What is Panxora?
Panxora is one of the many cryptocurrency exchanges from Hong Kong and it has been in the business since 2014, initially as First Global Credit. The exchange positions itself as being a little different in everything they do.
Initially First Global Credit, (now rebranded as the Panxora exchange) allowed traders to use their cryptocurrency capital to back trading other asset classes. The logic was that you didn’t want to sell your crypto because your long term belief was that it would rise in value, but you didn’t want to let it sit there doing nothing either. Previously, Panxora offered trading in over 500 stocks and a selection of ETFs (exchange traded funds). As of September 2019, however, the platform only offers cryptocurrency trading.
Panxora’s next service allowed traders to move their capital out of crypto and back in again to take advantage of price movements, the whole time the trader is using that same capital to trade stocks. The logic being that they don’t care if you hold your margin in crypto or fiat, they just look at the value of the collateral in your account and let you take positions on that. (2:1 leverage on currency trading so shorting crypto or fiat is possible.) This enables Panxora traders to make money two different ways at the same time, which is also quite unique in the crypto-exchange world.
Panxora is now taking the next step in expanding available asset classes by increasing its selection of tradable currency pairs – adding to them every week. Established coins like OMG, IOTA, LTC, ETC and ETH as well as certain new tokens like XAI (AICoin) IAG (IAGON), Sonocoin, Force Protocol, Decimated and Keplertek. Once again offering the unique ability to use these tokens to back trading in other asset classes.
US-investors may not trade here, at least not today. So, if you’re an investor based in the US and you’re looking for a cryptocurrency exchange, use our Exchange Finder to find out which alternatives you have.
Using the Exchange
Unlike other platforms, the Panxora user interface is not based on a long list of markets you need to wade through to find the specific ones you want to trade. Instead, Panxora traders create watchlists based on exactly the markets they want to track and trade. Tracking order book, charting and opening orders happens directly from the watchlists to allow traders to react efficiently when they identify a trading opportunity. The below is a picture of the watchlists from a “Practice Account”:
The founding partners and their development team have all been employed building HFT (high frequency trading) systems in the conventional trading world. As a result, the Panxora infrastructure is based on a high transaction backbone, which delivers professional speed to retail traders.
In 2019, Panxora will introduce fiat deposits, multi-asset wallets and forex trading. The company also has a division that invests in early stage AI and blockchain companies. Another division trades company assets using proprietary AI models to trade cryptocurrency markets which will be used to launch Panxora crypto I, a crypto-hedge fund also in 2019.
Panxora Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.
Panxora’s trading fees for takers are 0.20%. This fee is slightly below the industry average, which is arguably around 0.25%. Additionally, makers pay an even lower trading fee. Makers receive a 50% discount against the taker fees and thus only pay 0.10% per trade. This is a nice way of trying to promote liquidity at the trading platform.
Panxora Withdrawal fees
There are always network fees involved when sending cryptocurrency. Both in a simple transfer (even if you transfer to yourself), and in a withdrawal from the exchange.
The global industry average withdrawal fees are slightly above 0.0008 BTC per BTC-withdrawal.
Panxora does not charge any withdrawal fees at all. This means that they even cover the network fees for you. This is indeed a highly welcome and consumer-friendly approach.
Panxora does not yet accept wire transfer deposits or credit card deposits of fiat currency. If you need to deposit via wire transfer or credit card, you have to find an exchange where such deposit methods are permitted. Find one by using our Exchange Finder!
Panxora’s risk management modelling handles stock values, crypto vs fiat pricing, account valuation – all these moving parts seamlessly. This is why Panxora traders can use a volatile asset to back trading in other instruments. When a client’s collateral decreases because their ETH has lost 20% of its value, but the value of their Ferrari trade has increased, the risk management module leaves the trade alone, but if the value of their crypto falls alongside a loss in stock holdings, the risk model shaves their stock position to manage the risk in their account. It has been doing this for thousands of customers for over 4 years, delivering uninterrupted service through a range of rapidly rising and falling markets as well.
It should be noted here that all customer withdrawals at this exchange are signed in an offline-environment. This is to add an extra layer of security. This process means the customer’s private keys never touch the internet. Therefore, it is much more difficult to direct a successful hacker attack against Panxora.