ChaoEX is a Hong Kong based exchange with a focus on Southeast Asian Markets. It offers It offers low-cost trading in wide range of digital currencies.
Like most similar venues, ChaoEX does not offer leveraged trading and has not disclosed whether there is any minimum investment required. It offers a single trading account type with three Know Your Customer (KYC) levels:
KYC 1 - Only deposit and trade allowed;
KYC 2 - withdrawals up to 5 BTC per day;
KYC 3 - withdrawals up to 50 BTC per day.
ChaoEX AdvantagesLow trading fees
The most attractive thing about ChaoEX is the commission structure. It charges a flat fee of 0.10% to both market makers and takers. On top of that, crypto investors who have completed KYC 2 and KYC 3 are offered discounts for trading on BTC or ETH Markets – the trading fees applicable to them are 0.075% and 0.05% respectively. By comparison, Bitfinex charges takers with 0.20% and makers with 0.10% per trade.
Many altcoins available
At the time of writing of this review, there are 54 digital assets available;e for trade at ChaoEX. The most heavily traded coins at the exchange are Bitcoin, Ethereum, Bitcoin Cash, Decent, TenX, Civic and QTUM. ChaoEX may not offer as many digial assets as Bittrex for example, but its crypto portfolio is still a fairly extensive one.
Advanced trading platform
The web-based platform provided by ChaoEX is really nice. One can choose between dark and light theme, and use advanced charting tools such as technical analysis indicators. Besides, the charting is nice and easy to read. The digital assets are arranged in three categories:BTC, ETH and CODE Markets.
In addition, there are trading apps available for Android and iOS.
ChaoEX DisadvantagesFiat currencies not supported
Fiat currencies, like the Chinese Yuan and the US dollar are not payment options accepted at ChaoEX. Supporting fiat currencies is an advantage, especially for newcomers in the crypto-verse, who don't have any coins yet. Accordingly, the only payment methods accepted by the exchange, are blockchain transfers.
Deposit & Withdrawal fees
Although transfer fees at ChaoEX are not as high as on other exchanges that also accept fiat currencies, these charges are not to be underestimated. Unlike most similar venues, which do not charge deposits in digital assets, ChaoEX applies fees to some cryptocurrencies.
Withdrawals, on the other hand, are charged with a flat fee of 0.5%, which applies to all cryptos.
No Leveraged trading
Like the majority of cryptocurrency exchanges, ChaoEX offers only spot trading, and does not provide leverage. If you need to borrow investment for margin trading on cryptocurrencies, some larger platforms, like Hong Kong-based Bitfinex, Poloniex, Kraken etc., offer such. There are also forex brokers who have included CFDs on cryptocurrencies for speculative trading on margin.
Lack of corporate presentation
The only information on ChaoEX’s website regarding the company that owns and operates the exchange is its name: xyhj network technology (hk) limited. While this isn’t that rare in the cryptoworld, the (potential) clients of an exchange have the right to know to whom they send their coins.
ConclusionOperating solely on a coin-to-coin model, ChaoEX is probably not for everyone. Newbies, for example, who don’t have any coins yet, cannot buy some with traditional currencies on this exchange. Nonetheless, ChaoEX offers a solid amount of digital assets for trade on its advanced trading platform with really competitive fees.
It is probably among the exchanges which benefited from China’s ICO ban, which compelled a lot of Chinese investors to turn to Hong-Kong venues like Bitfinex, TideBit, KuCoin and others. Hong Kong, on the other hand, does not have specific legislation on Bitcoin and crypto-exchanges, but crimes involving them, such as fraud and money laundering are persecuted under the existing laws.
Like most similar platforms, ChaoEX is not regulated, but the poor corporate presentation is bothersome.
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Topic: ChaoEX (Read 2257 times)