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FEX (fexpro.io) Review - is it scam or safe?

FEX Review - Is fexpro.io scam or safe cryptocurrency exchange?

RATING: 3 / 1 REVIEWS FEX (fexpro.io)

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1 0.20% 0.20% Crypto only: Free


FEX (which operates the domain fexpro.io) is a cryptocurrency exchange, based in Hong Kong. At the time of writing, this is a very new project, which is by no means in its final state (then again no company in the field is at this point in time).Their main target market is China and the trading volumes are quickly racking up. In this review, we will cover the pros and cons of FEX and see if it is worth your time, even if you are not Chinese.


FEX Advantages


Company background provided – FEX gives a physical address of the company. As we have stated in other reviews, this may not seem like a lot, but it’s definitely something, when you are dealing with a totally unregulated sphere,


Fees in line with the industry – the costs of trading at FEX are definitely one of the contributing factors for the popularity of the exchange. With most pairs being charged the “standard” 0.20%, this is an attractive venue. We must mention some of the more exotic coins have slightly higher fees. Here is the full breakdown:



The fees at Fexpro.io


Ok trading interface
– the web based platform at FEX is relatively nice. While we have seen better ones, there are a lot of much worse ways to present the trading environment. The carts aren’t top tier, but are decent. Our biggest concern will have to be the fact one must scroll a bit to see all the information, when accessing the exchange on a wide-screen PC. Here is the preview:



How trading ios done at FEX (click to zoom in)


Expanding list of altcoins
– as we mentioned in the beginning this is a new exchange. That being said, the number of tradable coins is increasing. At the time of writing the supported cryptocurrencies are: BTC, ETH, BCH, LTC, EOS, DASH, PIVX, XVG, SC, ETC, DOGE, DGD, ZIL, RUFF and USDT. Trading is done against BTC, ETH and USDT.


Frequent news updates – by this we don’t simply mean the exchange posts updates on new coins to be added, server maintenance and so on. FEX has a dedicated news team, which posts global developments in the world of crypto. While the frequency of posts isn’t as high as the one on specialized news websites, this shows serious dedication.


FEX Disadvantages


Very young project – FEX is only several months old at the time of writing. The volumes which they have attracted in that period of time is rather impressive. Still, as is the case with every new company, they will need some time to be truly proven.


No way of depositing fiat
– this is a purely crypto-to-crypto exchange (if you don’t count the addition of USDT). This is totally fine, but it simply means a newcomer to the world of crypto will have to go through another venue first. This is what we call an “entry level exchange” in our reviews.


>>How to get into cryptocurrencies?<<


USD Tether traded
-  this is a token which represents one US dollar and is commonly used on exchanges who don’t want to deal with the banking system. A lot of experts have expressed concerns, the company behind USDT doesn’t have enough money to actually back the full amount of coins created. We would avoid holding this token for a long period of time.


Leverage isn’t provided
– while the volatility in cryptocurrencies can be enough for most traders, some will still probably enjoy “gearing up” a bit. Most exchanges don’t provide this functionality, but luckily some forex brokers do.


 >>Bitcoin trading with leverage<<


This is a service which only allows you to speculate with the price of a given coin, without granting you actual ownership. It is called CFD (Contract for Difference) trading and is a well-established technology – most people trade gold and oil in a similar manner. Be sure to check our comparison of exchanges and forex brokers, before deciding which is right for your needs.


Targeting China
– While FEX seems usable from an English speaking user, this is still a mostly Eastern exchange. The English translation of the website isn’t 100% complete and we haven’t tested the support.


No user reviews
– this is somewhat expected, given the previous point. The culture of using internet in China is very different from the one most users in the West are used to.


Conclusion


FEX (or fexpro.io) is a crypto-to-crypto exchange operating out of Hong Kong and mostly targeting the Chinese audience. Despite being a new player on the block, their trading volumes are quickly growing. The trading environment looks very decent, but if you are not Chinese, you will probably find an exchange to better suite your needs.


With that in mind, the world of cryptocurrencies is still pretty much unregulated, with a lot of scams running. Those who would prefer trading the interesting market dynamics from a much safer environment, should take a look at some of the forex brokers who provide crypto-CFDs.


>>Regulated Bitcoin forex brokers<<


The pros and cons of FEX:

Pros Cons
Company background provided Very young project
Fees in line with the industry No way of depositing fiat
Ok trading interface USD Tether traded
Expanding list of altcoins Leverage isn’t provided
Frequent news updates Targeting China

 

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Traders` reviews for FEX (fexpro.io)

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Fexpro.io is obviously an unethical exchange

This is obviously an unethical exchange! Volumes are obviously faked. I see my limit orders on Bittrex pop up in their orderbook. Maybe someone doing arbitrage you think? Well, it popped up almost instantly and there's no private API. Tells me they're doing their own arbitrage! Also, the transactions are all long decimal numbers, WITH NO API! So no one who entered an order used a number with no (or few) decimals?! Whoever designed this bogus exchange can't even remotely hide what a scam it is, although somehow the author didn't pick it up. Makes you wonder????

c-muf 06/03/2018
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