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 LEOxChange consists of four parts: general information, fees, deposit methods and security.
LEOxChange is a cryptocurrency exchange from the United Arab Emirates (Dubai).
It does not list US-investors as prohibited from trading, but US-investors should still do their own independent assessment of any problems arising from their residency or citizenship.
The LEOxChange was born to enable LEO Members to sell LEOcoins to third parties as well. Originally trading was conducted solely between LEO Members. But since the launch of LEOcoin on 22 June 2014, the LEOcoin community has grown to over 100,000 Members around the globe.
The LEOxChange’s founder and CEO, Dan Anderson, has this to say about the exchange:
“We wake up every single day determined to change the world by delivering an unbeatable service. LEOcoin is more than just a new way to make purchases. It’s even more than a protocol for exchanging value over the internet without an intermediary. We put our Members’ best interests first and foremost. They drive everything we do. We are in constant pursuit of innovation and strive consistently to exceed expectations. We believe in complete transparency, deep collaboration and we never forget that people come first. Having this mindset allows us to grow and advance at a rate which others cannot.”
LEOxChange 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 trading view at LEOxChange:
LEOxChange Trading fees
This exchange’s trading fees for takers are 0.20%. This fee is slightly below the industry average. The industry average is arguably around 0.25%.
Also, LEOxChange does not charge any fees for makers, thus promoting the liquidity at the exchange. This is a very strong competitive edge in the market and is especially beneficial for the investors not interested in picking up existing orders from the order book but rather prefers to “go fishing” with maker-orders.
LEOxChange Withdrawal fees
This exchange charges a withdrawal fee amounting to 1.00% when you withdraw cryptocurrencies (such as BTC). This is an unusual withdrawal fee model, but it is not unheard of. Most exchanges have a fixed withdrawal fee, regardless of the size of the withdrawn amount. In addition to this exchange, only the following have percentage based withdrawal fees (from lowest to highest): SouthXchange (0.04%), FatBTC (0.05%), Digax (0.10%), BitINKA (0.15%), RippleFox (0.20%), OOOBTC (0.50%), BCEX (0.50%), DOBI Trade (0.50%), iCE3X (0.50%) and Trustdex (1.00%).
With the fee model that this exchange has, when you withdraw small amounts, it is beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.0001 BTC (quite low). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.1 BTC (extremely high). Please consider whether this withdrawal fee suits your own trading or not.
At this exchange, you can deposit via wire transfer, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason.
LEOxChange’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):