Review on BitFex by Praise Olagbadun
My Review On BitFex
TThe BitFex is an exchange platform that I found quite interesting, not really due to the type of services they offer but for some other reasons which I would be discussing explicitly in this review.
It is an exchange platform that was founded in Russia and has ever since operated from that country. The country don't seem to be that popular with cryptocurrencies, thereby, making the BitFex one of the first exchange platforms from Russia.
First, I would be talking about their user interface. Sincerely, I don't find their user interface quite interesting. The fact that it shouldn't be recommended for newbies makes its matters worst. Well, the reason I won't recommend it to newbies is because of how hard it is to understand it. They have only been able to make things worst with that interface.
Next is their trading fees. The BitFex charges a trading fee that is quite affordable and even competitive. This is proven by the fact that they charge Takers and Makers a fee of 0.1% and 0.05% respectively. This fee is far below the industry's average, thereby making it a very competitive one.
The next thing to talk about is the cryptocurrencies and fiats they accept. The exchange platform accepts quite a nice range of cryptocurrencies, not too much but okay for now. As for fiats, they are limited to just two, namely: the United States Dollars and the Russian Rubles. It seems nice that the exchange platform accepts fiats.
The feature I admire most is the fact that the exchange platform doesn't require traders information before granting them access to their platform. They have been able to make their platform as anonymous as they can be. It might not be advantageous to some people and would be for others. I don't really admire it, but it does interest me 😁😁
Pros
- The exchange platform charges a competitive fee
- The fact that they make it possible for one to open an account without much information of the person interests some traders as it displays how anonymous they are
Cons
- Their user interface is nothing to write home about
- The exchange platform suffers low liquidity
