Every crypto trader must be familiar with the concept of crypto exchanges. Whether you’re a DeFi believer or prefer something more centralized, you can’t help but cycle through a crypto exchange at one point or another. For this reason, it is good to know more about these exchanges to choose the most suitable one for you. In this article, we take a look at one such exchange, the Digifinex crypto exchange. The purpose is to reveal its good and bad points, including some traits that you may not be aware of. At the end of our conversation, you can make a well-informed decision on whether or not to sign up for this exchange. Let us begin.
What is Digifinex crypto exchange?
Digifinex is an exchange that allows users to buy, sell, trade, store and use cryptocurrencies. In other words, it is a crypto exchange. It was founded in 2017 in Seychelles in East Africa and is currently headquartered in Singapore. According to Coinmarketcap, it is one of the top 100 crypto exchanges in the world with over $2 billion in liquidity.
In short, these are the features that make the exchange stand out:
- At the time of writing, it supports more than forty fiat currencies.
- It allows users to buy crypto from their bank accounts using credit cards and other payment methods
- The exchange is regulated in Australia and Singapore
- It has two native tokens namely DFT and DRV.
- The crypto assets are stored in hardware wallets with optimal security, so-called cold wallets.
- Its fiat assets are kept in physical vaults.
- Users must complete KYC verification before using most of the exchange’s features.
- It has mobile applications on major operating systems.
History of Digifinex crypto exchange
Registered in Seychelles, Digifinex crypto exchange Limited owns this Singapore-based cryptocurrency exchange platform. It was introduced in 2018; the website has established itself as one of the trusted digital coin financial exchanges. DFT is an ERC-20 token based entirely on ETC’s intelligent contract system. It has a liquidity of 130 million DFT.
The company is constantly updating its system to ensure trading is smooth and all funds are safe. The core team, including founder Kiana Shek, conducts its operations in Malaysia, South Korea, China, and Hong Kong. It has also expanded its reach to attract more traders to trade on the platform. However, traders from the US and Singapore cannot conduct trading activities on the Digifinex crypto exchange.
In 2019, the Digifinex crypto exchange launched DigiFinex Korea, specifically for traders in South Korea to trade cryptocurrencies with the South Korean Won. In the same year, it partnered with Simplex, where users can buy Bitcoin, Litecoin, Ethereum, and other digital assets.
Digifinex crypto exchange SERVICES AND FEATURES
Buy crypto for fiat with a credit card
In exchange, this is one of the expected features. Digifinex crypto exchange enables seamless fiat to crypto conversion with Visa and MasterCard credit and debit cards. This feature has a $20,000 purchase limit, which is further enhanced with advanced KYC verification.
To enable users of the platform to buy crypto with fiat seamlessly, Digifinex employs three payment processing giants, Simplex, Wyre, and MercuryO. They all support buying crypto with bank cards, but MercuryO goes further by supporting Google and Apple Pay methods.
SPOT: Here you can trade the supported cryptocurrencies against each other. The exchange supported 223 coins across 280 markets at the time of writing this article. The spot trading interface is also user-friendly, with a simple chart that conveys key trading metrics.
MARGIN: Digifinex crypto exchange enables margin trading with up to 5x leverage. If you are just signing up for the exchange, if you click on Margin Trading you will get a quick guide. You can also choose between limit order, market order, and stop-limit order types. Aside from 5x leverage, the only other type of leverage is 3x leverage.
INDEX TRADING: This is a set of financial instruments that measure the performance of a group of stocks on an exchange or company. There are various examples of indices being traded. The more common examples are Germany40 (which tracks the price action of the top 40 stocks on the Frankfurt Stock Exchange), US500, US TECH 100, FTSE100, etc. You cannot trade these on the Digifinex crypto exchange, but you can trade ETFs (a type of financial instrument similar to its indices).
Also known as derivatives, this trading tool closely tracks the price movements of the underlying assets, allowing traders to benefit from those price movements without having to own the underlying asset. There are two forms of perpetual swaps on the Digifinex crypto exchange:
- USDT SWAPS: includes coins like BTC, ETH, EOS, BSV, LTV, TRX, LINK, LTC, ADA, ATOM, UNI, etc.
- COIN SWAPS: currently contains only five coins, namely BTC, ETH, EOS, FIL, and DOT.
Digifinex crypto exchange offers users ways to earn annualized returns on some products without having to trade. There are roughly four ways for users to earn passive income through Digifinex’s wealth accumulation program. You are:
FLEXI-EARN: Here users do not have to lock their credit before earning. The annual percentage rate is between 3-10%
EARN STABLE: You need to lock your fortune to earn here. Frozen assets are individual cryptocurrencies that are typically locked for around three months.
ADVANCED EARN: This is where crypto assets are mixed to generate returns. The effective annual interest is usually a maximum of 50% with a blocking period of around 90 days
SPECIAL EARNINGS: It is an innovative feature where your assets are traded under low-risk conditions. The APR is usually much lower but guaranteed.
DIGIFINEX SUPPORTED COINS
At the time of writing, Digifinex crypto exchange supported 223 different cryptocurrencies. These coins range from popular ones like BTC, ETH, LUNA, SAND, ATOM, FTM, LINK, TRX, DOT, FIL, MATIC, SOL, AVAX, XRP, CRV, etc.; to less popular ones like GRT (Golden Ratio Token), VYNK Chain (VYNC), ABBC Coin, Blue Sparrow Token, among others. The coins are traded in about 280 market pairs.
DIGIFINEX DEPOSITS AND WITHDRAWALS
The main fiat currency deposit methods are bank card deposits through one of the built-in payment processing platforms (Simplex, Wyre, or MercuryO). You can also deposit via Google Pay or Apple Pay when using MercuryO. The deposit and withdrawal fee is either 3.5% of the amount of $10 (whichever is greater). The maximum amount you can deposit at once is $20,000
For cryptocurrency withdrawals, the fees incurred are similar to the network fees for the specific coin, with a few minor additions. Deposits are free but capped at 0.2 BTC until you complete KYC verification.
Digifinex crypto exchange COMMERCIAL FEES
SPOT TRADING FEES
The exchange offers a flat trading fee of 0.2% for maker and taker orders. However, more discounts are offered to users of the platform who hold certain amounts of DFT, the platform’s native token. The discounts vary based on how much DFT they hold. There is also a 25% fee deduction regardless of how much DFT you hold. See the table below for more details:
MARGIN TRADING FEES
For margin and standing trades, the fee is a flat 0.05%, which is further reduced for DFT holders. Also, there is a Digifinex crypto exchange special privilege if you close your trade before 10 am the next day. In these cases, the sponsorship fees do not apply.
DOES DIGIFINEX HAVE MANDATORY KYC?
Digifinex crypto exchange complies with anti-money laundering regulations by requiring users to perform KYC verification before accessing most of the site’s features. However, you can still make trades up to a limit of 0.2 BTC worth of daily transactions before being asked to complete KYC verification.
To perform KYC verification, go to Account Security in the app and click Identity Verification (KYC). It will then take you to a page where you can verify your identity in the following steps
IDENTITY VERIFICATION: This is where you submit your ID documents. Only international passports and government-issued IDs are accepted.
VIDEO SELFIE: To confirm that you are the owner of your ID documents
PROOF OF ADDRESS: Proof of address may include a bank statement, utility bill, driver’s license, credit card statement, or a letter from a respected official. It must contain your address and must not be older than three months.
After all the information has been submitted, the KYC application will be approved within 24-72 business hours.
DIGIFINEX SUPPORTED COUNTRIES
Although based in Hong Kong, Digifinex crypto exchange is available in several countries worldwide. However, it is not universal. Their services are restricted in some countries, namely the United States of America, Singapore, China, Balkans, Cuba, Democratic Republic of Congo, Iran, Iraq, North Korea, Sudan, and Syria.
DIGIFINEX NATIVE TOKEN
Digifinex’s native token is known as DFT and is the central figure around which major parts of the Digifinex crypto exchange are built. DFT token holders can participate in various services and privileges on the platform. These include:
- Better fee discounts when locking a certain amount of DFT on the platform.
- Additional staking and airdrop rewards when locking their tokens
- 25% fee discount on top of the discounts created by locking DFT on the platform.
- You can also apply to become an OTC trader.
- You get first place when new projects which listed on the Digifinex crypto exchange.
- DFT can also be used outside of the exchange platform. It can use to pay for jewelry in Singapore, to pay for food and beverages in Korea, and as a deposit for Digifinex’s global ambassador or partnership program.
- The token will also use to enroll users in the DFT Superstar program, which is a special program with enhanced benefits.
- At the time of writing, DFT was trading at $0.05 with a current circulating supply of over 137 million tokens and a maximum supply of 2.1 billion tokens.
There is another token associated with the Digifinex ecosystem. Known as DRV, it is the native token for DigiDeriv, the derivatives trading arm of the Digifinex crypto exchange. It is mainly obtained as a reward for mining, referral, and trading contests. One of the main ways to get DRV tokens is through swap mining. Swap mining is a mechanism where you will reward DRV tokens as rebates for performing swaps on DigiDeriv.
Digifinex crypto exchange offers its users a mobile trading app. The trading app has been downloaded over 50,000 times with good reviews. Users can download the app and start trading after completing the registration process (new users only).
The DigiFinex app is available for Android, iOS, and tablet versions. You download and open a DigiFinex account, deposit fees, sell crypto with a native token, etc.
IS DIGIFINEX LEGAL AND SAFE
Consider the following points:
- Digifinex scores when it comes to security. For one, it has the following two licenses to boast of
- Licensed by the Australian regulated Digital Currency Exchange Service Provider.
- The Monetary Authority of Singapore (MAS) exemption from providing digital token payment services in Singapore.
- These licenses promote confidence in the exchange as a legitimate exchange.
- It uses the best storage method for storing cryptocurrencies. Hence, coins are kept in cold wallets that are free from any kind of online intrusion by hackers.
- Its fiat currencies are kept in physical vaults to limit the chances of being stolen from the banks
- It enforces KYC regulations on its users before they can access most of the site’s features. However, it would be better if it enforced KYC regulations before allowing users to participate in activities on the platform.
- It also encourages user accountability through two-factor authentication before approving withdrawals.
Even though Digifinex crypto exchange is not the best crypto exchange in the world right now, it still has a lot going for it due to the various features it offers. Its most attractive feature seems to be that it allows users to earn passive income without having to trade with the help of its wealth management programs. Therefore, you can stake, mine, and lock your crypto assets on the platform and expect rewards. Also, the platform offers massive discounts for holders of their tokens, as well as airdrop and staking rewards.
One should still exercise caution before trading on the platform (or any other platform). This is because cryptocurrency trading involves certain risks that require you to only invest money that you can afford to lose.
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