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 RippleFox consists of four parts: general information, fees, deposit methods and security.
RippleFox is a Chinese cryptocurrency exchange. China was one of the leading countries in cryptocurrency exchanges up until when the Chinese government issued a ban on certain cryptocurrency services. Today, many of the previously bigger exchanges have closed shop. Only a few are still actively trading (BTCTrade.im being one of them).
US-investors are not listed as prohibited from trading here. However, US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
RippleFox Trading fees
This trading venue doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. Their flat fee is 0.20%. This fee level is roughly in line with the global industry average, possibly even a bit lower. Many people argue that the industry average is around 0.25%.
RippleFox Withdrawal fees
To our understanding (but we have not been able to completely verify this), RippleFox charges a withdrawal fee amounting to 0.20% when you withdraw cryptocurrencies (such as XRP). This is an unusual withdrawal fee model, but it is not unheard of. Most exchanges have a fixed withdrawal fee, regardless of the size of the withdrawn amount. In addition to this exchange, only the following have percentage based withdrawal fees (from lowest to highest): SouthXchange (0.04%), FatBTC (0.05%), Digax (0.10%), ExcambioRex (0.10%), Gocio (0.10%), BitINKA (0.15%), OOOBTC (0.50%), BCEX (0.50%), DOBI Trade (0.50%), iCE3X (0.50%), LEOxChange (1.00%), Trustdex (1.00%) and FreiExchange (2.00%).
With the fee model that this exchange has, when you withdraw small amounts, it is beneficial to you. If you withdraw XRP worth 0.01 BTC, the withdrawal fee becomes an equivalent of 0.00002 BTC (quite low). However, if you withdraw XRP worth 10 BTC, the withdrawal fee becomes the equivalent of 0.02 BTC (quite high). Please consider whether this withdrawal fee suits your own trading or not.
This trading platform offers wire transfer as a deposit method, but you can’t deposit via credit card.
RippleFox’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
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):