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USD-X Review - is it scam or safe?

USD-X Review - is usd-x.com scam or good cryptocurrency exchange?

RATING: 1 / 0 REVIEWS USD-X
USD-X is not regulated. We cannot guarantee your money is safe.

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Trading Accounts and Conditions

 

Account type

Leverage

Trading fee

Withdrawal fee

Standard

N/A

0.25%

0.0005 BTC /1% USD

 

As its name suggests, USD-X is a cryptocurrency exchange that offers trading in some of the most popular cryptocurrencies against US dollars (USD).

 

As most exchanges that work with fiat, this one also requires ID verification in order to trade, as the company says it implements Anti Money Laundering / Know Your Customer (AML/KYC) regulations. It also uses 2-Factor Authentication (Google) for security purposes.

 

 

USD-X Advantages

 

Relatively competitive fees

USD-X presents its charges in a clear manner, which is not the case with all crypto exchanges. It has a flat trading fee of 0.25% for both market takers and market makers, which is on the upper end of average for the crypto sector.

 

As regards transaction fees, USD-X charges only withdrawals out of the exchange, which is a common practice. Withdrawals in Bitcoin are charged 0.0005 BTC, and those in fiat – with 1% USD. Such fees are rather competitive, but keep in mind that the banks involved will probably charge additional fees.

 

USD supported, credit cards accepted

As we said in the beginning, USD-X works with fiat currency (USD). Its users are able to directly deposit and withdraw USD to and from a bank account linked to their USD-X account or using their credit cards. Credit cards and bank wire transfers are the most popular and convenient payment methods.

 

Solid number of coins offered

USD-X has listed most popular digital currencies - Bitcoin, Ethereum, Bitcoin Cash, Dash, Litecoin, Ethereum Classic, Dogecoin, and Zcash. DynamicCoin, Emercoin and Peercoin are also available for trade. This is a decent number of altcoins, especially considering that USD-X is an entry-level service.

 

 

USD-X Disadvantages

 

Trading only against USD, no coin-to-coin trading

Although USD-X supports a number of cryptocurrencies, they cannot be exchanged against one another. The only base currency at this exchange us USD.

 

No info about the company

The website of this exchange provides absolutely no information about the company that owns it, nor its headquarters. It claims to be regulated and “fully applying” all AML/KYC procvedures required by law, but does not mention any regulator, nor governing law of a specific country. This raises a red flag, as if you want to trade on USD-X, you have to send personal and banking data. Users have the right to know to whom they are sendoing such sensitive data (and money or coins).

 

Poorly made website, platform not accessible

Anyone who visits the website of this exchange would agree that its is very poorly made. This, of course, is not a major flaw, but still it does not leave a good impression.

 

As we mentioned in the beginning of the present review, you cannot trade anonymously on USD-X. Actually, there are three AML/KYC levels at this exchange:

 

KYC 1 – e-mail verification: trade not allowed;

KYC 2 – name, address & phone number: only buying allowed;

KYC 3 – ID card, utility bill, bank account / credit card: buy & sell trades allowed.

 

The thing is, unverified users are not even able to take a look at the platform of USD-X.

 

No margin trading

This is fairly common among cryptocurrency exchanges, yet some, like Quoinex, Kraken, and others do offer leveraged trading. USD-X does not, so if you need some leverage, you can either register with some of the above exchanges, or use a forex broker instead.

 

 

>> Brokers offering margin Bitcoin trading <<

 

 

Note that forex brokers offer cryptocurrencies in the form of CFDs, so their clients do not actually hold any coins.

 

Few negative reviews

As we did our due diligence search on USD-X, we came across a few negative user reviews in a famous cryptocurrency forum. One person said that he went through verification, which was a long and complicated procedure, requiring 3 utility bills, 3 bank statements & front and back of credit card. Others suggested that the exchange tries to imitate Coinsbank's old name Bit-x.

 

 

Conclusion

 

An entry-level cryptocurrency service, USD-X offers trading in solid number of coins against US dollars. While it supports convenient payment methods and does not charge high fees, we have serious concerns about USD-X. First of all, its website is rather poorly made, one cannot take a look at its trading platform, even if registered. Also, there are many features that are not offered on the exchange: coin-to-coin trading, leveraged trading, anonymous trading. Most importantly, the website of USD-X provides absolutely no information about the company that operates the exchange. So, you’d better stay away from USD-X and choose a bigger and more reliable exchange instead. Another option for those of you who prefer to trade Bitcoin in a simpler way with a licensed entity, are the forex brokers listed below.

 

 

>> A list of regulated Bitcoin forex brokers <<

 

 

Here is our summary of USD-X exchange:

 

Pros

Cons

Relatively competitive fees

No info about the company

USD supported, credit cards accepted

Trading only against USD

Solid number of coins offered

Poorly made website, platform not accessible

 

Few negative reviews

 

No leverage; No anonymous trading

 

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Traders` reviews for USD-X

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