BankCEX is a cryptocurrency exchange from Singapore that opened its doors as early as 2017.
On the date of first writing this review (18 February 2021), the platform had a 24 hour trading volume amounting to USD 133.3 million according to Coinmarketcap. This is definitely a decent trading volume. Sure, it's far from the big dragons in the industry, but it still shows that this exchange has gotten well out of first gear and is getting traction among traders.
On this date, the 30 most traded trading pairs at BankCEX were the following (picture from Coinmarketcap as well):
BankCEX Mobile Support
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that BankCEX’s trading platform is also available as an app. You can download it to/from both the AppStore and Google Play.
BankCEX Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders concerning the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at BankCEX:
It is up to you – and only you – to decide if the above trading view is suitable for you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
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.
US-investors are not permitted to trade at BankCEX. If you're from the US and want to find an exchange where you can trade, just use our Exchange Filters and we'll help you.
BankCEX Trading fees
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. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
BankCEX charges what we call flat fees, meaning that both the takers and the makers pay the same fee: 0.01%. These taker fees are insanely competitive and substantially below the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%.
In any event, regardless of which industry average you compare against, BankCEX's trading fees are incredibly low.
BankCEX Withdrawal fees
BankCEX charges a withdrawal fee of 0.0006 BTC per BTC-withdrawal. This fee is slightly below the global industry average. The current global industry average is 0.000643 BTC per BTC-withdrawal according to this report, so BankCEX's BTC-withdrawal fee is quite in line with the average here.
In order to trade here, you must have cryptocurrency to begin with. The only asset class you can deposit to BankCEX is cryptocurrency. However, if you really like BankCEX but you don’t have any crypto yet, you can easily start an account with an exchange that has “fiat on-ramps” (an exchange where you can deposit regular cash), buy crypto there, and then transfer it from such exchange to this exchange. Use our Exchange Filters to easily see which platforms that allow wire transfer or credit card deposits.