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 IQFinex consists of four parts: general information, fees, deposit methods and security.
IQFinex is an exchange registered in Saint Vincent and the Grenadines.
As this trading platform is quite new (established in 2018), it has not yet received the huge trading volumes that the market leading exchanges has. On the date of writing this review, 14 September 2019, IQFinex’s 24 hour trading volume was USD 81,968, according to information on the exchange’s website. There is definitely some room for improvement on this trading volume.
If you want to do your cryptocurrency business while on your phone, will that be possible at this trading platform? The answer is yes, it will. IQFinex can be used through a mobile application that you can also download for free. This is provided that you have an Android phone, but the iPhone support will surely follow shortly.
This exchange is not open to citizens or residents from the United States of America. If you are a resident or citizen of the US and you’re looking for the trading platform that is just right for you, don’t worry. Use our Exchange Finder to find an appropriate exchange accepting investors such as yourself.
IQFinex 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. This is the trading view at IQFinex:
IQFinex Trading fees
Trading fees are naturally very important. 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. At this exchange, they don’t divide between takers and makers. Each party to a transaction pay the same fee: 0.15% of the order value.
0.15% is below the industry average. Industry average has for a long time been 0.25%, but we are currently seeing a shift towards lower fees. Many exchanges now charge e.g. 0.10% or 0.15% instead.
IQFinex Withdrawal fees
IQFinex charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This is slightly above the industry average, as the industry average is 0.000812 BTC per BTC-withdrawal. IQFinex’s withdrawal fees are thus roughly 20% higher than the global industry average.
All in all, however, the fees at IQFinex are competitive.
This exchange does not accept any other deposit method than cryptocurrencies, so new crypto investors are restricted from trading here. If you are a new crypto investor and you wish to start trading at this exchange, you will have to purchase cryptos from another exchange first and then – as a second step – deposit them here. Don’t worry though, you can find a so called “entry-level exchange” simply by using our Exchange Finder tool.
This exchange has a security score of D, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is above industry average when it comes to top crypto exchanges. In fact, the majority of cryptocurrency exchanges in our Cryptocurrency Exchange List actually only receives an F when running the Observatory-test.
We hope you have enjoyed reading the above review. We also recommend checking out the following cryptocurrency exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: