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 Digax consists of four parts: general information, fees, deposit methods and security.
UPDATE 12 July 2019: The platform is currently undergoing manitenance and has been undergoing maintenance since early May. We have not received any information as to when it will open again. We will post here as soon as we do receive any such information.
UPDATE 31 March 2020: This exchange is still under maintenance, according to the above information on its website. We think it is simply because they don't want to admit that the exchange will never open up again. Maintenance for more than 8 months is simply not feasible. Accordingly, we have marked the exchange as "dead" and moved it to our Exchange Graveyard.
Digax is a cryptocurrency exchange from the United Kingdom. United Kingdom is the country that has the most cryptocurrency exchanges in the world. At least that we know of. In our Cryptocurrency Exchange List, we list the following UK-exchanges: eToro, Exmo, CEX.io, CoinEgg, Livecoin, DSX, LocalTrade, Bittylicious, CoinMate, Indacoin, MixCoins, Paybis, Vaultoro, XCH4NGE, Rfinex, Cryptonex, N.Exchange, Bitcoinfive, Cryptomate, Trade Satoshi, Luno, CoinFalcon, Bitstamp, Coinfloor, Gatehub, BTC-Alpha and Instant Bitex.
Digax has recently evolved from being a digital asset exchange to being what they refer to as a “digital asset company”. They direct their offering to both sophisticated retail and institutional customers.
Digax takes “every measure to prevent fraud and be fully compliant with KYC and AML regulations” for trading of digital assets. This means that the exchange has made the trading platform available to jurisdictions where they are confident in the regulatory status surrounding the trading of cryptoassets. USA, however, is not one of those jurisdictions. Accordingly, Digax doesn’t allow US-investors. If you’re a US-investor desperately looking for somewhere to trade, don’t despair! Use our Exchange Finder to find out which alternatives you have.
Digax 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 Digax, when you are not signed in:
Digax Trading fees
This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. Their flat fee is 0.20% which is slightly below the global industry average (arguably around 0.25%).
It should be noted here that many exchanges have trading fees that are reduced as volumes are increased, meaning that you are incentivized to trade in higher volumes. This applies also to Digax. At Digax, you can trade with a fee as low as 0.02% (if your trading volume on a 30-day average is above 500 BTC, today corresponding to approx. USD 1.8 million).
Digax Withdrawal fees
This exchange has a percentage based withdrawal fee, meaning that they charge you a percentage of the withdrawn amount when you withdraw. Their percentage charged is 0.10%. The exchange calls this a service fee. It is worth keeping in mind here that the exchange also works with a manual withdrawal approval policy. This means that someone at the exchange approves withdrawals everyday at 14:00 (UTC).
In addition to the service fee, they also charge regular fixed withdrawal fees (current level is 0.0005 BTC).
Having a percentage based withdrawal fee model is unusual, but it is not unheard of. Most exchanges only have a fixed withdrawal fee, regardless of the size of the withdrawn amount. In addition to this exchange, only the following have percentage based withdrawal fees (from lowest to highest): FatBTC (0.05%), BitINKA (0.15%), RippleFox (0.20%), BCEX (0.50%), DOBI Trade (0.50%), iCE3 (0.50%) and Trustdex (1.00%).
With the fee model that this exchange has, when you withdraw small amounts, it is beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.00001 BTC (extremely low). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.01 BTC (extremely high). Please consider whether this withdrawal fee suits your own trading or not.
Reason for “double” withdrawal fees
One might wonder, how come that Digax has both a percentage based withdrawal fee and a fixed withdrawal fee? Is there any justification for this double fee charging? According to the exchange itself, the justification is to “facilitate [their] world class 100% cold storage solution. Users deposit directly into cold storage.”
To our knowledge, no other exchange has 100% cold storage so this does sound innovative indeed if it’s true. We’ll leave it up to you to decide whether this security aspect outweighs the disadvantage of the double withdrawal fee.
Digax recently announced that they now accept fiat currency deposits:
You can deposit GBP via something called “UK Faster Payments”. The minimum deposit is GBP 25 but there is no deposit fee. This is a very interesting feature of the Digax exchange and also places the exchange in the category “entry-level exchanges”.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different cryptocurrency exchanges. Primarily two reasons:
- Exchanges store a massive amount of valuable personally identifiable information. From names to addresses, to government identification details, taxpayer identification number and a lot more. This can be compromised if the exchange is hacked.
- Exchanges handle a lot of cash or coin deposits and withdrawals. This can also be compromised if the exchange is hacked.
Our security score is the result of testing the webpage of each exchange at Observatory by Mozilla (https://observatory.mozilla.org/) which has helped over 125,000 websites by teaching developers, system administrators, and security professionals how configure their sites safely and securely.
Digax security score is an absolutely amazing A+ when performing the test at Observatory by Mozilla. Only Digax and five other exchanges (excluding all decentralized exchanges) in our Exchange List managed to receive that grade.
Great work, Digax!
We hope you have also enjoyed reading the above review. We also recommend checking out the following cryptocurrency exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: