CrossTower Exchange Review
What is CrossTower Exchange?
CrossTower Exchange is an exchange registered in Bermuda that opened up its doors 2020. The platform states that they are on a mission to making cryptocurrency trading "mainstream", i.e., contributing to the massadoption of blockchain technology and investments.
CrossTower Exchange has a referral program in place for its users, through which existing users can refer new users and then earn a commission from the trading of the referred users. The referring user receives 25% of all the trading fees generated by the referred user. This means that if you (user A) refer a friend (user B), and user B starts trading on the platform, you will receive 25% of user B's trading fees - forever.
You can sign up to the referral program here.
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 CrossTower Exchange’s trading platform is also mobile compatible. You can download it from both the AppStore and Google Play.
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.
According to information we have received, US-investors are indeed permitted to trade at CrossTower Exchange. Any US-investors should however also form their own opinion on this, as various state rules could also be an obstacle in their cryptocurrency trading.
CrossTower 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 concerning 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 CrossTower Exchange:
It is up to you – and only you – to decide if the above trading view is suitable for 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.
CrossTower Exchange Fees
CrossTower 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 CrossTower Exchange, takers don't pay anything at all. Makers, on the other hand, pay 0.05% of the order value in trading fees. This fee model is quite unusual, as the standard set-up is that takers pay higher trading fees than makers.
Both 0.00% in taker fees and 0.05% in maker fees are substantially 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%. According to the latest empirical study on the subject, the industry average taker fees were 0.215% and the industry average maker fees were 0.162% (for spot trading).
Consequently, CrossTower Exchange's fees are well below both of these industry averages.
Furthermore, you can receive discounts on your trading fees if you achieve a certain trading volume during the preceding 30-day period. Discounts go as low as 0.01% for makers. That, however, requires that you trade for an aggregate value exceeding USD 100 BTC during the preceding 30-day period, which we believe that a very low number of people actually does. The full table with all different levels in the spot trading market is displayed below:
CrossTower Exchange Withdrawal fees
Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH. The last time we did an empirical study of the BTC-withdrawal fees in the crypto exchange market, we found that the average BTC-withdrawal fee was 0.00059 BTC per BTC-withdrawal.
CrossTower Exchange charges a withdrawal fee amounting to 0.0004 BTC when you withdraw BTC. This fee is below the industry average and makes the exchange's offering competitive here as well.
In addition to depositing cryptocurrency to the platform, CrossTower Exchange also lets you deposit fiat currency. Both through wire transfer and credit or debit card.
Seeing as fiat currency deposits are possible at this trading platform, this platform qualifies as an “entry-level exchange”, making it an exchange where new crypto investors can start their journey into the exciting crypto world.