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 Belfrics consists of four parts: general information, fees, deposit methods and security.
This exchange is an exchange based in Malaysia.
The exchange offer trading in a small number of cryptocurrencies, so if you’re looking for a newer or more exotic altcoin, you will not find it here. The exchange highlights six things as the main reasons to trade at the Belfrics-platform:
Let’s break these down. Safety/stability is naturally very important, so that could be a reason to trade here. As for the coin support, on the date of the last update of this review (9 June 2019), the exchange doesn’t even support a dozen cryptocurrencies, so that’s not really an advantage. Liquiditywise, we have not been able to verify any trading volume numbers, so we can’t verify if the liquidity really is an advantage here or not. The statement that all devices are covered is true also for most other cryptocurrency exchanges as well, so not really a great advantage.
Global presence shouldn’t make much difference to a prospective trader, seeing as cryptocurrency trading is global in its nature. Finally, that it is a “most compliant exchange” is of course good, but when choosing between this exchange and another exchange, people tend to care more about customer support and trading engine speed than the exchange’s compliance in relation to its regulators. All in all, these advantages are not particularly convincing to us.
Belfrics does not explicitly prohibit US-investors from trading on its exchange. In any event, all US-investors should still perform their own analysis of whether their home state imposes any legal obstacles to them trading at any of the top crypto exchanges that could be the best cryptocurrency exchange site for them.
Belfrics 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. The below is a picture of the trading view at Belfrics:
Belfrics Trading fees
The fees at any exchange are very important to consider. This particular trading platform charges a flat trading fee of 1.00%. The exchange does accordingly not care about whether you are a taker or a maker. For investors who prefer to pick-up existing orders from the order book, this trading fee model might be attractive. However, this exchange’s flat trading fees of 1.00% are way above the industry average which is around 0.25%. One should consider whether the trading platform has a strong offering to investors in other respects that outweighs the disadvantage of this substantially higher trading fee.
Belfrics Withdrawal fees
The withdrawal fees at Belfrics are nowhere to be found. This is potentially a risk for you as an investor. We strongly urge you to make you own analysis of the withdrawal fees at this exchange before depositing any funds with it and before concluding that it is the best cryptocurrency exchange site for you.
Belfrics offers wire transfer as a deposit method, but credit cards are not a permitted deposit method. This might of course be disadvantageous if you would prefer to use your credit card for any reason.
Security is important. Belfrics has a security score of F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):