Xena Exchange Review
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 Xena Exchange consists of four parts: general information, fees, deposit methods and security.
Xena Exchange is a cryptocurrency exchange from the United Kingdom. United Kingdom is the country that has the most cryptocurrency exchanges in the world. At least that we know of. In our Cryptocurrency Exchange List, we list the following UK-exchanges (in addition to Xena Exchange): Exmo, CEX.io, CoinEgg, DSX, LocalTrade, Bittylicious, CoinMate, Indacoin, MixCoins, Paybis, Vaultoro, XCH4NGE, Rfinex, Cryptonex, N.Exchange, Bitcoinfive, Cryptomate, Trade Satoshi, Luno, CoinFalcon, Bitstamp, Coinfloor, Gatehub, BTC-Alpha and Instant Bitex.
A feather in the hat for this exchange is that it, according to information on its website, has “the fastest trading engine with a 1ms order execution and no rejects”. If this statement is true, it is naturally very impressive. An observant reader should note though that many exchanges out there claim to have the fastest trading engine.
The platform launched in April 2018. The trading at this exchange is growing day-by-day, and on the date of first writing this review (3 April 2019), the 24 hour trading volume was USD 50 million. This is decent, but there is still some major distance to cover before coming close to the giant exchanges’ liquidity. USD 50 million placed Xena Exchange on place no. 70 on the list of the exchanges with the highest 24 hour trading volumes. At a later date, 20 July 2019, the reported 24 hour trading volume at coinmarketcap.com was only USD 199… Finally, on the date of last updating this review (31 March 2020, right in the middle of the crisis with COVID-19), Coinmarketcap had no information at all as to the 24 hour trading volume of Xena Exchange, but reported it as 0. This is a very big red flag for this exchange.
As many other exchanges, Xena Exchange does not accept US-investors on its platform. In fact, you’re not allowed to trade at this trading platform if you’re from any of the following countries: Algeria, Bangladesh, Bolivia, Canada, Iraq, Iran, Jordan, Kuwait, Malaysia, Qatar, South Korea, Thailand, United Arab Emirates, Venezuela, Japan, Nepal, Saudi Arabia or USA. If you’re from any of the aforementioned countries and you’re looking for the trading platform that is just right for you, don’t worry. Use our Exchange Finder to find an appropriate exchange.
Xena 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 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. This is the trading view at Xena Exchange:
This trading platform offers leveraged trading, up to 100x. Leveraged trading can lead to massive returns but – on the contrary – also to equally massive losses.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD if you simply held Bitcoin. Now, as you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, there is potential for huge upside but also for huge downside…
This picture from PrimeXBT’s website also illustrates the upside well:
Xena Exchange Fees
Xena Exchange 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.
Xena Exchange’s trading fee for takers is 0.10%. This fee is below the industry average. The industry average is arguably around 0.25%, but we now see more and more exchanges starting to offer even lower fees, such as 0.10% and 0.15%. Makers enjoy a slight discount on the trading fee here and trade with a trading fee of 0.05%.
Xena Exchange also offers trading fee discounts when you have a large trading volume during the preceding 30 days. Trading fees can become as low as 0.05% for takers and 0.00% (i.e., free) for makers. That is if they have a trading volume exceeding 1,000 BTC (which on the date of last updating this review, 31 March 2020, corresponded to approx. USD 6.5 million). The exact trading fee discounts are set out below:
Xena Exchange Withdrawal fees
Xena Exchange'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.