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 Ethfinex consists of four parts: general information, fees, deposit methods and security.
Ethfinex is a cryptocurrency exchange registered in the BVI (British Virgin Islands). This exchange is not the only cryptocurrency exchange registered in the British Virgin Islands. It is not the only exchange registered in the British Virgin Islands, also the very prominent derivatives exchange Bybit is registered here (and not so prominent Infinity Coin Exchange).
Ethfinex describes itself as a community hub for developers, enthusiasts and traders. They say that these people can share, discuss and crowdsource information from across the decentralised ecosystem, on the platform. The platform claims to allow for trading and discussion of ERC20 compatible tokens and ethereum-based crowdsales.
As its main advantages, Ethfinex states that it is secure, transparent and has good liquidity. Security and transparency are naturally very important to prospective traders. With respect to the liquidity, the following can be worth mentioning. On the date of last updating this review, 15 July 2019, this exchange’s 24 hour trading volume was USD 6.19 million. This is decent, but there is also room for improvement.
US-investors may not trade on this exchange. So if you are a US-investor and want to trade at this exchange, you’ll have to reconsider your choice of trading venue and choose one of the other top crypto exchanges. Don’t be too sad though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder here to find out which alternatives you have.
Ethfinex 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 Ethfinex:
Ethfinex 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. Ethfinex’s trading fees for takers are 0.20%. This fee is slightly below the industry average (0.25%).
Also, Ethfinex charges a slightly lower fee for makers (0.10%), thus promoting the liquidity at the exchange.
Ethfinex Withdrawal fees
Ethfinex charges a withdrawal fee amounting to 0.01 ETH when you withdraw ETH. There is no clearly established industry average when it comes to ETH-withdrawals but it does seem a bit high to us.
This trading platform offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason.
Ethfinex’s security score is C, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
The exchange reviewed above has a large number of supported cryptocurrencies. If a large number of supported cryptocurrencies is an important factor for you in your choice of cryptocurrency exchange, you could also check out the following exchanges: