ChainEX

ChainEX Review

What is ChainEX?

ChainEX is a centralized cryptocurrency exchange based in South Africa that launched in 2018. 

US-investors

US-investors may not trade here today. Accordingly, if you’re a US-investor and you’re in love with ChainEX, you’ll have to wait. In the meantime, use our Exchange Finder to find out which exchanges that today support US-investors.

ChainEX Advantages

ChainEX promotes a few things as advantages with its trading platform, as follows:

Referral Program

ChainEX also has a referral program for its users. It’s easy to participate, the only thing you have to do is to create an account, get your link, invite friends and then get your bonus (just as any other referral program really). Different from many other referral programs, the program at this platform is multi-tiered. This means that you get 16% of your direct invitees trading fees, 8% of the trading fees of the people the invitee’s invitees etc. The program goes down to level 4 where you receive 2% of the trading fees from the users at that level.

ChainEX Trading View

Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. The below is a picture of the trading view at ChainEX:

ChainEX Fees

ChainEX Trading fees

Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers make the liquidity in a market and takers remove this liquidity by matching makers’ orders with their own.

ChainEx’s fee for takers is 0.10%. 0.25% is definitely lower than the industry average taker fees. However, this exchange does not charge any fees for makers, thus promoting the liquidity at the exchange. This is a very strong part of ChainEX's offering and can be really helpful for people interested in not picking up existing orders from the orderbook.

Many exchanges also have a structure where traders pay lower fees if they have reached a certain trading volume during a given 30 day period. This is done in order to promote the liquidity at the platform. ChainEX does this as well, with something they call scaling fees. The scaling fee table at this platform looks as follows:

ChainEX Withdrawal fees

Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH. The last time we did an empirical study of the BTC-withdrawal fees in the crypto exchange market, we found that the average BTC-withdrawal fee was approx. 0.00053 BTC per BTC-withdrawal.

ChainEx charges 0.0003 BTC per BTC-withdrawal, which is substantially below the global industry average. Accordingly, their withdrawals fees are definitely competitive enough.

Deposit Methods

ChainEX does offer fiat currency deposits, but you can’t deposit via credit card. Also, you can only deposit ZAR (South African Rand). So, if you for any reason would prefer to deposit to your choice of trading platform via your credit card, or through any other fiat currency then the ZAR, then you need to find another exchange. Don’t worry though, you can find an exchange that accept credit card deposits and other fiat currencies simply by using our Exchange Finder tool.

However, as ChainEX at all accepts fiat currency deposits, it qualifies as an “entry-level exchange” where new investors can take their first steps into the thrilling crypto world.