Upex Review - MENA promise dashed by inactivity and opacity

Upex launched in 2018 in Bahrain as a regional exchange targeting Middle East and North Africa markets. It branded itself with Arabic language support, fiat wiring facilities in Dirham and AED, and claimed Central Bank sandbox approval. On paper, it held promise as a MENA-centric platform. In reality, it’s now effectively defunct - unregulated, untracked, and all but empty.

What Upex claimed to offer‍

Fiat-to-crypto onboarding via wire transfers (no cards), appealing to local entrants.
Maker and taker fees set at a flat 0.20%, slightly better than some legacy industry levels.
Environment available in Arabic and English, with mobile-friendly design.
Ambition to serve up to 300,000 users with around 20–25 token listings in core crypto assets.

That toolbox looked decent for a regional exchange in 2018–2019.

How it actually landed - and slid

Despite early fanfare, the platform collapsed into inactivity. By mid-2021, it froze withdrawals and stopped operations. Today:

Operation status: Inactive - withdrawal system shut down since 2021 with no service resumption.
Untracked metrics: No volume or market data, no proof-of-reserves, no transparency
Regulatory mismatch: Sandbox approval is not actual licensing; at shutdown it was entirely unregulated.
Community signals: No active socials, no token trading, no developer activity - just echoes of a platform frozen in time.

UI and user experience – then vs now

Upex’s interface once resembled basic exchange layouts: login screen, order book, trading pairs, fiat menus, wallet balances. Mobile and Arabic support were nudges toward accessibility for regional users. But clicking through today shows blank orderbooks, no trading history, dead interface elements - like walking through an abandoned storefront.

Fee structure then vs industry

Trading fee: 0.20% flat for both maker and taker - competitive in its initial window, but now moot.
Withdrawal fee: ~0.0005 BTC per transaction - a bit below historical averages, but irrelevant since withdrawals halted

With no current volume or withdrawal function, those are now just ghosts in paperwork.

Who it might have served

Regional MENA traders with local currency needs and Arabic interface preferences.
Fiat-first newcomers seeking straightforward on-ramps via bank wires.
Mobile-first users who wanted trading on the go, without KYC friction.

In an active phase, it may have been useful. Now, its value is zero.

Who must avoid it now

Any active user: Impossible to enter, trade, withdraw, deposit, or support.
Investors seeking regulated platforms: Upex never offered certified licensing.
Volume-dependent traders: Orderbooks are dead; liquidity is gone.
Anyone needing support or transparency: No team, no metrics, no roadmap, no audit.

Bottom line

Upex started as a regional exchange with decent ambitions and mid-tier features for the MENA market. But post-2021, it's ceased functioning. No trades. No withdrawals. No activity. No regulation. No trace of its assumptions. It’s a shell of a platform relying on an expired legacy.

If you were a user, consider your assets lost or irretrievable. If you were looking for an exchange in that region, treat Upex as a cautionary tale: idea without execution fades fast.

Explore active, regulated, well-tracked alternatives - platforms with proven liquidity, withdrawal reliability, ongoing audits, and up-to-date licensing.

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