Vitex.net is developed on the Vite public chain, which features high throughput, fast transaction confirmation, zero fees, cross-chain gateway and more! The community has 100% autonomy to mint tokens, build cross-chain gateways and create trading pairs. The order book is fully open via API, which allows others to launch their own exchanges based on liquidity in ViteX.
|Regular fee||Regular fee: 0.1–0.2 % of withdrawal amount|
|Exchange Fee||35 % discount|
How To Start With Vitex.net
To start trading with Vitex.net,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 Vitex.net 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 Vitex.net account.
ViteX Trading fees
Many exchanges charge what they call taker fees, from the takers, and what they call maker fees, from the makers. Takers are the people removing liquidity from the order book by accepting already placed orders, and makers are the ones placing those orders. The main alternative to this is to simply charge “flat” fees. Flat fees mean that the exchange charges the taker and the maker the same fee.
ViteX offers flat fees. The platform charges both takers and makers 0.20%. The global industry average has for a long time been around 0.25%. Many exchanges have now started reducing their trading fees even lower, but they think it’s fair to say that ViteX’s trading fees still are in line with the global industry average.
If the user stakes 10,000 Vite-tokens, that results in a reduction of the trading fees. 10,000 Vite-tokens is today around USD 350, and if you stake that, you only have to pay 0.10% in trading fees.
ViteX Withdrawal fees
ViteX has a percentage based withdrawal fee. This means that they charge you a percentage of the withdrawn amount when you want to withdraw. Their percentage charged is 0.50%. This is however only when you withdraw to non-Vite wallets, it’s the cross-chain gateway that results in a withdrawal fee. For withdrawals from the exchange to your Vite wallet, the exchange does not charge any withdrawal fees.
This is an unusual withdrawal fee model, but it is not unheard of. Most exchanges have a fixed withdrawal fee, regardless of the size of the withdrawn amount. In addition to this exchange, only the following have percentage based withdrawal fees (from lowest to highest): SouthXchange (0.04%), FatBTC (0.05%), Digax (0.10%), BitINKA (0.15%), RippleFox (0.20%), OOOBTC (0.50%), iCE3X (0.50%), BCEX (0.50%), DOBI Trade (0.50%), LEOxChange (1.00%) and Trustdex (1.00%).
With the fee model that this exchange has, when you withdraw small amounts, it is beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.00005 BTC (extremely low). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.05 BTC (extremely high). Each investor should consider whether this withdrawal fee model would be appropriate for them based on their own individual circumstances.
ViteX does not – like all (or at least close to all) other decentralized exchanges – accept any deposits of fiat currency. This means that cryptocurrency investors without any previous holding of cryptocurrency assets can’t trade at this trading platform. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency.
How is VX distributed
Since the VX mining function went live on September 9, we are still gathering data for how best to implement VX distribution.Trading, Referring and Listing60% of VX released daily will be distributed to traders who mine within this category. There are currently four markets: BTC, ETH, VITE and USDT. Each market will account for 15% of the daily VX distribution.Staking20% of VX released daily will be distributed to users who mine within this category.Market-Making10% of VX released daily will be distributed to traders who create orders.
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