Tokenize Xchange review
Trade 80+ cryptocurrencies with SGD on this Singapore-based digital assets exchange.
- Wide range of established and emerging tokens
- Not so great for its lack of transparency
Check out our full list of pros and cons or read on.
|Product Name||Tokenize Xchange|
|Cryptocurrencies||BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, NEO, OMG & 79+ more|
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What is Tokenize?
Launched in 2018, Tokenize is a Singapore-based digital currency exchange that offers convenient trading of a variety of cryptocurrencies with either SGD or USD. Its robust online platform and mobile app cater to traders of all experience levels, facilitating smooth and secure trading 24/7.
As of February 2022, it holds over 200,000 investors’ accounts and even offers the opportunity for clients to earn monthly interest on their digital assets through its Crypto Earn programme.
What fiat and cryptocurrencies are supported?
Customers can purchase digital assets with both the Singapore dollar (SGD) and US dollar (UGD) on Tokenize.
- Supported fiat currencies: SGD
- Supported cryptocurrencies: Approximately 89 cryptocurrencies
Which payment methods are accepted?
Tokenize supports common payment methods, including Xfers, bank transfer and credit/debit cards. Available methods depend on the currency you are transferring and will be shown to you on the deposits page once you select your currency.
What’s it like to use Tokenize?
There are 3 membership tiers within Tokenize Xchange: Normal, Premium and Platinum.
All users are automatically assigned the fee-free basic account (Normal). However, they can upgrade to a Premium or Platinum membership to enjoy incentives such as reduced fees and higher APY on Crypto Earn by paying and staking Tokenize Xchange emblem – TKX.
Here’s an overview of Tokenize Xchange’s membership pricing, as of February 2022:
|Premium||Pay 20 TKX per year|
|Platinum||Pay 80 TKX + stake an additional 720 TKX per year|
Tokenize fees and limits
For a full breakdown of fees, please see Tokenize’s website.
Tokenize Crypto Earn programme
Tokenize Crypto Earn is an interest-bearing programme that offers users the opportunity to build wealth by staking their cryptocurrencies for at least 30 days, with up to 12% APY.
This means that instead of simply holding your crypto on exchanges or wallets, clients can opt to safely deposit their digital assets in a separate Tokenize Crypto Earn account to accrue monthly interest, which will be in the form of the tokens staked.
How to enrol in the Tokenize Crypto Earn programme
Here is a step-by-step guide on how you can stake your digital assets for interest:
- Log in to your Tokenize account. Select “Earn” from your dashboard and click on “Crypto Earn“.
- Scroll to the full list of coins listed under “Product“.
- Toggle between “Without 100 TKX Staking” and “With 100 TKX Staking” to view the Annual Yield (%) for the various coins.
- Click on “Stake” (highlighted in orange) on the extreme right column under Action.
- A confirmation pop-up will appear for you to enter the number of coins you wish to stake. Read the terms carefully and click on the “Confirm” button to proceed.
- You may view your staked tokens under “Your staking” (located on the top of the Crypto Earn page).
You can choose from 2 interest types:
- Non-compounding interest. Interest generated will be deposited into your main wallet (e.g. your BTC wallet) on the first week of every month.
- Compound interest. With this option, the interest generated will be added onto the staked amount instead of going into the main token wallet (e.g. your BTC wallet). This allows your interest to roll on with the next interest payment. You can only select this option at the start of each deposit upon clicking “Stake“.
How do I create an account at Tokenize Xchange?
Is Tokenize Xchange safe to use?
- Regulation. Tokenize conducts regular self-assessments to ensure compliance with the PSA and other guidelines issued by the Monetary Authority of Singapore (MAS), including the Notice on Cyber Hygiene and Technology Risk Management Guidelines.
- Verification. To comply with existing rules on know your customer (KYC) and AML/CTF that are set out by the Monetary Authority of Singapore, full identity verification is required before users can start trading on Tokenize.
- Security. Tokenize Xchange is equipped with integrated layers of security enhancement, including 2-factor authentication (2FA) and compulsory address whitelisting to prevent malicious activities. It also partners with reputable third-party service providers and maintains a multi-signature cold wallet under Bitgo custodial solutions for its users’ digital assets.
- Insurance coverage. Tokenize Xchange is backed by Bitgo’s digital asset insurance coverage.
Compared to other local exchanges such as Coinhako and Binance Singapore, Tokenize Xchange offers a wider variety of cryptocurrencies that can be traded with Singapore dollars. This is ideal if you’re looking to diversify your portfolio with “rarer” altcoins since you can purchase them directly instead of making multiple trades and transfers across various exchanges.
Tokenize Xchange also allows you to place limit orders, which is a feature that’s currently unavailable on Coinhako. On top of that, you can also stake the digital assets you’re holding in your Tokenize account to earn monthly interest.
However, if you want a fully featured cryptocurrency exchange with more advanced features such as lending or pooled mining, you may want to look at some of the other options available.
Pros and cons
- Wide range of altcoins. Tokenize offers access to over 80 cryptocurrencies that can be traded directly from SGD, which range from popular tokens (e.g. BTC and ETH) to rarer coins (e.g. SLP and SRM).
- Earn interest. Earn monthly interest at competitive APY (up to 12%) on 31 different cryptocurrencies.
- Low withdrawal fees. It’ll only cost a nominal fee of 0.55% (imposed by Xfers) to withdraw SGD from Tokenize Xchange to your bank account. This fee is waived for Premium and Platinum members.
- Intuitive mobile app. Tokenize Xchange offers a user-friendly mobile app for easy portfolio management and on-the-go trading.
- Minimum term for Crypto Earn. If you’re on the Normal membership tier, your digital assets will be locked up for at least 30 days.
- Lack of transparency. According to Data provider Nomics, Tokenize Xchange is rated “Poor” for transparency and trading volume due to its non-historical ticker information.
- Unclear security measures and precautions. Tokenize Xchange indicated on its website that it has multiple security measures in place and offers assurance that client funds will not be used for unlawful purposes. However, the exchange did not disclose more details regarding these efforts.
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