The Ultimate FinexBox Review [For 2022]

Decentralized finance (DeFi), one of the most important trends in blockchain, has reached an all-time high of $3 trillion. Choosing the exchange to suit your investment needs among a  staggering number of cryptocurrency exchanges out there might not seem easy.

This CoinStats FinexBox review will reveal everything you need to know about the FinexBox exchange, its features, services, trading fees, etc., to help you decide if it’s a suitable exchange for you.

You want to find out how FinexBox differs from others? Let’s jump right into the review.

FinexBox: What is it?

FinebBox is a spot trading platform that supports major digital assets such as Bitcoin, Ethereum, Litecoin, Litecoin, Litecoin, Litecoin, Litecoin, Litecoin, LitecoIN (LTC), Ripple, XRP, EOS and Monero. Users can trade safely with leveraged margin trading that allows them to leverage up to 3.3x.

FinexBox was established in 2018, and is registered in Republic of Seychelles. Its global headquarters are located in Hong Kong. Genesis Blockchain Global Ltd is the company that owns this exchange. Dennis Smith and Lun bao co-founded the exchange. They have a history in high-frequency algorithmic trading and finance. Dennis Smith, a graduate of the Wharton Business School, is the exchange’s Chief Executive Officer, while Lun Bao, a software engineer with over 20 years of experience in the field, is the Chief Technology Officer.

The team was awarded $8 million in angel funding. FinexBox grew from a 32-man exchange to an international platform. FinexBox boasts over 500 million active users, a daily trading volume of $700,000,000 and more than 500,000 monthly transactions.

FinexBox Features

Let’s look into the features of the FinexBox trading platform below.

Simple Sign Up

FinexBox’s registration process is quick and easy. Only two things are required: users must create a password and enter their email address. FinexBox doesn’t require users to input their names or other personal information like addresses, phone numbers, or government-issued passports. FinexBox is an excellent platform for those who care about privacy. Once an account is created, the user will be directed to click on a link that was sent to them to verify it. It takes just a few minutes to complete the entire process. Once signed up, users can access the platform’s full features without restrictions.

Wide range of Cryptocurrencies

FinexBox can support over 200 cryptocurrencies including the major ones like Bitcoin Cash (BCH), Bitcoin Cash (BTC), Ethereum [ETH], Polygon (MATIC), TRON/TRX, Ethereum Classic (ETC), Monero/XRM, etc. 

FinexBox supports Altcoins such as Dash (DASH), Skycoin(SKY), Fetch.ai/FET, Ravencoin [RVN], etc. It also offers rare and exotic cryptos that may not be available on other trading platforms, such as Smile (SMILE), Nexalt XLT (XLT), Zclassic (ZCL), etc. The exchange’s Twitter account suggests that new cryptocurrencies are being added to the platform regularly.

There are 241 pairs available on the platform, which include ETH/BTC and LTC/BTC as well as NEO/BTC. FNB/BTC is also offered. BTC, BCH/BTC is another option. OMC/USDT is a pair that includes ARV/USDT ECO/USDT T, DASH/BTC, NEO/BTC, LTC/BTC, and FNB/BTC. Others pairings are REW/ETH and DXF/ETH. ZUR/ETH is also available. FREE/DOGE. USDU/EURU. USDU/GPB.

According to Coinlore, the largest trading pair on the platform is the ETH/BTC, accounting for 42.0%. ZEC/BTC follows close behind, with 21.3%. BTC holds the lead with 48.3% in trading volume while ETH has 21.0%. ZEC|and LTC take third and fourth with a share of 10.5% and 8.6%, respectively.

Vote List

FinexBox has a unique feature: a votelist. This allows users to vote for new coins. FinexBox warns that every Friday, the most popular coin will receive an automatic listing.

You can vote by sending Bitcoins to the address. The website states that 1 vote equals 0.001 BTC and 300 votes is required to submit a token for consideration. 

FinexBox allows you to contact customer service immediately and not by using your vote.

Security

FinexBox uses a combination of cold and hard wallets to store users’ assets. Cold wallets are kept in an undisclosed, secure location. Routine checks and security guards provide additional protection. There have not been any security breaches on the trading platform.

To add security and alerts about scams, users can enable two-factor authentication (2FA). 2FA cannot be enabled on the platform so users can’t withdraw funds. These are the steps required to activate 2FA.

1. Get the Google Authenticator App from either the Apple Store, or the PlayStore.
2. You can scan the QR code with your mobile devices to create a new code.

Here’s a step-by-step guide to manually activating 2FA on the FinexBox trading platform:

1. You can access your personal key from your profile. Keep it safe and private.
2. You will need to enter your key in order for a verification mailbox.
3. Enter the 6-digit code you received via email into the platform.

Benutzerschnittstelle

The FinexBox user interface (UI) may seem complicated to new users who might need more time to get the hang of it; however, experienced users won’t have any difficulties navigating through the platform.

For easy reference, the symbols for digital assets can be found on the right. The total value and current balance of the asset are shown on the left. A drop-down menu allows traders to view information about their balances. There’s also an option for order management which provides information such as the order ID and currency pair.

You can view your trading history using the dropdown menu. Users also have the option to invite others to the platform for bonus points. It is also possible to customize the interface.

Charting features

FinexBox has advanced charting options that enable users to see orders, prices and alerts. They can even set preferences for data. The charts are intuitive and can be customized according to users’ preferences. FinexBox integrates with TradingView charts, industry leaders which allow traders to download and draw their charts as well as other features.

Margin Trading

FinexBox allows traders to access the P2P funding marketplace and leverage trades up to 3.3x. FinexBox provides Margin Funding to traders and investors looking to trade with leverage. Margin Funding, however is traded on a separate order book and at different rates. With minimal slippage, users can exchange Bitcoin, Ethereum and EOS.

FinexBox Fees

When traders are choosing exchanges to trade on, they can be a big deal-breaker. FinexBox has a flat fee model without distinction between buyers and sellers. This flat fee, at 0.10% is lower than the industry average of 0.25%. 

FinexBox deposits can be made for free but there is a large withdrawal fee. A withdrawal fee of 0.002 BTC is charged on every BTC withdrawal, which is way above the industry’s average of 0.0006 BTC charged on every BTC withdrawal.

Deposits 

FinexBox makes it easy to deposit money.

1. Verify your account by email.
2. Copy the wallet address from FinexBox and select one of the cryptocurrency options.
3. You can also scan the QR code and get the address of your wallet on the platform.
4. Do not use the deposit address to mine.

FinexBox says that the deposit will update after about 100 confirmations. According to the exchange, traders can rest assured that deposits will reflect within 24 hours.

There is a 0.02 ETH minimum deposit for some cryptocurrencies, such as Ethereum. Any withdrawal less than 0.02 ETH can be lost and forfeited with no chance of recovery.

Customer Support

FineBox’s website states that it offers 24/7 customer support. A closer look into the crypto exchange reveals that the platform doesn’t offer call support, and most queries are resolved via email. Telegram supports are also available.

Email support is recommended for deposit-related problems[@]finexbox.com. FinexBox customer service ratings are below average, however. 

Integration with CoinStats

Finexbox’s API makes it easy to integrate the exchange with CoinStats, a platform that allows traders to monitor all of their cryptocurrency tradings from one dashboard. The process of linking FinexBox and CoinStats can be done in a few steps.

1. Log into your FinexBox account and scroll the exchange’s API documentation.
2. Copy the API key.
3. Go to the CoinStats Portfolio tab and select “Connect Exchange.”
4. FinexBox will be displayed. Copy the API Key into the appropriate section.

Now you can securely monitor all of your DeFi and cryptocurrencies from one platform. Users can also trade with multiple accounts/wallets from the top exchanges, and receive up to 20% in APY for their crypto investments.

Over 1.5 million people use CoinStats’ secure portfolio tracker app. This platform can manage crypto worth $500+ billion and has already handled more than 500 million trades and transactions. Through the CoinStats App, users can track 20,000+ coins. They also get live updates 24 hours a day about the crypto market.

FinexBox Downsides

FinexBox’s innovations are not without their flaws. There is always room for improvement. FinexBox’s biggest drawback is the inability to accept certain deposit options. The platform doesn’t accept deposits through credit cards, PayPal, or Stripe. There is no minimum deposit requirement for cryptocurrency deposits. Cryptocurrencies are the main deposit option on the exchange.

A downside to crypto-exchange is its lack of customer support. Numerous users expressed frustration at not being allowed to withdraw. Some users claimed that withdrawals do not arrive in 24 hours but take 1-2 days. Some users claim that withdrawing BTC can be very expensive. FinexBox’s high withdrawal fees may not be enough to cover the trade rate. This could be because of the lure that leverage trading offers customers.

Conclusion

Finexbox has a large selection of trading pairs. It also offers high liquidity and leverage trading. Finexbox can offer a range of order types. Advanced charting features are available. There is an intuitive user interface.

That’s it. To help you decide whether to trade or not on FinexBox, here is our ultimate FinexBox Review for 2022.

Before making an investment, you should conduct independent research and consider your situation. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.