to the “Exchange” section and follow a few simple steps:
- choose a trading pair;
- fill out an order specifying the amount and amount of cryptocurrency to be exchanged;
- press the corresponding button.
Verification on the utex.io platform
In order to get full access to the platform and remove the limits on deposits and withdrawals of cryptocurrency, the user must go through the process of identity verification. In total, the company provides 4 levels of accounts:
- Newbie – allows you to add 1,000 euros to your balance each month and withdraw up to 50,000 euros. To get the status, you need to specify your full name in your profile and confirm your e-mail address.
- Advanced – The limit for account replenishment is 3000 euros per month and for withdrawal – 50,000 euros. To receive this level, the client must provide a scan/color copy of his/her ID document and take selfies with the document in hand.
- Professional – features the possibility of unlimited recharge. The equivalent for withdrawal remains 50,000 euros per month. In order to obtain the status, it is necessary to confirm the address of residence by providing the appropriate document, namely a utility bill or bank statement. The document must not be more than three months old.
- Individual. It also has a limitless deposit, as well as provides individual conditions for the withdrawal of funds. To get this level of account, the user should provide additional documents at the request of the exchange administration.
Deposit and withdrawal
The minimum amount to deposit varies depending on the deposit method from 0.1 to 10 dollars. To make a deposit, the user can use the following options:
- bank card;
- transfer from a United Traders account;
- cryptocurrency itself.
To withdraw earnings the user can use the same methods as for depositing. Keep in mind that some payment systems charge commission. The minimum amount cannot be less than the commission.
Cryptoexchange Commission
The exchange charges a fee for withdrawing cryptocurrencies. For cryptocurrency withdrawals, the commission is about $1. If you make a dollar transfer, the bank commission is about $35.
UTEX bonuses
Although the exchange is quite young, the site utex.io periodically appears information about various contests and promotions. Thus, the company has already managed to hold a tournament on crypto-trading. The website indicates that a new tournament will be held soon, so customers can follow the updates to stay up to date.
Referral program
An affiliate program has been developed for those users who want to earn extra income. As part of the program, clients can attract new participants to the project using a unique referral link, banners, video clips, and weblinks. For each attracted user, the trader can receive a reward equal to 30% of the commission. The advantage is that partners receive ready-made promotional materials, as well as detailed statistics to track the effectiveness.
Complaints against Utex
Since the exchange appeared quite recently, on the Internet at the moment very few reviews from users. In general, the company does not have any formed reputation at the moment. Of the advantages, customers note a convenient platform, the active development of the exchange, as well as a large number of cryptocurrencies for trading. Of the disadvantages noted the presence of various bugs on the platform, the lack of a mobile application, as well as the insufficient number of communication channels with technical support. It is worth noting that the company is working on its platform and trying to fix all kinds of bugs.
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Crypto exchange regulation
More and more scammers are appearing in the financial sector. Since UTEX is a young project, it is necessary to make sure of its integrity first, before starting cooperation. Let’s take a closer look at how the cryptocurrency exchange is regulated.
UTEX regulator
On the site utex.io The information that the platform has the necessary licenses under the numbers FVR000086, FRK00067 is indicated. All the necessary documentation for users can be found on the website. The location of the head office is not hidden.
User Agreement utex.io
The “User Agreement” is the main document, which it is advisable for every trader to get acquainted with before starting cooperation with the exchange. The document contains the basic rules for trading digital assets, as well as the rights and obligations of both parties. The disadvantage is that the agreement is presented only in English, which may create difficulties for users from the CIS countries. Let’s consider some points in more detail.
The user understands and accepts that the company has the right to modify the agreement and all annexes thereto (in whole or in part) at its sole discretion without obtaining prior consent from the client. Unless explicitly stated in the document, all changes will be published on the website and will take effect immediately after such publication. The user undertakes to follow the changes of the agreement by periodically reviewing the relevant edition, but not less than once every two calendar days. It is the client who is responsible for any consequences of not reading the agreement.
A company may deny registration to an applicant who has applied for registration if:
- any or all of the information provided in the registration process is incomplete, incorrect or misleading;
- any or all of the information provided in the registration process cannot be verified in the manner prescribed by the company;
- the user is less than 18 years old;
- the client lives in or is a citizen of a restricted territory;
- the company believes that the user is not suitable for registration.
You have the right to make changes to your personal information in your account. At the time of making such changes, it is worth bearing in mind that the company may require certain documentation in accordance with the company’s KYC policy. In turn, the company has the right to:
- receive payments under this contract in accordance with the tariffs;
- change prices from time to time;
- unilaterally temporarily restrict or terminate access to the system or any of the services, or in any way regulate the right to use the system or any of its components;
- perform maintenance work on the server and suspend user access to the system during periods of such maintenance;
- modify or release software and system updates to add new features or functionality to the software;
- Report to the regulatory authority any transaction or activity that may be considered suspicious.
In return, the user undertakes to:
- use the system in accordance with this agreement;
- make all payments due to the company under this contract in a timely manner in accordance with the tariffs;
- keep your login and password confidential and not disclose them to third parties;
- immediately notify the company in case of loss of login or password, as well as in case of violation of confidentiality of login or password;
- notify the company immediately in case of system failures;
- fairly and timely report all of their income related to the client’s activities using the system in accordance with applicable law and pay any taxes and fees imposed thereon;
- independently assess the risks of transactions that the user makes using the system;
- to compensate the Exchange for any proven damages incurred by the Service as a result of any acts of omission by the Client, including, but not limited to, damage to the system or its components, as well as to the business reputation of the Company.
The user uses the system and any services at his or her own risk. To the extent permitted by applicable law, the system, services and any components thereof are provided “as is” without warranty of any kind. Without limiting the foregoing, the company expressly disclaims any warranty of merchantability, fitness for a particular purpose, or non-infringement. The administration makes no warranty that the system or any services will meet the user’s requirements or operate smoothly, safely, without error, and there is no warranty as to the quality, accuracy, timeliness, truthfulness, completeness, or reliability of any information provided in the system or its components.
To the extent permitted by applicable law, neither the company nor any other party involved in the creation, production or provision of any services under this agreement will be liable to the user for any indirect, incidental, special, punitive, exemplary or consequential damages, including loss of profits, loss of data, interruption of service, computer damage or system failure. In no event will the total liability of the company arising out of or in connection with this agreement or from the use/failure to use the system or any of the services exceed €1,000. The above exclusions and limitations of damages are fundamental elements of the basis of the agreement between the company and the user.
Customer Service
To contact technical support, users can use:
- email: [email protected];
- feedback form;
- social media.
Is UTEX a scam?
UTEX – is a young exchange for cryptocurrency trading, which appeared in March of this year. The project belongs to the well-known company United Trades, which has been in the financial market for more than 11 years and is engaged in investments. The organization is well-known and has a positive reputation among users. An intuitive and simple platform has been developed for users, which can be used by both beginners and experienced clients. At the moment the company is actively developing and on the site one can find the report on the work done and the work to be done. Thus, there are plans to launch a mobile application soon, which will allow traders to access the exchange at any time without the need to use a computer.
At the moment, 15 popular types of digital assets are listed on the exchange, as well as one token. The trading process is carried out through the terminal, which is available as a simple version for beginners, and expanded for professionals. There is a 4-level verification system on the platform, which allows you to increase the limits on deposits and withdrawals. The advantage is that periodically for users are held cryptocurrency tournaments, as well as an affiliate program for additional earnings was developed. Since the exchange for trading digital assets appeared on the Russian market only a few months ago, the site does not have any formed reputation. Having analyzed the conditions that the project provides to its clients, can we say that UTEX is a scam and fraudsters? No, because the company has the necessary license, actively develops and works in accordance with the law.
Conclusion
UTEX – is a newcomer among cryptocurrency exchanges, which successfully launched in the spring of 2020. The launch of the service had been known for quite some time, but the company had been working on the platform for a long time, which delayed its launch. At the moment, the service provides customers with the ability to trade 15 types of digital assets and has added 1 token to its listing. The platform is notable for its simplicity and brevity.
Both the professional and the novice should carefully study the agreements before starting to register on the exchange site in order to be aware of the possible risks of trading in digital assets. At the moment the exchange does not have any formed reputation, but it is worth noting the successful launch of the platform. If you have already started cooperation with the company, leave your opinion on our website to form an independent rating of exchanges for cryptocurrency trading.
Reviews
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Credible feedback Rate your review 0-11Not a bad exchange during sanctions
I would like to share my review of trading on the UTEX exchange. I found out about the exchange relatively recently, in 2022. For me personally, it turned out to be the only decision after the blocking of the main known brokers. I trade in akitions, US fund. That’s why I found such UTEX. It is a very… Read more
Positive- Convenient terminal
- Works fast
Minuses- Long support
- Not the most liquid crypto assets
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Feedback approved for publication Rate your review 000UTEX - hesitated for a long time at first, tried it and I don't understand where I was before
I have always treated shares for crypto so badly. After all, a fund is a fund, crypto is crypto. But I decided to give it a try. Everything goes quite competently. Help from support… Everything is withdrawn on time and without delays
Friendly interface, with which even a beginner can easily understand… Read more
Positive- very convenient terminal
- fast platform
- normal commissions
- cool feature of warning about the spread, so that you don't run into illiquid assets
Minuses- sometimes can be slow, but very rarely
- leverage only 30x
- no mobile application
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Inaccurate feedback Rate your review 000Russian broker
Well, what else should we expect? The creators of UTEX seem to be young and motivated, but the Russian mentality is unbreakable.
Positive- You can trade US market instruments
- crit trading
Minuses- The commissions for replenishment are simply crazy
- There is simply no support service
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Feedback approved for publication Rate your review 1+10Ultimate tool for investors
Using UTEX since 2022. First thing that attracted me is trading stocks with crypto. So smooth and fast. I used 10+ brokers, but they all require qualification, huge commission rates and do have old-looking unfriendly interfaces. And no one offers trading pairs with USDT. For me, as a both stocks & crypto… Read more
Positive- Low rates
- Ultimate tool
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Rate your review 00Bought a few cryptocurrencies. Everything went great
Bought a few cryptocurrencies. Everything went great. Everything was fine with the sale and withdrawal. Withdrawn in XML and XRP all fine. I advise!
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Rate your review 00A SCAM!!! I put money in ethereum...
A SCAM!!! I put money in ethereum on their exchange UTEX – transaction has 5 days in the status of "confirmed". Support in general does not respond by mail or telegram. Support neither exchange nor UnitedTraders. It’s a shame, I pissed away $ 1000 in equivalent, but at the same time I almost… Read more
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Rate your review 00The support service is full of brakes
The support service is full of brakes, they answer in a few days, or even a week. And it is possible to contact only by mail or telegram, in case of urgent questions no communication channel is provided.
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Rate your review 000I hold BTC at UTEX, always friendly...
I hold BTC at UTEX, always friendly tech support, user-friendly interface, a lot of updates during the year in the system and waiting for more bonuses.
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Rate your review 000There is no answer from customer service
There is no answer from customer service.
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