A cryptocurrency exchange is an online platform built to facilitate the trade of cryptocurrency to fiat currency and other cryptocurrencies. There are a variety of cryptocurrency exchanges in the market right now. There are exchanges that trade a few cryptocurrencies and there are exchanges trading as many as 100 coins, some exchanges operate like the stock exchange while some others are like the currency exchanges found in banks and airports.
Some exchanges charge high fees for trade and yet still, some exchanges charge very low fees. This article will give a concise review of Quoinex, an established cryptocurrency exchange and the top reasons to trade with Quoinex.
Quoinex, short for 'Quoine Exchange' is a cryptocurrency exchange that engages in cryptocurrency to cryptocurrency trade and cryptocurrency to fiat money trade. Quoinex happens to be Japan's premier exchange platform, it has been in operation since 2014 and in September of 2017, Quoinex became one of the first regulated exchanges in Japan. Quoine Pte Limited is the company behind Quoinex Exchange which was founded by Mike Kayamori and Mario Gomez-Lozada. The company is mainly based in Asia with branches in three Asian countries - Japan, Singapore and Vietnam. Quoinex may be based in Japan but it supports customers from all over the globe.
Like many exchanges, Quoinex comes with its own peculiarities and features that differentiate it from other exchanges. A lot of those features come together nicely to make Quoinex a great exchange. Below are the top 5 reasons why Quoinex is definitely worth the investment.
1. Trading options
Quoinex Exchange supports the trade of a wide variety of cryptocurrencies against an equally impressive number of fiat currencies. Some of the supported cryptocurrencies include Bitcoin, Ethereum, Dash, Ripple, Qtum, Neo, Bitcoin cash and Qash. Some of the supported fiat currencies include but are not limited to; the US Dollar (USD), Japanese Yen (JPY), European Euro (EUR), Australian Dollar (AUD), Singapore Dollar (SGD), Hong Kong Dollar (HKD), Indonesian Rupiah (IDR) and Philippine Piso (PHP).
The operations of the exchange is under regulation by Japan Financial Services Agency - JFSA and is in compliance with global KYC (Know Your Customer) standards. The KYC standard is a security measure that ensures that every user is properly reviewed upon registration before verification can be given. This regulation curbs the rate of hacking common to some exchanges.
In addition to its general KYC compliant security standards, Quoinex offers high level security for assets on the platform with its own security system. The platform uses a two factor authentication system with an email confirmation request at every level. Additionally, assets on the exchange are safe guarded in a cold storage system. Cold storage are wallets that do not require internet connection to function and as such are generally safer and easier to manage as they are not susceptible to security breaches that come with internet connectivity.
4. Mobile support
The Quoinex Exchange offers mobile support on iOS and Android platforms and the mobile app is downloaded at the respective App stores of each operating system. The mobile app offers a user friendly interface with a full suite of high end security coupled with fast trading features to give its users the best trading experience.
5. Trading fees
Quoinex charges a maximum of 0.25% as trading fees - one of the lowest in all cryptocurrency exchanges - regardless of if it's cryptocurrency to cryptocurrency, or cryptocurrency to fiat currency trade. In March of 2017, the exchange announced its implementation of 0% trading fees for base currency pairs. A base currency pair is usually Bitcoin and the fiat currency of the user's country of residence. For example, the base currency pair for a user in Australia would be Bitcoin (BTC) and the Australian Dollar (AUD). Base pairs for users in countries whose fiat currency is not supported by the system is automatically BTC/USD. In September 2017, the exchange introduced new trading fees for all Ethereum base pairs with the new fees set at 0.1%. Nevertheless, for other base pairs and products, the 0.25% trading fee still applies.