SouthXchange Review – Fees, Supported Coins & Countries, Payment Methods
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The profession of crypto trading has reached every part of the globe. There are cryptocurrency exchange companies almost everywhere. The crypto exchange we will talk about today is SouthXchange which comes from South America. We will cover everything you need to know about this exchange: features, fees, deposits, withdrawals, and much more. So, without any further delay, let’s begin the review.
SouthXchange Overview
SouthXchange is a cryptocurrency exchange platform that was founded back in 2015 and has its headquarters in Argentina. The exchange was created and is being managed by the PRO-Systems company that consists of software engineers that are highly trained.
The company’s goal is to provide an exchange that is simple in its design, very secure, and straightforward to use for everyone. SouthXchange was voted the Best Crypto Exchange in South America in 2019 in the ADVFN International Financial Awards.
The platform promotes itself as the best choice for someone new who wants to open an account on the crypto trading platform. They pride themselves on the platform’s security as well as the low fees they offer, additionally, they have real-time data presented on the platform, and it is supported on mobile devices.
Furthermore, SouthXchange supports fiat deposits making it an entry-level exchange platform. With additional features and services on the platform, SouthXchange has shown itself as a top contender among its competitors.
Services & Features
SouthXchange offers a sufficient yet straightforward platform, both in its design and in its services. On the platform, you will not find a lot of different features, but you will have everything you need in order to do your business. Upon opening the website, you will not be overwhelmed by vibrant colors, unnecessary information, or flashy designs, on the contrary, you will find a clean, simple design proving that sometimes the simpler something is, the better it performs.
In the top left corner of the website, you will find a small square with the SouthXchange logo. By clicking on it, you will be presented with the pull-down menu where you will find everything you need on the website, markets, faucets, forks, dice (basic and advanced), new coins voting, ads voting, wallets status, API, fees and limits, security information, terms of service and some general information and a brief description of the exchange.
The trading data on the SouthXchange platform is gathered in real-time directly from their own servers, and because of that, users on the platform have a decent advantage to think things over and make their decisions when it comes to investing. Additionally, the platform had quite a high score on the independent Mozilla Observatory test, confirming the safety and security of the platform.
What’s important to mention is that the terms of service are not well defined if you could say so, the entirety of the terms of service consists out of 16 points that are no longer than one or two sentences.
Spot exchange
SouthXchange offers spot exchange on the platform. Basically, spot exchange is a current price available on the market to exchange one currency for another one, while the delivery date is as early as possible.
SouthXchange supported coins
SouthXchange supports a lot of different coins, 174 to be exact. Here are some of the most popular ones: Bitcoin BTC, Ethereum ETH, Tether USDT, Binance Coin BNB, USD Coin USDC, Dogecoin DOGE, Litecoin LTC, Bitcoin Cash BCH, TRON TRX, Ethereum Classic ETC, Monero XMR, Dash DASH, TrueUSD TUSD, Bitcoin Gold BTG, Litecoin Cash LCC, etc.
SouthXchange deposits & withdrawals
When it comes to deposits and withdrawals on the SouthXchange, the process is quite simple. Additionally, the fee structure is also presented in a simple manner, and the fees themselves are quite acceptable.
Fees
In the matter of fees, first, let’s mention the deposit fees. Through our research, we did not find anything that can indicate that there are deposit fees. Because of that, it is safe to believe that there are no deposit fees on SouthXchange, except transaction fees.
Next, let’s talk about withdrawal fees. Withdrawal fees are well below the industry average. For example, when it comes to Bitcoin, the withdrawal fee is 0.00015, which is quite a bit lower when compared to withdrawal fees on other crypto exchanges.
Methods
Here is what you need to know when it comes to deposit and withdrawal methods on the SouthXchange platform. The available methods for depositing and withdrawing are as follows: Bank Transfer (ACH), SEPA, WIRE Transfer, and Credit Card.
Limits
When it comes to deposit and withdrawal limits, depending on the cryptocurrency that you have, the limits vary. For example, for Bitcoin, the minimum deposit is 0.00005 BTC, while for the withdrawal, the minimum is 0.002 BTC. Additionally, the maximum depositing limit for any cryptocurrency is not stated on the official website, it is safe to assume that there is no deposit limit.
On the other hand, when it comes to withdrawal maximum limit, some cryptocurrencies have it while others do not. For example, for BTC, there is no maximum limit when it comes to withdrawing, but for the BAZA token, there is a 10000.00 maximum withdrawal limit.
SouthXchange Trading Fees
Trading fees on the SouthXchange platform can vary quite a bit. Depending on the trading volume you have each week, you will be given a certain level: standard, bronze, silver, gold, and platinum.
The standard level is the lowest and does not require any trading volume. For this level, the trading fees are as follows: for the maker, the fee is 0.1%, and for the taker, the fee is 0.3%. The taker fee is quite bigger than the industry standard.
The next one is the Bronze level. Your weekly trading volume needs to be 0.1 BTC to achieve and keep the bronze level. For this level, the trading fees are as follows: for the maker, the fee is 0.08%, and for the taker, the fee is 0.24%.
You need to have a weekly trading volume of 0.5 BTC for the silver level. For this level, the trading fees are as follows: for the maker, the fee is 0.06%, and for the taker, the fee is 0.18%.
After the silver level comes the gold level. To achieve the gold level, you need to have a weekly trading volume of 5 BTC. For this level, the trading fees are as follows: for the maker, the fee is 0.04%, and for the taker, the fee is 0.12%.
The last level is the platinum level. You need to have a weekly trading volume of 10 BTC for the platinum level. For this level, the trading fees are as follows: for the maker, the fee is 0.02%, and for the taker, the fee is 0.06%.
The difference in the fees between the standard and the platinum level is quite big, but so is the trading volume necessary to keep the certain level.
Spot trading fees
There is no information concerning the spot trading fees on the official SouthXchange website.
Does SouthXchange require KYC?
As of today, SouthXchange does not require any form of KYC on its exchange.
SouthXchange supported countries
SouthXchange supports a lot of countries around the world. On the other hand, SouthXchange does not operate or offer its services to the following group of countries: North Korea, Palestinian Territories, Libya, Macau, Haiti, Iran, Iraq, Jordan, Afghanistan, Kazakhstan, Lebanon, Panama, Syria, Yemen, and Sierra Leone.
Are US investors allowed on SouthXchange?
There is no explicit statement that US investors are not allowed on the platform. That being said, if you are an investor from the US, we advise you to do your own research before you decide upon using the SouthXchange because depending on where you live, there might be some variations.
How to start with SouthXchange?
Setting up your SouthXchange account is very straightforward and could not be simpler. All you need is a valid email address, and you are set.
The sign-up takes less than 5 minutes from start to finish. First, you input your valid email address, and then you input your password and confirm it. With this, you finished signing up to the platform and can start trading without any problems.
Does SouthXchange have a Native Token?
Yes, SouthXchange does have a Native Token called SouthXchange Coin (SXCC). The SouthXchange Coin can be used for several different things, such as: voting for new coins promoting.
Is SouthXchange legit and safe?
With the rising popularity of cryptocurrencies and their value increasing, more and more criminals and scammers attack exchanges and their users. Because of this, it is important that you are careful when you pick a crypto exchange platform that provides you with the tools to keep your assets protected and safe from scammers and criminals.
However, when it comes to the information on SouthXchange or the PRO-Systems, there is not much on the internet. This can be quite a problem considering that most people will not trust a nearly anonymous exchange to keep their assets safe. That being said, SouthXchange has been around for more than 6 years and still has new users signing up every day. The platform provides you with several options to keep your assets safe.
Is SouthXchange Regulated?
Yes, SouthXchange is regulated and has licenses for the districts it operates in.
Conclusion
All in all, SouthXchange is a solid option to pick when it comes to cryptocurrency exchanges. It is a simple and straightforward exchange with a simple look designed not to waste your time while you buy, sell or trade your assets. Even though it is almost anonymous, the platform has been operating for more than 6 years and is continuing to do so. SouthXchange provides you with options to keep your assets safe, and everything is stored on private networks guarded by firewalls.
Ultimately, the SoutXchange is a safe option and will probably keep getting better and better over time.
FAQs
What fiat currencies does SouthXchange support?
SouthXchange does not support a wide array of fiat currencies, that being said, it does support only USD for now.
Does SouthXchange have Fiat Deposit?
Yes, SouthXchange has a fiat deposit making it an entry-level exchange.
Can I trade with leverage on SouthXchange?
We could not find any information concerning if there is leverage trading on the SouthXchange platform. This leads us to believe there is no leverage trading on the platform.
Where is SouthXchange exchange based
SouthXchange is based in South America, Argentina.
How do I get crypto on SouthXchange
You can either buy or deposit crypto into your SouthXchange profile.
If you are not fond of SouthXchange, here is a list of other crypto exchanges that can be good alternatives:
- CoinMetro Review
- ZT Exchange Review
- Bityard Exchange Review
- Bitstamp Review
- BitForex Review
- Zaif Review
- BitKub Review
- BitOffer Review
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