VCC Exchange Review
What is VCC Exchange?
VCC Exchange is an exchange from Singapore that operates in both Singapore and Vietnam. It launched on 19 May 2019, so at the date of first writing this review (17 April 2020), it was not even a year old. In spite of that, the exchange has managed to rack up a decent trading volume (more on that below under Trading Volume).
Financial Backing Etc.
The platform apparently has a couple of solid investors backing it: Signum Capital and Axiom Associates Capital. The founder of Signum Capital (John NG Pangilinan) has apparently said the following about the platform:
"VCC Exchange team has great aspirations for the future of crypto. I personally believe that they will be one of the most prominent digital assets exchanges in the region, enabling everyone to invest in the future".
Naturally, an investor in the platform can be expected to be somewhat biased, but it is still refreshing to see someone express such grand visions for the future of a crypto exchange.
This platform is not only available from your desktop, you can now also access it via your mobile. Most traders in the crypto world today carry out their trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smart phone as well. If you’re one of those people, then this platform can still be for you.
An exchange's trading volume is very important for any user of such an exchange. A large trading volume often (but not always) correlates with deep liquidity. When the liquidity at a platform is deep, it means that it will be less difficult for you to find a buyer to your sell order or a seller to your purchase order.
On the date of last updating this review (2 December 2021) the 24-hour trading volume was USD 282.6 million compared to USD 310 million on 21 September 2021, according to Coinmarketcap. This is a significant increase from USD 12.73 million on 17 April 2020. The current trading volume on this exchange is OK, but it definitely has to improve in order for it to compete with the real dragons in the crypto industry that have 24 hour trading volumes that are up to 100x higher.
VCC Exchange 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 crypto 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 see that it feels right to you. The below is a picture of the trading view at VCC Exchange:
VCC Exchange Fees
VCC Exchange Trading fees
This exchange doesn’t treat takers (persons taking orders off the order book), and makers (persons placing the orders that the first group of persons take off the order book) differently. Instead, they charge something that we call a “flat fee”. This means that they charge both takers and makers the same fee. The fee they charge is 0.20%.
Global industry average has historically been around 0.25%, and VCC Exchange's fees are in line with that. Today, however, we are today seeing more and more exchanges moving towards lower trading fees, and new industry averages are starting to form around 0.10%. So in comparison with the new emerging trading fee averages, VCC Exchange is on the high end.
VCC Exchange Withdrawal fees
VCC Exchange's withdrawal fee is 0.0002 BTC per BTC-withdrawal. This fee is substantially below the industry average. The global industry average BTC-withdrawal fee the last time we at Cryptowisser did a full-blown empirical study of it was approx. 0.0006. But today, we see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average. Regardless of which comparison point you choose, VCC Exchange's withdrawal fees are below average.
Deposit Methods and US-investors
VCC Exchange does offer fiat currency deposits via wire transfer, but you can’t deposit via credit card. So, if you for any reason would prefer to deposit to your choice of trading platform via your credit card, then you need to find another exchange. Don’t worry though, you can find an exchange that accept credit card deposits and other fiat currencies simply by using our Exchange Finder tool.
However, as VCC Exchange at all accepts fiat currency deposits, it qualifies as an “entry-level exchange” where new investors can take their first steps into the thrilling crypto world.
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
US-investors are not permitted to trade at VCC Exchange. If you're from the US and want to find an exchange where you can trade, just use our Exchange Filters and we'll help you.