Binaryx crypto exchange review

Binaryx is a cryptocurrency exchange supporting a huge range of cryptocurrencies, from BTC to ETH.

Binaryx is a user-friendly crypto exchange that is suitable for both novice and advanced traders.

  • Good for its fixed fee structure
  • Not so good for its limited range of supported cryptocurrencies

5

Fiat currencies

13

Cryptocurrencies

Details

Product Name Binaryx Cryptocurrency Exchange
Fiat Currencies USD, EUR, UAH, RUB, GBP
Cryptocurrencies BTC, ETH, LTC, BCH, USDT, XRP, LINK, BNB & 4+ more
Deposit Methods Credit card
Cryptocurrency
Debit card
Wire Transfer (SEPA)
Trading Fee 0.7%
Deposit Fees 0.0 - 5.0%
Withdrawal Fees 0.0 - 2.5%
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is Binaryx?

Binaryx is a crypto exchange founded in March 2019, In addition to cryptocurrency, Binaryx also offers other digital assets including a free cryptocurrency cold wallet, digital asset academy, web trading terminal as well as a white-label service that allows you to launch your own cryptocurrency trading business.

Binaryx’s easy-to-use platform provides both crypto novices and experienced traders with a cost-effective interface to buy and sell digital assets, specifically binary options. These are contracts that allow investors to speculate on the price of digital assets, like Bitcoin.

By 2022, Binaryx aims to establish itself as a leader in the digital asset exchange industry by launching its own cryptocurrency index, a service that allows businesses to tokenise themselves and even an international banking service.

Which cryptocurrencies can I trade?

Though primarily a crypto-to-crypto exchange, Binaryx allows users to trade the following cryptocurrencies and fiat currencies interchangeably:

  • Supported fiat currencies: USD, EUR, UAH, RUB, GBP
  • Supported cryptocurrencies: Approximately 13 cryptocurrencies

If you’d like to, you can also carry out fiat-to-fiat transactions. Binaryx is also slated to introduce support for 30 other cryptocurrencies in the coming months, from BNB to LINK.

Is it available in Ireland?

Binaryx is available globally, including in Ireland.

What payment methods are accepted?

Since Binaryx facilitates both crypto and fiat exchanges, you can transfer funds into your Binaryx wallet using bank transfers (credit, debit and SEPA wire transfers) and crypto transfers.

  • Credit card
  • Cryptocurrency
  • Debit card
  • Wire Transfer (SEPA)

How much will it cost me to use Binaryx?

Binaryx doesn’t charge any fees for depositing cryptocurrency but the fees vary when depositing fiat currencies (0-5%). For example, to fund your account with euros, you’ll pay 3.2% commission. You can deposit up to €11,000 per day.

Commissions on withdrawals are a little more complicated (0-2.5%). For example, getting paid in Russian ruble will cost 2.5% in commission plus an extra 50 RUB. In Ukrainian hryvnia, it’ll cost only 0.75%. In US dollars, it’s a flat fee of 2 USD.

Each supported cryptocurrency has its own commission. For example, the commission is set at 0.0004 for BTC, 0.0035 for ETH and 0.002 for LTC.

The rate of commission for all supported cryptocurrency exchanges is 0.7%.

Withdrawal process

Withdrawals of both crypto and fiat currencies can take up to 48 hours on the Binaryx platform. The crypto withdrawal process is similar to that of other exchanges: you’ll need to input the recipient’s address and the withdrawal amount.

For fiat withdrawal, you can withdraw your money to either your debit/credit card or your bank account. You’ll need to include details like the amount, beneficial owner, IBAN account number, SWIFT or SEPA number, as well as the bank name, address and country.

Is Binaryx secure?

Binaryx has a range of security measures to protect your personal details and digital assets. Through a partnership with 10Guards, a Ukrainian ethical hacking team, Binaryx has deployed multilevel access to files, servers and its workstations. It abides by the EU’s General Data Protection Regulation (GDPR) requirements, only uses certified data centres and has a team of cybersecurity specialists to monitor its platform.

In addition to this, Binaryx only uses trusted payment gateways like Visa and Mastercard. It has also implemented stringent 2FA security measures for user account security.

Binaryx customer support

Binaryx has a comprehensive FAQ section as well as a strong community of users who help each other troubleshoot any issues they might face on the platform. Users can also contact Binaryx’s dedicated customer support team through the “Support” tab on the bottom of their page and submitting a request either via email or through Telegram, WhatsApp or Viber.

Pros and cons

Pros

  • Intuitive user interface
  • Support for exotic fiat currencies such as RUB and UAH
  • Flat fee structure

Cons

  • Limited range of cryptocurrencies
  • Anti-anonymity KYC measures

Compare Binaryx against other exchanges

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Bitpanda Cryptocurrency Exchange
Cash, Credit card, Cryptocurrency, Neteller, Bank transfer (SEPA), SOFORT
EUR, GBP, CHF, USD

83
cryptocurrencies

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eToro Cryptocurrency Trading
Bank transfer, Credit card, Debit card, Neteller, PayPal, Online banking, Skrill
EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more

31
cryptocurrencies

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Copy the trades of leading cryptocurrency investors on this unique social investment platform. $50 minimum deposit.
CoinSmart Cryptocurrency Exchange
CoinSmart Cryptocurrency Exchange
Interac e-Transfer, Bank transfer (SEPA), Wire transfer, Credit or Debit Card
CAD, EUR

9
cryptocurrencies

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What’s next?

To get started with Binaryx, simply head over to its website and click “Sign up” to create your own account. You’ll also have to complete a series of KYC measures and submit your personal details for verification before your account is created.

Once your account is created, transfer funds into your Binaryx wallet through crypto transfers of fiat transfers through the methods outlined earlier in the guide, and you’ll be able to buy and sell digital assets as you wish.

Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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