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Binaryx review

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

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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?

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.

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 South Africa?

Binaryx is available globally, including in South Africa.

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 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.

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 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 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 atypical fiat currencies like RUB and UAH
  • Flat fee structure

Cons

  • Limited range of cryptocurrencies
  • Doesn’t support ZAR directly
  • Anti-anonymity KYC measures

Compare Binaryx against other exchanges

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Binance Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

314
cryptocurrencies

Promo: New users earn up to USD 100 in bonus rewards on qualified deposits and trades. Valid till 31 December 2021. T&Cs apply.
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Wirex Cryptocurrency Exchange
Wirex Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Bank transfer (SEPA), SWIFT
EUR, GBP, CAD, CZK, HUF, PLN, RON, HRK, USD

29
cryptocurrencies

Get a Welcome Bonus of USD 15 in WXT when you sign up with Wirex through Finder. T&Cs apply.
Spend a range of cryptocurrencies anywhere Visa is accepted with the Wirex Crypto Card and earn rewards.
Bittrex Global
Bank transfer, Credit card, Cryptocurrency, Debit card
USD

280
cryptocurrencies

Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
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What’s next?

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.

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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