EFEX

EFEX Review

What is EFEX?

EFEX is a cryptocurrency exchange from Iran. The platform launched in 2019.

It has been a bit difficult for us to obtain information on this particular exchange, seeing as we were not able to create an account here due to lack of Irani phone number. We have been able to decipher however (through the use of Google Translate), that this platform markets themselves as having low fees, fast and secure trading infrastructure and efficient support services, among other things. 

EFEX Mobile Support

Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. Fortunately for them, EFEX is also available as a mobile application.

EFEX Fees

EFEX Trading fees

Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Normally, exchanges distinguishes between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.

At EFEX, the standard trading fees for takers are 0.20%, and for makers 0.10%. 0.20% in taker fees is in line with the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%. According to the latest empirical study on the subject, the industry average taker fees were 0.217% and the industry average maker fees were 0.164% (for spot trading). Consequently, EFEX's fees are below both of these industry averages.

EFEX Withdrawal fees

To our understanding, EFEX does not charge any fees of their own when you withdraw crypto from your account at the platform. Accordingly, the only fee you have to think about when withdrawing are the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain, and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure.

Generally speaking, to only have to pay the network fees should be considered as below global industry average when it comes to fee levels for crypto withdrawals. 

EFEX Trading View

Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. Unfortunately, as we could not create an account at this exchange, we have not been able to obtain a picture of the platform's trading view either. We apologize for any inconvenience this may cause.

Deposit Methods and US-investors

Deposit Methods

In addition to depositing cryptocurrency to the platform, EFEX also lets you deposit fiat currency. However, only through wire transfer (not credit or debit card). If you need an exchange accepting credit or debit card deposits, just use our Exchange Filters and you'll find one in no time at all.

Seeing as fiat currency deposits are at all possible at this trading platform, EFEX qualifies as an “entry-level exchange”, meaning an exchange where new crypto investors can start their journey into the exciting crypto world.

US-investors

Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.

EFEX does not allow US-investors on its exchange. In fact, they only allow people that have an Irani phone number. So if you’re from any other country than Iran and you would like to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our Exchange Filters we can help you out.