UPDATE 27 June 2019: Please be advised that this exchange has been acquired by the company Hufu Technology. The users of this trading platform was transferred to a new trading platform operated by Hufu Technology, that launched on 18 June 2019. Accordingly, we refer any users interested in the Chaince-exchange to visit the Hufu Technology trading platform instead. We will prepare a review of the Hufu Exchange shortly.
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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 Chaince consists of four parts: general information, fees, deposit methods and security.
Chaince is an exchange that launched in May 2018. Its primary focus seems to be offering trading pairs with the EOS Token. On the date of this review (9 April 2019), the nine trading pairs with the highest trading volume all had the EOS Token as one of the cryptocurrencies in the trading pair.
To our understanding, the platform is based in South Korea. South Korea is – together with Hong Kong, USA and the United Kingdom – one of the bigger country players in the world of cryptocurrency. It is the home of 15 exchanges listed in our Cryptocurrency Exchange List: this one (Chaince), Cashierest, Coinbit, Coineal, Allbit, Bithumb, Coinone, Korbit, GDAC, Gopax, Upbit and CPDAX.
Since its launch in May 2018, this trading venue has quickly gained popularity. On the date of writing this review, 9 April 2019, Chaince’s 24 hour trading volume was USD 135 million. This placed Chaince on place no. 44 on the list of the exchanges with the highest 24 hour trading volumes.
Chaince does not list USA as a “prohibited country” or anything similar. So our belief is that US-investors may trade at this exchange. In any event, US-investors should always do themselves the favour of forming their own opinion on any issues arising from their residency or citizenship.
Do you want to trade cryptocurrencies while on your phone? Don’t worry. Chaince has got your back. The Chaince platform is accessible for both Android-phones and iPhones and it has a really sleek design.
Chaince 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. This is the trading view at Chaince:
Chaince Trading fees
Trading fees are naturally very important. 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. At this particular exchange, they don’t divide between takers and makers. Each party to a transaction pay the same fee: 0.20% of the order value.
0.20% is in line with the industry average. Industry average has for a long time been 0.25%, but we are currently seeing a shift towards lower fees. Many exchanges now actually charge e.g. 0.10% or 0.15% instead. Regardless, 0.20% as charged by Chaince is an acceptable trading fee, albeit not a competitive advantage for this trading platform.
Chaince Withdrawal fees
Chaince charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This is substantially below the industry average, as the industry average is 0.000812 BTC per BTC-withdrawal. Chaince’s withdrawal fees are thus roughly 40% lower than industry average.
In conclusion, the fees at Chaince are competitive, but will presumably not be the sole reason for choosing it.
This exchange does not accept any other deposit method than cryptocurrencies, so new crypto investors are restricted from trading here. If you are a new crypto investor and you wish to start trading at this exchange, you will have to purchase cryptos from another exchange first and then – as a second step – deposit them here. Don’t worry though, you can find a so called “entry-level exchange” simply by using our Exchange Finder tool.
This exchange has a security score of C-, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is a bit above industry average when it comes to top crypto exchanges. Most exchanges in our Exchange List actually only receives an F when running the Observatory-test.
We hope you have enjoyed reading the above review. We also recommend checking out the following exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: