DCExchange Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
DCExchange Review – is it scam or safe?
DCExchange is a Hong Kong-based crypro exchange, where users can buy or sell Bitcoin, Litecoin and its own digital asset Wowecoin (WEC) against Hong Kong, US dollars, or Renminbi (CNY). Sadly, coin-to-coin trading is not available on this exchange.
Like most crypto exchanges, this one also uses two-factor authentication, which can be easily activated upon registration, or at a later stage.
Advantages
– Cash accepted
One of the main benefits when using DCExchange is that you can directly change cash for Bitcoins. (and deposits are free of charge). The accepted fiat currencies are USD, HKD and CNY and they can be transferred by bank wire and via the prepaid debit cards provided by the exchange.
Unfortunately, DCExchange does not support credit card payments.
– All-in-one mobile app and wallet available
It is available to all registered account holders and they can use it to send and receive coins, view real-time market data, etc.
– Easy registration, anonymous trading
Registration process with DCExchange is easy and straight-forward – one just has to provide an e-mail address. The exchange can be used by both verified and non-verified users, however in order to withdraw, one has to verify his or her identity.
– No deposit fees
Unlike many other exchanges, DCExchange does not charge fees on deposits.
Disadvantages
-Few altcoins available
Apart from Bitcoin, one can buy or sell only Litecoin and Wowecoin at this DCExchange. Given that some exchanges offer more than 100, or even more than 300 cryptocurrencies for trade (LocalBitcoins, CoinExchange.io, etc.), such digital assets portfolio is quite limited.
– No crypto-to-crypto trading
DCExchange does not support Crypto-to-crypto trading, which we find even worse than the limited digital assets portfolio. Even the popular BTC/LTC pair is not offered for trade, although both cryptocurrencies are available at this exchange.
-High fees
DCExchange charges market takers with 0.6% and market makers with 0.3% per trade, which is not competitive pricing. Many exchanges don’t charge market makers at all, and the average trading fees in the sector are in the range 0.20% – 0.25%.
Besides, withdrawal fees also apply. For example, bank wire 4 withdrawals incur a fee of 4.00%.
-Poor Trading platform
To be honest, we would not call it a trading platform at all. You can trade on DCExchange via a web-based interface that lacks some basic features and functionalities, such as charting, market depth window, cancellation, etc. It only has an order book and a buy and sell button.
Low liquidity on most instruments
Apart from the BTC/USD pair, trading volumes on other markets are really low, which means insufficient liquidity.
No leveraged trading
Leverage is a must in the world of forex trading. As regards crypto-echanges, most of them don’t offer margin trading, as cryptocurrencies tend to be even more volatile than “traditional” ones. DCExchange is no exeption to that.
Nonetheless, if you need some leverage, you may check out Kraken, OKEX, or Bitfinex. Another option is trading in cryptocurrency CFDs with forex brokers like IG, HYCM, etc.
DCExchange Review – is it scam or safe? Conclusion
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