Polyx Exchange Review
Polyx Exchange is a cryptocurrency exchange registered in Estonia that launched in November 2018. They support trading in the following cryptocurrencies: BTC, ETH, XRP, USDT, EOS and LTC.
On the date of first writing this review (3 September 2020), the platform's 24 hour trading volume according to Coinmarketcap was USD 3,883,095. This trading volume is unfortunately quite low. The trading volume must really pick up dramatically in order for this platform to be a viable choice for a prospective trader.
The exchange's main focus seems to be simplicity. They have an easy interface and highlights on its website that crypto doesn't have to be complicated.
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 Polyx Exchange permits US investors or not. We have read their Terms and Conditions and have not found any explicit prohibition of US investors. We urge any US investors to form their own opinion on the permissibility of their trading at Polyx Exchange though.
As a few of the advantages with the platform, Polyx Exchange mentioned that it has 24/7 support. This can be very important to any new traders, particularly considering that you can access this exchange from across the world and that different countries have different time zones. Normal working hours from your country can be something very different in Estonia. Moreover, the platform highlights that has "maximum processing speed", that it is secure and that it lets you deposit assets to the exchange with the help of VISA and MasterCard. These are all very helpful advantages.
Polyx Exchange 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 Polyx Exchange:
It is up to you – and only you – to decide if the above trading view is suitable to you. There are also usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
Polyx Exchange, like many other exchanges, also have a purchase interface which is not complicated at all. These are for the investors seeking simplicity and speed, rather than investors seeking a lot of supporting information when executing their trades. Polyx Exchange's easier purchase interface has the following layout:
Polyx Exchange Fees
Polyx Exchange 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. Normally, exchanges distinguishes between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
Polyx Exchange doesn't care about whether you are a taker or a maker, you pay the same fee regardless: 0.10%. Fees like this are normally referred to as "flat fees". 0.10% is in line with, or even slightly below, the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%.
Polyx Exchange Withdrawal fees
Polyx Exchange charges a withdrawal fee of 0.0004 BTC per BTC-withdrawal. This fee is slightly below the industry average BTC-withdrawal fees. The current global industry average is arguably around 0.0006 BTC per BTC-withdrawal so a competitive offering by Polyx Exchange here as well.
Polyx Exchange lets you deposit assets to the exchange in many different ways, through wire transfer, debit card, and of course also by just depositing existing cryptocurrency assets.
Seeing as fiat currency deposits are possible at this trading platform, Polyx Exchange qualifies as an “entry-level exchange”, meaning an exchange where new crypto investors can start their journey into the exciting crypto world.
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):