Ease of Use
Platform & Account Security
In search of a new cryptocurrency trading platform? DigiFinex is a cryptocurrency exchange founded in 2018. This platform is a non-regulated exchange that supports a multitude of markets including spot trading, margin trading, ETFs, and crypto derivatives contracts. In addition to its crypto trading tools, DigiFinex also includes a credit/debit fiat gateway, an insurance fund, access to their DRV native token, swap mining, and an interest-earning program. Does this platform fit your needs? Before you dive in, read our full DigiFinex review now.
Is the DigiFinex exchange the right cryptocurrency trading platform for you? With a wealth of different options for cryptocurrency exchanges available, it can be a little overwhelming to figure out which exchange is the most ideal trading platform for you. Whether you’re a part of the next generation of new cryptocurrency investors or an experienced trader, this DigiFinex review will aim to help inform you. Is DigiFinex legit? Is it a secure platform? This DigiFinex exchange review will cover some of the key features and services offered on the exchange, including:
- A brief background and history of the trading platform
- Types of trading offered and some of the digital assets DigiFinex supports
- Other types of financial programs offered within the DigiFinex ecosystem
- Trading fees and withdrawal fees
- Security measures
- Customer support and help resources
- The process of creating a DigiFinex account for new traders
- Ranking of how DigiFinex compares to different exchanges in the industry
It should be noted that the contents within this DigiFinex review do not constitute financial advice or any independent financial of any kind. Rather, this DigiFinex review only aims to inform the reader of the various services offered on this platform.
A Brief Background on DigiFinex/DigiFinex Limited
The DigiFinex exchange was founded in 2018, shortly after cryptocurrency’s first major market boom. The exchange itself is headquartered in Singapore but holds an operating license in Seychelles. DigiFinex is owned and operated by DigiFinex Limited. The founder and CEO of DigiFinex/DigiFinex Limited, Ned Kee, has an established professional reputation, having once been the Director of Developments and Operations at ShenZhen Wala Network Technology Co. Ltd. The core team has extensive experience with blockchain technology and financial companies and well-known technology companies such as Baidu and Tencent.
Since its inception, the DigiFinex platform has seen growth in both liquidity and trading volume, ranking high on the list of top exchanges in the Asian market for global traders. Both DigiFinex and DigiFinex Limited have expanded due to increased success, offering customers services far beyond crypto trading. Large volume traders have sought out the exchange for its liquidity and trading volume, ranking it as one of the highest trading volumes for an exchange within the Asian market.
Is DigiFinex Legit?
DigiFinex is a legitimate cryptocurrency exchange and is one of only six exchanges registered in Seychelles. However, like the other five of these six exchanges registered, this means that DigiFinex is not a regulated cryptocurrency exchange. As stated in their terms of service, users must do their own due diligence to ensure that their residential address is located within a jurisdiction that allows the types of services DigiFinex offers. Singapore-based traders, as well as those in the U.S.A., Iran, or North Korea, will not be able to use this exchange.
Crypto Trading Platform
The DigiFinex trading platform supports several different markets on its trading platform, including spot trading, margin trading, ETFs, and crypto derivatives contracts. New traders and experienced traders alike will be able to use DigiFinex’s trading services with relative ease.
The user interface of the slick trading platform is conveniently designed in a highly organized way. A large charting window sits in the middle of the interface. DigiFinex offers its own chart data as well as integration with Trading View technical analysis charting tools. Below the chart is the input interface to enter orders. The various tradable markets are aligned on the left side of the trading interface window, with a running order book and token pair trading history on the opposite side.
There are a few variations of the user interface between markets. For instance, the spot trading market offers a section with information on every single token offered. The derivatives market, on the other hand, does not have an informational section. Instead, it is replaced by a monitor window to view open positions, orders, and transaction history.
Let’s take a closer look at the ins and outs of each of the market offerings the DigiFinex trading exchange provides. Because each market trades differently, it is important to research the mechanics of each market to determine which style of trading is best for your personality, taste, and risk tolerance.
Spot Trading Platform
Traditional spot trading on crypto-assets is one of many markets on the DigiFinex trading exchange. This market allows users to buy digital assets at a 1:1 ratio, retaining actual ownership of the asset. DigiFinex has a wide range of over 170 digital assets ranging from mainstream tokens to the obscure and exotic. Some of the crypto assets available include:
- Bitcoin Cash
- Ripple (XRP)
- Cardano (ADA)
- Space Dog (DOGZ)
The cryptocurrency exchange also has 5 different base pair offerings, further diversifying their spot market. These include:
- Bitcoin Cash
The DigiFinex trading exchange allows customers to trade margin products through the spot trading market. Customers can have access to up to 5x leverage for margin trading on certain digital assets paired with USDT. Some of the trading pairs that are available for margin trading include:
- Ripple (XRP)
- Bitcoin Cash
- Bitcoin SV
Another unique market offering that the DigiFinex trading exchange offers is its ETF platform. An ETF market is a semi-hybrid combination of spot trading and contracts trading. Essentially, the ETF has leverage built into the function of its tokens, which are designated for both long and short positions. To give an example, if a long position on a 3x ETF gains 1%, the ETF actually gains 3% based on the leverage and price of the underlying asset. Currently, the exchange has over 18 different ETFs available for trading.
Crypto derivatives trading is another offering on the DigiFinex cryptocurrency trading platform. With this market, customers can trade perpetual swap contracts on over 25 different cryptocurrencies in a trading pair with USDT. Customers have access to leverage up to 100x. Generally, this form of crypto trading is best reserved for experienced traders due to the increased level of risk that comes with leveraged trading.
Other Key Features Offered with DigiFinex
Aside from crypto trading, the DigiFinex exchange offers a large number of other key features that help to make this platform attractive and accomodating for all types of customers. With these following services, users can capitalize their funds in a number of different ways to earn passive income and trading rewards. Read on to learn more about the various programs and services offered outside of DigiFinex trading.
Credit/Debit Fiat Gateway
DigiFinex does not offer support for the deposit of fiat currencies. However, users can still fund their account by means of fiat currency using the DigiFinex Credit/Debit Card gateway. Using 3rd party partners such as Simplex, Mercuryo, and Wyre, customers can exchange their fiat currency into cryptocurrency. Once the fiat currency is exchanged into a digital asset, customers can fund their account.
With this gateway, DigiFinex supports 40 different fiat currencies, convertible into 35 different digital assets. Cards supported include Visa, MasterCard, Apple Pay, and Google Pay. There is currently no support for wire transfers or ACH transfers.
Like many other different exchanges in the cryptocurrency industry that offer derivatives trading, DigiFinex offers an insurance fund for customers looking to hedge against losses on their open positions. Should an insured position lose money, the insurance fund will pay a settlement based upon the amount of funds the customer insured, as well as the amount within DigiFinex’s insurance fund at the time.
DRV Native Token
DRV is the native exchange token of DigiFinex’s Digideriv service, a token designed for dividends and rewards through transaction fee mining. This native token allows users to have access to a number of different services that involve DRV itself. The total supply of the DRV native exchange token is 100 million, with approximately 2.86 million currently in circulation. By holding or locking DRV, customers can receive dividend payouts for every 30-day time period. Holding a certain amount of DRV in an account can also qualify customers for VIP level membership on the DigiFinex exchange site.
Swap Mining is another service on DigiFinex that features the use of the DRV native token. By holding DRV, customers can receive more DRV by mining transactions made on the exchange site. A referral service that makes use of a referral link is also offered through Swap Mining, allowing users to receive a commission of their referred friend’s mining rewards. For information regarding how mining rewards are derived as well as the various levels of membership, take a look at the following diagram:
Similar to other trading platforms, the DigiFinex trading exchange offers an interest-earning program called Wealth. However, DigiFinex’s service is a little different from other trading platforms and is actually more of a custodial manager, which was built by DigiFinex’s quant team. By using this service, customers can receive a return on investment by locking funds into a custodial fund for a set duration of time. Funds range from stable-oriented growth to more aggressive/riskier growth strategies. Overall, this could be a great service for those looking to grow their portfolio in a passive way.
DigiFinex offers Crypto Loans to all users who have a Digifinex account. To get started, the user requests a loan amount and deposits cryptocurrency as collateral to receive the loan. Supported collateral assets include USDT, ETH, and BTC. Daily interest rates for crypto loans through DigiFinex can be as low as 0.02%. Once the loan amount is paid back to DigiFinex, the user will receive their collateralized assets. No transaction fee is incurred using this service.
DigiFinex Super Star Plan
The DigiFinex Super Star Plan is a service that gives users the opportunity to join guilds that offer even more benefits and rewards. These include reduced trading fees, trading rebates, token airdrops, as well as rewards from the rebate or affiliate program. Each guild has its own entrance fee of DigiFinexToken (or DFT, the official DigiFinex exchange token) required to join the guild. Guild leaders can enjoy expanded benefits if they can maintain and uphold a membership standard according to DigiFinex’s guidelines. The full list of benefits is as follows:
DigiFinex gives the opportunity for their crypto community to take place in an exchange-wide voting competition to list new projects on the cryptocurrency exchange. By having 100 DFT in an account, users can participate in the crypto community-wide vote. Projects can gain points and votes via a referral link through which new users can join the exchange. In this way, the crypto community can choose exactly which cryptocurrencies they wish to be able to trade on the DigiFinex platform.
Another program that DigiFinex offers is the Super Sale, which allows users to buy a select cryptocurrency at a low flat rate cost during a set duration of time. Users can increase their odds of getting a sale bid by using a referral link to refer a friend. Once that new user funds their DigiFinex account, the odds of winning a bid increase.
DigiFinex Mobile Trading App
A DigiFinex mobile trading app is available for download, allowing existing users to manage their portfolios and trades on the fly. The mobile app features all of the functionality as the exchange site, with the comfort and convenience that comes with being able to use the mobile app anywhere at any time. Users can download the DigiFinex app for both Apple and Android devices.
The DigiFinex app is also available for macOS and Windows computer devices. With this version, existing users can run the DigiFinex app directly on their computers as a dedicated application without having to use the web browser version of the exchange site.
Trading Fees & Other Associated Fees
The trading fees on DigiFinex are relatively straightforward. All spot trades carry a 0.2% for each transaction. However, customers can receive a discount on their trading fees by holding DigiFinexToken in their account, which can lower the fee to 0.060% per transaction. Discounted trading fees can help to save profits, which is a great incentive to hold the token in an account.
The DigiFinex fee for margin trading carries a flat 0.05% overnight interest rate for each trade. However, DigiFinex will waive the interest fee from 10 am the day before if the user closes their by 10 am on the current day.
The withdrawal fees on DigiFinex depend greatly on the token being withdrawn from the platform. DigiFinex derives their withdrawal fees based upon the current network conditions of the token being withdrawn. Because the offering of different cryptocurrencies is quite vast on this platform, withdrawal fees are likely to be quite different value-wise from one another. For this reason, a user may be able to save on withdrawal fees by converting to another asset that carries a lower transaction fee.
Is DigiFinex a Secure Platform?
DigiFinex has several security measures in place to ensure the safety of the exchange as well as user accounts. One of the measures that DigiFinex implements is using secure physical vault storage for those who have funds in the DigiFinex wallet. The exchange uses multiple fail-safe layers in their security practice to ensure bank-like security.
Two-Factor Authentication is available for users to apply to their accounts. By using Two-Factor Authentication, users can add an extra layer of security to their accounts by requiring a verification code for certain account actions such as logins and withdrawals.
Is Digifinex safe? While no exchange is 100% safe and secure, the exchange has had a relatively stable track record for not having been a victim of hacks. With that being said, it is important that users ensure the safety of their own funds by never having more funds on the exchange than they are willing to lose at any time.
DigiFinex Customer Support
DigiFinex has multiple outlets of resources for those seeking customer support. An in-depth Help Center exists to aid users with any questions that they may have when using DigiFinex’s services. Topics found in the Help Center include articles covering margin trading, spot trading, contract trading, and more.
The DigiFinex exchange also has a number of different social media and messenger accounts for increased community visibility. Users can stay up-to-date on all of the happenings of the cryptocurrency exchange by visiting or contacting the various profiles on the following platforms:
For those that need personalized help from customer support, there are a variety of ways to get in contact with the customer service team. A convenient Help chat is available 24/7 on the exchange, allowing users to get help from customer support in a timely fashion. A customer support email address is also available, in which a member of the customer service team will be able to contact the user via email with possible solutions to any problem they may have.
Creating a DigiFinex Account
The process of creating an account on DigiFinex for new cryptocurrency investors is very straightforward. By clicking on the Register button, users can sign up by phone number or email address. A verification code will be sent (either by phone or by email), and after inputting a valid password, the account will have been successfully created.
Before users can start trading, they may have to provide personal information to comply with KYC/AML laws. While DigiFinex is unregulated, the platform still needs to abide by international laws to ensure that the exchange can continue to provide trading services to the public.
DigiFinex Review Conclusion
With a wealth of different markets and services, DigiFinex is a competent exchange for new traders and experienced traders alike. Whether you simply wish to buy crypto or sell crypto, or trade with margin or perpetual contracts, DigiFinex will have you covered. The DigiFinex ecosystem is rich with offers that allows users to capitalize on incentives such as trading commissions on the trading volume of referred friends, dividends, and discounted trading fees. DigiFinex will likely continue to keep growing amongst with larger trading volumes being seen each year, helping it to stand out amongst other trading platforms.
- Very large number of digital assets available with liquidity and trading volume to match
- Spot market, margin trading, ETFs, and derivatives contracts are available to suit every kind of trader
- Incentivized programs allow traders to earn in passive ways
- Slick trading platform that is both easy to use and aesthetically pleasing
- Basic version of the exchange allows users to buy crypto and sell crypto with ease
- Integration with Trading View charts allows for superior technical analysis charting tools
- 40 fiat currencies supported through the fiat gateway
- Fees are relatively straightforward
- Wire transfer of fiat currencies not supported as DigiFinex does not allow fiat currency to be deposited directly on the platform
- Depending on the asset’s network conditions, withdrawal fees may be high when going to transfer funds
- Services may not be allowed for those whose residential address is located within a jurisdiction that does not allow the services offered on DigiFinex
- Some English articles are seriously lacking in coherent meaning