FinexBox is a Chinese centralized crypto exchange registered in the Republic of Seychelles and headquartered in Singapore with Hong Kong also being mentioned in some sources. It has been operating on the market since October 2018. This is a spot trading platform that deals with all major cryptocurrencies like BTC, ETH, LTC, etc., and enables buying, selling, and transferring digital funds.
The exchange is positioned as international and it is translated into over 80 languages including not very ones such as Slovenian and even Somalian. There is no mobile app offered to customers, though, as the exchange can only be accessed on a desktop.
FinexBox supports P2P crypto-products for trading offering over 200 digital currencies to its users and supporting over 350 trading pairs. The platform provides integrated TradingView charts to those who rely on graphical trading experience, making it possible to trade directly from the FinexBox charts. The advanced chart tools allow users to visualize their orders, positions, set up price alerts, tap to modify order properties, see the position profits, and so on.
Also, FinexBox offers Margin Trading and Margin Funding to its users. Anyone can take advantage of 3x leverage while liquidity providers can earn interest by lending their assets to traders who want to trade with leverage.
FinexBox does not support fiat currencies, though, which makes it less suitable for crypto newbies. The exchange accepts BTC as a payment method. Another stop factor that significantly limits its audience is the fact that the exchange doesn’t accept US investors.
IEOs of FinexBox
FinexBox offers an opportunity to participate in Initial Exchange Offerings (IEOs) conducted right on the platform’s launchpad. At the time of writing, the platform has successfully finished a few token sales, though these projects don’t seem to make any big splash in the crypto community.
Each user has an opportunity to vote for any coin from the New Token/Coin Votes list on FinexBox. Every Friday, the coin with the biggest number of votes is defined. Every user can select only one coin. To participate in voting, one needs to send Bitcoins to the specific voting address with 1 vote being equal to 0.001 BTC. For the platform to consider the vote, a minimum of 300 votes must be submitted. Also, it’s worth noting that votes are cumulated from week to week.
The fee structure the FinexBox imposes on its users includes trading and withdrawal fees. The deposit is free but the sum should not be smaller than a definite amount specified for each coin. Both makers and takers have to pay an equal trading fee which is equal to 0.1%. The withdrawal fee depends on the currency a user wants to withdraw.
The FNB token
FNB is the native token of the platform. On the web, there is no information on the IEO details, token maximum amount, and allocation. It is only known that the token sale started on April 15, 2019, and finished on May 15, 2019.
FNB is a utility token that is designed to create, develop and support a FinexBox ecosystem. The token holders are called FNBBOSSes on the official website and they get a number of advantages for holding the coin. These are IEO share preferences, profit shares distributed every month, token repurchase possibility, and priority airdrop rewards. In addition, the exchange offers withdrawal and trading fees reduction up to 50% weekly. Also, it’s worth adding that FinexBox is the only exchange where the FNB token is traded.
FinexBox security and transparency
The exchange states that the security of user information and funds is its first priority though no information on methods and tools that provide this security is revealed. To create an account, you need only to provide your email, set up a password, and enter the referral code if you have any. No verification is necessary which doesn’t seem to add security points.
Moreover, the FinexBox exchange cannot be called transparent as no documents on its activities are available to the public. Its account on Medium is empty, its page on Steemit does not exist though it is posted on the official website, and the Twitter account is the only social media where new posts are released regularly. At the same time, all these posts have been dedicated to the new coins listed on FinexBox from the very launch of the exchange. There is no news of the project, no explanation of the project’s features and peculiarities, and no announcements of the coming events.
In addition, there are lots of complaints and reports about FinexBox's problems with processing withdrawals. The reviews on third-party platforms like TrustPilot are mainly negative while FinexBox doesn’t reply to them.
The FinexBox team
FinexBox is entirely owned and operated by a subsidiary company of FINEXBOX GROUP Limited that is connected to GENESIS BLOCKCHAIN GLOBAL LTD (registered in both China and the UK).
In October 2017, the company got $8 million as angel round financing from an American financial investment company that doesn’t reveal its name. 32 team members participated in the development and launch of the platform but their names are mostly hidden as well.
Only two names of the current team members are available on the website. They are Dennis Smith and Lun Bao, the co-founders of FinexBox. The information about the co-founders is only present on the website as they don’t have any public accounts on any social media or professional resources.
Dennis Smith is the Chief Executive Officer of the project. He graduated from the Wharton School of Business with a degree in economics. He used to live in Hong Kong and gained experience as an equity derivatives trader.
Lun Bao is the Chief Technology Officer. He has 20 years of experience in the area of building large-scale infrastructure and transaction platforms, cloud platforms, mobile and web applications, and SaaS applications. He is experienced in marketing and management.