EQONEX is a centralized cryptocurrency exchange that was founded in Singapore by EQONEX Group, which represents a whole ecosystem for operating with digital assets. The parent company of the platform is Diginex Limited, which is the first crypto-exchange company that was listed on Nasdaq. The platform is operating in Singapore under the temporary permission of the Monetary Authority of Singapore expecting an order from the Money Services Act licensed order.
The ecosystem of EQONEX Group includes the exchange EQONEX, a custodian Digivault, a multi-venue trading platform Access, a digital securitization advisory firm EQONEX Capital, and an Asset Manager Bletchley Park Asset Management.
There are several cutting-edge technologies employed in the work of the exchange such as Fix 4.4, WebSocket, Rest API, and the API TestNet. The platform also uses CCXT Certification Program, which is a high quality, portable and cross-compatible standard for API interfaces implemented in the CCXT Unified API. CCXT-certified exchanges have fewer bugs, more extended functionality, and better efficiency.
The platform features institutional architecture that was designed to comply with bank-grade standards. After the admission of a new client to the platform, a spot trading feature becomes accessible for the trader, so customers should go there first to authorize their trading activity. It’s important to select the wallet of the company and then choose the action to perform, for instance, depositing funds.
The platform offers its services via the orderbook where the consumers select the system for trading. The functionality allows choosing the Time Form option that gives access to Market Orders, Limit Orders, and Spot Trading Orders. All accessible orders in the market trade are contained in the orderbook, where the data is preserved, so the members of the system can always have a look at their order history.
Universal trading data is available to all parties of the trading process. There are no internal market makers on the EQONEX platform as the facility doesn’t authorize them. It’s worth mentioning that the exchange doesn’t get profit from trading. Moreover, it inspects the work of the platform to exclude the possibility of manipulations. Being under Tier 1 Jurisdiction regularity, the exchange is not controlled by the legal bodies of the country.
The exchange doesn’t have liquidity problems as it is affiliated with third-party partners that take care of this question. There is a guarantee of liquidity and fixed spreads at any time. Also, the platform allows cross-collateralization for its clients who can use stablecoins and other cryptocurrency asset profits (for example, margins) for leveraged cryptocurrency exchanges.
The customers can take advantage of optimized liquidation valuations. Investors get the best prices for trade liquidation orders.
Institutional clients can use multi-account arrangements enabling trading under a restricted entity with different trade account holdings. This feature makes it easier to survey and control the market to see how it affects their cryptocurrency securities. Along with spot trading, the platform has also introduced the service of Perpetual Futures for its users.
The cryptocurrency exchange released its native token EQO on April 8th, 2021. The token was created on the basis of the Ethereum platform making it fall under the ERC-20 standard. The benefits offered to token holders include lower trading fees for the members of the platform, access to airdrops of the exchange, staking rewards, better interest for crypto lending, and collateral against derivatives transactions.
The trading fees for takers are 0.09%, while makers have to pay 0.08%. However, it’s possible to profit from volume discounts thus turning into 0.02% for takers and 0.01% makers of the platform. The additional details on how to decrease payments are provided on the official website of the company. The withdrawal fees are fixed and depend upon the cryptocurrency withdrawn from the platform. The withdrawal requests are processed within 24 hours. It’s possible to deposit cryptocurrencies and fiat money into the account while it is not allowed to use credit or debit cards for deposits. It is possible to load the account with fiat money using wire transfer only.
Reputation is a number-1 priority for the company as it considers the reputational risks factors prevalent. For this reason, the platform complies with the KYC/AML processes and delivers a high level of security.
The platform was listed on Nasdaq, so it’s safe and easy to use. The reviewers point out the comforting levels of KYC, easiness of funding, and trading on the exchange. The platform is the most protected marketplace that caters to the needs of individual and institutional investors and equally cares about different categories of consumers adhering to the fairness principle for all customers.
It is a government-compliant company that supports high levels of transparency. To support this principle, the financial services authority does not allow markets on its exchange to avoid disputes of transactions against its associates.
Two-factor authentication is used to safeguard the customers’ cryptocurrency account holdings.
The team constantly works over the improvement of services offered to clients to deliver safety and security to them as the security updates are carried out on a regular basis. The platform is interested in the utmost protection, therefore it runs a Bug Bounty program that offers rewards for any useful info on bugs and vulnerabilities. The reward levels and terms of participation in the program can be found in a special section on the website of the exchange.
EQONEX customer support
It’s possible to connect the customer support via email. The website of the platform has the EQONEX Help Center that is equipped with a special toolbar to help users to select a query and then examine the articles offered on the subject. There is exhaustive information on different issues so the person can find the answer to his question before applying to the service.
The Chief Executive Officer at EQONEX Group is Richard Byworth who was Chief Operating Officer first and then was offered a CEO position. He is also a board advisor at PRIVATEMARKET.IO, which is a Digital Asset Marketplace (DAM) built on blockchain technology.