UPDATE 1 November 2020: This exchange is currently down for maintenance. As a temporary measure, we have therefore marked it as "dead" and moved it to our Exchange Graveyard. When the exchange is back from maintenance mode, we will revive it and move it to our active Exchange List.
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HaloDEX is an exchange registered in Panama. It launched in October 2018.
On the date of first writing this review (7 September 2020), the platform's 24 hour trading volume according to Coinmarketcap was only USD 97,27. This trading volume is unfortunately extremely low. It is actually so low, that we feel that is likely that the exchange will close down its operations in the near future. Accordingly, we would not recommend anyone to start an account here before the 24 hour trading volume has picked up substantially.
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 whether HaloDEX 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 HaloDEX though.
HaloDEX 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. This is the trading view at HaloDEX:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
HaloDEX 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. Many exchanges divide 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.
This platform charges takers 0.20% per trade. These taker fees are higher than 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%.
Does the platform have even better deals for makers? Yes. Makers pay 0.10% instead of 0.20% (50% discount compared to what the takers pay).
HaloDEX Withdrawal fees
To our understanding, HaloDEX does not charge any fees of their own when you withdraw crypto from your account at the platform. Accordingly, the only fee you have to think about when withdrawing are the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain, and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure. In general though, only paying the network fees should be considered as below global industry average when it comes to fee levels for crypto withdrawals.
In order to trade here, you must have cryptocurrency to begin with. The only asset class you can deposit to HaloDEX is cryptocurrency. However, if you really like HaloDEX 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.