Vinex Exchange Review

Vinex is a cryptocurrency exchange based in Singapore. They offer low fees, but unfortunately they also offer low liquidity and trading volume. In addition to BTC and ETH they offer a handful of alt-coins for trading. Vinex’s security features include keeping the majority of funds in air-gapped cold storage, and round-the-clock site monitoring provided by an auditing program, with the stated goal of spotting and blocking suspicious activity before it becomes an issue. It appears that Vinex has put their focus on the ASEAN region market, especially Vietnam, but it does not appear that they have reached the level of market penetration that they were hoping for.

One of the biggest advantages that Vinex has is its trading fees. It offers a flat trading fee of 0.10%, meaning both takers and makers are charged the same fee. 0.10% is significantly low, considering the fact that the global industry average is 0.25%. It’s important to note that most competitive exchanges charge fees averaging around 0.20%-0.10%. This puts the exchange up there with the other competitive exchanges. As for withdrawal fees, the exchange charges a fee of 0.0008 BTC, which is in line with the global industry average. This does not necessarily provide Vinex with a significant advantage, however, it is still an appealing number. Fiat-crypto trading is not allowed on this platform, which could deter certain new cryptocurrency investors from using this platform, as it would not be as practical for them. Users can deposit cryptocurrencies to their accounts without any deposit fee.

Vinex prides itself on its security, high monitoring, and the privacy that it provides to its users. Its website claims that users’ funds are only “used to facilitate trading through [their] account”, meaning the exchange does not necessarily store users’ funds.

Information on the team behind the exchange is not disclosed online, which could pose a significant risk for some users, as not knowing the background information and experience of the team decreases the trustworthiness of the platform as a whole. Lack of transparency usually indicates a higher risk of fraudulent activity, as users do not know who to hold accountable in such a case.

Vinex supports a website that is quite simple, though it doesn’t necessarily feature an aesthetically pleasing interface. Everything that users could need is present on the homepage. The website offers an impressive option of 8 different translations, which is helpful for global users and renders the exchange quite user-friendly.