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SouthXChange Review - is it scam or safe?

SouthXChange Review - is southxchange.com scam or good cryptocurrency exchange?

RATING: 2.3 / 2 REVIEWS SouthXChange

RECOMMENDED BITCOIN BROKERS


Trading Accounts

   

Account type Leverage Trading fee Withdrawal Fee
Standard N/A 0.20% 0.15% BTC (Min: 0.00095000) / 0.20 USD

 

SouthXChange is a relatively small Argentinian cryptocurrency exchange which offers a lot of altcoins, which can be traded against one another, in addition to US dollar. So, the exchange is also suitable for those who are looking to purchase some digital assets with traditional “fiat” currencies, or cash out their Bitcoins in USD. Also, its pricing is good, but we cannot say the same for the liquidity on most pairs at SouthXChange.

 

Like most exchanges, this one also uses Two Factor Authentication (2FA) in order to ensure the security of its clients’ accounts.

 

SouthXChange Advantages

 

Many altcoins offered

The main selling point of SouthXChange is the fact that it offers a lot of coins. In addition to the popular Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dash, etc., there are also more exotic coins at the exchange, like NuBits (USNBT), Pesetacoin (PTC) and others.

 

Fiat currency (USD)

Apart from the extensive coin offering, SouthXChange supports the most popular fiat currency – US dollar. This makes the services offered by the exchange more accessible to beginner traders, as it accepts cash payments.

 

Competitive fees

The flat fee of 0.20% per trade, charged by this exchange is in-line with the current state of the industry. This is rather impressive, given the number of altcoins offered, and the fact that a lot of companies apply higher transaction fees for altcoin trading. 

 

Besides, SouthXChange does not charge deposits, only some fees on withdrawals. However, PayPal deposits are charged with a salty fee of 10%.

 

Wallet service available

Although this is not an obligatory part of a crypto-exchange’s offering, it is a convenient solution. 

 

Relatively nice platform

Like most exchanges, this one offers a web-bases trading platform that is nicely arranged and has a functional order book, basic charting, a Chat box, and Recent trades window. The trading pairs are arranged into 5 categories: traded against BCH, BTC, LTC, USD and USNBT. There is also a dice option. Here is a preview:

 

 

SouthXChange’s platform. Click to zoom-in.

 

SouthXChange Disadvantages

  

No margin trading

Users of SouthXChange are unable to borrow investment from the company for margin trading in digital coins. In case you are interested in the speculative trading in Bitcoin with some leverage, trading with a forex broker, like HYCM, or IG, might be a good alternative.

 

>>Trading Bitcoin with leverage<< 

 

If you are not familiar with CFD trading, be sure to check our brief explanation

 

Poor charting

Although we find the platform offered by SouthXChange relatively enjoyable, it lacks advanced charting with technical analysis indicators and so on.

 

Low liquidity

It looks like trading volumes on most pairs at SouthXChange are not very impressive, whis means that liquidity is low.

 

Conclusion

 

Launched February 2015, SouthXChange is an exchange that has rather extensive cryptocurrencies portfolio, and also supports trading against USD. Besides, its pricing seems really good. What bothers us with SouthXChange is the low liquidity on many of the trading pairs, and the poor charting on its otherwise pleasant platform. Like most similar venues, the exchange does not offer trading on margin and is not regulated.

 

According to the information on its website, SouthXChange is operated by Argentina-based company PRO-Systems and that’s all we know.  In case you are looking to trade crypto-currencies in an easier and safer environment, some forex brokers may be a decent option. Here is a list of the well-regulated brokers, offering Bitcoin CFDs.

 

>>Regulated Bitcoin forex brokers<<

 

Here is a summary of the pros and cons with regards to SouthXChange:

 

 Pros

 Cons

 Many coins available

 No leverage available

 Fiat currency (USD) supported

 Low liquidity

 Competitive fees

 Poor charting

 Wallet service

 

 Relatively nice platform

 

 

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Traders` reviews for SouthXChange

Spread

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Slippage

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Price feed

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Platform

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Deposit/Withdraw

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Summary

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Deposit fee

Please amend this review as they charge a 10 percent fee for deposits with PayPal!

Simon 01/10/2018

Southxchange review

have used these 24/12/2017 to convert bitcoin cash to verge. No problems so far. Can not vouch for putting dollars to the exchange, but did what I need so cannot complain. Interface takes a bit of getting used( could be made more newbie friendly) but O.K.

Ray R. 12/24/2017
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