What is FinanceX?
FinanceX, a Singapore-based exchange established in 2018, has become a notable player in Asia's thriving crypto market. In this review, we'll delve into key aspects that make FinanceX stand out among the various exchanges in Singapore.
Platform Features
FinanceX emphasizes seven crucial features that define its platform: Real-time and High Performance: A commitment to providing real-time trading experiences with high performance.
Lower Costs and Fees: A focus on minimizing costs for users through competitive fee structures.
Coverage of All Devices: Ensuring accessibility by supporting a wide range of devices for trading convenience.
Fiat On-ramp: Facilitating fiat currency transactions to enhance user accessibility and ease of use.
Multilingual Support: Recognizing the diversity of its user base by offering support in multiple languages.
Easy Portfolio Management: Providing tools and features for simplified portfolio management.
Safety and Security: Ensuring the platform's safety and security to protect user assets.
Trading Fees
One of the pivotal considerations for traders is the fee structure. FinanceX opts for a flat fee approach, charging 0.30% of the order value. While this is slightly above the industry average, which traditionally hovers around 0.25%, FinanceX distinguishes itself in the evolving landscape of fee structures.
Withdrawal Fees
Withdrawal fees play a significant role in the overall cost of trading. FinanceX imposes a withdrawal fee of 0.0005 BTC for Bitcoin withdrawals, showcasing a competitive edge by being nearly 40% below the global industry average of 0.000812 BTC.
Deposit Methods
FinanceX supports fiat currency deposits, albeit limited to Vietnamese Dong (VND) and Indonesian Rupiah (IDR). Notably, credit card deposits are not accepted. Users looking for alternative fiat currencies or credit card deposits may need to explore other exchanges.
Conclusion
FinanceX presents itself as a comprehensive exchange with unique features, competitive fees, and a commitment to security. Traders should consider their specific needs and preferences when evaluating FinanceX as a potential trading platform.
What are the trading fees on FinanceX?
One of the pivotal considerations for traders is the fee structure. FinanceX opts for a flat fee approach, charging 0.30% of the order value. While this is slightly above the industry average, which traditionally hovers around 0.25%, FinanceX distinguishes itself in the evolving landscape of fee structures.
Does FinanceX offer leverage trading?
FinanceX does not currently offer margin trading or leverage options.
Is FinanceX safe?
While many major CEXes boast stronger firewalls than most governments, history has witnessed numerous instances where exchanges have fallen victim to hacks, resulting in the loss of customer funds. DEXes are generally safer option as you have control over your funds at all times as long as blockchain is up and running. Its all based off contract code so you can clearly look whats behind the scenes, and how their contracts work.
Does have customer support?
Almost all exchanges provide customer support, but the quality, speed and continuity of this service varies from time to time depending on the budget conditions of the companies. We recommend that you experience the support service provided by the stock exchange by asking a question to the support section on its website.
