UPDATE 1 September 2020: The website of this exchange has been replaced with some form of static loan referral page. Usually when this happens, without any preceding information on system maintenance or upgrades, it is because the domain has been snapped, stolen or sold. But it could also be for other reasons. However, as the exchange is no longer possible to access, we have marked it as "dead" and moved it to our Exchange Graveyard.
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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 Efin.cx consists of four parts: general information, fees, deposit methods and security.
Efin.cx is a decentralized exchange registered in Hong Kong. It lauched its decentralized non-custodial trading on 2 June.
Efin is according to information on its website:
“the first ever cross-chain easy-to-use DEX that allows users to control their own coins and nodes. The EFIN blockchain coin was built to power this vast decentralized trading platform which runs on Tor network for maximum user security and privacy.”
Very exciting, indeed!
Hong Kong is the country in the world where the largest number of coin exchanges have their homebase. Also, the world leading exchanges Binance and KuCoin have their headquarters in Hong Kong. Other exchanges registered here include OKCoin, Trade.io, OKEX, BCEX, Tidebit, BTCC, Bit-Z, Bitfinex, Coinsuper, EXX, Panxora, CoinEx and FatBTC.
Efin.cx has an average number of cryptocurrencies listed, 6 coins, several ERC-20 tokens and stablecoins. If you’re looking for a platform with hundreds and hundreds of altcoins listed, this is not the place for you. The disadvantage of not being able to trade a certain altcoin should be outweighed by the fact that the ones you can in fact trade here are properly vetted.
To our understanding, US-investors may trade here. Exchanges from Hong Kong normally permits US-traders. However, we have not yet received any verification from the exchange that US-investors are indeed permitted and we always urge any US-investors to consider any implications of their citizenship or residency themselves.
Efin.cx 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. This is the trading view at Efin.cx:
Efin.cx Trading fees
Trading fees are naturally very important. 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. At this exchange, they don’t divide between takers and makers. Each party to a transaction pay the same fee: 0.10% of the order value.
0.10% is below the industry average. Industry average has for a long time been 0.25%, but we are currently seeing a shift towards lower fees. Many exchanges now charge e.g. 0.10% or 0.15% instead. To conclude, Efin.cx’s fees are slightly below the global industry average for cryptocurrency exchanges.
Efin.cx Withdrawal fees
We have not been able to find any info on this exchange’s withdrawal fees. This is potentially a risk for you as an investor (if you do not receive info on the fees anywhere, there is a higher risk that they are high). Accordingly, we urge you to make your own analysis of the withdrawal fees before depositing any funds here.
Efin.cx does not accept any deposits of fiat currency. 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!
As briefly mentioned above, Efin.cx is a decentralized exchange. The servers of decentralized exchanges are normally spread out. This is different from centralized exchanges that normally have their servers more concentrated. This spread-out of servers leads to a lower risk of server downtime and also means that decentralized exchanges are virtually immune to attacks. This is because if you take out one of the servers, it makes little to no difference for the network of servers in its entirety. However, if you manage to get into a server at a centralized exchange, you can do a lot more harm.
Also, if you make a trade at a decentralized exchange, the exchange itself never touches your assets. Accordingly, even if a hacker would somehow be able to hack the exchange (in spite of the above), the hacker can not access your assets. If you make a trade at a centralized exchange, however, you normally hold assets at that exchange until you withdraw them to your private wallet. A centralized exchange can therefore be hacked and your funds held at such exchange can be stolen.
As this exchange is a decentralized exchange, we feel that it is appropriate to award it a security score of A+ (regardless of its score in the Mozilla Observatory-test).
Finally, as mentioned above, this is a decentralized exchange. Decentralized exchanges are still a minority on the cryptocurrency exchange market, with the centralized exchanges still dominating the field (mostly due to better liquidity). In any event, if you’re looking for a decentralized exchange, you could also check out the following quite popular ones: