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 50x.com (previously STeX) consists of four parts: general information, fees, deposit methods and security.
50x.com (previously STeX) is a cryptocurrency exchange registered in the Saint Vincent and the Grenadines, a group of islands in the Caribbean Sea. For being a nation with a population of only 110,000, Saint Vincent and the Grenadines has a surprisingly high number of cryptocurrency exchanges: 3. In addition to 50x.com, Unichange and GetBTC are registered here.
The 50x.com-trading platform is available in the English, Russian and Korean language.
50x.com claims to be the “1st aggregator of crypto liquidity”, and states that you can “trade over 10,000 coin[s] cross rates in one place”. We have not been able to verify any of these statements, but we do know that they are at least not the only aggregator of crypto liquidity.
Also Covesting.io aggregates liquidity from other exchanges. With liquidity aggregation, we mean that the exchange offers the opportunity for its traders to benefit from the order books also from other cryptocurrency exchanges. This creates an unusually deep order book and expands the range of digital assets possible to trade at the exchange and ensure fair pricing of the trades.
50x.com 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 50x.com:
To our knowledge, US-investors are permitted to trade at this exchange. However, any US-investors interested in trading here should form their own opinion on any issues arising from their citizenship or residency.
50x.com Trading fees
This exchange charges flat fees of 0.20%, meaning that it doesn’t matter whether you are a taker or a maker. You get charged 0.20% of the order value anyways.
0.20% is slightly below the global industry average, which is arguably around 0.25%.
50x.com Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Many investors don’t really think about the withdrawal fees when they decide to start trading. But they should, so it doesn’t come as an unwelcome surprise at a later point.
50x.com’s withdrawal fees are 0.002 BTC when you withdraw BTC. This is definitely on the high end. The global industry average BTC-withdrawal fees are 0.0008 BTC, so this exchange charges 1.5x that.
50x.com (previously STeX) does not accept any deposits of fiat currency. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. 50x.com only received an F-score in this test. This is below industry average and is thus not a competitive advantage at all for this exchange.
The exchange reviewed above has a large number of supported cryptocurrencies. If a large number of supported cryptocurrencies is an important factor for you in your choice of cryptocurrency exchange, you could also check out the following exchanges: