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Liquid cryptocurrency exchange review

Trade dozens of digital currencies with crypto or SGD on a new platform that’s more familiar than you might think.

If you’re searching for an exchange where you can buy cryptocurrency with either Singapore dollars or other digital currencies, Liquid is well worth a closer look. Launched in September 2018, this new platform was formed from two existing exchanges – Quoinex and Qryptos.

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Fiat currencies

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Cryptocurrencies

Details

Product Name Liquid Cryptocurrency Exchange & Margin Trading
Fiat Currencies USD, JPY, EUR, SGD, AUD, HKD
Cryptocurrencies BTC, ETH, XRP, BCH, CEL, TRX, DOT, MTL, LTC, XLM & 110+ more
Deposit Methods Bank transfer
SEPA
Trading Fee Maker: 0.0000%
Taker: 0.0150%-0.1500%
Deposit Fees None
Withdrawal Fees Cryptocurrency: Fees vary
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 Liquid?

Liquid is an online cryptocurrency exchange where you can trade a wide range of fiat/crypto and crypto/crypto currency pairs. Its World Book order book combines a global network of liquidity sources in order to provide access to a higher level of liquidity and better price matching.

The site also offers Liquid Margin, where you can trade with up to 25x leverage, and has its own utility token known as QASH. You can use QASH to pay for services on Liquid, and at the time of writing (September 2018), it was soon to undergo a rebrand to become Liquid Token (LQD).

Liquid’s parent company, Quoine, is headquartered in Tokyo and is licensed by the Japanese Financial Services Agency. Quoine was founded in 2014 and launched Quoinex, a fiat-to-crypto trading platform, in the same year.

In 2017, the company launched a crypto-to-crypto exchange known as Qryptos, and in the 12 months to July 2018, the two platforms handled a combined total of more than US$50 billion in transactions.

In September 2018, Liquid was formed from the amalgamation of Quoinex and Qryptos.

Which cryptocurrencies can I buy/sell?

Liquid lists dozens of cryptocurrencies on its trading platform, so there’s not enough space to include them all here. However, some of the currencies you can buy and sell on Liquid include the following:

  • Bitcoin
  • Ethereum
  • XRP
  • Bitcoin Cash
  • Litecoin
  • Stellar Lumens
  • NEO
  • NEM
  • Ethereum Classic
  • Qtum
  • Electroneum
  • Fusion
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Available countries

Liquid offers its services to users worldwide, with the exception of the following countries:

  • Congo
  • Eritrea
  • Ethiopia
  • Iran
  • Iraq
  • Libya
  • North Korea
  • Serbia
  • Somalia
  • South Sudan
  • Sri Lanka
  • Sudan
  • Syria
  • Trinidad and Tobago
  • Tunisia
  • Vanuatu
  • Yemen

In addition, if you reside in the United States, you can’t trade fiat pairs on the platform. If you’re a Japanese resident, you can only access currency pairs and services that are approved by the Japanese Financial Services Agency.

Which payment methods are accepted?

Liquid accepts cryptocurrency transfers as well as fiat deposits in the following fiat currencies:

  • Japanese yen (JPY)
  • US dollars (USD)
  • Euros (EUR)
  • Australian dollars (AUD)
  • Singapore dollars (SGD)
  • Hong Kong dollars (HKD)
  • Philippine Peso (PHP)

To make a deposit, you’ll need to link your bank account to your Liquid account. The payment processor that handles the deposit varies depending on the currency you’re using:

  • USD, AUD, SGD, EUR: Swapforex
  • JPY: SBI Japan
  • EUR (for deposits within SEPA): UAB Mistertango

How much will it cost me to use Liquid?

There are three types of fees you need to be aware of when using Liquid: deposit fees, trading fees and withdrawal fees.

Deposit fees

Liquid does not impose any fees on fiat or crypto deposits. However, please be aware that your bank or payment processor may charge a fee when you deposit funds.

Trading fees

Crypto/fiat pairs have no trading fees.

Crypto/crypto pairs have the following fees:

    • Maker: 0.00-0.30%
    • Taker: 0.06-0.30%

In addition, if you pay your trading fee with QASH, a 50% discount applies to crypto/crypto pairs for market takers.

Finally, if you’re placing a margin trade, a 0.05% fee applies to all crypto/crypto and crypto/fiat pairs.

Withdrawal fees

Liquid charges varied fees for crypto withdrawals.

However, the following fees apply to fiat currency withdrawals:

  • USD: USD$15
  • SGD: SGD$15
  • EUR: EUR€15
  • AUD: AUD$15
  • JPY: JPY¥1500
  • HKD: HKD$100

Please note that payment processor charges also apply as follows:

  • Swapforex: US$35.25 equivalent per transaction
  • UAB Mistertango (SEPA payments only): EUR€0.99 per transaction or zero if the beneficiary account is held at UAB Mistertango

How fast will my funds be available?

According to Liquid’s Trading Rules document, fiat withdrawals generally take three banking days while the withdrawal of digital assets generally takes two business days from the date of the request. This wait time is quite a long one for crypto withdrawals, so make sure you’re aware of it before you start trading.

Are there any transaction limits?

A combined trading limit of 500 BTC (or equivalent) per hour for market takers and spot trades/leveraged trades applies. You also won’t be able to withdraw any funds from your Liquid account until you have uploaded proof of ID.

Is it safe to use Liquid?

Quoine is licensed by the Japanese Financial Services Agency and has implemented a range of anti-money laundering and security measures to protect user funds. These include the following:

  • ID verification required before you can start trading (you’ll need to provide government-issued ID, proof of address and a selfie)
  • 100% cold wallet storage of crypto assets
  • Mandatory 2-factor authentication for all users
  • Crypto withdrawal address whitelist
  • No API withdrawals
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Customer support

If you have any problems with your account or even a specific transaction, Liquid’s online support centre contains several guides and answers to a wide range of FAQs.

If you need further assistance, you can open a live chat window to start a conversation with the Liquid support team.

Pros and cons

Pros

  • User-friendly interface
  • Access to an extensive range of fiat/crypto and crypto/crypto trading pairs
  • Very competitive trading fees, including a rebate for market makers on crypto/crypto pairs
  • Good range of security features
  • Leverage trading also available

Cons

  • Slow withdrawal times
  • Withdrawal costs (including payment processor fees) can be expensive

Compare Liquid against other exchanges

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US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
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Independent Reserve Exchange
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Liquid Cryptocurrency Exchange & Margin Trading
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USD, JPY, EUR, SGD, AUD, HKD

125
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Promo: Get 10% off your trading fees. T&Cs apply.
Disclaimer: Highly volatile investment product. Your capital is at risk.
Liquid is a unified, globally-sourced trading platform that bridges the worlds of fiat and crypto.
Tokenize Xchange
Tokenize Xchange
Bank transfer, Xfers
SGD

66
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FINDER EXCLUSIVE: Get 2 TKX when you sign up and deposit a minimum of 500 SGD. T&Cs apply.
Top up your credit and debit card for free on Tokenize 3.0. Valid till 30 September 2021. T&Cs apply.
Trade 70+ cryptocurrencies with SGD and earn interest by staking coins on this robust platform.
Gemini Cryptocurrency Exchange
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41
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Trade bitcoin, Ethereum and more at a US-based exchange where payments can be made in USD.
Wirex Cryptocurrency Exchange
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Credit card, Cryptocurrency, Debit card, Bank transfer (SEPA), SWIFT
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KuCoin Cryptocurrency Exchange
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Finder Exclusive: Get up to 10 USDT in trading fee rebates for signing up and making a deposit, and up to 30 USDT in trading fee rebates after buying with fiat. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Bittrex Global
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Coinbase Digital Currency Exchange
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71
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Buy and sell major cryptocurrencies on one of the world's most renowned cryptocurrency exchanges.
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Next steps

Compare Liquid’s features with those offered by a range of other leading crypto exchanges. If you then decide that you’d like to start trading on Liquid, visit the Liquid website to sign up for an account.

To register, click the “Sign up” link and select your country of residence. You can then provide your email address, create a password and enter your full name. As 2-factor authentication is a mandatory requirement, you’ll need to set this up before you can start trading.

FAQs

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.

Disclosure: At time of writing, the author holds ADA, ICX, IOTA and XLM.

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