UPEX Overview
UPEX started around 2018 under OneMena in Bahrain, aiming at Middle Eastern and North African customers. It launched with Arabic support, wire-transfer deposits, and promised backing from the Central Bank’s sandbox program.
Core offering
The platform listed about 20–25 cryptocurrencies with a flat 0.20% maker/taker fee and a 0.0005 BTC withdrawal charge. Fiat deposits worked via wire transfers but not credit cards. A mobile app supported basic trading flows.
What went right
- Flat trading fees were around average to slightly lower than older industry standards.
- Withdrawal fee on BTC was cheaper than some contemporaries.
- Multi-language interface (Arabic and English) and Bahrain sandbox registration made it approachable for regional users.
- Mobile access and simple UI simplified usage for newcomers.
What went wrong
- The exchange went inactive around mid-2021; withdrawals were only accepted until July 15, 2021.
- Lacked visible licensing or external audit; sandbox status didn’t mean full regulation.
- Fiat rails limited to wire transfers; no card support.
- Trading volumes weren’t consistently tracked; CoinMarketCap marked it untracked.
- Some trackers flagged it as “stopped operation,” risk rising.
- Reddit and scam forums warned about fake domains & phishing after closure.
Metrics & lifecycle
- Launch: ~2018
- Fiat options: Wire transfers only
- Crypto listings: Around 23
- Fees: 0.20% maker/taker; 0.0005 BTC withdrawal
- Languages: Arabic, English
- Mobile app: iOS/Android
- Status: Inactive since July 2021
- Volume & reserves: Untracked, no data
User experience
Early users saw a simple UI with language support and wire fiat deposits. But after shutdown, communication stopped. Withdrawals had to be requested by email before a cutoff. Later, scam warnings about clones surfaced.
Who it served
- MENA-region users needing Arabic interface and wire-transfer deposits.
- Traders preferring flat-fee pricing and stable withdrawal costs.
- Mobile-first beginners looking for basic crypto access.
Who it failed
- Anyone planning long-term custody - it shut down, no reserves clarity.
- Users wanting cards or instant fiat on-ramps.
- Those needing public volume data, audits, or licenses.
- Anyone still accessing clones risking phishing.
Verdict
UPEX had potential in its niche: basic crypto trading in Arabic, flat fees, Bahrain sandbox. But it never became fully regulated or audited, and shut down by mid-2021. Now it’s more cautionary tale than platform. Unless you're studying old exchanges, best to skip it entirely.