What is Vindax?
VinDAX, short for Vin Digital Asset Exchange, is a centralized cryptocurrency exchange launched in March 2019, founded by Nam Nguyen and Michelle Nguyen in Vietnam. Registered in the Seychelles, the platform serves over 1.5 million users globally, offering trading for 115 cryptocurrencies and 186 trading pairs, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Ripple (XRP), Binance Coin (BNB), and its native VinDAX Coin (VD). With a 24-hour trading volume of approximately $8.06 million as of September 2024, VinDAX ranks 102nd on BitDegree Exchange Tracker, focusing on crypto-to-crypto trading with high liquidity and low fees. The platform supports multiple devices (iOS, Android, Windows, Mac) and languages, featuring a user-friendly interface with trading bots, analytics, and integrated trade signaling for entries and exits.
VinDAX provides spot trading with limit orders, a Launchpad for Initial Exchange Offerings (IEOs) hosting 54 token sales (e.g., Tracize, up 46.17x from its IEO price), and a proprietary VD token that offers up to 50% trading fee discounts (0.05%–0.08% based on VD holdings). Its mobile app and web platform include a blog, Poloniex Learn-style community hub, and 24/7 support via Telegram and email, with over 45,000 X followers and 24,000 Telegram members. Key features include staking rewards, a referral program, and a multi-tier architecture deployed on 30+ exchanges, ensuring scalability. Recent X posts announce listings like TETHER USD X20 (USDTX) and trading competitions, reflecting active engagement.
Security is a mixed bag: VinDAX employs two-factor authentication (2FA), anti-phishing codes, and cold storage, but a 2019 hack resulted in a $50,000 loss across 23 cryptocurrencies, the seventh major breach that year after Binance and Bitrue. The platform reimbursed users and claims full recovery, but no public proof-of-reserves data exists, raising transparency concerns. Regulatory compliance includes mandatory KYC since October 2021, limiting non-KYC withdrawals to 0.5 BTC daily (vs. 100 BTC for KYC-verified users), aligning with AML laws but lacking oversight from stringent regulators. User reviews are polarized: some praise low fees (0.1% base) and coin variety, while others report liquidity issues, slow support, and high withdrawal fees (e.g., 25 USDT for USDT, 10 XLM vs. 0.01 XLM industry standard). A 2020 X post by @storeum labeled VinDAX a “scam” for alleged non-responsiveness, and Trustpilot shows mixed sentiment, with a Traders Union score of 3.24/10. For altcoin traders outside restricted regions like the U.S. and Canada, VinDAX offers value, but its security history and transparency gaps demand caution.
What are the trading fees on Vindax?
VinDAX uses a flat fee model, charging 0.1% for both makers and takers at the base level, below the industry average of 0.177% (maker) and 0.221% (taker). Fees decrease with VD token holdings: 0.08% (Level 0), 0.07% (Level 1), 0.06% (Level 2), and 0.05% (Level 3). Crypto deposits are free, but withdrawals incur network-specific fees (e.g., 0.0004 BTC for Bitcoin, lower than the 0.000812 BTC industry average; 25 USDT for USDT, higher than the typical 10–15 USDT). Users should verify rates on VinDAX’s fee schedule at vindax.com, as fees may fluctuate due to blockchain conditions.
Does Vindax offer leverage trading?
No, VinDAX does not currently offer leverage trading, margin trading, or futures trading. The platform focuses on spot trading with limit orders and IEO participation, prioritizing simplicity and altcoin variety. Traders seeking leverage should consider alternatives like Poloniex (up to 100x leverage) or BloFin (up to 150x leverage), noting regional restrictions.
Is there a research audit report for Vindax?
VinDAX does not publicly disclose comprehensive third-party audit reports or proof-of-reserves data, with exchange reserves listed as unavailable on CoinGecko and CoinMarketCap. While it uses 2FA, anti-phishing codes, and cold storage, the 2019 hack ($50,000 lost) and lack of transparent reserve audits raise concerns about fund safety compared to exchanges like WOO X or Kinesis Money, which provide reserve dashboards. Users should exercise caution and monitor VinDAX’s official channels for updates on reserve transparency.
Is Vindax 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. It's all based on contract code so you can clearly look at what's behind the scenes, and how their contracts work.
Does Vindax 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 customer support service provided by the centralized crypto exchange by asking a question to the support section on its website.
