UPDATE 2 December 2022: When trying to access the site of Paritex, we receive a message stating that the platform is in "Maintenance Mode". It has, however, been in maintenance mode for a suspiciously long time. As such we suspect that the website has closed down for the foreseeable future, possibly on a permanent basis.
Accordingly, we have marked the platform as "dead" in our Exchange Graveyard.
To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.
What is Paritex?
Paritex is a cryptocurrency exchange from Turkey that was born in March 2019. The platform supports trading in the largest cryptos out there: Bitcoin, Ethereum, Tether, Ripple etc. They also offer trading in a few more exotic altcoins.
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
It is unclear whether Paritex permits US investors or not. We have read their Terms and Conditions and have not found an explicit prohibition of US investors. We urge any US investors to form their own opinion on the permissibility of their trading at Paritex though.
Paritex Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at Paritex:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
Paritex Trading fees
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. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book.
Paritex charges what we call flat fees, meaning that both the takers and the makers pay the same fee: 0.15%. These taker fees are quite in line with the industry average for centralized exchanges. Industry average has hsitorically been around 0.20-0.25% but we now see new industry averages being around 0.10%-0.15%.
Paritex Withdrawal fees
Paritex charges a withdrawal fee of 0.0007 BTC per BTC-withdrawal. The current global industry average is 0.0004599 BTC per BTC-withdrawal according to this report, so Paritex's BTC-withdrawal fee is a bit above the average here.
In addition to depositing cryptocurrency to the platform, Paritex also lets you deposit fiat currency. However, only through wire transfer (not credit or debit card). If you need an exchange accepting credit or debit card deposits, just use our Exchange Filters and you'll find one in no time at all.
Seeing as fiat currency deposits are at all possible at this trading platform, Paritex qualifies as an “entry-level exchange”, meaning an exchange where new crypto investors can start their journey into the exciting crypto world.
Paritex allegedly has 95% of all user assets in cold storage and strong encryption of "sensitive account information".