Exrates Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this Exrates Review.
Exrates is an exchange that offers trading in wide range of digital coins, and also accepts a lot of fiat currencies. Apart from the 2-factor authentication, Exrates uses a financial password to confirm financial transactions, which is indicated during registration and provides protection against unauthorized actions in the account.
Relatively competitive fees
Trading costs at Exrates are in line with what most exchanges are charging. The applicable commissions for purchase or sale at the exchange is 0.2% per trade while the commission for replenishment (refill orders) amounts to 0.5%.
Many coins available for trade
Exrates offers a plethors of altcoins for trade, including ETH, LTC, BCH, BTG, DASH, ZEC, XMR, XRP, NEO, MIOTA, OMG, and many others, including ATBCoin, and E-Dinar coin. Currently, there are more than 50 pairs available at the exchange.
A lot of traditional fiat currencies supported
Apart from the various digital assets offered at Exrates, the exchange supports many “traditional” fiat currencies: USD, EUR, CNY, IDR, NGN, TRY, AED. So, some clients of Exrates can by cryptocurrencies directly with cash in their local currency, or cash out their coins.
Trading volumes on Exrates are not low for most pairs, so it has sufficient liquidity.
Enjoyable trading platform
Exrates’ web platform has a simple interface and seems perfectly functional. It features an order book, some basic charts, online chat, company news and trading history window. The trading pairs are grouped inti three categories: BTC trades, USD trades and pairs with local currencies, called “Local markets”.
Besides, mobile trading apps are also available at Exrates.
Little information about the company, poor presentation
Exrates provides no info on its website about the company behind it, the storage of clients’ funds, deposit and withdrawal fees and methods. Indeed, this isn’t that rare in the crypto-world, yet a reliable company is expected to deliver a good corporate presentation.
Exrates does not offer an e-wallet for its clients. Although this is not a mandatory element of a crypto-exchange’s offering, it is a convenient solution.
No margin trading
Users of Exrates cannot borrow investment for margin trading in digital coins. In case you are interested in cryptocurrencies mostly for the price action, dealing with a forex broker may be a better alternative, as they all provide some leverage.
Although this is not something unusual in the crypto-world, we have to mention that Exrates is not regulated. The exchange seems to be based in Armenia, where there are no specific rules and regulations regarding Bitcoin trading, as is in most countries.
Exrates has rich digital assets portfolio, and besides, it supports a lot of fiat currencies. What we dislike about this exchange is the lack of information about the company, fund storage, deposit and withdrawal methods and fees.
This exchange is operated by Exrates Ltd – a company registered in the Republic of Armenia. Launched in April, 2016, Exrates is not regulated, as is the case with most similar venues across the globe. You should keep in mind, however, that this situation creates a potential for counter-party risk, as the majority of crypto-exchanges are centralized. We would like to remind you that you can also trade in cryptocurrency CFDs with forex brokers, and below you can find a list of companies that are duly licensed by the respective financial watchdogs.
Exrates Review Conclusion
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