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 SouthXchange consists of four parts: general information, fees, deposit methods and security.
SouthXchange is an Argentinian cryptocurrency exchange. While there are many cryptocurrency exchanges from Brazil (Bleutrade, for instance), we only know of one from Argentina (this one).
SouthXchange does not explicitly state that US-investors are prohibited from trading. Accordingly, we do believe that US-investors can trade here. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
PRO-Systems created and manages this exchange. PRO-Systems is a company incorporated under the laws of Argentina. It is allegedly a team of “highly trained software engineers” that operates the exchange. It has been involved with cryptocurrencies since 2012. This exchange platform is – according to PRO-Systems – created to be secure, simple and usable.
The exchange prides itself on being selected Best Crypto Exchange in South America in the ADVFN International Financial Awards 2019.
The platform promotes four reasons on its website to why someone interested in opening an account with a trading platform should choose SouthXchange. They say that it is secure and has low fees. They also say that it presents real-time data and finally that the platform is mobile friendly. We feel that all of these advantages are important in the choice of exchange. However, we are a bit hesitant to the statement that SouthXchange has very low trading and withdrawal fees. 0.30% taker fees are even above industry average (read more on the fees below in this review).
SouthXchange 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 SouthXchange:
SouthXchange 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. This Argentinian trading venue divides between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who create the orders that the takers take. This exchange’s taker fee is 0.30%, and the maker fees are 0.10%. This is in line with global industry average and compared to its South American peers, the fee is on the low-end (thus constituting a competitive advantage).
SouthXchange Withdrawal fees
This exchange charges a withdrawal fee amounting to 0.04% when you withdraw BTC, but only BTC. If you withdraw any other cryptocurrency, the exchange charges a fixed fee instead (which is more market standard).
In addition to this exchange, only the following have percentage based withdrawal fees (from lowest to highest): FatBTC (0.05%), Digax (0.10%), ExcambioRex (0.10%), BitINKA (0.15%), RippleFox (0.20%), OOOBTC (0.50%), BCEX (0.50%), DOBI Trade (0.50%), iCE3X (0.50%), LEOxChange (1.00%) and Trustdex (1.00%).
Percentage based withdrawal fees can be both good and bad. When you withdraw small amounts, it is beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.000004 BTC (very low, relative to market standards). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.004 BTC (very high, relative to market standards). Please consider whether this withdrawal fee suits your own trading or not. You should also note here that by year-end 2017, SouthXchange’s percentage based BTC-withdrawal fee was 0.19% (i.e. almost five times higher than it is today).
This trading venue offers both wire transfers and credit cards as a deposit methods. Credit card deposits are possible via Indacoin.
Seeing as fiat currency deposits are possible at this trading platform, SouthXchange qualifies as an “entry-level exchange”, making it possible for new cryptocurrency investors to take their first steps into the cryptocurrency world here.
SouthXchange’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. Good work SouthXchange!
There are only a few exchanges that – like the above exchange – receive Mozilla Observatory-scores of B or higher. The following list includes 10 such exchanges with very impressive security scores: