UPDATE 13 February 2020: This exchange will close down its operations as of 14 February 2020.
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A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of Chainrift consists of four parts: general info, fees, deposit methods and security.
Chainrift is a crypto exchange from the states (USA), launched in April 2018. America is in many ways one of crypto’s first cradles and there are several other crypto exchanges from here.
The company behind Chainrift is 21MIL. 21MIL is a consultancy and development team focusing on the blockchain industry. The team behind ChainRift say that they felt that “there was a need for a user-friendly and functional exchange, targeting casual users as well as seasoned traders.”
As a few of its advantages, Chainrift mentions that it has a simple interface, that the storage of asssets is secure and that the trading is really in real-time (without any delays). All of these advantages should indeed be considered important for any person interested in trading crypto.
US-investors can trade here. But, US-investors should do their own assessment of any problems arising from their residency or citizenship. In a worst-case scenario, they may be restricted by state laws to trade wherever they want to.
Chainrift 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 Chainrift:
Chainrift Trading fees
The most important lesson to learn when picking a cryptocurrency exchange is that you must always check the fees.
This exchange’s trading fees for takers are 0.25%. This fee is exactly in line with what many people argue to be the industry average, namely 0.25%.
However, this exchange does not charge any fees for makers, thereby promoting the liquidity at the exchange. This is a very strong competitive edge in the market. It is especially beneficial for investors with no interest in picking up existing orders from the order book, but that rather prefers to “go fishing” with maker-orders.
Chainrift Withdrawal fees
Over to the withdrawal fees then. These are also very important to consider. When withdrawing BTC, the exchange charges you 0.0005 BTC. This withdrawal fee is also far below the industry average. Roughly 40% lower to be exact (industry average BTC-withdrawal fee is arguably 0.0008 BTC per BTC-withdrawal).
All in all, Chainrift’s fees are consumer-friendly and an advantage for the platform.
This coin exchange does not accept any other deposit method than cryptos, so new crypto investors can’t trade here. If you don’t have any cryptos but want to start trading here, you will first have to purchase cryptos from another exchange and then, as a second step, deposit them at Chainrift. To find an exchange where you can deposit fiat money, use our Exchange Finder.
We run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. Chainrift received an F- score in this test. This should however be viewed in light of the fact that F is the Mozilla Observatory-score received by the majority of all exchanges in our Cryptocurrency Exchange List.
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 gotten great ratings from the visitors on our site: