Nowadays, the majority of ordinary traders prefer to do their job on the biggest cryptocurrency exchanges like Binance or Coinbase. But somehow everybody is forgetting about smaller and less popular crypto exchanges that may offer better conditions for trading.
So, in this article we will take a closer look at FinexBox exchange: we will determine the pros and the cons of the service and overview the main features.
FinexBox is a centralized P2P exchange launched back in 2018 by HDR Global Trading Limited. This is a pretty young platform with a head office in Hong Kong. However, there is no particular information about the founders or the company’s history, so we can’t judge the service by its past.
So, let’s start our FinexBox exchange review by describing the main advantages and disadvantages of FinexBox and providing the main characteristics. First of all, according to CoinMarketCap, the exchange has quite a high volume – around 200 000 000$ (5 000 BTC) goes through the service each day. However, these numbers are slightly decreasing – the service loses its audience.
Nonetheless, 50 000 traders still visit the web-site every day, but that is not high compared to the average on the market. Although, it has pretty good liquidity (k=348).
There are more than 250 cryptocurrency pairs available, but, unfortunately, fiat money is not supported.
The web-site doesn’t have any events or distinctive features – there is nothing superfluous; only trade markets with their statistics. However, there is a margin trading option presented. Also, FinexBox has its own crypto coin – FNB.
The service provides an average commission rate. Trading fees are OK – 0.1% for both the maker and the taker. Surprisingly, deposit is free, but you can’t top up the wallet via credit card.
To withdraw your money, you will have to pay around 0.002 BTC, depending on the cryptocurrency. It is 2x higher than the average for the industry.
Unfortunately, that is the main problem with FinexBox. It has low trust rate on CoinMarketCap (3.3 put of 10) and low rating on other web-sites with the crypto exchanges reviews. That is because of numerous messages about the scam on the platform.
Users share their stories about declined withdrawals and permanently blocked accounts. Also, there were situations when traders weren’t able to withdraw money until the currency rate dropped. Around 60-80% of the reviews and overviews are 1-star rated.
However, a large amount of traders continue to use this service.
- Volume – 200 000 000$ per 24h
- 250+ markets
- Liquidity – 348
- Daily traffic – 50 000
- Free deposit
- 0,1% For trade
- 0,002 BTC for withdrawal
- Nothing superfluous
- Its own crypto token
- Margin trading
- No hackers attack registered
- Scam possibility
- Low trust rating
Overall, the platform has a bunch of benefits like free deposit and affordable commissions. However, a lot of bad reviews and bad trust rating tell us about the scam possibility. But thousands of traders still do their job on the platform, so if you choose FinexBox, you’ll do it at your own risk.