Today I will review DigiFinex Crypto Exchange and their services. DigiFinex Cryptocurrency Exchange currently ranked 12th in coinmarketcap is one of the top exchange platforms right now. This review will give you total insight about DigiFinex Crypto exchange.
Review About DigiFinex Exchange
Digifinex stands for Digital Asset Financial Exchange. The exchange came into existence in late 2017. Digifinex is a world’s leading digital trading platform, focusing on cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc. The company Digifinex limited owns the DigiFinex exchange site. The founders of Digifinex company are from well-known companies such as Xunlei, Tencent, Baidu, and HP. The company has headquarters in Singapore but is registered in Seychelles.
The exchange has impressive liquidity and in terms of market Capitalisation, it is regularly in the top 25 cryptocurrency exchanges. In Feixiaohao global exchange ranking list, the exchange was among the top 10 list. Digifinex supports 83 currencies and 159 trading pairs. The trading volume is $551,782,270 (24h). The main of Digifinex is to provide blockchain users safe, secure and convenient investment channels. DigiFinex always strives to provide blockchain users safe, secure and investment channels.
DigiFinex Features Review
Different coins are available – DigiFinex isn’t simply a gateway to crypto. Traders can trade different coins on the platform, the most famous are BTC, ETH, XRP, LTC, OMG and QUTU
Digifinex token (DFT) – DigiFinex has issued an Ethereum-based token (DFT), which can apparently be useful.
Decent Trading fees– Market creators and buyers pay the same fee at DigiFinex – 0.20% of the transaction size. This is what one would consider as a “standard” fee, for the majority of the crypto-to-crypto trading systems.
Zero charges on transactions – Unlike the previous factor, this is a solid advantage over the competition. While most exchanges don’t have deposit fees on incoming blockchain transfers, quite a few have withdrawal fees.
Mobile Application – Traders can access the Digifinex platform through the iPhone, Android app. Also, the platform has a desktop application for Windows.
- US SEC Level Audit System.
- Professional and meticulous customer service.
- Industry-leading Technology Architecture.
- 100% security deposit.
- Safe and stable trading environment.
Guide How To Use Digifinex Exchange?
The registration procedure is similar to all exchanges. Firstly you have to read the risk warning that pertains to the volatile nature of the cryptocurrency market. Hence, acknowledge the above warning and confirm that you are neither an American nor Singaporean citizen before proceeding with the registration.
Once you’ve done that, you will see a registration form that requires you to fill out all personal proceeding with data.
There are two options too: By providing e-mail or phone number. The first option is the only one for all non-Chinese users as DigiFinex only supports China’s country calling code (+86).
Trading Coins Guide at DigiFinex
DigiFinex allows trading in both websites as well as the mobile app. At the initial trading stage, you have to make sure that there are enough funds in your account.
To jump directly into trading, choose the “Exchange” section. It features a TradingView-powered candlestick chart that gives traders the ability to monitor any given trading pair with the help of tools for technical analysis.
The trading platform of Digifinex is pretty simple. Though the colour coding of this exchange is a bit different from the trading platform of its peers. All the positive charges are shown in red while reducing volume is shown in green. Other clients may feel this colour coding weird but it is designed as per the Chinese market where red is considered lucky.
On the left side of a list of all available trading, pairs (with the current price of a given asset along with the most recent change is in the table). The order book is available on the right, with all pending, buy and sell orders.
OTC Trading Review at Digifinex
In order to meet the trading needs of more users, DigiFinex has launched an international online over-the-counter (OTC) trading function on 27th August 2019.
Depositing/Sending Cryptocurrency at DigiFinex
As of now, all deposits and withdrawals automated on the exchange. Initially, click the “Deposit” tab in the top right section of the page in order to deposit money. Before conducting a deposit, it displays a list of all cryptocurrencies, including the native token DFC. To generate a corresponding wallet address choose any available coin in order. 0.001 BTC is the minimum deposit amount.
Finally, withdrawals are conducted in a similar manner as in any other cryptocurrency exchange. Depositing cryptocurrency is free. However, when it comes to withdrawals, there is a flat fee that depends on a particular coin you want to withdraw.
What is DFT? DigiFinex Token Review
DFT, or DigiFinex Token, is a cryptocurrency created by DigiFinex. DFT is based on the ERC20 system. DFT’s are used to reward traders.
Review Digifinex fees
Depositing money at DigiFinex is for free, while withdrawal fees depend on the currency. Trading fees at DigiFinex are calculated on the past 30-day trading volume and are differentiated between maker and taker fees.
Specific rates are as follows:
Securities at Digifinex Cryptocurrency Exchange
DigiFinex provides two-factor-authentication (2FA)! also limits stealing funds by hackers effectively. Google Authenticator or Alibaba Authenticator (the former is more suitable for foreign traders) are the two options. Additionally, The exchange stores a special key to access the account if deleted by mistake. There is OTP functionality in addition to a login password. Without the OTP password, the account cannot be accessed. The deposits are kept in scalable HDM wallets (offline cold storage)
Basically, one of the impressive things of this site is that it has never been subjected to a single security breach, which speaks about the security level. Although, Digifinex doesn’t provide any insights into its safety features. Full name, a photo of ID and proof of residency is required for the identity verification of specific users.
Review Digifinex Pros and Cons
However, before opening an account with DigiFinex, each user feels or analyzes whether it is suitable for him. Coinpedia made the task much easier for you by making a comprehensive list of all the pros and cons of DigiFinex.
- The fee schedule is rather competitive as compared to other top 20 competitors (this is a salient feature of the majority of Chinese exchanges).
- Like Binance, similarly here account verification is not mandatory, but increasing withdrawal limits wants it.
- A strong emphasis on security and regulatory compliance.
- USDT supported – DigiFinex is one of the many exchanges that use this token, which also represents a US dollar. We feel the need to remind you that there are rumors, the company behind Tether may not have enough cash to back every token they have ever created.
- Singapore and the US users are also not allowed to create an account with the exchange.
Recent Digifinex Exchange Updates
Sep 24, 2019: Optimized the internationalized Over-the-Counter function.
Jul 31, 2019: Digifinex forms a strategic partnership with digital assets platform IDAX to deepen the development of the crypto market
Jul 4, 2019: The exchange optimized the margin trading feature for user flexibility.
Jun 26, 2019: Digifinex plans to partner with Bithumb to provide efficient services to its users.
Digifinex Review Summary
Overall, we come to the conclusion that DigiFinex cryptocurrency exchange is suitable for Chinese clients. While the trading fees are very attractive, there are a lot of functionalities which are available only in one language that cannot be accessed by other users. DigiFinex implicated by many reputable research companies that it has artificially elevated trading volumes.
Meanwhile, another detrimental factor is that DigiFinex is not so active on social media. Whereas the Binance team are very active on social media, even when there were issues with the platform. Moreover, Digifinex works on providing more credibility and reliability, characteristics which are sought out in crypto exchanges nowadays.
For western user’s, Binance is a popular exchange which is a far better choice. However, DigiFinex may try to reach traders outside of China in future, while Binance is on a global level and maintaining its high trading volume.