EXX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this EXX Review.
EXX is a Hong Kong based cryptocurrency exchange. They are mostly focused on the Southeast Asian Market, but also have an English version of the website. This, along with some of their trading conditions makes them a potential candidate for future global dominance.
Very low fees – the most attractive thing about EXX is the commission structure. Market makers and takers (those who place orders in the book, as well as those who “hit” them) are charged 0.10%. As a comparison, Kraken has set a 0.26% for the latter group.
Solid number of altcoins – at the time of writing of this review, there are 24 digital asset pairs, including the most popular coins like Bitcoin and Ethereum as well as a few fan favourites. The list of heavily traded coins at EXX inqludes INK, HSR and QTUM. This may not be an offer as extensive as the one provided at Bittrex, but is still a fairly nice one.
Leverage is available – one can borrow investment for margin trading on some of the most popular coins at EXX. This is currently only available for Bitcoin and some of the altcoins, like the ones mentioned above. An additional fee of up to 0.1%, although we didn’t manage to find information on how frequently it is charged.
That being said, if leverage is the thing you are after, trading with a forex is definitely an option. The ones who have cryptocurrency CFDs, like HYCM, usually offer a much higher ratio. That being said, this style of trading may not be suitable for long term investments .
Positive user reviews – the English reviews about this exchange are few, but very positive. Everyone states EXX works as intended, with no particular claims of different faults. Even some of the highly-rated exchanges, like CEX.IO have received negative comments at some point.
Nice trading platform – the web-based platform provided by EXX is very nice. It is slightly reminiscent of the one at bitFlyer, with the layout of the charts, followed by the order book and trading history. While we generally prefer the classic order book (with all the bids on the left hand side and the offers on the right), we see how the vertical alignment may be beneficial to beginners.
No fiat currency payments – fiat currencies, like the Chinese Yuan and the US dollar are not payment options accepted at this exchange. That being said USDT is traded at EXX. For those of you who don’t know, this is a crypto-token backed by the US dollar. That being said, they reputation is not spotless and we would advice doing your research before holding serious sums in this asset.
Little information about the company – while this isn’t that rare in the world of cryptocurrencies, there is something to be said about a good corporate presentation. EXX provides only a few picture of their team (which looks great, don’t get us wrong) but nothing more than that.
Contradicting information about leverage – the maximum leverage rate stated on the English and Chinese versions of the website currently differ. While one states “gearing” up to 3 times is available, the other one implies the ratio is 1:5.
This is a minor detail and most likely a simple oversight, but it leaves a negative impression. Alternatively, different levels may be offered to different clients, but this is less likely. Then again, if you are looking to trade cryptocurrencies speculatively, doing so with a forex broker may be a better option – IG for instance offers Bitcoin and Ethereum CFDs.
EXX is a cryptocurrency exchange, mostly focusing on SouthEast Asia. The conditions offered by the company are very attractive. That being said, this exchange has the potential to become an even bigger player in the future.
Our main concern with EXX is their presentation. While the website is very nice and mostly gives solid information about their offer, the company’s profile could be more detailed.
This is especially concerning, given the fact we are talking about a company in the cryptocurrency space, where there is a lot more counterparty risk than in traditional finance. That being said, even some forex brokers, who offer Bitcoin trading can be shady. However, most countries have dedicated regulatory agencies, which insure a fair market environment (which is not the case with cryptocurrency exchanges).
EXX Review Conclusion
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