Review on BitFex by Hassan Abdullahi
BitFex Exchange might not be convenient for every trader
BitFex is a digitalized platform that facilitates the easy trading of cryptocurrencies. The exchange doesn't seems well developed to me, as the interface still looks unattractive and dull. Though trading fee of 0.1% for takers and 0.05% for makers is very considerable, the trading volume of the exchange is not very high hence, the liquidity on the exchange is not deep enough. There was a live chat feature on rhe exchange, this wasn't only for traders and the developers to chat but it was more of a open chat session where different traders could chat with one another. Being an exchange that supports fiat currencies, like Russian Ruble and US dollars, i thought there was need for KYC but i shocked when i discovered that there was no need for KYC on this exchange. This totally means that this exchange is anonymous in nature. What this Exchange needs is an improvement to the existing support provided.
Pros
- There are multiple fiat currencies supported on this exchange
- The exchange seems to be founded by a team of Russian developers
- The user interface though unattractive, is easy to use
Cons
- The poor customer support made me stay off the exchange for a while
- Only cryptos are traded on this exchange, leading to lower liquidity
