UPDATE 23 March 2023: While Bvnex still has an active website that's possible to access, the trading volume is so low that we have decided to mark it as dead and move it to our Exchange Graveyard. We feel that it would not be prudent to refer users to a platform where they would have had great difficulties in their order execution.
Furthermore, Bvnex's last tweet was sent out on 17 August 2021, so it seems a lot like the team has abandoned ship.
To find a reliable exchange with better liquidity, just use our Exchange List and we'll help you find the right platform for you.
What is Bvnex?
Bvnex is a cryptocurrency exchange from Vietnam that launched on 8 June 2019.
Many Supported Cryptos
The platform offers trading in a large number of different trading pairs. Many of the more exotic altcoins are supported here as well. There are of course two sides of the same coin here. On a positive note, 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 flip side, however, this might also mean that there could be more scam coins available for trading here. Exchanges with a smaller number of supported cryptos 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.
On the date of first writing this review (18 June 2021), the platform's 24 hour trading volume according to Coinmarketcap was USD 152.5 million. On the date of last updating this review (2 December 2021), the 24-hour trading volume, according to Coinmarketcap was USD 60.5 million. This trading volume is ok, but not great.
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.
Bvnex 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.
Bvnex 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 Bvnex:
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.
Bvnex 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.
At Bvnex, they divide between takers and makers. Takers pay 0.25% of the order value in each trade, and makers pay around half of that (0.15%). These fees are in line with 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%.
According to the latest empirical study on the subject, the industry average taker fees were 0.215% and the industry average maker fees were 0.162% (for spot trading).
Consequently, Bvnex's fees are above industry average with respect to spot trading taker fees, and below when it comes to spot trading maker fees.
Bvnex Withdrawal fees
Bvnex charges a withdrawal fee of 0.0005 BTC per BTC-withdrawal. This fee is below the global industry average. The current global industry average is 0.000643 BTC per BTC-withdrawal according to this report, so Bvnex's BTC-withdrawal fee is quite competitive.
In addition to depositing cryptocurrency to the platform, Bvnex also lets you deposit fiat currency. However, only through wire transfer (not credit or debit card). If you need an exchange accepting credit or debit card deposits, just use our Exchange Filters and you'll find one in no time at all.
Seeing as fiat currency deposits are at all possible at this trading platform, Bvnex qualifies as an “entry-level exchange”, meaning an exchange where new crypto investors can start their journey into the exciting crypto world.