UPDATE 15 July 2021: While this exchange is not dead, they are definitely struggling. A message on the website of Vinex Network states the following:
Dear Vinex Network users,
For the last several months, we have been truly struggling with Google cloud service. Google has suspended all of our servers for the reason of Crypto Mining (which is not true) and did not open for us to do backup and migration.
Due to lack of data to verify transactions, the effort to conduct each withdrawal is totally manual and time consuming.
The users’ funds are SAFU as the funds are in hot and cold wallets, not related to the database.
We have been trying to push Google on all fronts to get the servers open for us to withdraw our database. The way Google cloud service treats its client is extremely disappointing, which makes communication and negotiation become difficult to resolve.
Some of the escalation screenshot with Google are attached for the community’s perusal
If anyone has experience dealing with this situation, please contact us at [email protected]
It is not possible to use the exchange either. Accordingly, we have marked this exchange as "dead" and moved it into our Exchange Graveyard. If it would start up its operations again, we will revive it and bring it back to our Exchange List.
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Vinex Network Review
Vinex Network is an exchange registered in Singapore that was born in September 2018.
On the date of first writing this review (3 July 2019), the 24 hour trading volume was USD 3,413. On the date of last updating this review (16 March 2020, right in the middle of the crisis with COVID-19), the trading volume had improved to USD 1.1 million according to Coinmarketcap. While a very big improvement, this trading volume is still very low and is all but an advantage for this trading platform. We hope for this exchange’s sake that the liquidity increases even more. If not, it will be difficult for the company to attract new users to the platform.
Speaking of numbers, in an email sent to its users on 26 March 2020, the exchange stated that it now had "over 15,000 traders from more than 80 countries [and these traders place] 100,000+ orders every month."
We have not been able to find any information that US-investors are prohibited from trading at this trading platform. However, if you are a US-investor, you should still always analyse whether your home state imposes any obstacles for your foreign cryptocurrency trading. Sometimes the exchange has opened its door in spite of your own state prohibiting you from trading.
Vinex Network 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. Vinex Network has two different trading views, Basic & Advanced. This is a picture of the Advanced Trading View
And the below is a picture of the basic trading view, which is more comprehensible than the advanced but might lack some features that more experienced traders would like to have in their trading views (charting tools etc.):
Vinex Network Fees
Vinex Network Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.
Vinex Network’s trading fee for takers is 0.25%. This fee is above the industry average. The industry average is arguably around 0.25%. Makers enjoy a slight discount on the trading fee and they trade with a trading fee of 0.20%. Vinex Network also offers trading fee discounts when you have a large trading volume during the preceding 30 days. Trading fees can become as low as 0.02% for takers if they have a large trading volume (over 100,000 BTC during the preceding 30 day period). The exact trading fee discounts are set out in the below table:
Vinex Network Withdrawal fees
Vinex Network's withdrawal fee is 0.0005 BTC per BTC-withdrawal. This fee is a bit 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. 0.0008 BTC per BTC-withdrawal. 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.
This exchange does not accept any other deposit method than cryptocurrencies, so new crypto investors are restricted from trading here. If you are a new crypto investor and you wish to start trading at this exchange, you will have to purchase cryptos from another exchange first and then – as a second step – deposit them here. Don’t worry though, you can find a so called “entry-level exchange” simply by using our Exchange Finder tool.