The year 2008 marked the turning point in the financial industry. Although at that time, not many knew that the birth of Bitcoin will lead to the disruption of the conventional banking system and how we pay for services and business in general. Since its inception, Bitcoin became a trendsetter paving the way for various cryptocurrencies that are developed on a decentralized peer-to-peer system. It has further become the primary benchmark for many cryptocurrencies, influencing a rapidly growing market within the financial market. This relatively new market is known as the cryptocurrency market.
The cryptocurrency market at large including Bitcoin has experienced vast growth and development since its inception. In fact, Bitcoin reached a great milestone of $1Trillion in market cap on the 19th of February 2021 with the entire cryptocurrency market having a market cap of roughly $1.7trillion. This high liquidity present in the cryptocurrency market has come to be one of its alluring features among so many others such as its decentralized nature, vast potential gains, and numerous trading opportunities. Investors and traders are now pouring into the cryptocurrency market to make their own considerable profit.
Even with the cryptocurrency market filled with so many opportunities, it is not without its risks. Investors and traders who operate in the cryptocurrency market are always warned about the volatility of the crypto market. This is because as much as traders can take good advantage of the market’s volatility, it could also cause a huge loss in investments when trades go sideways.For such investment risk present in the cryptocurrency market, we advise that intending traders should take their time in studying the dynamics of the cryptocurrency market so as not to make avoidable trading errors leading to loss of investments in the market. As a new investor looking to begin his/her crypto trading career, the first and fundamental step to take is to choose a crypto exchange platform.
Cryptocurrency exchange platforms were established to assist investors in the buying and selling of various digital coins in the cryptocurrency market. Without crypto exchange platforms, investors won’t be able to access the crypto market as exchanges are the pathway to the trading world. This makes it compulsory for investors to choose an exchange platform to make a trading partner.
It might be surprising to realize that choosing an exchange platform is no longer a simple and straightforward thing to do. Investors now have to research the features and benefits of several exchange platforms to be able to separate scams and mediocre exchange platforms from legitimate and decent ones. However, investors have always complained about how frustrating and tiring carrying out these researches can be and that is why we’ve decided to place the burden on ourselves and make this researches for you.
We’ll be making reviews of decent and legitimate exchange platforms investors can choose as their trading partner in the cryptocurrency market. For this guide, we’ll be discussing the Cryptonex exchange platform. This is the Cryptonex review. This guide will expressly give an insight into the operations, attributes, and services of the Cryptonex exchange platform so you can decide for yourself if it suits your training needs and style.
|Trading platform||Web-based platform|
|Payment method||Fiat currency and Cryptocurrency|
|Trading assets||Bitcoin (BTC), Ethereum (ETH), and Cryptonex coin (CNX)|
Cryptonex is a very popular wallet service provider and crypto exchange platform supported by the eponymous coin. The exchange platform was established in October 2017 by Pavel Kalinin, who is presently the Managing Director of the platform.
Pavel Kalinin worked together with a team of Financial Investment Group who specializes in the development of software for the financial markets to develop various features and components that make up the Cryptonex exchange platform.
The exchange platform was created to provide investors and traders the chance to buy and sell various tokens and cryptocurrencies using any fiat currency across the globe. Cryptonex also allows for instant payment of services and goods using payment cards and mobile phones with one of the lowest commissions.
Furthermore, the Cryptonex exchange platform just like most modern exchange platforms developed its own digital coin known as Cryptonex Coin. Cryptonex then allows its clients to trade the Cryptonex Coin alongside the two biggest cryptocurrencies; Bitcoin and Ethereum. The exchange platform lists these cryptocurrencies against a wide variety of fiat currencies to form numerous trading pairs.
Let’s have a proper look at some of the features and benefits offered by this exchange platform.
The trading platform is arguably the most important feature on an exchange platform. It is the software algorithm that controls and oversees most of the trading activities carried out in the cryptocurrency market. The trading platform displays listed cryptocurrency pairs, allows execution of trades, monitoring of market trends and so much more. Hence, it is quite impossible to come across an exchange platform with no trading platform to offer.
The trading platform offered from one exchange platform to the next differs in terms of customization, ease of use, navigation, and user-interface. This is because each exchange platform follows different criteria to offer what they think is best for their clients.
However, regardless of the differences, It is expected of an exchange platform to provide a decent trading platform that is adequate enough to perform various trading activities smoothly and without glitches to give the best trading experience to its clients. This is what Cryptonex has brought to the table.
The Cryptonex exchange platform in looking out for its clients developed a trading platform that offers an extraordinary trading experience. The entirety of the trading platform is designed to be simple, easy to navigate, a user-friendly interface. The trading platform like every other crypto exchange platform comes with an order book, price charts of different digital assets, buy and sell-boxes, and so much more.
Commission and Fees
One of the things traders consider before choosing an exchange platform is the commission charged by such an exchange platform. Every exchange platform charges commissions on various trading activities which are quite normal as that is how exchanges make their profits from the crypto market. However, the commission charged varies from one exchange platform to the next.
As a result of this, investors are always on the lookout for exchanges charging low fees and commissions so that they can fully maximize their profits in the long run. This implies that exchanges with high commissions are turn-offs to investors as they are not ready to pay more than required to have access to trading.
Fees charged by exchange platforms are usually in the form of trading fees and withdrawals/deposit fees and this goes the same for the Cryptonex exchange platform. The Cryptonex exchange platform charges one of the lowest commissions in the cryptocurrency market offering a highly competitive advantage over other exchanges.
Cryptonex Trading Fees
Exchange platforms charge a trading fee on every trade execution performed by an investor. The trading fee charged by exchange platforms is divided into makers and takers fees which can be charged at a flat rate or each fee having its specific percentage.
As regards the Cryptonex exchange platform, it charges a flat rate of 0.10% on both takers fee and markers fee which is way below the industry’s global average most especially for the fiat-to-crypto trading pairs such a CNX to ERU, GBP, RUB, BRL, or USD which are mostly priced very high.
Cryptonex Withdrawal Fees
As mentioned earlier, exchange platforms do charge commissions on withdrawals and Cryptonex is not an exception. Even though Cryptonex charges a very low trading fee, that isn’t the case when it comes to its withdrawal fee.
The Cryptonex exchange platform charges a withdrawal fee of 0.001 BTC on every BTC withdrawal. This is really on the high side as it is above the industry’s global average which is around 0.0006BTC on every BTC withdrawal.
Cryptonex Coin (CNX)
Just like some of the new cryptocurrency exchange platforms springing up in the crypto market, Cryptonex developed its own cryptocurrency known as the Cryptonex Coin (CNX)
The Cryptonex Coin (CNX) was created to enable rapid and instantaneous transactions between fiat currencies and cryptocurrencies. The coin is listed on the Cryptonex exchange platform being traded against Ethereum, Bitcoin and other fiat currencies.
The Cryptonex Coin is designed to have a maximum supply of 210 million in circulation but presently, about 85 million CNX coins are in circulation having a market cap of
CNX presently has a market price of $5.80, however, the digital coin recorded an all-time high of $10 towards the end of January in 2018. Holding about % of the total CNX in circulation, the Cryptonex team holds roughly 5 million CNX coins.
For traders, who would love to trade CNX, its transaction fee is highly negligible on all exchange platforms having an average trading fee of 0.0001CNX.
P2P Exchange Feature
The Cryptonex exchange platform integrated a peer-to-peer exchange system into its operations just a year after its establishment. With the peer-to-peer system, Cryptonex functions as a middle man or guarantor between two investors (a buyer and a seller). Cryptonex offers the P2P feature to its clients both offline and online. For online transactions, the individual who puts out the ad to sell or buy will determine the location to carry out the transaction.
To make use of the P2P service, client’s of Cryptonex simply follow this step-by-step process;
- Make an ad (including specific details like the method of payment, country, maximum/minimum transaction limit, payment/exchange currency, total amount, and exchange rate)
- Get a reply (either from a buyer or seller)
- Finalize the agreement and then hold on for the other party’s authorization
- Hold on to the confirmation notification.
In case a deal goes sideways, Cryptonex makes the report button available so investors can get in touch with a representative to lodge their complaints.
Withdrawal and Deposit
As mentioned earlier, the first step required to participate in the crypto market is to register with an exchange platform. After that, what follows is the deposit of an initial investment capital. This is because exchange platforms without this initial investment won’t give access to investors to take part in the crypto market.
For investors, more importance is placed on the withdrawal of funds which is expected because the whole point of investing in the crypto market is to make a profit. Hence investors want to be sure that their amassed profits can be withdrawn with ease.
A lot of exchange platforms don’t get to have problems with the deposits of funds, however, withdrawals seem to be a problem with some exchange platforms (which is usually a ploy used by scam exchanges to rip investors off). However, this isn’t the case with the Cryptonex exchange platform.
The deposit and withdrawal process employed by the Cryptonex exchange platform is very simple and smooth offering great convenience for its clients. The exchange platform offers its clients two payment method options which offer enough flexibility to its clients in terms of withdrawals and deposits. The payment method option includes Fiat currency and cryptocurrency.
A fundamental feature cryptocurrency exchange platforms must have is decent customer service. Investors in the crypto market need a safety net to fall back to when unforeseen circumstances arise. During times like this, they need all the assistance they can get from their chosen exchange platform so that all their complaints and requests can be well catered for.
The Cryptonex exchange platform offers decent customer support. Cryptonex created a team of we’ll experienced support agents to cater to client’s complaints and requests. The support agents are customer-friendly and very efficient at their tasks. Clients can get in touch with a support agent, using various support channels like the popular social media app (e.g Twitter, Facebook, Telegram), via phone calls and emails.
So much has been said about the Cryptonex exchange platform and it is apparent that is it one of the decent exchange platforms in the financial market. However, it is your decision to determine if the exchange platform is best for you and can cater to all your trading needs. In case you need more information about Cryptonex, you can always visit their website.