UPDATE 11 November 2021: When trying to access the website of FintechonEx today, we were unsuccessful. There have been no preceding messages on system maintenance or new websites or anything similar.
Accordingly, we believe that this exchange has closed down and we have marked it as "dead" in our Exchange Graveyard. If the exchange's website would become accessible again and the error is just temporary, we will "revive" it and bring it back to our Exchange List.
To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.
Fintechonex one of the crypto platforms registered in Singapore. It has been active since 2019.
The platform supports trading in the following cryptos: Bitcoin, Ethereum, OKEX Token and Tether. This is quite a small number of cryptos.
Exchanges with a smaller number of supported cryptos (like Fintechonex) generally only support the bigger crypto projects, which have all been subject to numerous due diligence processes and that are – in most cases – properly vetted. A more recently launched altcoin has not been subject to the same scrutiny. So one could argue that there aren't that many trading pairs available at Fintechonex, but that the trading pairs that are available should be considered as fairly "secure".
The platform lists three things in particular as main advantages with its platform. First, that they have a leading risk management system. Second, that they give their users a superior trading experience by using OKEx's "world-class order-matching system and market depth". Third, that they offer trading in high quality tokens with 24/7 support.
Fintechonex allows you to trade with leverage (on margin). This means that you can receive a higher exposure towards a certain crypto’s price increase or decrease, without actually holding the necessary amount of assets. You do this by “leveraging” your trade. In simple terms, this means that you borrow from the exchange to bet more. We are uncertain of how much leverage you can get at this platform.
Leveraged trades are risky though. For instance, let’s say that you have 100 USD in your trading account and you bet this amount on BTC going long (i.e., going up in value). If BTC then increases in value with 10%, you would have earned 10 USD. If you had used 100x leverage, your initial 100 USD position becomes a 10,000 USD position so you instead earn an extra 1,000 USD (990 USD more than if you had not leveraged your deal). However, the more leverage you use, the smaller the distance to your liquidation price becomes. This means that if the price of BTC moves in the opposite direction (goes down for this example), then it only needs to go down a very small percentage for you to lose the entire 100 USD you started with. Again, the more leverage you use, the smaller the opposite price movement needs to be for you to lose your investment. So, as you might imagine, the balance between risk and reward in leveraged deals is quite fine-tuned (there are no risk free profits).
Fintechonex Mobile Support
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that Fintechonex’s trading platform is also available as an app. You can download it to/from both the AppStore and Google Play.
Fintechonex Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. On the date of first writing this review (16 February 2021), we were not able to obtain a picture of the trading view due to technical difficulties of the website. We will however post such a picture as soon as we obtain it.
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
It is unclear to us whether Fintechonex permits US investors or not. We have read their Terms and Conditions and have not found an explicit prohibition of US investors. We urge any US investors to form their own opinion on the permissibility of their trading at Fintechonex though.
Fintechonex Trading fees
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. Normally, exchanges distinguishes between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
At Fintechonex, the standard trading fees for takers are 0.15%, and for makers 0.10%. 0.15% in taker fees is in line with, or even slightly below, the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%. According to the latest empirical study on the subject, the industry average taker fees were 0.217% and the industry average maker fees were 0.164% (for spot trading). Consequently, Fintechonex's fees are well below both of these industry averages.
Fintechonex Withdrawal fees
Fintechonex charges a withdrawal fee of 0.0005 BTC per BTC-withdrawal. The current global industry average is 0.000643 BTC per BTC-withdrawal according to this report, which is the latest such report prepared on the subject to our knowledge. Accordingly, the withdrawal fees charged by this platform are competitive.
In order to trade here, you must have cryptocurrency to begin with. The only asset class you can deposit to Fintechonex is cryptocurrency. However, if you really like Fintechonex but you don’t have any crypto yet, you can easily start an account with an exchange that has “fiat on-ramps” (an exchange where you can deposit regular cash), buy crypto there, and then transfer it from such exchange to this exchange. Use our Exchange Filters to easily see which platforms that allow wire transfer or credit card deposits.