de | cn | ru

Velox Exchange Review - is it scam or safe?

Velox Exchange Review - Is vlxexchange.com scam or safe cryptocurrency exchange?

RATING: 2 / 1 REVIEWS Velox Exchange
Velox Exchange 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 0.20% 0.20% Crypto only: Free

 

Velox Exchange is a very new cryptocurrency exchange, which serves the Velox project. We realize, we’ll need to take a bit of a special approach when writing this review as comparing this to well-established companies with years of history will not be fair. Still, we prefer to give you the basics, as the developers may decide to expand upon the exchange in the future and feature other coins.

 

Velox Exchange Advantages

 

Serves a new project – the main idea behind Velox is creating a new trading environment for cryptocurrencies, which will be reminiscent of the one in the past by providing total anonymity. While there are quite a few coins focused on privacy, with Monero (XMR) probably being the most famous one, this is a totally different approach. Velox aims to become a decentralized exchange, connecting multiple cryptocurrencies and allowing all trading to be done without any KYC required. The current iteration of the Velox Exchange is only a temporary solution for the distribution of their tokens VLX.

 

Competitive trading fees – when compared to some of the industry veterans, this exchange scores highly, when it comes to the costs of trading. They are currently 0.20% for both market makers and takers, which is pretty much the average across the board.

 

Developers have been active in the forums – the team behind Velox Exchange has been responding to questions in online forums quite frequently. This is indicative of serious commitment to the project.

 

Positive user reviews – there may not be that many comments regarding this endeavour, but most of them are very positive and encouraging.

 

 

Velox Exchange Disadvantages

 

New and bold project – yes we know this was one of the advantages of Velox, but as is often times the case, it is also its greatest weakness. There are always risk of technical issues when it comes to new exchanges, but furthermore the fact this one is aiming to eventually achieve a completely anonymous environment may meet some government resistance (presuming they gain enough popularity).

 

Only used for VLX – currently the only purpose of the Velox Exchange is to facilitate trading the VLX token, but this may change in the future. The team plans to launch a beta of their actual product in a few months time. The token itself will be periodically bought back, with the profits generated from the new exchange. As usual we would not give a recommendation on the token’s viability as an investment and advise you to do more research. 

 

>>New to crypto? See how to buy your first Bitcoin here<<

 

Trading only vs BTC, LTC and DOGE –  while these are definitely three of the most classic cryptocurrencies, supporting other ways for people to get involved may be appreciated. That being said, this will also disperse potential traders across different markets, which is not ideal, given how this is a new project.

 

Platform isn’t optimal – the trading interface, or platform, provided by Velox Exchange is indicative of the fact this is only a temporary solution. While everything is very clear, it simply feels a bit off and isn’t that well optimized for desktop PCs. Here is a preview:

 

 

No leverage  – in case you are looking to for margin trading, this obviously isn’t your place. That being said, a lot of newcomers to the field are mostly attracted by the market fluctuations. For them, forex brokers may provide an adequate alternative.

 

>>Bitcoin forex brokers<< 

 

It’s worth pointing out trading with such companies is done via the so called CFDs. These are newly created financial derivatives which only copy the price movement of anther asset (in this case cryptocurrency). One must be aware of the details before deciding if this style of trading is suitable for him.

 

Conclusion

 

Velox Exchange is a temporary solution by the Velox project to support trading of their relatively young token. The team will later launch a much more sophisticated, decentralized and anonymous exchange. Is it worth bothering with the current version of Velox? If you want to get in on the token, obviously yes. 

 

If instead you are looking for a safe way of trading the established major coins, take a look at the offers which some forex brokers provide. That being said, we would advise you to look for well-regulated ones, as this industry is also full of scammers.

 

>>Trusted Bitcoin forex brokers<<

 

Here is a summary of this review:

 

Pros Cons
Serves a new project New and bold project
Competitive trading fees Only used for VLX
Developers have been active in the forums Trading only vs BTC, LTC and DOGE
Positive user reviews Platform isn’t optimal
  No leverage

 

Latest news about Velox Exchange
No news about Velox Exchange. 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 Velox Exchange

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

 

 

velox ico

The worst ICO Project that I ever participated. Now their token is turned to be a useless token and they are going to close their exchanges. They started a presale action to scam more people before they run away. People still can not withdraw their BTC from this stupid beta exchange platform. Just avoid!

petra 09/25/2018
de | cn | ru