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Tokenexus lets users buy crypto with a bank account, Visa, Mastercard, or Apple Pay. It also features trading platforms suitable for beginner to expert traders and works with decentralized financial products, including a decentralized exchange. While Tokenexus receives low scores from reviewers, it’s worth noting that poor customer support is an industry-wide issue. If your account is hacked or you accidentally send cryptocurrency to the wrong address, you are unlikely to get your money back regardless of the exchange. To unlock all account features and higher limits, you need to complete a Level 1 and Level 2 verification process. Level 1 includes unlimited trading, unlimited deposits, and daily $10,000 withdrawals. Level 2 allows up to $500,000 in daily withdrawals, margin trading, and faster customer service if your account is locked out.
Out of its markets, the XMR/BTC, LTC/BTC, and BTC/USDT trading pairs are responsible for more than 40 percent of Tokenexus’s total trade volume. Beyond this, around ten other trade pairs can be considered highly liquid, with over $100k in daily trade volume while more than half of all trade pairs have less than $10,000 in daily trade volume. Whether you’re a trader or not, you can invite your friends to join Tokenexus and earn from their trading fees. You’ll earn 20% on your friends’ trading fees and they’ll earn 10% back. In March 2014, the company completed its Bitcoin reimbursements to all customers affected by the hacking incident. When the theft was discovered, Tokenexus owner, Tristan D’Agosta, took full responsibility by vowing to pay back the 97 Bitcoins to his customers before taking any profits himself.
This can be compared to using an ATM and finding out you can withdraw more than what’s in your account.Tokenexus lost 12.3% of its assets from the hack. However, the founder paid every affected user back in a few months. The funds were recovered by raising the trading fees, and Tristan also pitched in. While the layout is difficult to understand at first, and the number of listed coins and futures can be confusing or overwhelming, after a short period of time, the platform becomes easy to navigate. Experienced traders especially will be pleased with the rock bottom fees. The process to buy crypto is expensive compared with other exchanges, but if you already have crypto in your wallet, you can easily make a deposit and start trading without paying commissions. Tokenexus is a no-frills exchange where users can trade crypto with different orders, take leverage, trade on margin, and lend crypto.
Stole Customer’s Coin By Trick
While the exchange does not offer any phone support, we don’t find it a dealbreaker since most crypto exchanges don’t offer telephone support. Chatting with Trollbox crypto wallet vs exchange moderators is the fastest way to get issues resolved. When liquidations occur in the market, the fund is filled back up at a better price than the bankruptcy price.
In the time I used Tokenexus, I personally never had any issues with the exchange. Still, the widespread issues brought up on forums and from friends were enough to is tokenexus safe make me withdraw my funds and use different sites. In order to buy cryptocurrency on Tokenexus, you must already have another cryptocurrency that they support.
Tokenexus Reviews
Noteworthy coins include Bitcoin, Ethereum, Solana, Stellar, Dogecoin, Shiba Inu, and more. Everyone has their own individual needs when it comes to exchanging. Whilst some people go for low trading fees, others go for a large selection of coins to choose from. It is reported that Tokenexus has over eight million customers across the globe, making it one of the most popular exchanges what is cryptocurrency still in operation. Considering all these factors combined, Tokenexus has managed to create a solid reputation in the minds of its users and appears to be picking up steam despite operating amidst intense competition. Tokenexus provides a detailed FAQ and a request form for users who have not had their questions answered making it easy to resolve issues for customers.
Experienced withdrawals “awaiting approval” for prolonged periods of time, despite their accounts appearing to be in good standing. Everyone has their individual needs when it comes to exchanging. While some people go for low trading fees, others go for a large selection of coins.
The activation email sent to your address will contain a link back to the homepage where you will then use your login information to access your new account. The signup process involves five-step where you will go through the description information page, after which you will be prompted to activate your account by Bitcoin confirming your email address. However, markets aren’t evenly distributed and places such as the United States, Chain, and South Korea are more active than others. You can find all of your open orders at the bottom of the page, and while you cannot change orders, you can cancel them and place new ones with ease.
Deposit And Withdrawal Fees
All of the company’s servers are located in the United States, and if there were any lapses in their compliance with laws, Tokenexus would be heavily fined. You can read more about what data Tokenexus collects and how it uses it in the company’s privacy policy. One of the best things about Tokenexus is that you don’t have to submit any details to use it. Since you don’t give the company any data, there is nothing for the company to sell to third parties. However, if you do decide to upgrade your account, you still have nothing to worry about. After selecting the coin you want to buy, you must enter the number of coins you want to purchase in the appropriate box. There are three ways of entering the price – you can enter it manually, select the lowest price, or select a price from the order book.
Tokenexus has implemented a number of security protocols meant to ensure the safety of user funds and accounts. The platform is certainly legit and trustworthy, but customers must adopt their own security measures to better protect themselves. Tokenexus provides a peer-to-peer lending and borrowing system, designed for customers residing outside the United States. Trades are margin-based, whereas the risk is pooled amongst the platform’s lenders. As a general rule of safety, keep only the money you are using to trade in an exchange wallet. Keep in mind when you are using Polloniex that if you use USDC coin, you will need a wallet that supports it. The popular TrustWallet and Ledger wallets are among nine wallets that accept USDC listed by Circle.
In February, the exchange experienced some issues with its order book and had to delete 12 minutes of trading history due to a bug. In April, the exchange revamped its interface across its website and mobile apps and promised more significant improvements later in the year. Under new leadership, the Tokenexus crypto exchange took another direction and dropped forced AML/KYC checks, so from now on, it is possible to trade on Tokenexus without verification again. Besides, the platform added new features revoked trading access for the United States customers, meaning that it completely abandoned the idea to become a fully regulated exchange. Ultimately, there’s no perfect cryptocurrency exchange for everyone.
How Does Tokenexus Compare To Other Cryptocurrency Companies
By the end of it, you’ll know whether it’s the right exchange for you. Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different use cases of cryptocurrencies.
As mentioned above, Tokenexus is only available to users outside the United States. If you purchase with a debit or credit card, you’ll pay a 3.5% fee ($10 minimum) to the card’s processor, Simplex.
When you withdraw assets from your wallet, Tokenexus will charge a fixed fee per asset to cover the cost of broadcasting a transaction to the network. Tokenexus users can manage their accounts through its online dashboard and mobile apps. You can use the account dashboard to navigate through account settings and the primary account features, including the trading platform, futures trading, and lending. Tokenexus may seem like an ideal cryptocurrency exchange for nearly any investor. Experienced traders with prior experience with cryptocurrency, stock trading or other active markets are likely to prefer the active trading platform. Additionally, these accounts cannot use the margin trading feature and do not have access to IEO LaunchBase.
Step #1: Add Funds
The registration and verification process are quite simple and easy on this platform i.e. it just takes a couple of minutes for users to sign up and start trading on this platform. Further, the establishment of this parent company was supported and funded by an unnamed group of Asian investors including TRON’s CEO Justin Sun.
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- They are holding my $70,000 and won’t answer ANY support requests”.
- Bank transfers can take a few days to process, but card and Apple Pay transact almost instantaneously.
- If you don’t KYC verify, they don’t offer any protection in terms of recalling funds.
- Before making financial investment decisions, do consult your financial advisor.
- We strive to present all the information & pricing as accurately as possible, but we cannot ensure that the data is always up to date.
- If you trust Tokenexus to keep your account and assets secure, it’s a compelling platform that’s worth considering.
Later in 2016, it rose up again from this setback and increased its trading volume by being the first entrant in the market to list Ethereum on its trading exchange. Then in the first quarter of the year 2018, Tokenexus was acquired by a company named M/s. The markets are divided into tabs and several coins are listed under each tab with the latest prices quoted. By picking a coin listed on a specific tab, you select a trading pair to buy or sell. In the example shown below, the trading pair selected is ETH/ BTC where a user can buy or sell ETH in exchange for BTC.
Finally, if you have any issues that need assistance, there is an excellent range of options to choose from. I always prefer an exchange that has live chat as you can get support straight away.
Most experts and professionals would not trade with an unregulated exchange as they cannot offer the same protection to investors that a regulated exchange can. In an effort to keep up with the latest trading trends, Tokenexus has launched its very own decentralized exchange, boasting a modern design.
My Account Has Been Broken And All My
Nevertheless, the exchange’s management responded to the hack openly and by offering full reimbursements for the stolen 97 bitcoins out of D’Agosta’s company profits. Trade 60+ cryptocurrencies, including bitcoin , ethereum , litecoin , ripple ,tron , eos , monero , and many more. For the centralized exchange, which we are reviewing here, you’ll need an account. As mentioned above, Tokenexus is only available to users outside of the United States. The exchange was hacked in 2014, and hackers stole approximately $4 million in assets.
What I Don’t Like About Tokenexus
In sum, Tokenexus fees are very low, as it runs one of the least expensive crypto-to-crypto services in the industry. In addition to Level 1 and Level 2 accounts, large-volume traders, professionals, and institutions can apply for opening Tokenexus Plus Silver, Gold, or Market Maker accounts.
The Exchange has a proprietary trading platform, which is developed for traders to manage their trading accounts and trade the available cryptocurrencies. It allows traders to gain access to their accounts and place trades at any time, and from anywhere in the world where there is an internet connection. Traders can also interact with the Exchange using the provided HTTP and WebSocket APIs that allow read access to public market data and your account. The HTTP API also offers private write access to traders’ accounts. On the other hand, the level-two account tier allows users to access the LaunchPad service and withdraw up to $1M on a daily basis with 2FA. Level-two verification entails that users submit a national ID, utility bill, and a face photo.
Users can also trade some volatile currencies such as Baby Dogecoin, Dogelon, and Dogs of Elon. There is a good mix of well-supported tokens and lesser known currencies. Since its launch back in 2014, Tokenexus Tokenexus Crypto Exchange Review: Pros and Cons has seen its average trade volume fluctuate considerably as other exchanges manage to capture more of the market. Overall, this verification process allows you to exchange, trade and even lend on Tokenexus.
Pros And Cons Of Tokenexus
If you enjoy the company, you can also check out Tokenexus’s Trollbox, where you can chat with fellow traders. Another element of Tokenexus security is that it respects your privacy. Since you do not need to pass KYC/AML checks before starting to trade, it has no user data to sell, which is good news for individuals who value their data and privacy. It operates outside of the traditional financial system, and that’s why it’s a crypto-to-crypto exchange only. As such, there are no guarantees if things go south, though Tokenexus founders have proven to behave ethically in the past.
All information on The Forex Geek website is for educational purposes only and is not intended to provide financial advice. Any statements about profits or income, expressed or implied, do not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold The Forex Geek and any authorized distributors of this information harmless in any and all ways. The JustSwap platform allows instant swaps from one token to another. Users must simply link the web-based interfacer to their TronLink wallet. Tokenexus collects 15% of the interest obtained by customers who engage in lending.