Bitfex Exchange Review

Bitfex exchange is one of the developing exchanges with little information available on the website. Seemingly operating from the Russian territory, it wants to value exchange that develops based on the requirements of the traders. No verification is needed in order to run your account, so there is no distinction between clients who choose not to verify their identity, although a referral system has been newly introduced. This has the aim of rewarding a user of Bitfex with 30% of the trading volume of each person he invites to use the exchange.

The current platform works on less than 20 cryptocurrencies and fiat currencies, mainly US Dollars and Russian Rubles, and have alternating fees for deposits, 0% for RUB and 2% for USD, and withdrawals, 1% for RUB and 2% for USD. However, the trading fee is a constant of 0.15%, relatively minimal compared to the global average of 0.25%. Nonetheless, the commission amount depends upon the currency type, but it does not exceed 0.2% of the transaction amount as a general rule. Deposits can be made through Yandex Money, which allows depositing funds with debit or credit cards.

The team seems to be interested in the user experience and through the live chat, they seek to answer any user uncertainty as soon as possible. Additional protection of the user is guaranteed through 2-factor authentification in order to make accounts harder to be hacked into.

Overall, Bitfex Exchange could benefit from sharing more information about the company as the anonymousness of the team can prove to lower the user numbers, in spite of an apparently functional exchange.