UPDATE 16 March 2020: It has come to our attention that a number of users have not been able to withdraw funds from this platform or have not been able to login after having deposited funds on the platform. We are trying to verify this information at the moment and we feel that it is too early to mark this exchange as a “scam” and move it to our Exchange Graveyard. However, we recommend visitors to be careful when dealing with this platform.
UPDATE 1 October 2020: This exchange is now down and no longer accessible. There have been additional reports about the exchange being a scam. The exchange is now marked as "dead" in our database and moved to our Exchange Graveyard until further notice.
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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 first writing this review, 14 September 2019, IQFinex’s 24 hour trading volume was USD 81,968, according to information on the exchange’s website. On the date of last updating this review (16 March 2020, right in the middle of the crisis with COVID-19), CoinGecko reported that the 24 hour trading volume of this exchange was now USD 2.1 million. This is an impressive improvement, but still quite a low 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: 0.25% of the order value.
0.25% is equal to what was previously 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.