C2CX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this C2CX Review.
C2CX Review
C2CX is a Chinese cryptocurrency exchange that is registered in Luxembourg for obvious reasons (the ICO ban in China, which chased away most exchanges). It offers crypto-to-crypto spot trading in some of the most popular coins, and it seems that it also allows deposits and withdrawals in Renmibi (RMB).
As regards safety, C2CX uses standard SSL, hot wallet and cold wallet to protect platform funds, as well as risk analysis system in the processing of withdrawals.
C2CX Advantages
Competitive trading fees
Currently C2CX charges a flat fee of 0.20% per trade, regardless of the instrument traded and the user’s trading volume. This is a good pricing. Besides, deposits are free and withdrawals have relatively small fees: 0.0001 BTC, .005 LTC, 0.01 ETH.
Fiat currency accepted (RMB)
According to an announcement on C2CX website, CNY trading has been discontinued on September 30th, 2017. Nonetheless, it seems that the exchange accepts deposits in Chinese Renmibi (RMB) and also allows RMB withdrawals. However, withdrawals in RMB are charged with pretty solid fees.
Decent amount of coins available for trade
At the time of writing of this review, C2CX offers trading in Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, as well as its own digital currency, Skycoin. At C2CX trading is mainly done against Bitcoin, the most actively traded pairs being BCC/BTC and SKY/BTC. In fact, trading volumes on other pairs are rather low.
Anonymous trading
Like more exchanges, C2CX utilizes Google two-factor authentication (2FA), but unverified users can also trade on the exchange. Registered members whose transactions involve only virtual currencies are not required to have their identities verified.
Nice trading platform
C2CX’s web trading platform is nothing special, yet it is equipped with the most important features, such as an order book, some basic charting and more.
C2CX Disadvantages
No advanced charting, no mobile trading apps
Speaking about C2CX’s trading platform, we have to mention that it lacks good charting, technical analysis indicators and other advanced features, which for example the MetaTrader 4 used by most forex brokers provides. Besides, there are no mobile apps available at C2CX.
Limited fiat currencies supported, salty transfer fees
You cannot buy Bitcoin, or Ethereum with US Dollar or EUR at C2CX. As we have mentioned above, this cryptocurrency exchange supports only Chinese Renmibi. However, CNY withdrawals are charged with solid fees – 0.40% in working hours and 0.60% outside working hours.
No margin trading
Like most exchanges, C2CX does not provide leveraged trading. If you need such a service, some bigger exchanges, like Chinese OKEX, or Kraken, offer such. You also have another option: trade in Bitcoin speculatively with the forex brokers, all of which provide margin trading.
C2CX was launched in 2016 after an angel round investment by the Chinese company IT Group. It offers trading in some of the most popular digital coins, as well as its Skycoin, which seems to be praised by the crypto community. Trading fees at C2CX are competitive, however withdrawals are more hevily charged, especially those in RMB.
In September 2017 Chinese authorities officially restricted the issuance and trading of digital tokens sold via domestic ICOs. At the time it was unclear to what extent that affects Chinese crypto-exchanges, however, some of them exited the local market (BTCC), and others, like C2CX, restricted CNY trading. Huobi, another leading Chinese exchange, cut a lot of its functionality and re-registered in the Seychelles. C2CX, on the other hand, is registered in Luxemburg (as Cybertrust S.A). It is not licensed, nor overseen by any financial authority, which is the case of most similar venues. We would like to remind those of you preferring to invest with a properly regulated entity, that you can also trade in Bitcoin with trusted forex brokers.
C2CX Review Conclusion
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