de | cn | ru

FreiExchange Review - is it scam or safe?

FreiExchange  Review - Is freiexchange.com scam or safe cryptocurrency exchange?

RATING: 1.5 / 1 REVIEWS FreiExchange
FreiExchange is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1 Unspecified Unspecified Crypto: Free


FreiExchange is an exchange which only facilitates altcoin trading. They are developed by a group of professionals, who are connected to a longstanding coin. We will not cover their rather idealistic project, but will stick to our typical style of review – taking an active trader’s perspective. The exchange is rather new and we found a few issues, which hopefully will be resolved in the future.


FreiExchange Advantages


Interesting project
– FreiExchange facilitates the trading of Freicoin, a rather old cyptocurrency, which had high goals since inception. The most unique features are the “demurrage fee” and the aim to create a global basic income system. Going further into the Freicoin Alliance’s ideas will not serve the purposes of this review, but feel free to check them out, if you are interested.


Experienced team – Freicoin dropped in popularity, as the developers moved on to implement important solutions for some of the major coins. That being the case, some of them have returned to the original project. This leaves us optimistic for the future of this exchange.


Altcoins supported – at the time of writing, there is a total of 24 digital assets available at FreiExchange. They are all traded against Bitcoin. Some of the more popular ones are: LTC. DOGE and ATB.


Investing in the exchange is possible – one can buy “shares”* in FreiExchange, which are then liable to receive a vast majority of the fees charged (90%). At the time of writing around 2/3 of the available “stock”* was sold out. We can’t give an educated opinion on the potential of such an investment.



* We used the quotes, as these probably don’t legally qualify as securities.

 


FreiExchange Disadvantages


Trading fees unspecified – given some of the ideas held by the FreiExchange’s team one could easily assume trading will be free of charge. However this isn’t explicitly stated and neither is an actual trading fee (unlike the withdrawal ones).


Low volumes
– another negative, which we can simply attribute to the age of this trading venue. While there are a lot of coins listed (and more will likely be added in the future), only three of them were actively traded when we reviewed FreiExchange.


No fiat currency support – this project is definitely for those who are already versed in the cryptocurrency space. Companies which accept fiat currency payments (or entry-level exchanges, as we call them) usually do so by bank transfer or credit card.


>>Exchanges accepting Credit Cards<<


Simple trading platform – the trading interface at FreiExchange will not satisfy experienced traders, but then again this was never the main idea of the project. While an API is available, the charting provided at the website is not suitable for technical analysis. Here is a screenshot:



The platform at FreiExchange (click to zoom in)


No margin trading – another factor, which we feel is a bit unfair to mention, when assessing FreiExchange. Then again, as we stated in the beginning our reviews are targeted towards newcomers to the cryptocurrency space and some of them may be willing to speculate more aggressively.


 >>Forex brokers offering Bitcoin trading<<


Forex brokers provide an interesting alternative, as some of them have CFDs on the major coins. We must mention this is a specific type of trading, which doesn’t grant you access to the actual cryptocurrency, but only allows you to profit/loose from the price action. Read the full comparison here.


1-2% withdrawal fees – while the trading fees at FreiExchange are not disclosed, the withdrawal ones are. It’s a bit unusual they are not quoted as a flat value per transfer, but as percentages. This will be beneficial for smaller traders, but will affect the bigger ones in a significant way.


Conclusion


FreiExchange is a cryptocurrency exchange, connected with the Freicoin Alliance. They have bold and interesting ideas, which were not the object of this review. The current state of the exchange, form a trader’s perspective isn’t impressive. Hopefully this will change in the future.


This project is not for everybody. If you are only looking to actively trade the major coins, you may be better off with a forex broker. Keep in mind, some of them may be dishonest (or outright scams), so you must choose carefully. Check our list of well-regulated ones, which also offer crypto-CFDs.


>>Trusted Bitcoin forex brokers<<


Here is a summary of the current state of FreiExchange:

Pros Cons
Interesting project Trading fees unspecified
Experienced team Low volumes
Investing in the exchange is possible No fiat currency support
  Simple trading platform
  No margin trading
  1-2% withdrawal fees

 

Latest news about FreiExchange
No news about FreiExchange. 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 FreiExchange

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

 

 

Please revise review of Freiexchange

Hi.
I'm using this exchange for quite some time, and they have improved from the moment, you were reviewing it. It has better charts now, new design, improved fees, and as you said - there isnt any trading fees, just small percentage fee for withdrawals. I think it deserves at least 3.5/5 if not 4/5, because also it's also a secure asset exchange - there was a few attempts to hack it and ddos, and none of them succeed.

Pet 06/23/2019
de | cn | ru