A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of Tokenize consists of four parts: general info, fees, deposit methods and security.
Tokenize is an exchange from Singapore. Singapore is one of the countries in the world which has the most crypto exchanges. But, as you know, when it comes to crypto trading, the world is your playing field and the home of the exchange doesn’t really matter that much.
On the date of first writing this review (29 August 2019), the platform claimed to have more than 100,000 users. As a few of its main advantages, Tokenize mentions that it has an “easy & simple to use interface”.
Another promoted feature is that the platform offers fiat-to-crypto pairings in addition to its crypto-to-crypto trading and ICO-offerings.
To our understanding, Tokenize does not prohibit US-investors from trading on its platform. In any event, if you are a US-investor and wish to start trading here, you should perform your own analysis of whether you are subject to any state laws or similar that prohibits you from trading here. You can never be too sure.
Tokenize 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 Tokenize:
Tokenize Trading fees
This trading platform does not charge different fees between takers and makers. Usually, you say that such exchanges’ trading fees are “flat”. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model.
Tokenize’s flat trading fee is 0.25%. 0.25% can be argued to be the industry average, so no competitive advantage or competitive disadvantage for Tokenize here.
Tokenize Withdrawal fees
Tokenize has percentage based withdrawal fees (0.02%), but never lower than 0.0005 BTC. This means that just as with the trading fees, the fee charged when withdrawing from the platform is a percentage of the relevant amount (or 0.0005 BTC). For trading fees, the fees are a percentage of the traded amount. For withdrawals, the fees are a percentage of the withdrawn amount. Essentially all crypto exchanges in the world have percentage based trading fees, but out of the 600+ exchanges we have listed in our Exchange List (and that have died and been moved to our Exchange Graveyard), only 15-20 have charged percentage based withdrawal fees. The rest have fixed fees (e.g. around 0.0005 BTC per BTC-withdrawal, but without an additional percentage component). So it’s quite unusual to have the withdrawal fee model that Tokenize has.
With the hybrid percentage/fixed fee model that this exchange has, there is no benefit to you. The fee can never be lower than 0.0005 BTC. However, if you withdraw 10 BTC, the withdrawal fee becomes 0.002 BTC (very high). So, you could say that you are between a rock and a hard place when withdrawing from Tokenize, which is not consumer friendly at all.
This exchange offers wire transfer as a deposit method, but you can’t deposit via credit card. Offering wire transfer enables people with no previous holdings of cryptocurrencies to start off their trading career here, which is very helpful. However, if you absolutely need a trading platform that accepts credit card deposits of fiat currency, just go to our Cryptocurrency Exchange List and look for green checkmarks in the “credit” column.
Tokenize promotes its security as one of its main highlights. Specifically, they emphasize the fact that they have 2FA and IP whitelisting together with multi-sig authorization.