DSX Global is the first regulated cryptocurrency exchange based in the UK. DSX Global partners with an FCA regulated online payment services provider ePayments and is managed by it. The fact of the platform’s compliance with UK regulations is a milestone for the whole industry in the country. It became a new type of cryptocurrency exchange that connects the unregulated sphere of cryptocurrency trading and traditional regulated financial establishments, thus bridging a gap between them.
The company that was first registered as DSX evolved into DSX Global in April 2020, which is headed now by Mike Rymanov, CEO. The company serves users in more than 80 countries.
The mission of the company is to help users to trade their way and give them the confidence they’ve never experienced before trading on any other cryptocurrency platform. The team’s goal is to develop an exchange that is safe, beautiful, and trusted.
The company tries to add the vibe of London to all aspects of their work. The team of developers has made the website that caters to the needs of the advanced traders and novices in the area.
The company uses the advanced technologies and software architecture to deliver state of the art platform for its customers. Integration with real-time price feeds, charts, and other technical indicators give traders a better understanding of the market. The functionality supports different kinds of orders, for instance, Fill or Kill, limit, stop orders, trailing stops, etc. It offers the most popular cryptocurrency pairs. In addition, there is the DSX Public API, which is a powerful tool for more tech-savvy users.
One of the most interesting features of the exchange is the opportunity to use the DEMO account for those who want to register on the site. It’s possible to test the platform there first and only then make a decision about your membership. If the functionality is suitable, you can open an account.
At the time of writing, the platform supports only around 20 currencies including fiat (USD, EUR, RUB, GBP and TRY) and most popular cryptos such as BTC, LTC, ETH, BCH and a few more, but it plans to expand the list. The exchange is always on the hunt for new coins to add to the list of supported currencies.
DSX Global customer support
The exchange has an excellent customer support service that can be contacted via live chat or email. Those who want to contact the team on the phone should call on working days (from Monday to Friday) on regular office hours (8.00 am to 5.00 pm GMT).
Taking into account the fact of the platform’s FCA regulation, the users of the exchange can enjoy the same level of security on the resource as in other FCA regulated financial services entities. The assets held by ePayments are subjected to insurance with Lockton Companies Inc., which is one of the biggest private insurance brokerage firms in the world.
It is necessary to verify your account in compliance with AML regulations. Previously, it took up to 48 hours to pass verification. However, it became much quicker when in May 2020 DSX Global started partnering with Veriff, a startup from Tallinn that specializes in verification of people’s identities for online businesses globally and a nominee for “Hottest AI startup” in 2020. The DSX team assures that the process of verification has become easy and engaging with Veriff that takes a few minutes.
Security measures also include two-factor authentication, cold storage, manually processed withdrawals, and a smart backup system providing security for your assets.
The maker/taker system is applied when fees for trading are charged. It was introduced for the encouragement of liquidity into the trading platform. There is also a tiered structure of the fees on the exchange. It means that traders pay a lower fee as their volume of trade increases.
The depositing to the exchange is free for fiat money and cryptocurrencies except for cases when customers use their bank accounts. However, the platform charges fees for withdrawal, and the amount of fee depends upon the crypto coin.
The payment collection methods include bank transfer that is free for users, VISA payment that is charged 2.6%, and WebMoney at a rate of 1%. The number of withdrawal options is more extensive. In addition to the payment methods mentioned above, ePayments Prepaid Mastercard, Yandex.Money and Visa QIWI Wallet are added, which can’t be used at the moment of writing due to the causes explained below.
It’s worth saying that deposits and withdrawals used to be transferred via the ePayment system and didn’t go directly as on other exchange platforms. It means that all users had to be account holders with ePayment Systems as well. The members of the community can use different fiat currencies such as USD, EUR, RUB, and GBP.
However, the site of the platform says that they are temporarily not able to accept bank deposits and process bank withdrawals as the company faced issues with banking suppliers. The deposits can be made with Visa cards only and available for Mastercard holders in case the bank card was issued in the EU, Mexico, and South Africa.
The problem is that the FCA suspended the activities of the ePayment Systems and froze the accounts in February 2020. The company said that the operations had been suspended due to weaknesses in its AML systems and controls, which “required remediation.”
DSX Global team
DSX was founded in 2014 by cryptocurrency professionals who dealt with London’s financial markets before. According to some sources, the team included Robert Courtneidge, a British lawyer who previously worked for Citibank and was CEO in ePayments. The founder and CEO of DSX Global is Mike Rymanov who is also a co-founder and CEO in ePayments at the time of writing.