Belfrics

Belfrics Review

What is Belfrics?

Belfrics is a centralized cryptocurrency exchange based in Malaysia. It has been active since 2017. The exchange offer trading in a small number of cryptocurrencies, so if you’re looking for a newer or more exotic altcoin, you will not find it here.

Belfrics Advantages

The exchange highlights six things as the main reasons to trade at the Belfrics-platform:

Let’s break these down. Safety/stability is naturally very important, so that could be a reason to trade here. As for the coin support, on the date of the last update of this review (9 June 2019), the exchange doesn’t even support a dozen cryptocurrencies, so that’s not really an advantage. Liquiditywise, we have not been able to verify any trading volume numbers, so we can’t verify if the liquidity really is an advantage here or not. The statement that all devices are covered is true also for most other cryptocurrency exchanges as well, so not really a great advantage.

Global presence shouldn’t make much difference to a prospective trader, seeing as cryptocurrency trading is global in its nature. Finally, that it is a “most compliant exchange” is of course good, but when choosing between this exchange and another exchange, people tend to care more about customer support and trading engine speed than the exchange’s compliance in relation to its regulators. All in all, these advantages are not particularly convincing to us.

US-investors

Belfrics does not explicitly prohibit US-investors from trading on its exchange. In any event, all US-investors should still perform their own analysis of whether their home state imposes any legal obstacles to them trading at any of the top crypto exchanges that could be the best cryptocurrency exchange site for them.

Belfrics 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 Belfrics:

Belfrics Fees

Belfrics 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.

Belfrics' trading fees for takers are 1.00%. This fee is way above the global industry average. The industry average taker fee is 0.217% according to our empirical study on the subject, so Belfrics is more than 4x that. They do have lower maker fees though (0.50%), so a 50% discount there, but this is relatively speaking still very high. Industry average maker fee level according to our study is at 0.164%. 

To summarize, on the trading fees, Belfrics does not have a competitive offering.

Belfrics Withdrawal fees

Belfrics charges a withdrawal fee of 0.0008 BTC per BTC-withdrawal. This fee is a bit above the industry average. The current global industry average is arguably around 0.0006 BTC per BTC-withdrawal. 

Deposit Methods

Belfrics offers wire transfer as a deposit method, but credit cards are not a permitted deposit method. This might of course be disadvantageous if you would prefer to use your credit card for any reason.