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 Cfinex consists of four parts: general information, fees, deposit methods and security.
Cfinex is a cryptocurrency exchange with Hong Kong as its home country. There are loads of coin exchanges from Hong Kong. Hong Kong is in a way the Mecca of cryptocurrency trading. A non-exhaustive list of competitors to this exchange on its home turf is Binance, Bit-Z, KuCoin, Gatecoin, BitFlip and CoinEx Market.
Cfinex does not forbid US-investors from trading on its exchange, but US-investors should still do their own independent assessment of any problems their residency or citizenship may cause.
A company called Blakee Holdings Ltd apparently owns this exchange. It was launched on 15 March 2018.
Cfinex has not yet gained a lot of traction in the market. The average daily volume is around 4 BTC and it varies tremendously from day-to-day which trading pair that represents the majority the volume.
Cfinex Trading fees
The one thing we can’t stress enough is that you must always familiarize yourself with the trading fees at any exchange you are interested in. Cfinex charges flat fees (meaning that they make no distinction between makers and takers) amounting to 0.25%, which is in line with industry average. Industry average is arguably 0.25%.
Cfinex Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Let’s say you have reached your investment goals and you want to buy house with bitcoin. In order to buy that house, you need to withdraw the funds. And when doing so, the exchange can make up for its low trading fees by charging you high withdrawal fees when you’re halfway out the door.
This exchange charges a withdrawal fee amounting to 0.002 BTC when you withdraw BTC. This also corresponds to industry average.
Cfinex does not accept any other deposit method than cryptocurrencies, so new crypto investors can’t trade here. If you are an investor with no previous holdings of cryptocurrencies, and you wish to start trading here, you will first have to purchase cryptocurrencies from another exchange first and then, as a second step, deposit them here. Don’t worry though, just use our Exchange Finder to find an exchange where you can buy your first cryptocurrencies. After that, you’re all set!
Cfinex’s security score is 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 statement made on the exchange’s website that “Cfinex property […] is stored on multiple exchanges, hotwallets and cold storage wallets” is not overly comforting either.
We hope you have enjoyed reading the above review. We also recommend checking out the following cryptocurrency exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: