CROSS Exchange Review
CROSS Exchange is a cryptocurrency exchange from Azerbaijan. It is actually the only exchange in our Exchange List, and that we know of, from Azerbaijan. It launched in November 2019.
The exchange promotes five things in particular as reasons for choosing to trade at their platform. First, by holding the exchange's native token (the XEX-token), you can receive 80% back of the trading fees that you would have otherwise paid to the platform. Second and third, they claim to have an easy and convenient trading interface (see more on this under CROSS Exchange Trading View below) and strong security. Fourth, they state that they have separate management of assets. This should be quite standard for exchanges today so not really a strong advantage compared to other alternatives in our view. Fifth and finally, the platform also has mobile support (see more on this under CROSS Exchange Mobile Support directly below).
CROSS Exchange Mobile Support
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that CROSS Exchange’s trading platform is also mobile compatible. You can download it to/from both the AppStore and Google Play:
CROSS Exchange Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at CROSS Exchange:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
It is unclear whether CROSS Exchange permits US investors or not. We have read their Terms and Conditions and have not found any explicit prohibition of US investors. We urge any US investors to form their own opinion on the permissibility of their trading at CROSS Exchange though.
CROSS Exchange Fees
CROSS Exchange Trading fees
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. Normally, exchanges distinguishes between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
At CROSS Exchange, the trading fees you pay depends upon the trading mode you have chosen. There are three different trading modes:
- Trade Mining Mode;
- Standard Trading Mode; and
- Reward Mode
0.10% is the highest trading fee across these modes, so we have listed that as the trading fee in this review and in our Exchange List. It should be noted though that if you pay the trading fees with XEX-tokens (the exchange's native token), for instance, the fees are lower.
0.10% is in line with, or even slightly below, the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%.
CROSS Exchange Withdrawal fees
CROSS Exchange charges a withdrawal fee of 0.0005 BTC per BTC-withdrawal. This fee is also in line with industry average, or even slightly below. The current global industry average is slightly above 0.0006 BTC per BTC-withdrawal so a competitive offering by CROSS Exchange here as well.
CROSS Exchange lets you deposit assets to the exchange in many different ways, through wire transfer, debit card, and of course also by just depositing existing cryptocurrency assets.
Seeing as fiat currency deposits are possible at this trading platform, CROSS Exchange qualifies as an “entry-level exchange”, meaning an exchange where new crypto investors can start their journey into the exciting crypto world.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):