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Orionx Review - is it scam or safe?

Orionx Review - is orionx.com scam or good crypto exchange?

RATING: 2 / 0 REVIEWS Orionx
Orionx is not regulated. We cannot guarantee your money is safe.

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Trading Accounts & Conditions

 

Account type Leverage Taker fees Maker Fees* Withdrawal fees
Standard N/A 0.15% - 0.29% 0.07% - 0.21% $350 CLP / 0,000736 BTC

 

*Trading fees vary based on the user’s trading volumes.

 

Orionx is a Chilean Cryptocurrency Exchange that focuses on trading digital assets against the local fiat currency (CLP). Coin-to-coin trading is also available.

 

As most similar entry-level exchanges, it requires ID verification for deposit and withdrawal of “traditional” money, and does not allow margin trading.

 

 

Orionx Advantages

 

Solid number of altcoins

Users of Orionx can trade in Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Dash, as well as two Chilean coins - Luka (LUK) and Chancecoin (CHA). Although many exchanges offer a wider selection of altcoins, we still consider the offering of Orionx solid, as it is an entry-level service. Beginners usually search for a place where they can easily buy some of the most popular digital assets easy and instantly.

 

Fiat currency, bank transfer supported (CLP)

Orionx works with Chilean pesos and has partnered with the local Banco Estado to enable bank wire transfers from and to the exchange. This makes Orionx very user friendly and easily accessible for local crypto-investors.

 

Nice platform

The web-based platform provided by Orionx is simple and nicely designed. Apart from the order book and trading history, it has good charting with some technical analysis indicators and a market depth window option. Here is a preview:

 

 

No deposit, low withdrawal fees

This exchange does not charge any fees for deposits and withdrawal fees are comparatively low - $350 CLP (~ USD 0.58) or 0,000736 BTC. Keep in mind that probably the bank will also charge some fees on transfers in fiat.

 

Relatively competitive trading fees

Although the maximum taker fees are slightly above the average for the industry, we could say that trading fees of Orionx are competitive. By comparison, CryptoMarket (CryptoMKT), another Chilean crypto-exchange, charges 0.35% - 0.70% per trade.

 


Orionx Disadvantages

 

Only Chileans accepted as clients

Currently, the services of this exchange are available only for locals. Besides, in order to deposit or withdraw fiat, one needs to have an account with the Chilean Banco Estado. Unlike most exchanges which are globally oriented, Orionx targets a very small group of investors.

 

The exchange plans to expand its services to other Latin American countries (Argentina, Brasil, Ecuador, México, Paraguay, Uruguay, Venezuela, Perú, Colombia, Panamá), as well as US, and Canada.

 

No margin trading

As we mentioned in the beginning, leveraged trading is not an option at Orionx. If you wish to trade in cryptos with margin, you can either choose a major crypto exchange that offers such (Kraken, Ploniex, Quoine), or sign up with a forex broker. The latter also offer trading in digital assets in the form of CFDs and almost all of them provide l;everage.

 

 

>> Bitcoin margin trading with a FX broker <<

 

 

Limited payment methods

The only payment method available at Orionx is bank wire and it only works with one Chilean bank, which will probably not suit a lot of investors. Besides, BancoEstado has recently announced that it plans to close the accounts of several local trading platforms. If you would rather use your credit card to trade in cryptocurencies, check out the link below.

 

 

>> Crypto-exchanges working with credit cards <<

 

Conclusion

 

The website Orionx.com (previously Orionx.io ) and platform of Orinx is available only in Spanish. It is an entry-level crypto service that offers trading in the most popular digital assets (as well as two less popular Chilean coins) against Chilean pesos. Nonetheless, crypto-to-crypto trading is also an option and the trading fees are rather competitive.

 

As a locally specialized exchange, Orionx is only available for Chileans. Other Latin American exchanges are more globally oriented. For example, CryptoMarket offers trading against ARS, BRL, CLP and EUR. Buda.com, another Chilean exchange, also services traders in Colombia and Peru.

 

Orionx.com is operated by ORIONX SpA, a Chilean company, which is not licensed, nor monitored by any authority. In case you prefer trading with a licensed entity, we’d like to remind you that you can also do that with forex brokers, some of which are tightly regulated.

 

>> Licensed brokers with which to trade BTC <<

 

 

Here are, once again, the strong and weak sides about his exchange:

 

Pros

Cons

Low fees

Only Chileans accepted as clients

Solid number of coins offered

No margin trading

Fiat, bank transfer supported (CLP)

Limited payment methods

No deposit, low withdrawal fees

 

Relatively competitive trading fees

 

Nice platform

 

 

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Traders` reviews for Orionx

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