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QUOINEX

QUOINEX Review
Trader's rating 1
Editor's rating 3.8

Trading accounts

 

Account type Minimum deposit Leverage Fees
Standard Undisclosed 1: 25 0.25%*

*While the company claims to offer 0% fees for Japanese clients, the situation is not that clear for the rest. Go to the fees section of the review for more details.

QUOINEX (which stands for QUOINE Exchange) is a relatively new competitor in the cryptocurrency space. The company behind this project operates two brands – one focused on accepting fiat currency deposits (this one) and another one for digital asset trading (QRYPTOS). This is similar to the business model used by Coinbase/GDAX and OKCoin/OKEX.



The company, security of funds

Company Country Regulation
QUOINE Pte. Ltd Japan/Singapore/Vietnam JFSA

 

QUOINE Pte. Ltd is the company behind QUOINEX. They operate from offices in Japan, Singapore and Vietnam, but more importantly they recently got the regulatory approval of the JFSA. This brings a lot of credibility to the exchange, as regulated entities are few in the crypto-space.



QUOINE was founded in 2014 and later received substantial funding. The company’s founders Mike Kayamori and Mario Gomez-Lozada have substantial experience in the “traditional” business world, which also makes the project sound better.



While there weren’t any major hacks at QUOINEX, we must mention the most famous case of a conflict with a client. The cryptocurrency market-maker B2C2 is currently suing the company after a canceled a major transaction. Reports state, B2C2 made around $3.7 million on a trade/s, which was/were allegedly executed at a price which was very distant from the current market price. QUOINEX claimed this was an abuse of a technical issue, and reverted the deals. We can’t clearly state which side of the argument is right, but we must mention this incident occurred before the company was regulated by the Japanese financial watchdog.



There aren’t many English reviews on QUOINEX, but a lot of them are fairly negative. The complaints are mostly on slow withdrawal process and high fees on deposits (which are not charged by the company, but by the partnering banks). 



Trading conditions


 
Trading instruments (cryptocurrencies)
The cryptocurrencies available at QUOINEX are only Bitcoin and Ethereum, while more altcoins are available at QRYPTOS. More importantly, trading can be done against a lot of fiat currencies: USD, JPY, EUR, AUD, SGD, HKD, IDR and PHP. On top of that there are three types of trading: spot (without leverage), margin and futures. The latter can be quite tricky, so we don’t recommend it to beginners.


 
Minimum initial deposit
There is no information on the minimum deposit requirement at QUOINEX. This is not usually the case with the forex brokers, which we mostly cover. As an example FXCM requires $50 for the creation of a new account.


 
Leverage
QUOINEX offers leverage up to 1:25. This is one of the highest levels available for cryptocurrency trading, which should be used wisely. As you may know forex brokers usually offer even higher ratios, like 1:500. This is due to the fact traditional currencies are much less volatile than Bitcoin.

 

Be sure to fully understand the ways margin trading operates before participating in it. One must also be aware of the differences between trading Bitcoin with a forex broker and an exchange, one of which is the margin fee, applied by some exchanges. In the case of QUOINEX, the fee is set at 5%.


 
Fees
There are no fees on trading with your “base currency pair” at QUOINEX. When trading with against other currencies the fees go as high as 0.25% which is in line with the industry standards.



Your account’s “base currency pair” will be determined on your country of residence. All of the examples given at the website, state you will trade with zero fees, if you are based in Japan. That being the case, there isn’t total clarity on the fees, if you are not a Japanese client. Here is a screenshot of their fee structure (zoom-in to see the explanation in the bottom):




 
 

Trading platform


 
QUOINEX provides a web-based trading solution. They are one of the few companies, which offers a demo account. Here is what you get, after registering one:





The charting seems very solid and reminiscent of the package provided by bitFlyer. On the left side of the chart, we can see a nice order entry panel followed by the order book and tape. The latter two are surprisingly placed above one another. This is very counter-intuitive to seasoned traders.


 
Methods of payment


 
QUOINEX accepts bank transfers in multiple currencies. We must note, the processing times for the more exotic ones are fairly longer. Additionally, transfers in Bitcoin or Ethereum are also accepted. The lack of credit card or e-wallet (servies like PayPal or Netteler) support will tun away some potential new clients.


 
Conclusion


 
QUOINEX is a cryptocurreny exchange, which is regulated by the JFSA. The company accepts Bank Transfers, which makes it a competitor in the “entry service provider” category. Commissions are competitive, despite a lack of clarity on the “0% fees” for non-Japanese clients. The trading platform feels solid, although the positioning of the order books and tape is a bit odd. Here are the pros and cons of QUOINEX:

 

Pros Cons
JFSA Regulation No altcoins available (ex. ETH)
No major hacks yet Some negative user reviews
Accepts Bank Transfers Odd positioning of some elements of the trading platform
Competitive commissions  
Relatively nice trading platform   
Allows margin trading and futures     


 

EverFX

EverFX Review
Trader's rating 3.6
Editor's rating 3

Account Types

 

Account Type   Min.Deposit  Min. Trade Size Maximum Leverage Average Spreads (& Commission)
Standard $300 0.01 1:500 0.2 pips + $6 per round lot
Premium $5 000 0.01 1:500 0.2 pips + $5 per round lot
VIP $20 000 0.01 1:200 0.2 pips + $4 per round lot

 

EverFX offers its clients a choice of several basic account types, depending on the initial investment. As this brokerage is a pure STP one, all accounts provide tight variable spreads, starting out at 0 pips. Commission fees and leverage, on the other hand, vary by account type.

 

In addition, EverFX offers swap-free (Islamic) accounts, which are Sharia compliant (for Muslim investors who are unwilling to earn and pay interest for religious reasons).

 

Keep in mind that EverFX does not offer Contracts for Difference to residents of certain jurisdictions such as the USA, Iran, Canada and North Korea.

 

The Company. Security of Funds

 

Company

Country

Regulation

ICC Intercertus Capital Limited

Cyprus

CySEC

 

With EverFX you can trade in currencies, metals, indices, energies, commodities and bonds on the good old MetaTrader 4. In addition, the brokerage offers high-quality educational tools. 

 

EverFX is a trademark of ICC Intercertus Capital Limited and is regulated by Cyprus Exchange and Securities Commission (CySEC).

 

As UK is preparing to leave the European Union, Cyprus is gaining more and more popularity as an attractive forex broker destination in Europe.

 

The Cypriot financial watchdog applies certain rules and requirements to Cyprus Investment Firms. For instance, they must hold at least €730,000 as a proof of financial stability. Besides, the Commission requires forex brokers to keep customer funds in segregated accounts, separated from the company’s operating funds.

 

As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default. Similar compensation schemes apply in other jurisdictions.

 

Additionally, every CySEC-regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services in all EU Member States.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open the Standard account with EverFX, and trade with some of the lowest spreads in the market, traders have to invest just $300 – which is very fair considering the savings on trading.

 

Spreads & Commissions

All account types with EverFX offer one and the same variable spreads, which are pretty tight, averaged 0.3 pips on EUR/USD. Commission fees, however, vary from $4 to $8 per traded lot (round trip). So basically, trading costs on the Standard account are below 1 pip EUR/USD (spread averaged 0.2 pips on EUR/USD + $6 commission = approximately 0.8 pips) per standard lot. This is a really competitive pricing, as most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair. 

 

For more information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

EverFX offers high leverage levels, reaching is 1:500. In an attempt to protect traders with the risks associated with trading at high leverage, the Cypriot financial watchdog proposed default leverage levels to be 1:50. Nonetheless, most Cypriot brokers still offer leverage ratios, which are significantly higher: FXTM - up to 1:500 and XM – up to 1:888. You may check out more forex brokers offering leverage equal to or exceeding 1:500 here.

 

Trading Platform

 

This broker offers two platforms to its clients. One of them is the most commonly used forex trading platform - MetaTrader4 (MT4), available in all forms and shapes: for PC, MAC, tablet, mobile and web version.

 

MT4 is internationally acclaimed for its wide range of built-in technical indicators and Expert Advisors (EAs), which users are able to get ready-made or create ones of their own, extensive back-testing options for them, as well as the advanced charting tools and user-friendly interface.

 

More brokers using the MT4 can be viewed here.

 

Additionally EverFX has developed their own unique web-based solution, (which will also be available for mobile devices soon). The Status platform provides an easy access to the forex market, while also packing some advanced functionality. There are two sidebars, which can be extended inwards, toward the chart, revealing the instrument list and news section. Here is a preview:

 

 

At the same time the bottom section is very intuitive. This platform feels like a solid choice for the beginner and veteran alike.

 

Promotions

EverFX often launches various promotions, such as a Refer-a-Friend program or Zero Trading Cost promotion.

 

Methods of Payment

 

The following payment methods are available to EverFX clients: credit/debit cards (Visa, MasterCard), bank wire transfer and e-wallet payment systems, such as Skrill, Neteller, and Webmoney.

 

There is no minimum withdrawal amount with this broker.

 

Conclusion

 

EverFX is a FX and CFD broker that supports the popular MetaTrader 4 platform and utilizes a pure straight-through-processing execution model. Besides, it is duly regulated by CySEC to operate in all EU countries. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros Cons
Well-regulated  
MT4 available     
Tight spreads, starting at 0 pips  
Pure STP execution  
Low initial deposit  
Promotions offered from time to time  

 

Forex
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