UPDATE 11 October 2022: VELIC has decided to close down its operations, due to "various reaons including market conditions". They announced this in an email to its users as follows:
Dear VELIC users,
VELIC exchange services have been operating since 2019 and has tried its best to provide the best service. But due to various reasons including market conditions, the number of users has plummeted, and the trading volume reached 0. The VELIC team has made its utmost efforts to revitalize the service via many different attempts, but the accumulated losses for operating the exchange have become too big to maintain the business.
As a result, the VELIC Exchange made the difficult decision to close down the business according to the following schedule. As a reminder, please withdraw all your crypto assets from the VELIC Exchange – the VELIC team will provide support for users wanting to transfer their assets out from the VELIC Exchange safely until the service end date.
[Service Close Schedule]
- Service End Date: October 15, 2022
- Withdrawal and Trading will be supported until the service end date.
- Deposit, Staving, and Honey Pot services will be closed immediately as of this notice.
[Withdrawal of Assets]
- Users can request withdrawal of assets until the Service End Date, and the withdrawal will be made within 7 days of the withdrawal request.
- VELT, VELA Token: Users can withdraw VELT tokens to any wallet supporting IRC20 protocol. In terms of VELA tokens, users can swap VELA tokens to VELT tokens in the VELIC platform immediately. However, if users do not want the decrease in the number of VELA tokens associated with an immediate swap, the VELIC Exchange will transfer the VELA tokens by swapping them into VELT tokens automatically to the wallet addresses users request within 30 days.
- The withdrawal for all coins and tokens using ERC20 network will be processed after September 20th, 2022 due to the Ethereum “Merge” update.
[End of User Support]
- After the Service End Date, withdrawal from the VELIC Exchange will not be supported.
- For those users who failed to complete the withdrawals, the VELIC Exchange is planning to support manual withdrawal for a certain period, at VELIC’s sole discretion. But the withdrawal process may be very complicated with additional KYC and other steps, so please make all efforts to withdraw all your assets out from the VELIC Exchange before the Service End Date.
- If you have any further question or inquiry, please contact [email protected]
Accordingly, we have marked the platform as "dead" in our Exchange Graveyard.
To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.
What is VELIC?
VELIC is a centralized cryptocurrency exchange from Singapore that launched in 2018. VELIC is apparently an acronym. It stands for Vault, Exchange, Loan, Investment and Crypto Asset. The acronym is further explained in this picture:
Based on the information presented on this exchange’s website, 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.
Most people do their crypto trading on their desktops. But there are people who prefer to do it on their cell phones instead. If you are one of those people, you’ll be happy to know that VELIC is also available as an app for your iPhone or Android phone.
VELIC 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. This is the trading view at VELIC:
VELIC 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. At this exchange, they divide between takers and makers. Takers are the one who “take” an existing order from the order book, while makers “make” the orders that get taken.
VELIC offers a trading fee of 0.15% for makers, and 0.20% for takers. The trading fees are also reduced based on trading volume and holdings of VELIC’s native token, the VELA, as set out in the below table:
VELIC's fees are perfectly fine, from an industry comparison perspective. Industry average has for a long time been 0.25%, but we are currently seeing a shift towards lower fees (such as 0.10% - 0.15%).
VELIC Withdrawal fees
Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn). It varies from cryptocurrency to cryptocurrency. The global industry average withdrawal fee is slightly above 0.0006 BTC when you withdraw BTC.
VELIC charges you 0.002 BTC (which by the end of 2020 was around USD 50) per BTC-withdrawal. This means that their BTC-withdrawal fee is more than three times higher than the global industry average, and thus very disadvantageous to its traders. We hope VELIC lowers this withdrawal fee very soon.
This exchange accepts credit card deposits, so it actually qualifies as an “entry-level exchange”. Wire transfers are however not possible. If you need to find an exchange where wire transfer is also an available deposit method, you can do so by using our Exchange Finder tool.