Currently ranked 7th on CoinMarketCap (by adjusted trading volumes), DigiFinex has managed to stand among the best of the industry, even though it’s a relatively new cryptocurrency exchange. At the time of this writing, the 24-hour volume was $305,221,477.
Designed mostly for the Chinese market, this Singapore-based crypto exchange is run by a company called Digifinex Limited led by prominent individuals within the crypto industry from other tech giants such as HP, Baidu, and Tencent.
In this guide, we will look at what exactly makes DigiFinex stand tall among so many other exchanges, and what the platform fails to deliver, namely at the advantages and disadvantages.
One of the main aspects of any exchange is the number of tokens and coins it manages to support as well as how many trading pairs. In the case of DigiFinex this number, there are over 100 trading pairs including some of the most popular cryptocurrencies out there such as BTC, ETH, XRP, LTC, and OMG. According to CoinMarketCap’s Active Markets section, the most successful trading pairs are BTC/USDT, EOS/USDT, and ETH/USDT.
DigiFinex is one of the multiple crypto exchanges that has its own token dubbed DFT. The DFT token is actually an Ethereum-based token which allows its holders to receive a small part of the exchange’s income (somewhere around 80% of the daily fees).
Unlike many exchanges, DigiFinex doesn’t charge fees between takers and creators. In fact, the exchange employs a so-called “level charge model,” which implies a 0,20% fee (a bit lower than most other exchanges). What’s even better is the fact that there are no charges on crypto deposits and withdrawals. For example, DigiFinex charges 0,0003 BTC for withdrawing Bitcoin, a lot less than its competitors.
Well-designed trading platform
DigiFinex is not what you would call a stylish platform, hence, the trading interface is not the best in the field either. However, the platform should suffice most crypto enthusiasts. The only really weird thing is the fact that all positive changes in price are hued in red (and decline using green), which is exactly the opposite as most of us would like. However, in Chinese culture, red is considered a lucky color.
Fiat to USDT exchanges
One of the few fiat currencies accepted on DigiFinex is the Chinese Yuan and can be converted into USD Tether. This is done through an intermediary service (or gathering supplier), which means you will have to do a complete KYC background if you want to proceed further.
Main focus is China
China is without a doubt one of the most influential spaces within the cryptosphere, and will surely contribute greatly to the future of cryptocurrencies. However, one of DigiFinex’s main advantages is the fact that it doesn’t have a global strategy, yet greatly targets the domestic market (even though support for English has been added since the exchange launched).
US and Singapore customers are not accepted
It’s almost common knowledge that the US has some of the strictest regulatory systems, hence, the exchange does not accept customers from the US. The weirdest aspect is the fact that Singapore citizens are also not supported, especially considering the fact that the exchange is actually based in Singapore.
No advanced trading options
Even though DigiFinex has made its way among the top of the industry, it’s still not close regarding trading volumes and trading options to the top 5. For instance, DigiFinex does not provide its traders with margin trading or leverage trading.
DigiFinex is without a doubt a comprehensive trading platform that can suit the needs of most day-to-day traders, even though it has a strong focus on the Chinese, Asian markets. The trading environment is well-thought-out, the fee system is competitive, and the interface is not the best but not the worst either. There are some out there that consider DigiFinex to still be very unknown as there is still very little information about the company.
Featured image: Coindoo