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 BaseFEX consists of four parts: general info, fees, deposit methods and security.
BaseFEX is an exchange from the Seychelles. Out of all exchanges in our Exchange List, there are a few others from there (e.g. PrimeXBT, Remitano, DigiFinex, BitForex and Huobi). But, as you know, when it comes to crypto trading, the world is your playing field and the base of the exchange doesn’t really matter that much.
BaseFEX is a crypto futures exchange (i.e. you can trade on your hunch that Bitcoin is going up or down). It has been developed by pros using “cutting-edge technologies” from the world wide web. According to the company, these new technologies are better than the obsolete technical set-ups that are so common in the finance industry.
Moreover, BaseFEX has a mobile app which apparently is the world’s first mobile app specifically developed for cryptocurrency futures trading.
As a few of its main advantages, the exchange lists, inter alia, that they have 24/7 live support, low trading fees and 100x leverage. 24/7 live support can be particularly helpful for the traders at a crypto exchange, seeing as the markets never close and that the traders are from essentially all of the different time zones in the world.
The CEO of BaseFEX is a man named Jesse Wu, and the CTO is Isaac Zeng.
On 30 March 2020, BaseFEX also became available in Spanish and Portuguese.
BaseFEX 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 trading 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. The below is a picture of the trading view at BaseFEX (when not signed in):
BaseFEX focuses on leveraged trading on its platform. This means that you can receive a higher exposure towards a certain crypto’s price increase or decrease, without having the assets necessary. You do this by “leveraging” your trade, which in simple terms means that you borrow from the exchange to bet more. You can get as much as 100x leverage on this platform.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., going up in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD. As you bet 100 USD with 100x leverage, you have instead earned an extra 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC goes down in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, the balance between risk and reward in leveraged deals is quite fine-tuned (there are no risk free profits).
BaseFEX Trading fees
Many exchanges charge what we call taker fees, from the takers, and what we call maker fees, from the makers. Takers are the people removing liquidity from the order book by accepting already placed orders, and makers are the ones placing those orders. The main alternative to this is to simply charge “flat” fees. Flat fees mean that the exchange charges the taker and the maker the same fee.
As most exchanges that offer derivatives trading, this exchange offers a “maker discount”. They charge takers 0.06% and makers 0.02%.
0.06% for takers and 0.02% for makers is competitive and a consumer friendly fee model.
BaseFEX Withdrawal fees
Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency. The global industry average withdrawal fee is arguably around 0.0008 BTC when you withdraw BTC, but we see more and more changes that have started charging 0.0005 BTC per withdrawal. 0.0005 BTC is thus establishing itself as the new industry average.
Here, at BaseFEX, you only have to pay the network fees, meaning the fees that miners receive to confirm transactions. Only charging network fees is very competitive.
BaseFEX does not accept any deposits of fiat currency. You can only deposit Bitcoin here. This means that the new crypto investors (i.e., the investors without any previous crypto holdings) can’t trade here. In order to purchase your first Bitcoins, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
We run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. BaseFEX received a score of A+ in this test. This is an incredible score.
Out of all the 500+ exchanges in our Exchange List, only a handful of others have received A+ scores at all.
Truly a strong achievement by the dev team at BaseFEX.
There are only a few exchanges that – like the above exchange – receive Observatory-scores of B or higher. The below list includes a few such exchanges with strong scores: