Tidex Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
Tidex Review – is it scam or safe?
Tidex appears to offer a single account type with small trading fee. Although in its terms and conditions the exchange states that it might offer some leverage, we could not find any specific ratio or information on the subject, other than the warning of the high risk involved in margin trading.
According to the information on its website, Tidex maintains different account verification levels which require user participation and verification. The exchange reserves the right to determine, at its sole discretion, the appropriate verification level and criteria for all users.
The Company. Security of Funds
Tidex is a Waves-integrated exchange that offers trading in popular cryptocurrencies like Bitcoin, Litecoin, Ethereum, etc, as well as Waves assets, including digitized versions of fiat currencies with names like WUSD or WEUR. Besides, like the Waves platform, Tidex offers another service: you can list your custom token (appcoin) after going through basic KYC/AML procedures and approval. By the time of writing this review, there are 75 coins listed on Tidex Exchange, and their number is increasing.
Their current address San Francisco, US. Before, it was in the United Kingdom, but actually the gorup is very close to Waves and likewise appears to be based in Russia. Currently Tidex platform and website are available in English and Russian.
Russia has a rather contradicting approach to cryptocurrency regulations. Most recently (October, 2017), the Russian Financial Minister stated that cryptocurrencies would soon be treated like financial securities, similarly to the manner adopted by US Securities Exchange Commission.
No matter whether Tidex is based in Russia, or the US, it is not regulated. Although this not unusual for cryptocurrency exchanges, some of the biggest US crypto venues, like Coinbase, hold NY Bitlicense. Besides, one can always select a regulated forex broker that offers simple trading in Bitcoin, Ethereum, etc.
In addition, Tidex claims to protects the exchange from involvement in any activity that facilitates money laundering or other criminal activities by following the guidance for Money Services Business (MSBs) operating in the United States, issued by the Financial Crimes Enforcement Network (FinCEN).
Speaking of security, we must point out that Tidex has not been hacked up to date, which is not surprising as the exchange launched operations in early 2017. Also, we went through some user reviews in popular Bitcoin trading forums and sites and many of them are negative. Some of Tidex’s clients complain of irresponsible customer support, low liquidity, and, of course, there are some investors that simply say this exchange is a scam.
Trading conditions
Trading instruments (cryptocurrencies)
Tidex offer only Crypto-to-crypto trades, (fiat) currencies are not supported. Yet, you can trade some digitized currencies like WUSD, WEUR or USDT against Bitcoin and other altcoins.
The list of coins available at Tidex includes, but is not limited to Bitcoin, Bitcoin Cash LiteCoin, Ethereum, EOS, Dash, EOS, Doge, etc. However, some digital coins that appear to be very popular recently, like Ripple, Steem, OmiseGo, Monero, and Zcash are missing, while others, which we haven’t heard of, are listed on Tidex (Monetha, Oceanlab, Enjin Coin, etc.).
Minimum initial deposit
No minimum deposit level is specified by Tidex, which is typical for the cryptoverse.
Leverage
As we have already pointed out, Tidex suggests it might provide leveraged trading, but has provided no details on the matter. Probably it intends to launch margin trading in the future. For those of you who are eager to take the risks involved in margin trading, there are some exchanges that offers such – Kraken, Poloniex, Crypto Facilities.
In addition, all forex brokers that offer Bitcoin CFDs, like IG, HYCM also provide margin trading. Be sure you understand the difference between trading in actual digital coins and in financial derivatives.
Fees
Tidex launched operations with zero-fee model for traders, but now the promotion is over and the following fees apply: 0.1% market maker, 0.1% market taker fee.
Overall, such pricing seems competitive and is in line with offerings by other cryptocurrency exchanges. Keep in mind that deposit and withdrawal fees also apply, depending on the digital coin you choose to deposit or withdraw.
Trading platform
Tidex’s trading platform is web-based, as is the case with most cryptocurrency exchanges. While many of them also offer mobile apps as trading on the go gains popularity among all types of investors, this is not the case with Tidex.
It is user-friendly and is equipped with good charting with different time frames and design options, wide range of technical analysis indicators, order book, trading history, trollbox etc.
Methods of payment
Tidex does not allow deposits and withdrawals in fiat currency, so the most popular payment methods like bank wire, credit/debit card payments and PayPal are not accepted. This is quite logical as the exchange does not allow its users to exchange tokens for fiat money. Nonetheless, such an approach is not beginner-friendly.
You can also transfer wUSD and wEUR to/from Waves wallet, but for fiat deposits and withdrawals, your account must be verified by Waves’ IDnow service.
As we mentioned above, Tidex charges fees on both deposits and withdrawals. For example, deposits in Bitcoin are charged with 0.00010000 BTC fee, and withdrawals incur a fee of 0.001 BTC, regardless of the amount.
Tidex Review – is it scam or safe? Conclusion
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