Ethfinex Exchange ReviewCentralized
Decentralized Exchange – cannot be rated at this time.
Ethfinex is a cryptocurrency exchange that is highly based on Ethereum. Ethfinex’s parent company is responsible for other platforms such as Bitfinex and Tether.io. This shows that the exchange benefits from years of experience and expertise that has been developed through multiple different platforms. It is registered in the British Virgin Islands. The exchange supports its own token called NEC, or the Nectar token. The token is given to market makers in proportion with their trading volume to promote higher liquidity. As the exchange is based on Ethereum, Bitcoin is not offered for trading.
The exchange charges different fees for takers and makers. Takers are charged with a trading fee of 0.20%, which is slightly below the global industry average. Though this is advantageous, it should be kept in mind that most competitive cryptocurrencies charge fees averaging around 0.20%-0.10%. Hence, this fee doesn’t necessarily provide Ethfinex with a significant competitive edge. Makers, on the other hand, are charged 0.10%. This is significantly below the global industry average of 0.25% and gives the exchange a competitive edge. As for withdrawal fees, users are charged with 0.01 ETH when they withdraw ETH.
Fiat-crypto trading is allowed on the platform, making Ethfinex an entry-level exchange. Users can deposit fiat currencies via bank transfers, however, credit cards are not accepted as a valid form of payment. Likewise, users can deposit their existing cryptocurrencies to their account without a fee.
As for security, the fact that Ethfinex utilizes security techniques used by Bitfinex is comforting, though Bitfinex was hacked in 2016. The incident ended up in 72 million USD being stolen from users’ funds in the form of Bitcoin. Bitfinex did eventually reimburse the users with all of the money that was stolen, however, this does not take away from the fact that its security system was vulnerable enough to be hacked in the first place. There has not been any announcement on the company’s part about a renovation in their security system since 2016.
The fact that the team behind the exchange is well-known shows that the exchange values transparency, which is most definitely an advantage. Knowing detailed information on the company behind the exchange allows for more trust to be built between the user and the exchange, as the user can research the experience and background of the team with ease.
Bitfinex is operated in Hong Kong, however Ethfinex is registered offshore in the British Virgin Islands. This could deter certain people from using the platform as platforms registered offshore do not necessarily spark trust in users.
Ethfinex Exchange Review, Trading Fees, Deposit and Markets
24h Trading Volume
Ethfinex Total Trading Pairs
Ethfinex Margin Trading
Ethfinex Deposit fees
Free for deposits more than USD 1000 equivalent
Ethfinex Fiat Deposit
Accepted Payment Method
Ethfinex Native token
Native token smart contract
Ethfinex Trading Markets
Ethfinex Stablecoins trading
Daily Withdrawal Limit
Ethfinex Withdraw fees
BTC – 0.0004 BTC
ETH – 0.00135 ETH
Full list of fees can be found here
Ethfinex Withdraw fees discount
Free for low volume pair Makers.
Between 0.05% – 0.1% for high volume pair Makers.
Lower Taker fees based on how much was traded in the last 30 days.
Full details for fees discounts here
Proof of Reserves
Ethfinex IEO launchpad
|Stage||Start date||End date||Fundraising|
|Jun 13, 2019||-||Jun 19, 2019||$4.90M|
Ethfinex Exchange Additional Information
British Virgin Islands
Ethfinex Establish date