ChainEx is a South African based cryptocurrency exchange that allows users to trade Rand (ZAR) for several digital assets.
In this article, we review ChainEx and present a guide on how to use the platform. This review includes the origin, a platform overview, exchange fees, verification requirements, and frequently asked questions.
ChainEx Quick Review
ChainEx is a relatively new cryptocurrency exchange that runs in South Africa. The exchange offers a classic trading and rapid buy platform, referral program, and dynamic trading fees.
Finally, ChainEX has a quick and less complicated verification system that allows you to make sizable trades with only mobile verification.
The platform works for users who are searching for a South African exchange with an extensive list of supported cryptocurrencies.
ChainEX operates from the surfing mecca, Jeffreys Bay, on the Eastern Cape coast of South Africa. The exchange aims to provide you with a secure, online platform that gives users access to some of the most significant digital currencies worldwide.
ChainEX launched in March 2018. Since then, it has offered investors access to cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC) using the South African rand as the default fiat-buying currency.
ChainEx Platform Overview
ChainEx currently supports the South African Rand and twenty cryptocurrencies with over thirty trading pairs. Further, the exchange allows registration and trading from people outside South Africa.
FAIT currencies supported by ChainEX:
- South African Rand (ZAR)
Cryptocurrencies supported by ChainEx:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- USD Tether (USDT)
- Litecoin (LTC)
- Zcash (ZEC)
- Tezos (XTZ)
- Dogecoin (DOGE)
- Monero (XMR)
- Basic Attention Token (BAT)
- OmiseGO (OMG)
- Ripple (XRP)
- EOS, DCR, REP, SNT, BNT, CVC, STORM, PART, RVN, ZRX, UCASH, DODGE, and WGR.
Supported Countries: South Africa (International registration is allowed)
Payment methods accepted:
- Bank transfer
ChainEx Features and Services
You can buy or sell cryptocurrencies on ChainEx using the regular exchange or the quick buy and sell feature.
ChainEx has an extensive cryptocurrency exchange interface with tools to enable smooth trading. Traders can place different order types like market orders, accumulation and distribution orders, scaled orders, limit orders, and stop/stop-limit orders.
Quick Buy and Sell allows you to buy or sell digital currencies instantly on ChainEX. This feature is mostly for beginners who are not interested in the advanced features of trading.
Performing a trade using Quick buy and sell is as simple as entering the amount you wish to buy or sell, after which ChainEX will automatically complete a purchase or sale against current market prices.
ChainEx’s referral program is designed to reward existing users for inviting new users to the ChainEX system by paying them a percentage of the trading fees paid by new users they introduce to the platform.
This means that each time one of the users you referred performs a trade, you will be awarded a percentage of the fee they paid on the trade.
Once you have invited someone using the referral program and they, in turn, invite users themselves, you will also earn rewards from trading by this second level of invitees! Earning rewards from referrals of your referrals is possible up to four levels.
ChainEx referral levels include:
Level 1: 16% of trading fee
Level 2: 8% of trading fee
Level 3: 4% of trading fee
Level 4: 2% of trading fee
ChainEx has different fees associated with the usage of the platform. Users pay a trading fee and withdrawal fee on ChainEx.
Based on the 30-day trading volume of a user, the trading fee they pay is adjusted. The maker and taker fee on trades is 0.25%. Once a user has traded 100 BTC or more in the previous 30 days, a sliding fee scale will apply.
Withdrawal fees are dynamic for the Rand and Bitcoin. However, withdrawing other cryptocurrencies attract a charge of about $1.
Here is the fee structure:
- Trading – 0.25 percent
- Trading fee for users who trade more than 100 BTC* – lower fee based on volume
- Withdrawal fee: 8.50 ZAR and 0.0005 BTC
- Withdrawal fee for other currencies: Up to 1 USD.
ChainEx Verification and KYC
Traders on ChainEx are required to verify their identity to use the exchange. The level of your verification dictates the amount of money you can withdraw from the exchange. The various levels of verification include:
- Level 0 – Email verification
- Level 1 – Mobile phone verification
- Level 2 – ID document verification
Also, verification on ChainEx is almost instant and is secured by dedicated System Administrators.
ChainEx provides timely support for traders. You can surf through a knowledge base that includes comprehensive training tutorials, a YouTube channel with video tutorials, and an informative Medium blog to find details about the exchange.
Further, you can contact the team through the monitored support ticket system or via email.
ChainEx’s dynamic trading fees lets you pay less charges while you trade more. It is a good exchange option for traders looking for extensive support for several cryptocurrencies in South Africa.