UPDATE 10 March 2020: This exchange seems to have closed down. We have not been able to access the website of this exchange for quite some time. Accordingly, we have marked it as "dead" and moved it to our Exchange Graveyard. We will monitor the situation and "revive" it should it become operational again.
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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 Coinchangex consists of four parts: general info, fees, deposit methods and security.
Coinchangex is a decentralized exchange (DEX) that launched in 2018. The platform is based in Morocco, which makes it one out of six platforms from Africa in our Exchange List (not counting Seychelles, where 14 exchanges in our Exchange List are based).
On the date of writing this review (16 November 2019), CoinGecko reported that Coinchangex had no trading volume at all. Naturally, this info is quite worrying.
We have not been able to find any info that US-investors are prohibited from trading at this trading platform. However, if you are a US-investor, you should still always analyse whether your home state imposes any obstacles for your foreign crypto trading. Sometimes the exchange has opened its door in spite of your own state prohibiting you from trading.
General Information on DEXs
DEXs are becoming increasingly more popular, mostly due to the following factors:
- They do not require a third party to store your funds, instead, you are always directly in control of your coins and you transact directly with whoever wants to buy or sell your coins.
- They normally do not require you to give out personal info. This makes it possible to create an account and right away be able to start trading.
- Their servers spread out across the globe leading to a lower risk of server downtime.
- They are essentially immune to hacker attacks.
However, DEXs normally have an order book with lower liquidity than their centralized counterparts and if you lose your password, it is probably lost forever.
Coinchangex 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. Unfortunately, we have not been able to obtain a picture of the trading view at this platform, but we will post one here as soon as we have it.
Coinchangex 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 exchange, they don’t divide between takers and makers. Each party to a deal pay the same fee: 0.20% of the order value.
0.20% is in line with the current 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 charge e.g. 0.10% or 0.15% instead. Maybe Coinchangex will follow that example as well, but for now the fees are sitting at 0.20% per trade.
Coinchangex Withdrawal fees
We have not been able to find any info on the withdrawal fees charged by this platform. This is always a risk for you as an investor. Accordingly, we urge you to – prior to depositing any funds here – also conclude on the withdrawal fees and whether they are reasonable or not. The industry average BTC-withdrawal fee is 0.000812 BTC per withdrawal.
This exchange does not accept any other deposit method than cryptos, 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.
The servers of DEXs spread out all across the globe. This is different from centralized exchanges that normally have their servers more concentrated. This spread-out of servers leads to a lower risk of server downtime and also means that DEXs are virtually immune to attacks. This is because if you take out one of the servers, it has little to no impact on the full network of servers. However, if you manage to get into a server at a centralized exchange, you can do a lot more harm.
Also, if you make a trade at a DEX, the exchange itself never touches your assets. Accordingly, even if a hacker would somehow be able to hack the exchange (in spite of the above), the hacker can not access your assets. If you make a trade at a centralized exchange, however, you normally hold assets at that exchange until you withdraw them to your private wallet. A centralized exchange can therefore be hacked and your funds held at such exchange can be stolen.
As this exchange is a DEX, we feel that it is right to give it a security score of A+ (regardless of its score in the Mozilla Observatory-test).
Finally, as mentioned above, this is a DEX. DEXs are still a minority in the crypto industry, with the centralized exchanges still dominating the field (mostly due to the better liquidity). In any event, if you’re looking for a DEX, you could also check out the following quite popular ones: