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 Quoinex consists of four parts: general information, fees, deposit methods and security.
Quoinex is a Japanese cryptocurrency exchange. As such, it competes with other Japanese exchanges such as e.g. Bitbank.
However, Quoinex is really something else. To begin with, during 2018 it is currently the fifth most heavily funded startup in all of Japan, having obtained USD 105 million in seed financing.
Additionally, this cryptocurrency exchange is the first cryptocurrency exchange in the world to receive an official license from Japan’s licensing authority JFSA (Japan Financial Services Agency). The decision was given 29 September 2017. This is of course extremely impressive.
This trading platform does not list US-investors as prohibited from trading. However, as you surely know if you are from the USA, US-investors should always do their own independent assessment of any problems arising from their residency or citizenship.
Quoinex Trading fees
To celebrate the license from JFSA on 29 September 2017, the exchange immediately dropped almost all of their fees. What a celebration!
This means that the trading fee is 0%, regardless of whether you are a taker or a maker! Spot trading and margin trading doesn’t result in any fees either (save for the daily interest cost on margin trading). The now mentioned zero-fee structure is a campaign, but it has been running for sometime and does not seem to end in the near future.
The above trading fees are without a doubt a very strong competitive edge for this particular cryptocurrency exchange.
Quoinex Withdrawal fees
Quoinex does not charge any withdrawal fees at all for withdrawing cryptocurrencies either. Also this is a very strong competitive edge in the market and really distinguishes Quoinex from most other top crypto exchanges.
Quoinex offers wire transfer as a deposit method, 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. However, as this trading platform accepts deposit of fiat currencies at all, it distinguishes itself from many exchanges that only allows deposits in cryptocurrencies.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information. From names to addresses, to government identification details, taxpayer identification number and a lot more; and
- Exchanges handle of course a lot of cash or coin deposits and withdrawals.
Quoinex’s security score is B, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is far above average when it comes to top crypto exchanges.
Low trading fees are indeed very important for any prospective cryptocurrency investor. All of the following exchanges also – like the above exchange – have very low trading fees (some of them don’t even charge trading fees at all):