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 YunEx consists of four parts: general information, fees, deposit methods and security.
YunEx is a coin exchange registered in the British Virgin Islands. For being a country with a population of only 30,000 people, the British Virgin Islands has a surprisingly large number of coin exchanges: 5. Ethfinex, InfinityCoin Exchange, Bter and most prominently Bybit, are the other ones.
The exchange launched in January 2018.
The exchange permits US-investors as far as we can tell. There are at least no clear statements saying that they are prohibited. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
YunEx Trading fees
This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. The flat fee is 0.20%, which is slightly below the global industry average sitting at 0.25%. Their trading fees are thus competitive.
YunEx Withdrawal fees
The withdrawal fees charged at this exchange are 0.001 BTC when you withdraw BTC. This is roughly in line with the global industry average (0.0008 BTC).
At YunEx, you can deposit through credit card, but not via wire transfer. This is a quite unusual type of permitted deposit methods. Normally, wire transfers are permitted but not credit card deposits. The reason
One should generally look out for the different deposit fees charged by exchanges for deposit of fiat currencies via wire transfer or credit cards, and whereas it might be indifferent to you whether you should deposit via wire transfer or credit card, it might be very different fees. Some exchanges charge a deposit fee of up to a staggering 11% for credit card deposits.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information.
- Exchanges handle of course a lot of cash or coin deposits and withdrawals.
Examples of successful hacks are countless. The most famous is probably the Mt.Gox-hack that left thousands of users without a penny (worth $450 million at that time and many times more today). But many other exchanges have faced similar outcomes. We don’t want your exchange – and specifically not your funds at the exchange – to be subject of a cyber-attack! Our security score is the result of testing the webpage of each exchange at Observatory by Mozilla (https://observatory.mozilla.org/) which has helped over 125,000 websites by teaching developers, system administrators, and security professionals how configure their sites safely and securely.
YunEx only received an F-score in the Observatory-test. This is below industry average and is thus not a competitive advantage at all for YunEx.
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: