UPDATE 1 May 2020: We have not been able to access the website of this exchange lately. Usually when this happens, without any preceding information on system maintenance or upgrades, it is because the exchange has closed down. But it could also be for other reasons. In any event, pending contrary information, we have marked this exchange as "dead" and moved it to our Exchange Graveyard.
To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.
55 Global Markets Review
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of 55 Global Markets consists of four parts: general information, fees, deposit methods and security.
55 Global Markets is an exchange from the United States. USA is one of the bigger arenas in the cryptocurrency world with a large number of exchanges and a (relatively speaking) even larger number of cryptocurrency traders. A few of the other cryptocurrency exchanges coming from the USA are Coinbase, Gate.io, Paxful and Bitquick.
This particular trading venue launched in July 2018. On the date of first writing this review, being 3 April 2019, its 24 hour trading volume was USD 151 million. This placed 55 Global Markets on the top 40 on the list of the exchanges with the highest 24 hour trading volumes. However, on the date of last updating this review (20 March 2020, right in the middle of the crisis with COVID-19), neither Coinmarketcap nor CoinGecko had any information on this exchange's trading volume. This is a bit of a red flag in our opinion.
There is also a mobile-friendly version of this exchange, and you can download the relevant application on both App Store and Google Play:
Fiat-to-Crypto (sort of)
This exchange doesn’t accept wire transfers or credit card deposits, but there is a way of converting fiat to crypto. It is in collaboration with DaoCoin and is best explained by this picture:
Very interesting indeed.
US-investors and Licenses
You might think that US-investors would be permitted at this exchange, seeing as it is in fact from the United States itself. But no, not here either. The exchange clearly stipulates in its user agreement with capital letters that: “USE OF THE SERVICE BY PERSONS LOCATED IN THE UNITED STATES OF AMERICA IS PROHIBITED.” Somewhat contradictory however, the exchange stipulates at another part of its site under “Regulation Compliance” that seeing as it has a a MSB-registration (MSB stands for Money Service Business), then “55 can perform crypto-to-crypto trading in most U.S. states and territories”.
We don’t really know what to make of this but we would presume that the user agreement is more properly vetted than other parts of the site and that US-investors are thus prohibited.
55 Global Markets also holds an Estonian cryptocurrency exchange license.
55 Global Markets 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. This is the trading view at 55 Global Markets:
55 Global Markets Fees
55 Global Markets Trading fees
Trading fees are naturally very important. Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. At this exchange, they don’t divide between takers and makers. Each party to a transaction at this trading platform pay the same fee: 0.10% of the order value. 0.10% is below the industry average.
Industry average has for a long time been 0.25%, but we are currently seeing a shift towards lower fees. Many exchanges now charge e.g. 0.10% or 0.15% instead, just like 55 Global Markets.
55 Global Markets Withdrawal fees
55 Global Markets charges a withdrawal fee amounting to 0.0007 BTC when you withdraw BTC. This is in line with industry average, as the industry average is 0.000812 BTC per BTC-withdrawal.
All in all, considering both the trading fees and the withdrawal fees that this exchange charges, the fees here are competitive.
As mentioned above under Fiat-to-Crypto (sort of), there is a way of converting fiat currency to crypto here. But, you can’t do so simply by using wire transfer or credit card deposit. At least that is our understanding, we haven’t been able to try it ourselves yet. If you are a new crypto investor and you wish to start trading at this exchange by way of wire transfer or credit card deposit, you will have to go to another exchange. Don’t worry though, you can find an exchange accepting such types of deposits simply by using our Exchange Finder tool.