UPDATE 1 April 2019: DragonEX was subject to a hacker attack on 24 March. The hackers stole private keys and transferred assets from the exchange. The platform has since been closed down entirely.
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What is DragonEX?
DragonEX is a cryptocurrency exchange based in Singapore. It has been active since 2017.
Based on the information presented on this exchange’s website, US-investors can trade here. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
Many Trading Pairs
This exchange has a solid number of cryptocurrency trading pairs, but its most traded trading pair is the BTC/USDT trading pair.
DragonEx’s trading platform is also available as a mobile application, for both iPhones and Android phones. So if you prefer to do your cryptocurrency trading on-the-go, that’s possible also with an account at this exchange.
DragonEX 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 DragonEX:
DragonEX Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.
DragonEx's trading fee for takers is 0.20%. Makers enjoy a discount on the trading fee and they trade for half the taker fee, so 0.10%. These fees are below, or in line with, the industry average which has historically been 0.25% but is now creeping towards 0.10%-0.15%.
For contracts trading, takers pay 0.10% and makers 0.03%.
DragonEX Withdrawal fees
What about withdrawal fees then? Withdrawal fees vary dependent upon which crypto asset you are withdrawing, but they are normally a fixed amout of the relevant crypto asset, and not percentage based as the trading fees. The industry average BTC-withdrawal fee is 0.0006 BTC according to Cryptowisser.com's empirical studies.
DragonEx charges 0.001 BTC per BTC-withdrawal. This withdrawal fee is around 60% above industry average and thus not a very competitive fee. It is however not sufficiently high for us to recommend any prospective user to stay away from this exchange. 0.001 BTC per BTC-withdrawal is not a "crazy high" fee and it is not unreasonable to believe that the platform will lower it going further.
If you need to deposit funds to your cryptocurrency exchange by use of your credit card, then this exchange is not the place for you. But don’t despair, there are many exchanges out there accepting fiat currency deposits through credit card payments. Find one by using our Exchange Finder!
DragonEX does however support wire transfer deposits.