A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the best one for you. This review of FinanceX consists of four parts: general info, fees, deposit methods and security.
FinanceX is an exchange from Singapore that launched in 2018. There are numerous other exchanges from Singapore. Singapore has really established themselves as one of Asia’s largest crypto hubs.
Most exchanges promotes a few aspects of its platform as the main reasons for chosing their platform. FinanceX as well. FinanceX highlights seven things: realtime and hihg performance, lower costs and feews, coverage of all devices, fiat on-ramp, support in multiple languages, easy portfolio management and, finally, that the platform is safe and secure. Out of these seven advantages, safety and security is doubtlessly the most important to us, but it’s of course up to you to decide what is most important to you.
US-investors may not trade here today. Accordingly, if you’re a US-investor and you’re in love with FinanceX, you’ll have to wait. In the meantime, use our Exchange Finder to find out which exchanges that today support US-investors.
The FinanceX trading platform is also available as a mobile app. This enables you to do your crypto trading not only on your desktop, but also from your phone or table. While most crypto trading is still executed via desktop today, this might anyway be an attractive aspect for some traders out there.
FinanceX recently launched an OTC-desk (but only for selected cryptos). With an OTC-desk, you can execute larger trades with quick settlement. Trades that you for pricing reasons (also known as “slippage”) don’t want to execute on on the open market.
FinanceX 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 crypto 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 see that it feels right to you. This is the trading view at FinanceX:
FinanceX 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. Many exchanges charge what we call taker fees, from the takers, and what we call maker fees, from the makers. The takers are the people who “take” orders from the order book. This means that they remove order options from the order book and thereby remove liquidity. Makers are the ones who put the orders on the order book in the first place.
The main alternative to this is to simply charge “flat” fees. Flat fees mean that the exchange charges the taker and the maker the same fee. At this exchange, they don’t divide between takers and makers, but they charge flat fees: 0.30% of the order value.
0.30% is a bit above 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. Considering this, FinanceX’s trading fees are a bit on the high end.
FinanceX Withdrawal fees
The global industry average BTC-withdrawal fees are 0.000812 BTC. This figure was calculated by us here at Cryptowisser when we compiled the withdrawal fees of 200+ exchanges. FinanceX charges 0.0005 BTC when you withdraw BTC. Their withdrawal fees are thus almost 40% below the global industry average.
FinanceX does offer fiat currency deposits, but you can’t deposit via credit card. Also, you can only deposit VND (Vietnamese Dong) and IDR (Indonesian Rupiah).
Accordingly, if you for some reason would prefer to deposit to your choice of trading platform via your credit card, or through any other fiat currency then the VND or IDR, then you need to find another exchange. Don’t worry though, you can find an exchange that accept credit card deposits and other fiat currencies simply by using our Exchange Finder tool.
However, as FinanceX at all accepts fiat currency deposits, it qualifies as an “entry-level exchange” where new investors can take their first steps into the thrilling crypto world.
We run all the 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. FinanceX received an F- score in this test. This should however be viewed in light of the fact that F is the Mozilla Observatory-score received by the majority of all exchanges in our Exchange List.
Finally, the exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the crypto market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):