InfinityCoin Exchange Review
InfinityCoin Exchange is a cryptocurrency exchange registered in the British Virgin Islands. It offers trading in two cryptocurrencies: BTC and (not surprisingly) the InfinityCoin (XIN). It is not the only exchange registered in the British Virgin Islands, also the very prominent derivatives exchange Bybit is registered here.
About Infinity Coin, the exchange itself writes:
“Infinity is a new digital currency that allows individuals to make fast and secure transactions through a decentralised peer-to-peer network. It’s digital cash, so any and all transactions are completely anonymous and without the need for bank or transfer fees. Accessible to everyone, it’s easy to use and available today. Through the use of advanced cryptography and encryption methods, we have managed to make Infinity coin a truly anonymous digital currency, in contrast to others which are anonymous only on a superficial level.”
You can’t buy or sell any of the other smaller cryptocurrencies here though (The GCC Coin, Transcodium Coin, Truckcoin, Ultracoin, Woodcoin, or any cryptocurrency with a similar market capitalization to those). So, if you seek to buy or sell any of those, you’ll have to choose another exchange.
When asked what you get with this exchange is you open an account and start trading there, InfinityCoin Exchange gives eight answers, as described on the picture below. Out of these advantages, we feel that “worldwide” follows from the nature of crypto trading, so it is not a specific advantage with this particular exchange. Real time data should also be one of the main things that most exchanges should have. Furthermore, we are a bit unsure of what security they claim to be “extra” (for us meaning, above average). They don’t specify that. Moreover, there is little to no information on their support team and their business hours etc. That the platform is easy to use, has fiat currency deposits and that the exchange has a referral program are factors that are easier to understand though.
This trading platform does not prohibit US-investors from trading, but US-investors should still do their own independent assessment of any problems arising from their residency or citizenship.
InfinityCoin Exchange 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 quite basic trading view at InfinityCoin Exchange:
InfinityCoin Exchange Fees
InfinityCoin Exchange Trading fees
Here, they don’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”.
The flat fee set by this exchange is 2.00%. This is about ten times higher than the industry average (the industry average is arguably around 0.25%). You should carefully consider whether InfinityCoin Exchange has a strong offering in other respects that outweighs the disadvantage of this substantially higher trading fee.
InfinityCoin Exchange Withdrawal fees
This trading platform charges a withdrawal fee amounting to 0.002 BTC when you withdraw BTC. The global industry average, however, is only 0.000812 BTC for BTC-withdrawals (including the network fees), so the withdrawal fee here is substantially above the industry average. It’s actually roughly 150% higher than the industry average.
One could argue that these fees are insignificant anyway, as 0.002 BTC on the last day of updating this review (23 March 2020, right in the middle of the crisis with COVID-19) corresponded to approx. USD 12.23. We’ll let you decide for yourself (but we don't think they are insignificant).
This trading venue does not accept any other deposit method than cryptocurrencies, so new crypto investors are restricted from trading here. If you don’t have any crypto but want to start trading here, you will first have to purchase cryptocurrencies from another exchange and then, as a second step, deposit them here.