DigiFinex Exchange Posing Competition for Binance

Exchanges | Reviews

Digital Asset Financial Exchange is a Chinese cryptocurrency exchange with its headquarters in Singapore. The exchange is owned by the company DigiFinex Ltd which is incorporated in Seychelles and exclusively caters to the Asian market. The exchange has risen to the radar of the online cryptocurrency community due to its heavy trading volumes that exceed $400 million daily, coming into stiff competition with Binance, which has dominated the exchange market for a while now.

This is no mean feat considering that there are over 500 active crypto exchanges worldwide with a user base of more than 34 million crypto wallet holders. DigiFinex was incorporated in 2017 and have astonishingly managed to establish themselves as a trusted digital exchange. Apart from trading their own coin, DigiFinex coin, DFT, the exchange provides trading services for many blockchain based assets, including recently launched Gemini dollar.

The DFT token is an ERC-20 token based on Ethereum smart contract system, with a liquidity value of $2.1 billion according to CoinMarketCap.  One of the reasons why the volume on this platform is so high is that the company’s client base is strictly in Asia, which contributes to the bulk of daily cryptocurrency and digital asset trading more than anywhere else in the world. DigiFinex has a special quality in that its customer protection is its paramount selling point.

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Annual audits are conducted by investors, in addition to the fact that the exchange company is one of the few that are SOA audit certified. So far, the company is yet to be subjected to a single security breach event. DigiFinex founder Ned Kee also stated that the company does not delve its resources into marketing but instead the bulk of their budget is spent on security and performing identity verification according to KYC requirements.

This is not only towards their clients but also their listing policy is very strict for interested parties that intend to list their projects on DigiFinex. The potential projects undergo a vigorous verification process which is then submitted for voting and cooperating. In a nutshell, the voting process is based on the volumes of the proposed token to be listed. As such, the token is run for a five day trial and if the trading volume drops below 200,000 CNY per day, it is promptly delisted. This policy is also applied to assets that have lost 90% of their initial valuation.

Another feature of the exchange platform is its real time accounting and transaction processing service. This is the case for single wallet users or multi-layer wallet holders, which is enviable considering the collective different signature addresses. It is probably for this reason that their trading costs are a little friendlier than most crypto exchanges. It charges a standard fee of 0.20% competing with the 0.25% industry average. On Binance, there is a 25% on all fees paid in the DFT token.

DigiFinex also provides a reward system for trading with their native DFT token. Rewards can be obtained when a user locks the tokens and completes specific trading amounts. It also supports 149 trading pairs like BTC/USDT, BCH/USDT, LTC/USDT, ETH/USDT and many more. The trading model is very similar to that displayed on Binance, including the rewards system which depends on the volume of trading accumulated between makers and takers over a 30 day period.

In 2018, the company launched a limited period DFT mining exercise that lasted from April to August 21st. the mining exercise practically catapulted the company from 50th position to 11th in a few months. The reason they halted mining was so as to prevent an overflow of DFT which would lead to a decrease in value, which was a smart move in my opinion.

However, the exchange is not all rosy as there are a few limitations that I need to point out:

  1. The application is only available on iOS based devices meaning a lot of potential clientele is losing a great opportunity to trade on the platform.
  2. The application is not very advisable for seasoned traders due to the fact that their trading features are very limited, such as the fact that there is no stop order or margin trading.
  3. Since the exchange services are geographically limited, there is absolutely no way to open an account from say like the US, which again limits participation and in a way sort of makes Binance a preferred choice, due to global expansion.

What are your thoughts?

 

 

 

 

 

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