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Digax

5 from 2 votes
United Kingdom
Supported coins

Fees

Taker fee

0.2%

Maker fee

0.2%

Withdrawal fee

0.10%

Funding methods

Wire transfer

Credit card

Other crypto

US investors permitted


Digax Review

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.

General Information

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, ExmoCEX.ioCoinEggLivecoinDSXLocalTradeBittyliciousCoinMateIndacoinMixCoinsPaybisVaultoro, XCH4NGE, Rfinex, Cryptonex, N.Exchange, SpaceBTC, Magnr, Ecoin, Cryptonit, Crypto Dao, Bitcoinfive, LEOxChange, Cryptomate, Coinrate, Bitlish, 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 Fees

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 withdrawals are approved by someone at the exchange 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): SouthXchange (0.04%), FatBTC (0.05%), ExcambioRex (0.10%), Gocio (0.10%), BitINKA (0.15%), RippleFox (0.20%), OOOBTC (0.50%), BCEX (0.50%), DOBI Trade (0.50%), iCE3X (0.50%), LEOxChange (1.00%), Trustdex (1.00%) and FreiExchange (2.00%).

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.

Deposit Methods

Digax does not accept any deposits of fiat currency. They are however looking at working this into their platform in the future.

This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!

Digax Security

We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. Digax only received an F-score in this test. This is below industry average, but it is not lower than industry median. What this means is that the average score is better than an F, but that a majority of all exchanges actually only score an F. So, in other words, maybe an F is not reason enough to avoid trading at this trading platform. Especially not if the 100% cold storage solution is true and valid.

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We hope you have 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:

  1. Changelly
  2. BitMEX
  3. Bleutrade
  4. Bitsane
  5. Crex24
  6. Paxful
  7. Cryptopia
  8. Binance
  9. KuCoin
  10. Vaultoro
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