UPDATE 23 March 2023: We have received reports from a number of independent sources that Finexbox does not process withdrawals. There are also several other sources reporting issues with accounts being blocked without any due explanation. When researchers from cryptowisser.com tried to contact Finexbox in order to receive more clarity into these issues, we received no response.
Accordingly, we have marked Finexbox as a scam in our database and moved it to our Exchange Graveyard. If we would receive new reports that withdrawals are being processed in a timely and professional manner, and the business is conducted in an overall professional manner, we might consider "reviving" this platform again.
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What is FinexBox?
FinexBox is a crypto exchange based in Hong Kong that launched in October 2018.
Finexbox is a 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.
Genesis Blockchain Global Ltd
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. This type of information is always comforting to have, as it indicates that there is no need for the team members to hide their identities.
When were first prepared this review in early 2019, the trading volume was around USD 1 million. This increased close to 30x times in about 12-15 months and the volume on 23 March 2020 was USD 31.3 million. On the date of last updating this review (2 December 2021) the 24-hour trading volume exceeded USD 337 million, according to Coinmarketcap.com.
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.
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!