TimeX

TimeX Review

What is TimeX?

TimeX is a cryptocurrency exchange from the land down under (Australia), and it launched in July 2019.

Supported Cryptos

The platform supports trading in the largest cryptos out there: Bitcoin, Litecoin, Dai, Ethereum, Tether, Ripple etc. They also offer trading in a few more exotic altcoins.

Fast, Safe and Convenient

The platform markets itself as fast, safe and convenient. It has a stylish design and looks really sharp.

Affiliate Program

TimeX also has a very generous affiliate program. Through the affiliate program, you can invite your friends to start an account at the exchange. If they accept, and do start such an account, you will receive a reward from the exchange. Your reward can be up to 80% of all the trading fees your invited friends have generated for the exchange. This is an unusually high percentage - it's actually the highest we have ever heard of!

TimeX Fees

TimeX 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 are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own. 

The trading fees for takers here are 0.50%. This fee is roughly double the industry average, which is arguably around 0.20% – 0.25% (or even lower nowadays). Makers, however, pay 0.25% which is more in line with the industry average trading fees (but still above it).

All in all, trading fees here are high.

TimeX Withdrawal fees

We have not been able to find any info on this exchange’s withdrawal fees either. The same warning as we made above under TimeX Trading fees is made also with respect to the withdrawal fees. 

TimeX 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. This is the trading view at TimeX:

It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.

Deposit Methods and US-investors

Deposit Methods

In addition to depositing cryptocurrency to the platform, TimeX 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, TimeX 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.

It is unclear whether TimeX permits US investors or not. We have read their Terms and Conditions and have not found an explicit prohibition of US investors. We urge any US investors to form their own opinion on the permissibility of their trading at TimeX though.