Stex Review – Is Stex Scam or Legit?

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Stex Review

The digital currency market continues to grow rapidly as more individuals and investors switch from traditional investments into this booming market. However, like any other good thing, the rising popularity, as well as the attraction of more people, has attracted fraud plus charlatans trying to reap people off their cold hard cash. The high level of criminal intent as well as activities in the digital currency space is particularly alarming, and several persons have lost their cash using such fraudulent digital currency platforms.

Fortunately, you can seek reviews of any crypto exchange platform you intend to use before opening an account with them or depositing your money there. That’s why this Stex exchange review will reveal all you need to know about this trading platform and save you the time of searching several review sites learning more about it. The truth is, no regulation can make a trading market completely fraud-proof and secure; it doesn’t matter whether the market is digital assets or not.

Your best option is to arm yourself with enough knowledge to avoid being defrauded. The best way to reduce your risk exposure (in cash and trading) to the barest minimum is to use an exchange with enough positive reviews that suit your trading strategies. As a trader willing to trade the cryptocurrency market, you will discover enough details about the Stex exchange before signing up. Part of what you will discover is their market performance and a proper understanding of their platform so that you can decide whether they’re suitable for you.

Keep in mind that if you are new to the cryptocurrency market and you need to get yourself up to speed pretty fast with what’s going on in this space, you need to join the right forums. One of such forums is the “cryptocurrency collectors club” Facebook group. It has close to 80,000 members with varying experiences in the cryptocurrency space. Most importantly, they are willing to answer your questions in the shortest time. Even if you already have some knowledge about the virtual asset industry, you will still find the group useful. The group is suitable for newbies, averagely experienced traders and experienced traders.

Exchange platform	Stex
Website	https://www.stex.com/
Variety crypto	297
Account needed	Yes
Verification steps	1
Trading platform	Web and mobile app
Payment method	Bank account, debit/credit card, cryptocurrency conversion

What Is Stex?

Stex is a fairly new digital currency virtual asset platform for traders with more focus on altcoins than bitcoin. Stex’s sole objective is using various high-frequency trading algorithms to resolve liquidity problems in the crypto market. These algorithms are the same ones being used in standard stock exchanges such as the London stock exchange, Tokyo stock exchange, and new york city stock exchange. Stex can dispatch huge trade volumes at a very fast speed through these algorithms.

Stex was launched in September 2017 by Vadym Kurylovych and granted an exchange license by the Estonian authorities. You can start trading in any of its listed 297 cryptocurrency pairs once you open and verify your account. Almost all cryptocurrencies are available for your trading pleasure except if the token has just been launched.

Coinmarketcap website reports that Stex’s 24-hour market volume is approximately $16 million (or 470 BTC). The top three team administrators of Stex exchange board are Vadym Kurylovych, Oleksandr Chyzhyk and Izabela Darzinkevic. Apart from being the founder, Vadym also heads the research and development department. Izabela is the CEO, while Oleksandr heads the analysis department. Stex’s headquarters is in Tallinn, Estonia. It allows fiat-to-crypto and crypto-to-crypto trading without any withdrawal limits.

As a trader, you can be confident with trading on Stex because it is fully licensed, listed on CoinMarketCap (a trusted authority) and grants anonymity features to all traders. One other feature why this exchange is trustworthy is its registration with the financial crimes enforcement network (FinCEN). This collaboration with the government agency is to weed frauds and criminals out of the crypto space.

One unique feature about the Stex is that you can trade all cryptocurrencies against three base currencies (BTC, USDT and ETH). It is the only platform we know that offers such feature. You can choose from the available digital currency pairs for your trading activity.

Despite being a relatively new crypto exchange, the platform already has over 300,000 registered users from various world countries. Even though it allows deposits with fiat, you won’t be asked for your full profile details unless you want to make deposits with means other than cryptocurrency.

Their sign up page only requires your email and a password of your choice. Also, Stex has a high trading volume of about $16 billion and an excellent customer support system. There are several unique features of this platform which we will explore later in this guide.

Stex Trading Services

While Stex offers similar basic features to other crypto trading platforms, it has some unique features that set it apart from them. Stex allows you to buy and sell crypto with your debit card. However, when you want to deposit trading, you can only do that with crypto. Once the deposit process is complete, it will reflect on your balance instantly.

Stex Charges

Around the virtual asset space, transaction fees are one way exchanges make profits. However, the hallmark of a good digital currency platform is lenient transaction fees. Hence, any reputable platform creates a standard percentage for all kinds of trades. Usually, these percentages are often minimal.

Before signing up on an exchange, ensure that you check the percentage they charge for their transaction fees. Any exchange worth its salt will make its transaction charges low enough to attract lots of traders.

Transaction charges on Stex are lesser than most other exchanges (such as Coinbase and Binance) since they don’t charge deposit fees. 0.20% is the standard transaction charge for executed orders on exchanges. However, Stex transaction charges aren’t fixed at 0.2%; they are determined by the supply and demand in the market.

Also, Stex’s charges for liquidity takers and makers are equal. Makers set orders in the order and provide liquidity to exchanges, while takers withdraw orders from the order book to suit their preferences. We believe that this Stex transaction charge is suitable for all traders, regardless of their experience. Unlike some exchanges that charge higher transaction fees for top virtual assets such as Ethereum or bitcoin, Stex does not. They’ve stayed true to their simple and affordable charges for all levels of traders.

Withdrawal and Deposit Fees

Since Stex doesn’t allow fiat deposits and withdrawals, there are no transaction charges for it. The withdrawal fees depend on the cryptocurrency with which you wish to withdraw. Once you confirm your withdrawals through 2-factor authentication and email, you can withdraw into any crypto of your choice.

Stex’s withdrawal fee of 40% on bitcoin withdrawals (approximately 0.0005 BTC) is among the best in the industry. There are separate withdrawal fees for other cryptocurrencies, but they are lesser than what obtains in the market.

If you want an exchange that offers a flat fee method for withdrawals and deposits, you might need to check out other exchanges apart from Stex. But Stex makes up for this lack of flat fee method with several methods as already discussed and will still be discussed.

Stex Application Trading Interface (API)

The availability of an API on any exchange is one feature that experienced traders usually consider before choosing an exchange. Stex didn’t disappoint in this aspect. There is the documentation for each of these clients on the bottom page of the platform’s home page.

Stex allows four base currencies for its crypto trade pairs – bitcoin (BTC), Ethereum (eth), Litecoin (LTC), U.S. Dollar Coin (USDC) and tether (USDT). From our experience, Stex offers arguably the best API in the crypto exchange space. A WebSocket feed design makes it easy to access real-time data from the API.

If you have the requisite knowledge, you can use the platform’s API to develop a trading bot. Stex has four API clients that you can deploy depending on your area of specialization. The four API clients are PHP, node, ruby and swift. You will also find the API specification and integration on the same page.

You can make your API request using a standard HTTP, and you will receive a response in JSON format. You can access the public API without performing any verification. At the same time, you’ll need to verify your identity before you can access the private API or any other buy/sell order features.

Stex Limits and Liquidity

As a first-timer on Stex, you will need to purchase digital currency before you can start trading. The good news is that you can make your purchase via credit card or any crypto wallet apart from Stex. Stex doesn’t hide that it allows users to deposit their cryptocurrencies from any native exchange wallet. However, Stex warns that anyone that transfers unsupported digital assets will lose such assets.

While there are no limits for withdrawals or deposits, huge amounts of deposits or withdrawals will require several authentication phases to avoid any fraudulent activity.

All currency pairs on Stex have huge liquidity, and you can make your withdrawals into any crypto exchange service that provides a fiat withdrawal service. You also have the option of crypto withdrawals, especially USDC or USDT, in case you want to hedge your funds against inflation or deflation.

Stex Portfolios

Traders will choose and recommend any exchange with an immense number of derivatives or portfolios. An immense number of derivatives or portfolios is suitable for most experienced traders, even though beginner traders might be comfortable with basic derivatives.

However, some traders (regardless of their experience) would rather want several derivatives because they feel it suits their trading strategies. As of this writing, Stex doesn’t allow futures contracts and margin trading. However, its user interface is simple to understand, especially for newbie traders. While most exchanges focus their target audience on the u.s., Stex allows anyone to trade on its platform regardless of their location.

Stex Available Cryptocurrencies 

Any reputable exchange knows that without enough digital assets for traders to trade, it won’t attract enough traders to its platform. Most popular exchanges such as Coinbase and Binance allow trading on popular digital assets. However, some less popular exchanges allow more variety of digital assets. Hence, they attract traders who want to trade any digital asset, especially the less popular ones.

Stex falls into the category of exchanges that allows trading on all digital assets regardless of their popularity. Stex can boast of almost 300 cryptocurrencies that users can trade. However, not all of these assets are paired with the leading cryptocurrency. Some are paired with Ethereum, while others are paired with Litecoin, USDT or USDC.

Stex User Interface

Most traders are attracted to a platform with an attractive user interface; they assume that such platforms will offer optimal services. The reverse is also true. Also, any exchange that provides real-time data and timely order executions will attract traders. While most exchanges create a reasonably good standard platform, some take it a step further and offer additional useful features to attract more users.

Stex’s interface isn’t bad since it’s almost a new exchange. Even though the interface is basic, it is enough to offer the needs of a beginner trader. The web-based trading platform is further divided into two main pages; the left side consists of available currency pairs and indicators. The right side (which is smaller in width than the left side) displays the order book. When you start trading on the platform, a scroll down the page will reveal your trade history and orders.

However, the trading chart is only available in timeframes of five and one years, six, three and one minutes, five and one days. If you are always on the move, Stex’s mobile crypto trading app is your best option. It has the same features as the web-based trading platform.

Stex Security

Stex emphasized account security, and all users are mandated to set up 2-factor authentication upon registration. This 2-factor authentication will prevent any trade, log in or funds withdrawal until you input a security code which will always be sent to your phone each time you request to perform any of those transactions. Stex also deploys the security standard used by popular exchanges to protect your account and that of other users.

This security standard is known as the cryptocurrency security standard (CCSS). While some website testers argue that Stex’s web security isn’t excellent, they agree that it is better than most of its peers. Stex uses a cloud cluster-type of security to protect trader accounts.

Hackers can’t hack into Stex because its clusters are physically located in several regions of the world. Also, only Stex personnel have the authentication to access the platform’s encrypted systems. More importantly, Stex stores all funds in cold wallets, which can only be accessed offline.

Stex Customer Support

The quality of an exchange’s customer service is another important consideration for traders when choosing a trading platform. Since trading the virtual asset market isn’t a stroll in the park, traders would need all the help they can get to execute their trades properly. This support even becomes more important when traders encounter trading situations, and they require emergency help.

Hence, if they can’t get the required assistance they need at any time needed, they won’t recommend such platforms, and the exchange will be at the losing end. Stex’s support is mainly through email. However, there are emails for general support, mobile app support and business support.

We would suggest that you check the help page before contacting support for any further assistance. Stex’s Twitter and Telegram social handles also provide swift assistance when needed.

Conclusion

Stex is a fairly new addition to the growing list of exchanges that provide a good overall trading experience for crypto advocates. One little bad thing about this exchange is that it doesn’t offer fiat withdrawals. But it makes up for that by allowing you to withdraw into any crypto wallet service that allows you to withdraw into your bank account.

Stex’s uniqueness is that it offers excellent services in all aspects for traders. Stex allows you to trade several digital assets, even if most of them are lesser-known. Stex can also be trusted because it is listed on CoinMarketCap. Most exchanges listed on CoinMarketCap are known to be reputable.

The platform has several measures to prevent cyberattacks, loss of trader funds and exposure of your personal information. Trading on the platform is simple with useful trade tools, and navigating through it is easy.

There haven’t been many instances of unattended customer tickets since the platform’s customer support is top-notch. Once you open your account, you can’t deposit funds in it until you complete your registration, especially through the 2-factor authentication. One good thing about Stex is that traders can choose from almost 300 trading pairs on the platform. They aren’t restricted to the top ones like bitcoin, Ethereum, Litecoin or others.

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