Rfinex Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Rfinex Review.
Rfinex is a digital assets exchange, which currently seems to be under development. A few more exotic coins are offered at it, but the entire website doesn’t feel like a finished product. We may edit this Rfinex review in the future, if the situation changes.
Exotic coins/tokens available – a total of nine trading pairs are present at Rfinex. All the coins are traded against Ether (ETH). The full list includes: EOS, MHT, ATM, CXTC, EGT, FUT, TRX, ICX and BPT. We must we aren’t that familiar with most of them.
2FA required – in order to access the trading platform, one must have first registered a telephone and have two factor authentication enabled. This may annoy some users, who want more anonymity, but at the end of the day we find it to be a positive factor, as it enforces a higher level of security.
Very low fees – the 0.10% market maker and taker fee this is a very competitive exchange. Most charge something around 0.20%-0.25%, with the regional players (who offer trading against more exotic fiat currencies) going as high as 0.50%.
No deposit fees – yet another factor, which distinguishes this exchange even from some of the much more reputable and popular ones. Keep in mind we are only talking about crypto-deposit fees.
No fiat currencies accepted – Rfinex is a digital assets exchange, which means only cryptocurrencies and tokens are being traded against one another. This is not a major flaw, but a choice of business model. In case you are looking to convert your EUR or USD or other form of fiat currency to crypto, you must go through a “gateway exchange”.
Trouble with registration – the mandatory 2FA requirement can also be a downside. We weren’t able to register a phone, which we used at multiple other exchanges. This is indicative of either a technical issue at the time of writing or the next point in the list,
May only be suitable for Chinese clients – one of the reasons for our unsuccessful registration may have been the fact this exchange targets Chinese traders. We came to that conclusion, as the default phone entry was set to China. The company claims to be registered in the UK and Switzerland, so this is quite bizarre.
Trading only against ETH (currently) – this is a limiting factor, especially since not all of the coins are Ethereum based tokens.
Withdrawal fees – while there aren’t very heavy, these charges are annoying. Below is a table, illustrating the future plans to add coins which aren’t currently present at Rfinex.
No margin trading – the lack of leverage trading at Rfinex is totally understandable. Even some of the bigger exchanges hesitate to implement it. Forex brokers, on the other hand, have lots of experience with providing margin. Some of them have also started to offer Bitcoin.
This is done via a newly created asset class called Contracts For Difference or simply CFDs, This is not something specific to cryptocurrencies, as many other things. When trading in such a way one does not actually own the coins in question, but simply an instrument which follows the coin in question. For more details, look at our explanation.
Rfinex is a cryptocurrency exchange, which currently only supports trading against Ethereum. That being said, the project appears to be very new (given a lot of the other factors), so one could expect more coins to be added. Our bigger disappointment was the fact we didn’t manage to see the trading platform, because the telephone verification system wasn’t functioning properly. That being said, we would revisit this review once conditions change.
Keep in mind that even if Rfinex was a bit easier to operate, the risks associated with the world of cryptocurrencies are still present. Exchanges have been hacked and clients have lost their investment. On the other hand, the forex brokers, who offer Bitcoin CFDs are usually much safer. That being said, some of them can also be somewhat shady. To get the maximum protection, we recommend trading with a well regulated one.
Instead of the cryptocurrency broker you can use Plus500, XM, eToro, Fxpro or AvaTrade crypto currency brokers.
Rfinex Review Conclusion
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