UPDATE 12 April 2020: We have received information from different sources that there is something not right with this exchange. The support function is unresponsive, and the email address that we were in contact with when obtaining information about the exchange to incorporate in the below review, is no longer a valid email address. We have also received reports about withdrawals not being carried out. We have marked this exchange as "dead" in our database until we receive new information on these issues.
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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 FinexBox consists of four parts: general information, fees, deposit methods and security.
FinexBox is a crypto exchange based in Hong Kong that launched in October 2018. Hong Kong is in a way the Mecca of cryptocurrency trading. A non-exhaustive list of competitors to this exchange on its home turf is Binance, Bit-Z and KuCoin.
Finexbox is a full-featured spot trading platform for major digital assets & cryptocurrencies, including Bitcoin, Ethereum, EOS, Litecoin, Ripple, NEO, Monero and many more. The exchange offers leveraged margin trading through a peer-to-peer funding market. This allows users to securely trade with up to 3.3x leverage. They also boast a suite of order types to help traders take advantage of every situation.
The company owning the exchange is GENESIS BLOCKCHAIN GLOBAL LTD (registered in both the UK and in China). There is also information about the team operating the exchange (in particular on the co-founder and CEO Dennis Smith and the co-founder and CTO Lun Bao) on the website.
On the date of first writing this review (early 2019), the exchange had managed to rack up 112,347 users and a 24 hour trading volume well over USD 1 million. On the date of last updating this review however (23 March 2020, right in the middle of the crisis with COVID-19), the trading volume had increased with 30x and was then USD 31.3 million. This placed Finexbox on place no. 96 of Coinmarketcap's list.
The platform highlights a few things as its main advantages. First off, the exchange states that it has deep liquidity. We have not been able to integrate any APIs from Finexbox and we are thus not able to verify this statement. Second, they state that they have Margin Trading and Margin Funding available to its users. If you would like to have this on your trading platform, then it is naturally a benefit. The same goes for the availability of different order types. Fifth and second, the exchange notes that it has a customizable interface and strong security. These matters are naturally very important to all prospective users of this platform.
US-investors may not trade here. But if you’re a US-investor, you shouldn’t be too sad. There are other venues that offer a similar type of trading as this exchange does. Use our Exchange Finder to find out which alternatives you have.
FinexBox 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 FinexBox:
FinexBox Trading fees
This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. They have set their flat fee at 0.10%. 0.10% is well below the global industry average trading fees (arguably around 0.25%).
You may also note that many exchanges have trading fees that are reduced as volumes are increased, meaning that you receive benefits of trading in larger capital volumes. The fees listed in this review and in the comparison table are excluding any such volume discounts.
FinexBox Withdrawal fees
FinexBox charges a withdrawal fee amounting to 0.002 BTC when you withdraw BTC. While 0.002 BTC is a rather insignificant amount in the bigger picture (on the date of this review, 16 November 2018), it’s approx. USD 11, it is also a bit above the industry average. Industry average BTC-withdrawal fees are 0.0008 BTC.
There are many reasons to observe an exchange’s security. There are also many ways in which one can assess the security. The way that we at Cryptowisser has chosen is to run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is as mentioned one of many indicators of the exchange’s security.
This exchange received an F-score in this test. This is below industry average not a competitive advantage.
FinexBox offers wire transfer as a deposit method, but you can’t yet deposit via credit card. This feature might be added in the future though, so don’t despair!
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 cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):