Review of DigiFinex
After starting out as a money exchange app, DigiFinex has transitioned into a full-blown cryptocurrency exchange that lets its users trade regular fiat currencies along with assets like stocks and commodities as well. Read on to learn more about it and whether you should sign up for the platform.
Pros & Cons
After starting out as a money exchange app, DigiFinex has transitioned into a full-blown cryptocurrency exchange that lets its users trade regular fiat currencies along with assets like stocks and commodities as well.
DigiFinex is primarily focused on the Asian market but welcomes customers from over 150 countries around the world.
What can I do with DigiFinex?
DigiFinex lets you trade more than 100 cryptocurrencies and 70 fiat currencies. Over the last couple of years it has added new assets so that you can also trade popular international stocks and precious metals like gold.
Founded in 2014, DigiFinex is primarily focused on the Asian market but welcomes customers from over 150 countries around the world. That user base has helped it catapult into one of the leading exchange platforms, so it provides high liquidity and trading volumes on all the assets it provides.
DigiFinex cryptocurrencies and trading options
What cryptocurrencies can you trade on DigiFinex?
Major cryptos traded on DigiFinex
- Bitcoin Cash
- OMG Network
- Ethereum Classic
DigiFinex core currency pairs
All DigiFinex trading options
DigiFinex provides a total of 103 cryptocurrencies and 70 fiat currencies for trading. It also gives you the opportunity to invest in stocks and ETFs, including Facebook, Netflix, and Amazon, and leading tracking funds like the SPDR Gold Trust and Vanguard FTSE.
Can I trade with leverage on DigiFinex?
No, DigiFinex doesn’t currently allow its users to trade using leverage. Trading with leverage is risky and should only be conducted by professional brokers or experienced traders.
What are the spreads?
DigiFinex makes money from widening the spread between cryptocurrencies and fiat currencies. The broker doesn’t currently charge fees on currency exchanges, but it does generate an income on the spread between different currencies, which goes to cover some of the app’s costs.
The spread is fixed at 1%, which is more than other similar crypto brokers typically charge.
Fees, limits, and payment options on DigiFinex
What are the deposit and withdrawal fees, limits, and speeds?
DigiFinex allows users to deposit or withdraw funds via various sources, including credit cards, cryptocurrencies, and even cash. However, some of the fees it charges are rather high, as opposed to other similar exchange platforms.
Currently, DigiFinex doesn’t allow users the option to deposit or withdraw to debit cards. Keep in mind that DigiFinex makes use of its Wire Program, Coinify, and Simplex to help facilitate transfers. The Wire Program sets limits for bank wire transfers of $500-$40,000 per day with no DigiFinex fee. However, your bank may choose to charge an additional fee.
$1-$40,000 per day
$10 flat fee or 4%
|EU wire bank (SEPA)|
$1-$40,000 per day
2-3 business days
$1-$40,000 per day
3-5 business days
|Crypto (BTC, LTC, BCH, ETH)|
Instant but may vary
How much are DigiFinex’s fees and commissions?
DigiFinex offers zero trading commissions for any exchanges involving natively supported cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash, Litecoin) and any equity.
DigiFinex initially launched over 50 supported ETFs and stocks in 2019, with plans to steadily support more based on feedback from users.
|Fee type||Fee amount||Commission|
|ETFs, stocks, commodities||1%||None|
DigiFinex trade sizes and limits
The DigiFinex app is specifically designed for small volume traders, which means it comes with certain limitations. All cryptocurrencies except Bitcoin and Litecoin have a maximum trading volume of 5 BTC per trade per day, but there are no limitations to how much Bitcoin, Bitcoin Cash, and Litecoin you can trade.
Similarly, peer-to-peer transfers have no limits either.
|Product||Minimum trade||Maximum trade|
|Cryptos except for BTC/LTC||0.01 lot||5 BTC|
|Cryptos (BTC/ LTC)||0.01 lot||No limit|
DigiFinex trading platform
What devices can I use DigiFinex on?
The DigiFinex trading platform is currently available only as a mobile app, so you can download it on smartphones and tablets. The app is available both for Android users in Google Play and for iOS (iPhone) users in the App Store.
- iOS Mobile Devices
- Android Mobile Devices
Can I use DigiFinex in my country?
DigiFinex is available in over 150 countries and territories worldwide, including the United Kingdom, Germany, France, and Austria. Select your country from the list below to see if it is available where you are.
Is DigiFinex available in my language?
Currently, the DigiFinex app is available in nine languages, including, English, Spanish, Portuguese, Russian, Chinese, Japanese, Korean , Vietnamese, Arabic
How easy is it to use DigiFinex?
Only three years after it made its debut on the market, DigiFinex has already become the preferred crypto trading platform for over 4 million traders. It’s easy-to-use interface combined with a simple, user-friendly app no doubt helped in this respect.
New traders also have access to a series of useful articles and how-tos in the broker’s FAQ section and on its blog, so that they can easily navigate through the platform.
DigiFinex is constantly among the trading platforms with the highest trading volumes for major cryptocurrencies. Here are some of its key features:
24/7 professional support
Whether you’re looking to open a live account, learn more about withdrawals and deposits, or any other questions you may have, DigiFinex provides 24/7 professional customer support in the form of a live chat feature on its website.
Stable and secure
The broker is ranked top 10 globally by both volume and liquidity. Its in-house developed security system counts for multiple fail-safe layers, giving accounts bank-grade protection.
DigiFinex is one of the few crypto trading platforms that has taken the additional security step of setting up a self-administered insurance fund for both liquidity and to ensure the integrity of its platform.
Security and regulation
Is DigiFinex safe?
DigiFinex makes use of sophisticated security protocols and in-house developed systems to secure transactions. It uses two-factor authentication for access to every account, and most of the clients’ cryptos are kept in cold wallets, away from any potential danger.
Am I and my cryptocurrency protected?
DigiFinex uses encryption to secure its users’ information. However, cyberattacks are still possible, and so DigiFinex suggests storing your crypto assets offline, in a cold wallet such as the Ledger Nano S, Trezor, or KeepKey.
Is DigiFinex regulated?
No, DigiFinex was registered under the rules and regulations of Seychelles, and currently holds offices in Singapore. Although it is not formally regulated by any financial authority, it commits to a strict KYC policy and to international anti-money laundering laws.
Do I have to verify my account with DigiFinex?
Yes, DigiFinex runs a Know Your Customer (KYC) policy and requires verified personal information, such as a copy of a current photo ID and a second ID with your residential address on it from clients who want to trade. Although some degree of anonymity is provided for small traders and beginners, you will need a registered account to withdraw any profits.
DigiFinex provides a series of useful articles and an extended FAQ section to answer most of its clients’ questions and concerns regarding trading. There you can browse through dozens of guides on how to perform spot trades and properly understand how trading cryptocurrencies works.
DigiFinex also has a blog, where you can find the latest crypto industry new and additional useful trading and learning resources.
Tools and charting
DigiFinex features various distinguishing tools to ensure traders a smooth and fast trading experience, such as spot trading, a peer-to-peer OTC trading desk, and fast transactions, with fills within milliseconds of placing your order.
DigiFinex provides 24/7 in-app customer support as well as email support. There is also a QR code that can be scanned which links you directly to a WeChat customer service page. In the app, you can find the customer service by clicking on the “Head Icon” in the top left corner and selecting “Customer Support”, which will initiate a live chat with the customer service team.
In addition, the broker has various official Telegram accounts for both English and Chinese speakers, and can also be contacted on one of its many official social media accounts – Twitter, Facebook, Kakao, Telegram, Reddit or Instagram.
DigiFinex is a mobile app designed especially for inexperienced traders and has a simple interface that’s easy to navigate. It isn’t the cheapest exchange as trading fees are fixed at 1% and there are many, varied deposit and withdrawal fees, but DigiFinex’s main advantage is the more than 100 cryptocurrencies and 70 fiat currencies it makes available.
It now offers 50 ETFs and stocks for its worldwide customers as well and, unlike other similar platforms, it is available to U.S. customers. There are also a myriad of educational resources available in an extended FAQ section, which answers many questions a new trader would likely have.
Although it lacks the depth and features of a classic trading platform, DigiFinex’s main purpose is to make crypto trading accessible to everyone, something which it excels at.
How to buy and sell cryptocurrency with DigiFinex
How to buy crypto on DigiFinex
- Sign In to your account
- Go to the “Buy Bitcoin” section on top of the main page
- Enter the amount or quantity of your preferred crypto and choose the payment method
- Select your method of payment
- Click “Buy BTC Now”
How to sell crypto on DigiFinex
- Log into your DigiFinex app
- Tap on “Exchange” at the bottom of the screen
- Select the cryptocurrency you wish to sell and the preferred choice for your receiving funds (to sell crypto for US dollar cash, select TUSD /True USD in the DigiFinex app)
- You will now see the exchange rate. Select how much you would like to sell/exchange for TUSD
- Click “Review”. Review your order and hit “Confirm”
DigiFinex is operated by DIGIFINEX Limited, a company registered in Seychelles, with offices in Singapore. It was founded by Ned Lee, who also acts as the current CEO of the company.
DigiFinex makes money by charging fixed trading fees and commissions for withdrawing/depositing funds into your account.
Depending on the country of your residence, you might be asked to pay taxes on your DigiFinex profits. Check your local tax regulations for more details.
There is no short process if you wish to delete your DigiFinex account, but you can get in touch with customer support live 24/7 and a member of the team will guide you through the process.
No, short selling facilities are available on DigiFinex at this time.
If you’ve lost the DigiFinex current PIN code you entered, you can reinstall your app and recover your wallet using the recovery phrase. This will help you set a new PIN. If you haven’t saved your recovery phrase, do not delete and reinstall your app.
No, Paypal is not currently a supported payment method.
DigiFinex only works as a mobile app so you need to have a strong Internet connection before trading or exchanging your funds on it. If the app crashes, all you have to do is close it and open it again.
In the event that DigiFinex ceases operations altogether, the crypto or money in transaction will be lost forever, as the exchange is not insured.
Open your DigiFinex app to the main screen, and tap the icon in the upper left corner to go to the menu screen. Tap “Transaction History” and, if you would like to also export it, tap the “Export transaction history” button. Confirm and tap OK.
Yes, DigiFinex does offer the ability to pay in supported crypto coins.
Yes, you can earn up to 10% interest on USD stable coins or cryptos when trading with DigiFinex. The broker also offers up to $25 for each new trader through the DigiFinex Affiliate program.
Simply move the funds from Coinbase to your wallet that is linked with DigiFinex and you are good to go. No direct transfers to DigiFinex are required.
No, DigiFinex doesn’t offer the opportunity of trading anonymously. You will have to register with a series of personal information, including a current photo and secondary ID with your residential address in order to trade with DigiFinex.
No, DigiFinex is a non-custodial wallet and does not have access to user funds or recovery phrases.
- Log in to the DigiFinex app.
- Tap “Transfer funds to Trading TUSD” to transfer USD.
- Enter the amount you wish to transfer
- Tap Done, Review & Confirm
It can take up to 7 days to complete the withdrawal, but all interest accrued during the process will be included. The minimum amount you can withdraw is $5 or the equivalent of $5 into any fiat/cryptocurrency.
No, DigiFinex works as a mobile app and doesn’t hold any information or funds on its proprietary servers. This makes it unhackable but you need to secure your phone and your DigiFinex app to keep your funds protected.