UPDATE 1 May 2020: We have not been able to access the website of this exchange. 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. In any event, pending contrary information, we have marked this exchange as "dead" and moved it to our Exchange Graveyard.
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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 ChaoEX consists of four parts: general information, fees, deposit methods and security.
ChaoEX is a cryptocurrency exchange that originally opened up shop in Hong Kong. There are loads of coin exchanges from Hong Kong. Hong Kong is in a way the Mecca of cryptocurrency trading. There are many exchanges currently based there, including Binance, Bit-Z and KuCoin. However, as the regulation framework for cryptocurrency exchanges is unclear, ChaoEX has re-established its exchange in Estonia. According to information to us here at Cryptowisser, ChaoEX will also seek to obtain the cryptocurrency exchange license in Hong Kong once the legal requirements and framework surrounding such license in Hong Kong has been determined.
Estonia has attracted a number of exchanges as it has a clear license that you can obtain in order to conduct cryptocurrency exchange operations as an Estonian company. To our knowledge, there are only two other countries in Europe that have a clear specific legislation on this like Estonia has: Malta and Gibraltar. BTCBear, Jubiter, LATOKEN, Crex24, Kriptomat, CoinMetro and P2PB2B are all registered in Estonia.
At ChaoEX, you can trade all of the bigger cryptocurrencies but also a fair share of the smaller altcoins. The number of supported cryptocurrencies is thus quite large. One cryptocurrency that the ChaoEX-platform promotes in particular is their own token: CHEX. This review will focus on the exchange and not its token, but something that the exchange has highlighted on its website and that stands out is that you can apparently “lock” the CHEX-token and by doing so receive an annual yield of 12%.
This trading platform does not list US-investors as prohibited from trading, but US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
ChaoEX 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. The below is a picture of the trading view at ChaoEX:
ChaoEX Trading fees
The one thing we can’t stress enough is that you must always ascertain the trading fees at any exchange you are interested in. ChaoEX does not charge different fees between takers and makers. Usually, you say that such exchanges’ trading fees are “flat”. ChaoEX offers a flat trading fee of 0.10%. ChaoEX does accordingly not care about whether you are a taker or a maker. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model.
The trading fees here are also reduced pursuant to the users KYC-levels. 0.10% is the fee for the starting KYC-level. If you verify yourself and obtain KYC2-clearance, your trading fee is thereafter 0.075% (which is low). If you verify yourself and obtain KYC3-clearance, your trading fee is thereafter 0.05% (which is very low).
All in all, trading fees are very competitive at ChaoEX.
ChaoEX Withdrawal fees
ChaoEX charges 0.005 BTC per BTC-withdrawal. The global industry average BTC-withdrawal fee the last time we at Cryptowisser did a full-blown empirical study of it was approx. 0.0008. But today, we see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average.
If you're looking at the new industry average, ChaoEX's withdrawal fee is ten times higher than average. This is an unreasonably high fee level and we urge any investor interested in opening an account here to carefully consider whether this platform is really the right one for them.
This trading platform does not accept direct deposits in fiat currency. However, it is connected with Epay (a payment service provider). Through such payment service, users can deposit fiat currency via credit card or debit card into their respective accounts at ChaoEX. This means that this exchange, through the use of their connected payment service providers, is actually an “entry-level exchange”.
According to information to us here at Cryptowisser, the exchange will also open an OTC-service during January 2019.
ChaoEX has an extremely good security score. We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/), and a lot of the exchanges receive F as scores. ChaoEX, however, received a B-score, which is very impressive.
Liquidity is something very important for all exchanges, crypto exchanges but also regular stock market exchanges. The above exchange does indeed have great liquidity. However, the following exchanges are also regularly among the crypto exchanges with the absolutely best liquidity in the world: