Digax
Comisiones de intercambio
Métodos de depósito
UPDATE 12 July 2019: The platform is currently undergoing manitenance and has been undergoing maintenance since early May. We have not received any information as to when it will open again. We will post here as soon as we do receive any such information.
UPDATE 31 March 2020: This exchange is still under maintenance, according to the above information on its website. We think it is simply because they don't want to admit that the exchange will never open up again. Maintenance for more than 8 months is simply not feasible. Accordingly, we have marked the exchange as "dead" and moved it to our Exchange Graveyard.
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Digax Review
Digax is a cryptocurrency exchange from the United Kingdom.
Digax has recently evolved from being a digital asset exchange to being what they refer to as a “digital asset company”. They direct their offering to both sophisticated retail and institutional customers.
Digax takes “every measure to prevent fraud and be fully compliant with KYC and AML regulations” for trading of digital assets. This means that the exchange has made the trading platform available to jurisdictions where they are confident in the regulatory status surrounding the trading of cryptoassets. USA, however, is not one of those jurisdictions. Accordingly, Digax doesn’t allow US-investors. If you’re a US-investor desperately looking for somewhere to trade, don’t despair! Use our Exchange Finder to find out which alternatives you have.
Digax 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 cryptocurrency 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 ascertain that it feels right to you. The below is a picture of the trading view at Digax, when you are not signed in:
Digax Fees
Digax Trading fees
This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. Their flat fee is 0.20% which is slightly below the global industry average (arguably around 0.25%).
It should be noted here that many exchanges have trading fees that are reduced as volumes are increased, meaning that you are incentivized to trade in higher volumes. This applies also to Digax. At Digax, you can trade with a fee as low as 0.02% (if your trading volume on a 30-day average is above 500 BTC, today corresponding to approx. USD 1.8 million).
Digax Withdrawal fees
This exchange has a percentage based withdrawal fee, meaning that they charge you a percentage of the withdrawn amount when you withdraw. Their percentage charged is 0.10%. The exchange calls this a service fee. It is worth keeping in mind here that the exchange also works with a manual withdrawal approval policy. This means that someone at the exchange approves withdrawals everyday at 14:00 (UTC).
In addition to the service fee, they also charge regular fixed withdrawal fees (current level is 0.0005 BTC).
Having a percentage based withdrawal fee model is unusual, but it is not unheard of. Most exchanges only have a fixed withdrawal fee, regardless of the size of the withdrawn amount.
With the fee model that this exchange has, when you withdraw small amounts, it is beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.00001 BTC (extremely low). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.01 BTC (extremely high). Please consider whether this withdrawal fee suits your own trading or not.
Reason for “double” withdrawal fees
One might wonder, how come that Digax has both a percentage based withdrawal fee and a fixed withdrawal fee? Is there any justification for this double fee charging? According to the exchange itself, the justification is to “facilitate [their] world class 100% cold storage solution. Users deposit directly into cold storage.”
To our knowledge, no other exchange has 100% cold storage so this does sound innovative indeed if it’s true. We’ll leave it up to you to decide whether this security aspect outweighs the disadvantage of the double withdrawal fee.
Deposit Methods
Digax recently announced that they now accept fiat currency deposits:
You can deposit GBP via something called “UK Faster Payments”. The minimum deposit is GBP 25 but there is no deposit fee. This is a very interesting feature of the Digax exchange and also places the exchange in the category “entry-level exchanges”.