Quoinex Exchange Review
The first regulated exchange platform in Japan, Quoinex is well documented and highly praised for its usefulness and reliability. Started in 2014, Quoinex is exclusively a fiat to crypto exchange. The main goal of Quoinex is to offer enough useful, secure, and fast functions to become the most in-demand cryptocurrency trading website. Considering the reviews for the platform are largely complementary, this is not an unattainable goal; it is already one of the largest exchanges in the world, with $12 billion in annual transactions.
About the Platform
The Japanese FSA is one of the strictest financial service authorities in the world, so investors can rest assured that their funds are being well secured by the regulated Quoinex exchange. While Quoinex only operates between fiat and crypto, it does support Qryptos which allows for trading between crypto to crypto pairs. The platform supports many common fiat including USD, EUR, and JPY, and a handful of crypto including BTC. The platform itself is very reliable and doesn’t seem to suffer from much unplanned or excessive downtime.
The trading dashboard is incredibly customizable and can be confusing even for users who have a lot of trading experience. Users can move and edit panels to create and save custom trading platforms. The platform also offers trading via market orders, limit orders, and stop orders, and margin trading is also available. The Quoinex application is available on iOS and Android.
The platform does allow for a demo mode and trading reports, but reviews have stated that the trading reports lack pivotal information and are essentially useless. It is also important to mention that while the platform supports several fiat currencies, it will not provide service to the USA, Iran, North Korea, and Myanmar.
Deposits, Withdrawals, and Fees
The vast offerings of Quoinex make it important to be aware of fees associated with deposits and withdrawals, but the platform makes it simple by standardizing or waving most fees. There is no fiat deposit fee, although deposits from a bank account may take 1-2 days domestically to Japan, and perhaps longer when originating from elsewhere. There are also no crypto deposit fees.
Standard fees apply when trading, although when trading a pair involving your base currency, the trade is not subjected to fees. Standard fees apply to withdrawing fiat currency, and cryptocurrency withdrawal fees depend on the network fee for the crypto being accessed.
The largest flaw associated with the platform seems to the be the slow crypto withdrawal time. Withdrawals are processed manually once a day because digital assets are stored in offline wallets. However, Quoinex has implemented a process called “warm wallets” that allows for automatic withdrawals twice a day which speeds up withdrawal processing.
Quoinex presents an exchange model with more strengths than weaknesses. An easy and customizable dashboard, standard fees, and currency flexibility paired with the company’s ability to listen and evolve with its userbase is promising. It is, perhaps, already well on its way to being the exchange powerhouse it intends to be.