Eqonex.com Cryptocurrency Exchange Review: It Is Safe Or Legit Exchange?

About Eqonex.com

Launched on May 26th, 2020, Eqonex.com is a centralized crypto exchange based in Singapore. The parent company, Diginex, is the first company listed on Nasdaq with a crypto exchange (Nasdaq: EQOS).

EQONEX operates out of Singapore under a temporary exemption from the Monetary Authority of Singapore pending its application for a license under the Money Services Act.

EQONEX’s first native token EQO, went live on April 8th, 2021. Holders of EQO receive numerous unique benefits, including reduced trading fees, access to future airdrops, staking rewards, collateral against derivatives transactions, and enhanced interest for crypto lending.

Operating Company 

How To  Start With Eqonex.com Exchange

To Start Trading With Eqonex.com Exchange Indian Residents First Have To Sign Up For An Account By Following The Steps Below.

Step 1. Click On The “Login/Signup” Link On The Top Right Hand Corner Of The Eqonex.com Website.

Step 2. In The Form, Fill In Your First Name, Last Name, Mobile Number, Email ID And Password.

Step 3. If You Have A Referral Code, Enter The Code While Creating Your Account.

Step 4. Submit The Form And Wait For An Activation Email To Be Sent To You.

Step 5. Click On The “Confirm Email” Link In The Activation Email.

Step 6. After Your Account Is Activated, You’ll Be Sent A 6 Digit One Time Password (OTP), Which You Have To Enter After Logging Into Your Eqonex.com .

EQONEX Trading fees

Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Normally, exchanges distinguishes between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.

At EQONEX, the standard trading fees for takers are 0.09%, and for makers 0.08%. Both 0.09% in taker fees and 0.08% in maker fees are substantially below the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but they now see new industry averages emerging around 0.10%-0.15%. According to the latest empirical study on the subject, the industry average taker fees were 0.215% and the industry average maker fees were 0.162% (for spot trading).

EQONEX Withdrawal fees

Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH. The last time they did an empirical study of the BTC-withdrawal fees in the crypto exchange market, we found that the average BTC-withdrawal fee was 0.00059 BTC per BTC-withdrawal.

To understanding, EQONEX does not charge any fees of their own when you withdraw crypto from your account at the platform. Accordingly, the only fee you have to think about when withdrawing are the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain, and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure. In general though, only paying the network fees should be considered as below global industry average when it comes to fee levels for crypto withdrawals. 

Deposit Methods

In addition to depositing cryptocurrency to the platform, Eqonex.com also lets you deposit fiat currency. However, only through wire transfer (not credit or debit card).

Seeing as fiat currency deposits are possible at this trading platform, this platform qualifies as an “entry-level exchange”, making it an exchange where new crypto investors can start their journey into the exciting crypto world.

Special Features

The Eqonex.com Group provides access to crypto and digital assets for institutions and individuals at any level. This is built for the long term, focusing on regulation, reputation, governance, oversight, security and fairness. The ecosystem approach and Nasdaq listing have been executed to mitigate risks. We will not compromise on regulatory risk, reputational risk, or security risk.

Best Practice

EQONEX does not make markets on its own exchange (does not trade against its own customers).

Transparency

All exchange participants have equal visibility of the orderbook.

Oversight

Acting as a regulator: implementing fair markets and removing participants engaging in wash trading, manipulation, spoofing and self matching.

Investor Protection

All assets listed pass through a listing committee assessing security, technology, decentralization, utility and reputation of the founding team.

Fairness

Equitable liquidation process provides the best available prices to avoid auto-deleveraging of open interest derivative trades.

EQO

EQO (the EQONEX exchange token) offers staking rewards and competitive fee tier reductions, which makes EQONEX a highly compelling hedging venue.

Disclaimer:

Not All The Websites Which Listed In Top List Are 100% Safe To Use Or Investment. We Do Not Promote Any Of Those. Due Diligence Is Your Own Responsibility. You Should Never Make An Investment In An Online Program With Money You Aren’t Prepared To Lose. Make Sure To Research The Website. So Please Take Care Of Your Investments. And Be On The Safe Site And Avoid Much Losing Online.