EQONEX

EQONEX specializes in crypto derivatives trading. At the time of writing, the exchange offers spot trading and perpetual futures trading within the test net. Only three competitive coins are traded there: BTC, ETH, and USDT. The test net is available in English, Chinese, and Korean. Among key benefits that the platform provides are security, transparency, and flexible fiat onramp as users can deposit, withdraw, and trade USD and a stable coin USDC at a 1:1 ratio.

EQONEX fees and limits

There is no deposit fee on the platform. Withdrawals are also free for crypto but it is specified that free withdrawals are possible during the promotional period only. Minimum withdrawal amounts depend on a definite coin and equal to 0.001 BTC, 0.02 ETH, and 5 USDC correspondingly.

The minimum fiat withdrawal is 41 USD and the withdrawal fee is 40 USD. Trading spot fees and perpetual futures fees are different. They depend on the 30-day trading volume and there are ten levels according to this factor. The more this indicator is the less the traders have to pay. Takers and makers are treated differently as takers have to pay more.

EQONEX programs

The platform stimulates its users’ interests and activities by implementing various programs. The Bug Bounty program is intended to encourage users to help the team to work against the platform’s vulnerabilities. They aim to create a safe and secure environment and that is why they are interested in detecting errors and establishing faults. The users will be rewarded in return.

The size of the reward depends on the problem priority. All the problems are divided into five groups and paid accordingly: very low priority ($10+), low priority ($20+), medium priority ($50+), high priority ($100+), and critical priority ($200+). The issues of critical priority are SQL injection, arbitrary code execution, remote file inclusion, privilege escalation, or access to user wallets.

The Referral program is intended to increase the number of active traders. By inviting their friends, referrers will receive 30% of their fees forever, without time limits. The referrals will enjoy the 5% fee discount for six months. Various contests and competitions are regularly performed among users to boost their interest.

Security

Security is claimed to be the greatest platform’s priority. EQONEX requires KYC for all its customers and provides daily AML (Anti-Money Laundering) checks to ensure a safe trading environment. The project team has cooperated with Global Digital Finance and the Monetary Authority of Singapore to organize the external checks.

Secure hot and cold custody structures, 2FA authentication, double web application firewall, and fraud prevention measures ensure multi-layered security protection. Also, it’s worth noting that 2FA is mandatory to set up for every new user of the platform, whether a person is going to actively trade here or not.

EQONEX team

As Diginex is EQONEX’s parent company, it is obvious that both companies are operated by the same team. Richard Byworth is the CEO at Diginex and EQONEX. He is also a board advisor at PRIVATEMARKET.IO. Prior to Diginex and EQONEX, he worked in various banks and financial structures.

James Reed is the Chief Operating Officer. He also has deep experience in finance as he worked as the COO in various banks (Arab National Bank Invest and Deutsche Bank). There is no list with the team members’ names available on the EQONEX website but this list is available on Diginex. EQONEX also has a profile on LinkedIn where any interested user can get the names of the company’s personalities.