UPDATE 24 November 2020: We currently can't find a way to access the platform. The website is still there, but there is no sign-in functionality anywhere. We have contacted the exchange to receive clarity in the issue but are still waiting to receive a response. Until we hear back from the exchange, we have marked the exchange as "dead" in our database and moved it to our Exchange Graveyard.
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A crypto exchange guide must provide reviews of all of the crypto exchanges out there, so that you can find the right one for you. This review of Shortex consists of four parts: general info, fees, deposit methods and security.
Shortex is an exchange from the tropical wonderland of Cayman Islands, launched in January 2019. There are a few other cryptocurrency exchanges registered here as well, including OceanEx, Bgogo, BitMart and QBTC.
The exchange apparently already has over 70,000 registered traders.
On the date of writing this review (9 September 2019), the reported 24 hour trading volume was USD 23.2 million. On the date of last updating this review (16 March 2020, right in the middle of the crisis with COVID-19), the 24 hour trading volume had increased to USD 36.8 million according to Coinmarketcap. This trading volume is quite decent.
As many other exchanges, Shortex has a restriction on how US-investors may use its platform. However, they are not entirely prohibited. Users from any of the following jurisdictions may onlye trade BTC, ETH and stablecoins after having passed KYC: Afghanistan, Bahamas, Bosnia And Herzegovina, Botswana, Canada, Cayman Islands, Crimea Region, Cuba, Democratic People’s Republic of Korea (DPRK), Ethiopia, Ghana, Guyana, Iran, Iraq, LAO PDR, Pakistan, People’s Republic of China, Syria, Trinidad and Tobago, Uganda, USA, Vanuatu, Yemen. If you’re from any of the above countries and you want to trade other coins, or you would prefer not to perform any KYC, don’t worry. Use our Exchange Finder to find an appropriate exchange matching your demands.
Shortex 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. This is the trading view at Shortex:
Shortex Trading fees
Trading fees are naturally very important. 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. At this exchange, they don’t divide between takers and makers. Each party to a transaction pay the same fee: 0.10% of the order value.
0.10% is below the industry average. Industry average has for a long time been 0.25%, but we are currently seeing a shift towards lower fees. Many exchanges now charge e.g. 0.10% or 0.15% instead.
Shortex Withdrawal fees
Shortex charges a withdrawal fee amounting to 0.002 BTC when you withdraw BTC. Based on our collected industry data, the industry average BTC-withdrawal fee is 0.000812 BTC per BTC-withdrawal. Compared to that, Shortex’s withdrawal fee is quite far from average (approx. 150% higher).
All in all, the trading fees here are in line with industry average but the withdrawal fees could definitely be more competitive.
This exchange does not accept any other deposit method than cryptocurrencies, so new crypto investors are restricted from trading here. If you are a new crypto investor and you wish to start trading at this exchange, you will have to purchase cryptos from another exchange first and then – as a second step – deposit them here. Don’t worry though, you can find a so called “entry-level exchange” simply by using our Exchange Finder tool.
Shortex lists the following six factors as strong factors with their exchange, and the factors are indeed comforting: AES-256 encrypted keys, SHA-256 encrypted passwords, TSL-data transmission, 99.5% cold storage of users’ assets, DDOS Protection and 2FA-requirements for withdrawals etc. In particular, 99.5% cold storage is a very high percentage, meaning that even if hackers would be successful in an attack they would not be able to steal more than a maximum of 0.5% of the assets on the platform.