VALR Review
Cryptocurrency trading platforms often come with varying applications. To use them effectively, the trader ought to know how they work and how they can be useful to him. This is because most trading platforms offer more flexibility to a peculiar set of users, favoring them more than another. For instance, a particular crypto exchange can be the best option for beginning traders, while another might be the most suitable for professional traders, some might also be suitable for both entry-level traders and professionals alike.
Distinguishing the most favorable trading platform would likely save you a lot of time trying to find your way around. Trading digital assets require the use of a convenient and stable trading platform that is laced with the most suitable industry-standard features. Most exchanges also offer additional features that are not native to other platforms. Most exchanges as well might decide to stick to a limited number of assets for trading or might not offer features like margin trading which are often considered high-risk.
If you are yet to grasp what a crypto exchange is, we’d be glad to explain it to you. A cryptocurrency exchange is an online platform that facilitates the trading of digital currencies like Bitcoin, Ethereum, or Ripple. They help crypto traders benefit from the volatility of the crypto market to make some profit. Cryptocurrency exchanges also help users exchange coins and convert the proceeds from selling cryptocurrencies into fiat.
For this reason, we are exploring the VALR crypto exchange. This review would aid you to understand the intricacies of this exchange platform without delving into it first. Although this platform is relatively new in the cryptocurrency industry, it has raked up quite a good reputation. Our review would help you determine if this exchange is suitable to begin or continue your business in the cryptocurrency market.
| Exchange Platform | VALR |
| Website | https://www.valr.com/ |
| Variety Crypto | Yes |
| Account Needed | Yes |
| Verification | Optional |
| Verification Levels | 2-factor Authentication |
| Trading Platform | Web-based, Android and iOS Application |
| Payment Method | Wire Transfer, Crypto-To-Crypto |
| Customer Support | Email, Twitter, Facebook, Instagram, LinkedIn |
What is VALR
Similar to other exchanges, VALR is committed to helping traders leverage the financial market by trading crypto assets. The exchange is registered and located in South Africa. VALR was launched in 2019, which isn’t quite long ago. The exchange practically makes it easier for entry-level traders to hop into the crypto market as it is renowned for the simplicity of its user interface and the modesty of the trading platform.
The simplicity of the exchange however doesn’t underage its performance as it is strongly developing to carry users along. The exchange has a reputable partnership with the popular Bittrex Global and Circle Financial. The two firms are the only affiliations that the exchange has for now.
Despite the firm being located in South Africa and operating primarily with the South African Rand, its doors are still open to a great number of countries outside the African country. However, the exchange highlights a few countries that can’t access their trading platform due to the sanctions imposed by their governments. Countries like Iran, North Korea, Russia, Ukraine, United States, and Zimbabwe are exempted from using VALR’s services. The United States Security and Exchange Commission (SEC) hinders crypto-related platforms from offering services to residents without registering with the authorities and conforming to local regulations even if it swings against their policies.
VALR prides its platform as suitable for anyone, meaning that any trader notwithstanding the level of experience can comfortably use the platform. Interestingly, VALR has room for corporate investors and has specified how they can participate in the platform on their website. The exchange is one of the largest in South Africa and is estimated to have over 100,000 users on its platform at the time of this report.
VALR Trading Services
The platform offers a trading desk for the purchase and sale of various digital assets. It also integrates crypto wallets for users to hold their cryptocurrencies without moving them all the time. The platform also runs a referral program that offers discounts in trading fees after attaining a certain referral level. VALR offers services to both individual and institutional customers, making it one of the most notable in its locality.
VALR Trading Fees
Trading fees are a great way to scale the performance of an exchange. If the exchange fee is relatively high, potential users might have to look the other way. Many cryptocurrency traders often prefer settling for an exchange that isn’t too demanding in transactional costs while offering an excellent service. The cryptocurrency industry does have a pattern of trading charges that are considered industry-standard, however, a few can go a step ahead to charge what they feel like.
A trading fee is an amount a trading platform charges a user for conducting certain operations on its platform. The trading fee is often a small percentage of your trading volume or the trade order. For VALR, the structure of trading fees is considered quite lenient and beneficial for any trader.
The trading fees for makers are quite different from takers. As a matter of fact, makers enjoy more reduced fees in comparison to the takers. Makers are the ones that bring liquidity to the platform by making orders in the order book while the takers remove the liquidity by fulfilling the orders.
VALR charges takers 0.10% of the trading amount which is below the industry average. Most exchanges charge double that comfortably by taking up to 0.20% for trade orders. Makers on the other hand are incentivized for bringing liquidity to the platform. VALR believes that makers ought not to be charged for putting orders in the order book and offers them a trading fee at minus 0.1%. This implies that makers gain 0.1% back for each order fulfilled. Although VALR isn’t the only exchange to offer negative maker fees, it is one of a handful and this makes it special to users.
Withdrawal and Deposit Fees
VALR accepts fiat deposits but only via an integration with South African banks that supports the South African rand. The generosity of the exchange also spreads to the structure of its deposit and withdrawal charges.
When depositing, there is absolutely no charge for both crypto and fiat. The platform also charges zero fees for processing payments. However, you have to pay about 8.50 rands for withdrawals in fiat while withdrawal fees in cryptocurrency vary.
VALR Trading API
A look into the Application Programming Interface of an exchange is a good way to rate its inner workings. The VALR exchange documented the structure of its API on a page on the site. The API executes a lot of functions including trading, withdrawals, and access to market history.
The API is based on the Rest endpoint and is complemented by Websocket. To generate APIs you must have enabled your 2-factor authentication feature as a user.
VALR Limits and Liquidity
Just as earlier mentioned, VALR is committed to giving its users ease of access through modest liquidity and provisions for both institutional and individual investors. However, while deposits are made only via wire transfer and not debit or credit cards, withdrawals can be made straight to a South African Bank account in RAND.
For fully verified users on the platform, you are permitted to withdraw a maximum of 100 BTC daily while those that haven’t activated their 2-factor authentication are limited to 0.2 BTC on a daily scale. For fiat withdrawals, there is no known withdrawal limit, however, the platform states that the minimum withdrawal amount must be three times the withdrawal fee specified while processing withdrawals.
Although the platform might not be said to offer high-end liquidity in comparison to other platforms, its attempts are still good enough even for big-time investors. The only setback is the monopoly given to the South African Rand as no other traditional currency is allowed.
VALR Portfolios
The availability of multiple portfolios makes a trading platform more endearing, especially for professional traders. Most exchanges while offering a spot trading desk also incorporate margin trading like perpetual contracts and derivatives. This integration gives expert traders more leverage to switch between portfolios and make the best of the current market trend.
However, other exchanges might choose to play it simple and this is what VALR decided to do. Its simplicity and strategy do not support margin trading or derivatives. The option is mostly focused on its spot trading feature where users have access to tens of cryptocurrencies to trade.
Cryptocurrencies Available at VALR
Reputable exchanges are also expected to offer reputable digital assets in good numbers. No trader enjoys being limited to a sparse number of cryptocurrencies in an exchange. The cryptocurrency market boasts of a wide range of assets and it is up to exchanges to make these assets available to their users. A large number of crypto means more flexibility for the user to trade without having to switch platforms all the time.
Currently, VALR has over 50 cryptocurrencies. Cryptocurrency deposits are often made using Ethereum and Bitcoin. Some available crypto assets on the platform include Bitcoin (BTC), Ethereum (ETH), XRP, Aave (AAVE), Cardano (ADA), Algorand (ALGO), Aragon (ANT), Basic Attention Token (BAT), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Polkadot (DOT), Polygon (MATIC), Litecoin (LTC) Tron (TRX) and so many more.
It appears the exchange is careful about the number and use cases of the crypto assets that are listed on the platform. As you might have observed, the exchange listed coins and tokens that are perceived to be the most noticeable in the cryptocurrency space. In a way, this is beneficial to entry-level traders by offering them conventional assets to reduce the risk of enhanced volatility.
VALR Interface
While reviewing trading platforms, the user interface (UI) is another great reference point. The appearance of a trading desk goes a long way to determine if it would be convenient for a user or not. Aside from the appearance, the exchange ought to integrate the necessary tools required for seamless trading while others can decide to go out of their way to integrate more features.
There is no industry-standard approach to the structure of a user interface. However, it is very much expected that exchanges should offer users a great interface featuring a live chart depicting market price conditions, an order book, and the buy and sell buttons for trading. The exchanges might also decide to offer a sneak peek into the price action of other digital assets as well.
For VALR, the trading interface is available for all users and features a buy and sell order form, order book, asset chart for historical reference, and a completed order list. The order types on the platform are regular. They are simply the buy/sell, the market, limit, and stop-loss/take profit. While these order types appear regular, they are key to setting up and exciting successful trades. The stop loss feature for instance can be set beforehand to save you from further liquidation when your trade goes contrary to expectations even when you are not available.
It should also be noted that the exchange has
How Secure is VALR?
If there is a rating that should be first considered, it’d be the security of a trading platform. Security in exchange is second to no other integration. To keep your funds and digital assets safe and uncompromised, the exchange that you are using must prioritize security.
Besides giving out useful tips for their users to access better security, VALR claims to have integrated solid mechanisms to enhance security. To ensure the safety of user funds, the exchange struck a partnership with Bittrex to provide secure custody. The platform also offers layered security including the 2-factor authentication setting available for anyone. VALR claims that its security mechanisms are in line with regulatory requirements and are befitting for international users.
The exchange also offers great instructions to users on how to avoid phishing scams and other related tactics that scammers employ to tame over user accounts. VALR has told users that its services do not include any sort of financial advice and they should ignore any attempt of scammers that pretend to offer trading information by impersonating them.
VALR Customer Support
The validity of crypto exchanges is also measured by the rating of their customer support. Customer support is a vital aspect a company must consider if it is truly concerned with the welfare of its users. Aside from having customer service, the team should be very responsive and easy to reach.
VALR has over 10 employees dedicated to serving users actively. While this number might not be large enough, they are quite active. The number of staff could be said to be relative to the user base of the platform. VALR also offers users regular information on a dedicated support page where all FAQs are settled. Users can access steady announcements and information about all they need to know about the platform and about how they can set up their user profiles successfully.
The exchange platform has an option on its site to send them a request. You can also access their customer service on multiple social media platforms. The accounts of the CEO and other leading executives, including the exchange on Twitter are also made available for users to follow.
You can access the customer service via email and state your problems directly. This is often considered the quickest way to resolve issues as the platform does have a dedicated hotline.
- · Social Media Handles
The firm has responsive social media handles which users can access at convenient times. Their social media handles exist on Facebook, LinkedIn, Twitter, and Instagram. However, VALR doesn’t encourage the dissemination of private information about your account to these social media platforms in a way that could trigger phishing attempts from hackers. The email option is often the safest and easiest to receive a response.
Conclusion
In the cryptocurrency sphere, exchanges are an indispensable factor and are responsible for ferrying value from the mainstream into the crypto market. Trading in exchanges might somewhat require complex skills and since most trading platforms do not focus on beginner traders, it might be difficult for them to kick-start their trading journey. VALR is easily one of the most efficient trading platforms for beginners and professionals alike.
The exchange is reputed for being a monumental South African representative in the cryptocurrency industry. The exchange offers access to investors from other countries aside from regulated locations like the US and Iran. VALR is a platform that was established in 2019 but has grown in terms of revenue and user base exponentially.
VALR offers low transaction fees in comparison to other exchanges. Participants of its referral programs could also have their fees further slashed once they attain a certain level. The exchange is concerned about the security of customer funds and urges all users to integrate the 2-factor authentication setting available. Despite being a relatively new platform, the exchange went to extra lengths to feature the top cryptocurrency assets for traders to choose from.
The cryptocurrency exchange appears heavy with potential. Currently, it has plans to implement deposits in other currencies outside the South African Rand, this new development would give the exchange the needed boost to compete with more big-time industry players. To access the entire package VALR offers, you can sign up on its website or download the trading application available on Android and iOS devices.
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