UPDATE 1 September 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. We receive an error message when trying to access the site. It is possible that we simply cannot access the site from where we are based, and that it is fine and dandy from other parts of the world.
In any event, pending contrary information, we have marked this exchange as "dead" and moved it to our Exchange Graveyard.
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CashFinex is a crypto exchange from Estonia with an exchange license from the Estonian authorities (reg. no. FVR000153/FRK000127). It launched in 2019.
As you surely know, the Baltic region consists of three countries: Estonia, Latvia and Lithuania. With this in mind, it might seem odd that out of these three countries, only Estonia is the home of any exchanges (update: there is now also an exchange from Lithuania: BTC Exchange). The likely explanation for this however is that Estonia has a license you can obtain in order to conduct crypto exchange operations as an Estonian company. To our knowledge, there are only two other nations in Europe that have a clear specific legislation on this like Estonia has: Malta and Gibraltar.
As reasons to trade here, the exchange proudly informs on its website that it has leveraged trading, competitive fees and fiat currency payment gateways. These are all strong features.
CashFinex does not allow US-investors on its exchange. But if you’re from the US and you’re looking for an exchange that is just right for you, don’t worry. Use our Exchange Finder to find a trading platform accepting US-investors.
As this is a smaller exchange, it might offer a prospective trader some arbitrage opportunities. On the date of writing this review (4 December 2019), the prices for BTC, ETH, LTC and XRP on the platform were the following:
The obvious problem though is the lack of liquidity, shown by the volume numbers in the above pictures. At the same time the corresponding prices for the cryptos in question according to Coinmarketcap were as follows:
An arbitrage traders dream, provided that the arbitrage trader manages to fill his orders on the CashFinex platform…
As mentioned above, CashFinex offers leveraged trading. This means that you can receive a higher exposure towards a certain crypto’s price increase or decrease, without having the assets. You do this by “leveraging” your trade, which in simple terms means that you borrow from the exchange to bet more.
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., increasing 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 additional 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC decreases 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).
CashFinex 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 crypto 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 see that it feels right to you. The below is a picture of the trading view at CashFinex (when not signed in):
CashFinex Trading fees
How about the fees then? Well, CashFinex is one of those exchanges who don’t charge different fees between takers and makers. Usually, we call such trading fees “flat fees”. CashFinex offers a flat trading fee of 0.25%. These fees are in line with the industry average. Global industry average has for a long time arguably been just that: 0.25%.
However, today we are seeing more and more exchanges shifting to lower trading fees, such as 0.10%-0.15%. Within short, it is reasonable to believe that 0.10% will be the new industry average.
CashFinex also offers trading fee discounts to any user who manages to reach certain trading volume thresholds. The exact discount levels are set out in the table below:
CashFinex Withdrawal fees
To our understanding, this platform does not charge any withdrawal fees for withdrawing BTC, except for the network fee. The network fee is not charged by the exchange per se, so the platform is not enriched by this fee. We are waiting for confirmation from the exchange that the foregoing is correct.
At this trading platform, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors. The fact that fiat currency deposits are permitted at all also makes this exchange an “entry-level exchange”, meaning an exchange where new crypto investors can take their first steps into the exciting crypto world.
Card deposits are possible through UPAY Card.