- Intuitive user interface
- Support for atypical fiat currencies like RUB and UAH
- Flat fee structure
- Limited range of cryptocurrencies
- Doesn’t support ZAR directly
- Anti-anonymity KYC measures
|Product Name||Binaryx Cryptocurrency Exchange|
|Fiat Currencies||USD, EUR, UAH, RUB, GBP|
|Cryptocurrencies||BTC, ETH, LTC, BCH, USDT, XRP, LINK, BNB & 4+ more|
Wire Transfer (SEPA)
|Deposit Fees||0.0 - 5.0%|
|Withdrawal Fees||0.0 - 2.5%|
Founded in Mar 2019, Binaryx is a cryptocurrency and digital asset exchange that offers a range of services — 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 user-centric 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.
Though primarily a crypto-to-crypto exchange, Binaryx allows users to trade the following cryptocurrencies and fiat currencies interchangeably:
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.
Binaryx is available globally, including in South Africa.
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.
Binaryx charges a US$9.99/per month subscription fee in exchange for no conversion fees and a higher crypto exchange limit of US$100,000. This is considerably cheaper than what most exchanges charge through spreads.
All transactions are also subject to a miner fee, which is set by the blockchain network.
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.
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 their workstations. They abide by the EU’s General Data Protection Regulation (GDPR) requirements, only use certified data centers and have a team of cybersecurity specialists to monitor their platform.
In addition to this, Binaryx only uses trusted payment gateways like Visa and Mastercard. They have also implemented stringent 2FA security measures for user account security.
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.
To get started with Binaryx, simply head over to their 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.
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