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 Rfinex consists of four parts: general information, fees, deposit methods and security.
Rfinex is a cryptocurrency exchange based in the United Kingdom. United Kingdom is the country which without a doubt has the most cryptocurrency exchanges in the world. At least that we know of. A non-exhaustive list of exchanges from the UK (in addition to this one) includes Exmo, CEX.io, CoinEgg, Livecoin, DSX, LocalTrade, Bittylicious (funny name by the way), CoinMate, Indacoin, MixCoins, Paybis, Vaultoro, Instant Bitex and eToro.
Rfinex launched in January 2017.
It has a selection of trading pairs that is different to that of many other cryptocurrency exchanges. Many cryptocurrencies supported here are somewhat less known.
If you’re a US-investor interested in trading here, you’re out of luck. Rfinex does not accept US-investors on its platform. Don’t be too sad though, if you’re a US-investor, you can always use our Exchange Finder to find out which trading platforms that you are allowed to trade at.
As its main benefits, the exchange lists that it is safe and reliable, that it provides professional charts, that you will receive fast responses from the platform and that it has multi-platform support. All of these factors are of course important to a prospective user of the exchange.
On the date of first writing this review (11 January 2019), the 24 hour trading volume of Rfinex was USD 482,000, putting it on place 155 on the list of the cryptocurrency exchanges in the world rated after 24 hour trading volume. This means that liquidity could definitely be improved. On 19 July 2019, the exchange had not reported any trading volume at all to any of the major sites where you can track trading volume. All of them said that Rfinex’s 24 hour trading volume was 0. However, on the date of last updating this review (31 March 2020, right in the middle of the crisis with COVID-19), the trading volume was back on track. Coinmarketcap reported a 24 hour trading volume for Rfinex of USD 45.2 million, placing it on place no. 86 of the exchanges in the world with the highest 24 hour trading volumes.
Rfinex 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 Rfinex:
Rfinex Trading Fees
The trading fees at Rfinex are 0.10% per trade. This means that the exchange does not distinguish between takers and makers. 0.10% per order is a competitive trading fee, substantially below the global industry average trading fees (arguably 0.25%). The trading fees are thus a competitive edge for this exchange.
Rfinex Withdrawal Fees
This trading platform charges a withdrawal fee amounting to 0.002 BTC when you withdraw BTC. The global industry average, however, is only 0.000812 BTC for BTC-withdrawals (including the network fees), so the withdrawal fee here is substantially above the industry average. It’s actually roughly 150% higher than the industry average.
One could argue that these fees are insignificant anyway, as 0.002 BTC on the last day of updating this review (31 March 2020, right in the middle of the crisis with COVID-19) corresponded to USD 12.98. We’ll let you decide for yourself (but we don't think that they are insignificant).
This trading platform does not accept any other deposit method than cryptocurrencies, so new crypto investors are actually restricted from trading here. If you don’t have any crypto but want to start trading at this trading platform, you will first have to purchase cryptocurrencies from another exchange and then, as a second step, deposit them here. Don’t worry though, we will help you find an exchange where you can purchase your first cryptos by the help of our Exchange Finder. Do the test there now and you will see what alternatives you have.