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.
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 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):
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.
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.
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 |
Account type | Min. deposit | Min. trade size | Max. leverage | Average Spreads |
Standard | $50 | 0.01 | 1:50 | 1.4 pips |
Leading US broker Forex.com offers a single account type on several trading platforms. The broker provides commission-free trading with variable spreads and the option to use micro lots.
In addition, Forex.com offers swap-free accounts to investors of Islamic belief, as well as free demo ones for 30 days after sign up.
Regulated in the US and other countries
Forex.com belongs to the Gain Capital group. Gain Capital meets high standards of corporate governance, financial reporting and disclosure. The parent company of the major FX brand Forex.com, GAIN Capital Holdings, Inc. (NYSE:GCAP) is a registered Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA).
Besides, its subsidiaries are properly licensed in the countries of their operation:
Company | Country | Regulation |
GAIN Capital Group, LLC | USA | NFA, CFTC |
Forex.com UK Limited | UK | FCA |
GAIN Capital FOREX.com Australia Pty Limited | Australia | ASIC |
Forex.com Canada Limited | Canada | ILLROC |
GAIN Capital Group (Hong Kong) Limited | Hong Kong | SFC |
GAIN Capital Japan Ltd. | Japan | FFAJ |
Apart from Forex.com, Gain Capital Group is operating the brands City Index, GTX, Gain Capital, FinSpreads, and others.
The largest broker in the US
Not only that Forex.com is regulated in the United States, but it is actually the largest forex broker in the country. After FXCM has left the US market, Forex.com became the undeniable leading provider of financial services in the US.
Actually, a very few brokers have remained active on the strictly regulated US market: Oanda, Interactive Brokers, and TD Ameritrade.
Competitive spreads
Forex.com offers commission-free trading with variable spreads, the average ones on EUR/USD amounting to 1.4 pips, which is a rather competitive pricing. By comparison, the cost of trading at Oanda, another US broker, is exactly the same.
Low minimum investment required
In order to open an account with Forex.com, one has to invest just $50. Almost everyone can afford such an investment.
Several top-notch trading platforms available
Leading US broker Forex.com offers a single account type on several trading platforms. The broker provides commission-free trading with variable spreads and the option to use micro lots.
Actually, this piece of trading software is as sophisticated and customizable as the MT4. Its professional-grade trading tools include top-notch interactive charting with more than 100 predefined indicators, as well as the option to create some of your own. There are also a number of Integrated trading strategies, which are also customizable. Besides, users can code their own trading strategies (in C++), there is a back-testing excel tool available, and signals trading. Here is a snapshot of the platform:
Click on the image to zoom-in.
Some of the new functionalities of the platform after a recent update include powerful charts with integrated one-click trading, smart trade ticket with advanced risk management option, pre-defined and customizable layouts, and more.
Various payment methods, fast withdrawals
Yet another thing we like about Forex.com (US) is the fact that it support several convenient payment methods, and namelY Debit Card, Wire Transfer, ACH and Checks. What is even more important from a client's point of view, withdrawals are processed pretty fast – within 48 hours.
Bonuses available
Leverage capped to 1:50
Actually, this is not a weak side of the broker itself, but a legal requirement in the US. Brokers operating in the country are not allowed to provide leverage of more than 1:50, and Forex.com simply complies with the regulatory requirements.
Forex.com (US) is the largest US broker and one of the few actively operating in the country. A market leader offering trading in more than 80 forex pairs and CFDs, it has serviced over 200,000 customers globally.
The US broker is a part of the Gain Capital group – a leading forex brokerage with global presence. All members of the Gain Capital family are duly regulated by the respective governmental agencies, including Forex.com (US). It is registered with the CFTC and a member of NFA. US regulation is one of the strictest, which is a good thing in terms of investor protection, however some of the rules imposed are considered too restrictive.
For example, Brokers registered with the NFA are required to maintain a net capital of at least $20 million to guarantee customers’ positions, which is the highest minimum capital requirement worldwide. Moreover, hedging is not allowed and leverage is limited to 1:50, as we already mentioned above.
Now, let’s sum up the strong and weak sides of Forex.com (US):
Pros | Cons |
A global leading broker | Leverage capped at 1:50 |
Solid regulation | |
Competitive spreads, commission-free | |
Several trading platforms, including MT4 | |
Low min. deposit required |