On paper, everyone in the world can start their own digital currency exchange, as long as there is no fiat currency involved. In reality, however, that may prove to be a bit more problematic, depending on how one’s country deals with regulating Bitcoin and other virtual currencies. Cryptopolis looks very much like the now defunct Cryptsy exchange, although they have some very questionable markets and coins listed there.
By the look of things, the Cryptopolis exchange platform is not even live right now, as there isn’t even an official domain name for the platform. Instead, this link redirects to a free subdomain, showing a nearly identical copy of the formerly famous Cryptsy exchange, albeit with a different name.
Based on the layout, the exchange offers plenty of altcoins to trade with, although nearly all of them will show no trading activity whatsoever. That is, except for two trading markets, both of which involve the MZC altcoin. That being said, there is the very little volume to speak of, and most digital currency traders will not give the platform a second glance.
However, there is always a chance novice users might see Cryptopolis as a functional exchange, simply because they list over 30 different digital currencies users can trade with. Additionally, there is the layout which looks like a true Cryptsy copy, giving the platform some form of legitimacy for those users who are not familiar with what happened to the defunct exchange.
Needless to say, people will need to start doing some research before they start using a new digital currency exchange. Granted, some of these platforms are relatively new and may not have much of a reputation to speak of just yet. But at the same time, a little bit of research on beforehand might avoid a lot of financial trouble down the line.
What is even more worrying is how every listed altcoin can allegedly be purchased with PayPal, by clicking the logo which redirects your Skype app to add a new contact person. Running a business like that does not instill trust with experienced digital currency users by any means.
Platforms like Cryptopolis might appear to be more of a test project than anything else, but considering the registration part works, some users might be lured in regardless. The shortened free domain name and the lack of any trading volume should offer plenty of warning signs for visitors not to use this platform.
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