When you buy or trade cryptocurrency exchanges, platforms where you can buy, sell, or swap digital assets like Bitcoin or Ethereum. Also known as crypto trading platforms, they’re the gateway to the blockchain economy—but not all of them are real. Some are built to steal your money. Others are so slow or restricted they might as well not exist. You need to know the difference before you deposit a single dollar.
Real regulated crypto exchange, a platform licensed by a government body like the FCA, OJK, or Korea’s FSC to operate legally. Also known as licensed crypto platform, it follows strict rules on security, KYC, and fund storage. These include COREDAX in South Korea or exchanges covered under HM Treasury rules in the UK. They don’t promise moonshots. They offer clear fees, real customer support, and insurance for your assets. On the flip side, fake ones like CreekEx or Woof Finance look real but vanish overnight. They often use names that sound like legit projects—Armoney, KCCSwap, or BUNI Community—to trick you into sending funds. The red flags? No clear team, no public license number, and zero trading volume on CoinGecko or CoinMarketCap.
Where you live also changes what’s available. Nigeria lifted its crypto ban in 2025, but enforcement is messy. Bangladeshis use VPNs just to access Binance. Vietnam lets you trade in dong—but no stablecoins and no licensed exchanges yet. Indonesia allows trading under OJK oversight, but you can’t use crypto to pay for coffee. These aren’t just policy quirks—they shape what platforms you can actually use. And if you’re in a country with tight controls, your options shrink fast.
Even the biggest names can fail. Koinex was India’s top exchange in 2018—then the RBI banned crypto and it vanished. OpenSwap on Harmony had promise but died from lack of users. Ref Finance works because it’s fast, cheap, and built on a live chain like NEAR. Not because it shouted the loudest on Twitter. The ones that survive are the ones that solve real problems: low fees, fast trades, and real security—not hype.
Below, you’ll find real reviews of exchanges that actually exist—and the fake ones that got exposed. You’ll see what happened to traders in Korea, Nigeria, and Vietnam. You’ll learn how to spot a scam before you click ‘Deposit’. And you’ll find out which platforms still work in 2025, and why.
18 April
OFAC sanctions have severely restricted Iranian access to global crypto exchanges by blocking wallet addresses and forcing platforms to comply. Iranians now rely on risky P2P trades and shadow exchanges, while regulators use blockchain analytics to track evasion.
