US investors permitted
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 USD-X consists of four parts: general information, fees, deposit methods and security.
USD-X is an American cryptocurrency exchange. There are many American cryptocurrency exchanges. USD-X is hardly among the most popular ones. The group of the most popular ones include exchanges as Coinbase, Bitquick, Gate.io and Paxful.
As USD-X is an American exchange, US-investors are naturally permitted to trade at it.
On its website, the exchange states that it is a “regulated exchange that fully implements AML/KYC (Anti Money Laundering / Know Your Customer) regulations”. In light of this, it seems odd that they have not provided any information on the company behind the exchange, registration number, any license information or anything like that at all.
There are three different KYC-levels at the exchange.
KYC 1 – if you have verified your email: buying/selling not permitted;
Finally, KYC 3 – if you have provided your ID card, utility bill, bank account / credit card: both buying and selling is permitted.
Even if you have no problems with reaching the necessary KYC-level to do what you want to do, you should know that this exchange does not offer any crypto-to-crypto trading. All of the cryptocurrencies listed at USD-X can only be traded against the USD.
Now let’s have a look at the fees.
USD-X Trading fees
This American cryptocurrency exchange offers a flat trading fee of 0.25%. USD-X does accordingly not distinguish between takers and makers. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model. 0.25% is also arguably exactly in line with the global industry average.
USD-X Withdrawal fees
This trading platform charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This fee is below the industry average and constitutes a competitive edge against other American cryptocurrency exchanges. For instance, CoinExchange.io charges four times that amount (0.002 BTC) and Bittrex charges the double (0.001 BTC).
Here, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors.
The security score received by this American cryptocurrency exchange site 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.
Finally, as mentioned above, this exchange supports credit card deposits (alone or through the use of any of its associated payment service providers). Other cryptocurrency exchanges that also have this option include: