2022-2-23 13:32 |
Every crypto trader must be familiar with the concept of crypto exchanges. Whether you are a DeFi adherent or prefer something more centralized, you can’t but pass through a crypto exchange at one point or the other. That is why it is good to know more about these exchanges to choose the one best suited for you.
We take a look at one such exchange, Digifinex, in this article. The purpose is to expose its good and bad sides, including some features you may not be aware of. At the end of our discussion, you will be able to make a well-informed decision about whether or not to sign up for this exchange. Let’s start.
DigiFinex Visit Now WHAT IS DIGIFINEXDigifinex is an exchange that allows users to buy, sell, trade, save, and use cryptocurrencies. To put it another way, it is a crypto exchange. It was founded in 2017 in Seychelles, East Africa, and is currently headquartered in Singapore. According to Coinmarketcap, it is one of the top 100 crypto exchanges globally, with a liquidity of over $2 billion.
In brief, these are the features that stand out about the exchange:
It supports more than forty fiat currencies as of writing.It allows users to purchase crypto from their bank accounts using credit cards and other payment meansIt is regulated in Australia and SingaporeIt has two native tokens, namely, DFT and DRV.The crypto assets are held in hardware wallets with optimal security, called cold wallets.Its fiat assets are held in physical vaults.Users must complete KYC verification before using mos functions of the exchange.It has mobile applications on the major operating systems. SERVICES AND FEATURES Buy Crypto for Fiat with Credit CardAs an exchange, this is one of the expected functions. Digifinex enables seamless fiat to crypto conversion using credit and debit cards powered by Visa and MasterCard. There is a purchase limit of $20,000 for this feature, and it is further extended by advanced KYC verification.
To enable users of the platform to buy crypto with fiat seamlessly, Digifinex employs three payment processing giants, Simplex, Wyre, and MercuryO. They all support buying crypto with bank cards, but MercuryO goes further by supporting Google and Apple Pay methods.
TRADE SPOT: This is where you can trade the supported cryptocurrencies against one another. The exchange supported 223 coins in 280 markets when this article was written. The spot trading interface is user-friendly, too, with a basic chart that conveys important trade metrics.MARGIN: Digifinex allows margined trading up to 5X leverage. If you’re just signing up on the exchange, you will get a brief tutorial when you click on margin trading. Also, you can choose among limit order, market order, and stop-limit as the order types. Apart from 5X leverage, the only other leverage type is 3X.INDEX TRADING: This is a set of financial tools that measure the performance of a group of shares from an exchange or company. There are different examples of indices that are traded. The more common examples are Germany40(which tracks the price performance of the top 40 stocks in the Frankfurt Stock Exchange), US500, US TECH 100, FTSE100, etc. You can’t trade those on Digifinex, but you can trade ETFs (a type of financial tool similar to indices) PERPETUAL SWAPSAlso known as derivatives, this trading tool closely tracks the price movements of underlying assets, allowing traders to benefit from those price movements without having to own the underlying asset. There are two forms of perpetual swaps on Digifinex:
USDT SWAPS: includes coins like BTC, ETH, EOS, BSV, LTV, TRX, LINK, LTC, ADA, ATOM, UNI, etc.COIN SWAPS: currently includes only five coins, namely BTC, ETH, EOS, FIL, and DOT. WEALTH MANAGEMENTDigifinex provides ways for users to earn annualized returns on some products without having to trade. There are about four ways for users to earn passive income via Digifinex’s wealth-building program. They are
FLEXI-EARN: Here, users do not have to lock their assets before earning. The APR is between 3-10%STABLE EARN: You need to lock your assets to earn here. The assets locked are singular cryptocurrencies, and they are usually locked for about three months.ADVANCED EARN: Here, crypto assets are mixed in order to generate returns. The APR is usually a maximum of 50% with a lock period of around 90 daysSPECIAL EARN: It is an innovative feature where your assets are traded in low-risk conditions. The APR is usually much lower but guaranteed. DIGIFINEX SUPPORTED COINSWhen this article was written, Digifinex supported 223 different cryptocurrencies. These coins range from popular ones like BTC, ETH, LUNA, SAND, ATOM, FTM, LINK, TRX, DOT, FIL, MATIC, SOL, AVAX, XRP, CRV, etc; to less popular ones like GRT(Golden Ratio Token), VYNK Chain(VYNC), ABBC Coin, Blue Sparrow Token, among others. The coins are traded in about 280 market pairs.
DIGIFINEX DEPOSITS AND WITHDRAWALSThe main deposit methods for fiat currencies are deposits via bank cards using any of the integrated payment processing platforms(Simplex, Wyre, or MercuryO). You can also deposit through Google Pay or Apple Pay if you use MercuryO. The deposit and withdrawal fee is either 3.5% of the amount or $10 (whichever is higher). The maximum amount you can deposit at once is $20,000 worth
For Cryptocurrency withdrawals, the fees applied are similar to the network fees for the particular coin, with some slight additions. Deposits are free but limited to 0.2 BTC worth until you complete KYC verification.
DigiFinex Visit Now DIGIFINEX TRADING FEES SPOT TRADING FEESThe exchange offers a flat 0.2% trading fee for both maker and taker orders. However, more discounts are offered for users of the platform who hold certain amounts of DFT, the platform’s native token. The discounts vary based on how much DFT they hold. Also, there is a 25% fee deduction regardless of how much DFT you hold. See the table below for more details:
LEVEL30-DAY TRADE VOLUMEDFT LOCKEDMAKERTAKER25% DFT FEE DEDUCTIONRegular User0.00 USDT00.15%0.2%0.15%VIP 1100,000 USDT1000.12%0.18%0.135%VIP 21,000,000 USDT5000.1%0.16%0.12%VIP 35,000,000 USDT2,0000.08%0.14%0.105%VIP 420,000,000 USDT10,0000.01%0.12%0.09%VIP 5200,000,000 USDT30,000,0.008%0.1%0.075%VIP 6500,000,000 USDT100,0000.006%0.08%0.06% MARGIN TRADING FEESFor margin and perpetual trading, the fee is a flat rate of 0.05% which is further discounted for DFT holders. Also, there is a Digifinex special privilege if you close your trade before 10 a.m the next day. In such cases, the funding fees are waived.
DOES DIGIFINEX HAVE MANDATORY KYC?Digifinex complies with Anti-Money Laundering regulations by requiring KYC verification from users before they access most of the website’s functions. However, you can still make trades up to a limit of 0.2 BTC worth of daily transactions before you’re mandated to complete KYC verification.
To do KYC verification, go to account security on the app and click Identity Verification (KYC). It then brings you to a page where you can verify your identity in the following steps
IDENTITY VERIFICATION: Here, you submit your ID documents. Only International Passports and government-issued ID cards are accepted.VIDEO SELFIE: To confirm that you’re really the owner of your ID documentsPROOF OF ADDRESS: You can use a bank statement, a utility bill, a driver’s license, a credit card statement, or a letter from a reputable public servant as your proof of address. It has to contain your address and has to have been issued no more than three months ago.After all of the information is submitted, the KYC application will be approved within 24-72 working hours.
DIGIFINEX SUPPORTED COUNTRIESEven though it is based in Hong Kong, Digifinex is available to several countries worldwide. However, it is not universal. Their services are restricted in some countries, namely, The United States of America, Singapore, China, The Balkans, Cuba, The Democratic Republic of Congo, Iran, Iraq, North Korea, Sudan, Syria.
DIGIFINEX NATIVE TOKENDigifinex’s native token is known as DFT and is the central figure around which main parts of Digifinex exchange are built. Holders of the DFT token are able to partake in various services and privileges on the platform. These include
Better fee discounts when they lock a specific amount of DFT on the platform.Additional staking and airdrop rewards when they lock their tokens25% fee discount in addition to the discounts that come from locking DFT on the platform.They can also apply to be OTC merchants.They get front seats when new projects are about to be listed on the Digifinex platform.DFT can also be used out of the exchange platform. It can be used in Singapore to pay for jewellery, in Korea to pay for food and drinks, and as deposits for the Digifinex global ambassador or partnership programme. The token is also used to include users in the DFT Superstar program, which is a special program with extended benefitsWhen this article was written, DFT traded at $0.05 with a current circulating supply of over 137 million tokens and a maximum supply of 2.1 billion tokens.
There is another token that is associated with the Digifinex ecosystem. It is known as DRV and is the native token for DigiDeriv, the derivatives-trading arm of the Digifinex platform. It is mainly gotten as a reward for mining, referrals, and trading competitions. One of the main ways of getting DRV tokens is by means of swap mining. Swap mining is a mechanism where you’re rewarded with DRV tokens as rebates for performing swaps on DigiDeriv.
IS DIGIFINEX LEGIT AND SAFEConsider the following points:
Digifinex scores highly in terms of security. For one thing, it has the following two licenses to boast ofLicense by the Australia Regulated Digital Currency Exchange Service Provider.The exemption of provision of digital payment token services in Singapore by the Monetary Authority of Singapore (MAS).These licenses foster trust in the exchange as a legit exchange.
It employs the best storage procedure for storing cryptocurrencies. Thus, coins are stored in cold wallets which are free from any sort of online penetration by hackers.Its fiat currencies are stored in physical vaults to limit the probability of being stolen from the banksIt enforces KYC regulations on its users for its users before they can access most of the functions of the website. However, it would be better if it enforced KYC regulations before allowing users to take part in any activity on the platform.It also encourages user accountability by means of two-factor authentication before approving withdrawals. DigiFinex Visit Now CONCLUSIONEven though Digifinex is not the top crypto exchange in the world presently, it still packs a bunch because of the various features it offers. Its most appealing quality seems to be that it allows users to make passive income without having to trade by means of its wealth management programs. Therefore, you can stake, mine, and lock your crypto assets on the platform and expect rewards. Also, the platform offers massive discounts for holders of its token as well as airdrop and staking rewards.
That being said, one should still be cautious before trading on the platform(or any other platform for that matter). This is because cryptocurrency trading comes with certain risks, requiring that you only invest money you can afford to lose.
Read also:
3 Best Exchanges To Trade Leveraged TokensBest Crypto Leverage Trading Platform in the USABest Crypto Derivatives ExchangesIs Zaif legit?BitKub ReviewBitOffer ReviewSouthXchange ReviewLCX Exchange ReviewIs ChangeHero Safe? FREQUENTLY ASKED QUESTIONS WHAT DEVICES CAN I USE DIGIFINEX ON?You can use Digifinex on basically any type of device. On the website, there are links to download the application on the Apple Store, Google Play Store, Galaxy Store, Windows Store, and Mac OS.
DOES DIGIFINEX SUPPORT 100X LEVERAGE?No, it currently doesn’t support leverage that high. The highest leverage it supports is 5x leverage, with 3x leverage being the other option.
DOES DIGIFINEX HAVE A WALLET?Yes, it has a wallet. The wallet is known as the DHM wallet and is integrated with the exchange itself. Thus, it gives users the opportunity to decide if they want their assets to be stored in cold wallets or multi-layer hot wallets.
DOES DIGIFINEX REPORT TO THE IRS?No, it doesn’t report to the IRS. This is because the IRS is the regulatory body of the United States of America, where Digifinex is currently not available. This does not mean that it is not regulated, though, as it is currently supervised by regulatory bodies in Australia and Singapore.
HOW DO I WITHDRAW FROM DIGIFINEX?You cannot withdraw fiat from the exchange because you can’t deposit it in the first place. However, you can withdraw cryptocurrencies either from the app or the website. But, you need to first enable two-factor authentication before your withdrawal request can be approved.
To withdraw crypto from the exchange, simply log into your account, click on ‘Balance’, and the ‘Withdraw’. From there, follow the prompts and expect the coins within minutes depending on network conditions.
IS DIGIFINEX A GOOD EXCHANGE?The answer to that is relative to your own perception. What we can say with certainty is that it has some desirable features like cold storage of crypto assets, availability of various fiat currencies, deep liquidity, and government regulations. However, it still falls below the top 50 exchanges as rated by Coinmarketcap, so one should consider all facts before using the exchange.
WHERE IS DIGIFINEX LOCATED?Digifinex is currently headquartered in Hong Kong with more offices in China, South Korea, Singapore, and Malaysia. In 2019, it extended its services to the Korean market by launching Digifinex Korea, a South Korean variant that uses the South Korean Won as the main currency.
WHO ARE THE DIGIFINEX TEAM?Digifinex was founded by Kiana Shek. She formerly worked with Baidu Inc and HKBN before forming the Digifinex exchange in 2017. She is now joined by about 200 employees, including Osita E and Shyam Thakur(in charge of exchange listings, DeFi sections, and CMC and CG listings), Oscar Or (the General Manager), among others.
DigiFinex Visit NowThe post DigiFinex Review – Fees, Supported Coins & Countries, Payment Methods appeared first on CaptainAltcoin.
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