A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of 365Cash consists of four parts: general info, fees, deposit methods and security.
365Cash is a crypto platform registered in Ukraine that has apparently been operational since 2015. Since then, they have - according to information on their website on 12 January 2021 - made more than 2 million exchanges and racked up close to 60,000 clients.
The mission statement of this platform, is to make crypto exchange operations a "fast, safe and profitable" exercise and to help making blockchain tech an "integral part of our society". Ambitious mission statement for sure, we'll have to wait and see how it goes.
No registration or KYC is required by this platform in order to purchase/sell.
365Cash has a smaller number of supported cryptos. Many of the more exotic altcoins are not supported here. There are of course two sides of the same coin here. A large number of supported cryptos means that even the most exotic altcoin trader can stay at this platform and will not have to look elsewhere to cater for all his/her specific trading needs. On the other hand, this might also mean that there could be more scam coins available for trading at such a platform. Exchanges with a smaller number of supported cryptos, like 365Cash, generally only support the bigger crypto projects, which have all been subject to numerous due diligence processes and that are – in most cases – properly vetted. A newly launched altcoin has not been subject to the same scrutiny.
365Cash Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you.
365Cash's purchase interface gives you the option insert the exact amount of USD, EUR, RUB or UAH that you wish to spend or the amount of BTC, ETH, BCH, ZEC, LTC or DASH that you wish to buy. This purchase interface makes it very easy to understand if you’re new to crypto, yet it might not offer all the advanced buy/sell features more experienced traders look for. Here’s a peek at 365Cash’s purchase interface:
365Cash Trading fees
When you purchase crypto at the platform, the purchase price offered by 365Cash will be higher than the market price. Conversely, when selling at the platform, the purchase price offered will be lower than the market price. The mark-up or mark-down is not specified anywhere. However, on the date of first writing this review (12 January 2021), we made a calculation by comparing the prices offered by 365Cash to the market prices listed by Coinmarketcap.com. What we found was that the prices were always 0.50% higher/lower than market.
It is difficult to compare the fees charged by 365Cash with the industry average trading fee at a regular centralized exchange (0.217% for takers and 0.164% for makers, according to this report), seeing as they offer another type of service than most centralized exchanges do. But compared with other "crypto shops" (as we call them), the fees offered by 365Cash are actually quite moderate and fair.
365Cash Withdrawal fees
365Cash doesn’t charge any additional fees to withdraw coins. Also, as you surely know, there are always network fees involved with transferring crypto. You can't get around these. However, 365Cash even pays these network fees for you! So when we say that the withdrawal fees here are 0, they truly are 0. Great offering by 365Cash.
Deposit Methods and US-investors
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
365Cash does not allow US-investors on its exchange. So if you’re from the US and would like to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our exchange filters, you can sort the exchanges based on whether or not they accept US-investors.
The wide range of different payment methods is probably 365Cash's strongest offering. There are so many different payment providers that you can use to buy (or sell) crypto here. The list includes VISA and MasterCard, but also other players in the payment industry like Perfect Money, Payeer, Advcash and Monobank. The following list presents all of the various payment/receipt options that you have on the platform: