de | cn | ru

Trustdex Review - is it scam or safe?

Trustdex Review - is trustdex.io scam or cryptocurrency exchange?

RATING: 2.8 / 1 REVIEWS Trustdex

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1

0.25% for BTC, 0.5% for altcoins*

 *For leveraged trading Trustdex charges a Rollover fee of 0.03% and a Close fee of (0.25%+ Rollver fee)x Margin trading day.

 

Trustdex is a cryptocurrency exchange whose main focus is on Vietnam and expansion in Asia, but says it offers its services in 99% of the countries across the world. Trustdex is a crypto exchange service of the UK-registered company TrustPay Ltd. The company was incorporated in September 2017 by a Vietnamese citizen, as per the Companies House registry.

 

Trustdex offers spot on the following cryptocurrencies: Bitcoin, Tether and Ether for VND and Bitcoin for USD. Allegedly, the exchange also offers leveraged trading, but we could not find any details, except the fees charged by Trustdex.

 

Additionally, the company offers peer-to-peer Bitcoin lending, with interest rates from 1% per month and hosts initial coin offerings (ICO). At the time of writing of this article, there was one ICO – of a Seychelles-based company.

 

Trustdex also offers a Visa co-branded debit card, called Trust Card that can be used for real-time cryptocurrency conversion and payments, as well as an e-wallet and a mobile application.

 

The main players on the Vietnamese cryptocurrency markets are the local exchange VBTC and the Quoine’s brands Quoinex and Qryptos. It seems that cryptocurrency trading in the country is alive and well, even though the country’s c-bank came out with a statement in September 2017, saying that those currencies cannot be used for payment, as per some reports. According to the same publications, however, mining and trading is not forbidden.

 

 

Trustdex Advantages

 

- Convenient Payments. Perhaps the biggest advantage of Trustdex are the convenient fiat payment methods accepted by the exchange. It accepts USD payments with the credit cards Visa, MasterCard and JCB, as well as bank transfer with a minimum recommended deposit of $20. Trustdex also accepts payments transfers in Bitcoin. In VND, there are a two additional options: Napas and TrustCard. According to Trustdex’s site, two more deposit options will be added soon.

 

>> See crypto exchanges accepting credit cards <<

 

- Low Trading fees. Trustdex charges a 0.25% transfer fee for spot trading, which is not very high by the industry standard. The fees for leveraged trading are significantly higher, but we are of the impression that this option is not actually available, or at least there is no information about it in English.

 

- Simple Platform. Trustdex’s spot trading platform is a simple as it can get, which is very convenient, especially for novice traders. Additionally, Trustdex offers the option for more sophisticated trading, using charts, analysis tools and place market and limit orders. There is also the possibility to view market depth chart, view all currency pairs, get a glance at the order book in real time and track trade history. The charts are of TradingView and provide access to indicators, charting and drawing tools.

 

 

- Tiered account system. Trustdex has a tier account system, that depends on verification and turnover. The verified account (gold) has higher daily and monthly deposit limits (USD 10,000 and 100,000, respectively), while the Platinum account brings extended customer support and even higher limits. It is achievable through high trading turnover. There is also a corporate account with special conditions.

 

- TrustCard. As we have already mentioned, Trustdex offers its clients a co-branded Visa card that can be used for instant conversion of cryptocurrencies into fiat, payments and withdrawals from ATMs. There are just a few cryptocurrency exchanges that offer such cards: Coinbase is one of them.

 

- Mobile App. Trustdex has a mobile application for deposits and withdrawals, money transfers, trade history and a whole lot of other options, but not for trading.

 

- E-wallet. Trustdex offer its own e-wallet for storing and transferring of cryptocurrencies, along with a mobile application.

 

Trustdex Disadvantages

 

- No Anonymity. According to Trustdex’s terms and conditions, user verification, a.k.a KYC, is required for transactions involving fiat currencies. For the purpose, clients should provide national ID or international passport, Bank statements, utility bills. Additionally, clients must verify their cards, as required. Unverified users can only trade in cryptocurrencies for cryptocurrencies. They, however, are not allowed to make withdrawals in the first 48 hours after creating their account.

 

- No Leverage. As we have already noted several times, the situation with leveraged trading on Trustdex is somewhat unclear. There are fees, but we could not find any other conditions or options to trade on margin. There are several cryptocurrency exchanges that offer leveraged trading with clear conditions. More conveniently, there are also a lot of regulated forex brokers who offer crypto CFDs for trading on margin. This is done on the familiar trading platforms and traders who already have an account, can use it for the purpose.

 

 >> See our list of regulated bitcoin forex brokers <<

 

- No info on Security. We could not find any information about the security features offered by Trustdex. We find this a bit worrying and are not sure whether we would entrust our funds. After all, even well-protected exchanges fall prey to the hackers.

 

- Confusing Information. We have come across some conflicting information on Trusdex’s site. For example the trading fees: in several places only the 0.25% fee is mentioned, while in another section it turns out that this lower fee is for Bitcoin only and the other cryptocurrencies are with a 0.5% fee. Then there are also the coin themselves. At some point there is a mention of Litecoin as a tradable asset, but it is nowhere to be found on the platform. We strongly suspect that the reason may be inconsistencies in the translation and the Vietnamese version of the site may be more comprehensive.

 

Conclusion

 

Trustdex offers more than just cryptocurrency trading. Additionally, it also issues a debit card and offers remittance services and lists ICOs. Obviously Trustdex is mostly targeting the Vietnamese cryptocurrency traders, even though there are some major players present there already.

 

What we like the most about the exchange are the convenient payment methods and the charting and analysis tools of TradingView.

 

We do not like the fact that there is not enough security information and that we could not find anything about leveraged trading. Also, it would have been nice if the mobile application also offered a trading option.

 

Latest news about Trustdex
No news about Trustdex. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for Trustdex

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Worth giving a shot

The exchange has undergone a several improvements since this post. Looking at their stats, reviews, and the legitimation of the company as well as their strategic partners, I do believe the setbacks were just a few hiccups at the beginning (pretty common with startups). Not only do they set a clear path of development but they also take advantage of the current economy's situation to become one of the biggest exchanges in the region

Lee 01/25/2019
de | cn | ru