Vindax is a cryptoasset exchange located in Vietnam. Their volume over the last 24 hours is $26.39M. The exchange is rated “A-” which means “Very Good.” They are a crypto-only exchange.
VinDAX which is an abbreviation standing for Vin Digital Asset Exchange platform, is a Vietnam-based centralized cryptocurrency platform that offers an extensive assortment of digital assets. This is a good solution for traders who prefer to deal with multiple altcoins. The platform launched in March 2019 shows incredible results as far as trading volume is concerned. VinDAX also conducts the token sale of blockchain projects from its Launchpad in a form of Initial Exchange Offerings (IEO).
The platform features a good-looking interface empowered with intuitive trading technology. It’s possible to utilize big data, analytics, and fundamental analysis on the project’s website. The automated trading bots can be also employed on the exchange in case of necessity. The platform is conveniently divided into areas catered to different types of users. These are Basic Exchange, Advanced Exchange, and Launchpad. The platform promises a seamless user experience supporting the most famous cryptocurrencies such as BTC, ETH, and LTC. The list of cryptocurrencies offered on the platform is rather long.
The exchange accepts cryptocurrencies only and doesn’t deal with fiat transactions at all. For this reason, few cryptocurrency traders are restricted from trading on it since the onboarding process gets much easier with no need for thorough verification.
VinDAX doesn’t experience problems with liquidity. VinDAX has many partners and abundant resources at its disposal as it states on its website. The platform offers a cross-platform solution so that users with iOS, Mac, Windows, and Android-based devices could get access to the platform with ease without worries and technical problems. The team also offers teach-savvy users to use API for convenience of trading.
The platform has also launched its native coin called VinDAX Coin (VD). It is used as a utility token on the exchange and is also used to incentivize the members of the community to contribute to it offering discounts for holding a definite amount on their accounts.
The fees are rather modest as they make up only 0.05% of every transaction. The platform uses the flat-fee model meaning that there is no difference between takers’ and makers’ fees. Besides, there is a possibility to decrease the amount of fee holding the native tokens of the platform. For that, the platform presents a tiered structure that automatically divides all users into 4 groups. There is a general level for users who don’t hold any VD tokens. So, the general fee equals to 0.05% that can be reduced down to 0.04% for holders of 50,000 VD tokens. Those who hold 100,000 VD tokens and more have to pay only 0.03% for transactions and it’s enough to acquire 200,000 VD tokens to enjoy the fee of 0.02%. The currency VD balance is evaluated on a daily basis at 00:00 a.m. UTC, while the tier level determined by it is adjusted an hour later.
The platform doesn’t charge for depositing cryptocurrencies with exception of the tokens that have a burning fee. When such tokens are deposited, the platform only charges the burn fee. As for the withdrawal, its amount depends upon the type of cryptocurrency. The table with the minimum withdrawal amounts and withdrawal fees can be found in a specified section on the website. The operator adjusts the fees regularly depending on the blockchain conditions.
The platform implements industry-standard practices to help users protect their funds in a better way. Thus, the company protects its exchange with help of two-factor authentication that should be enabled by users. It also asks users to enable the anti-phishing code in a specified section. Using it the customers can be sure that they get genuine VinDAX emails. However, this has not always been like that.
The platform was hacked on November 5, 2019. The company lost half a million USD as a result of this breach that was the seventh hacking accident that occurred in the cryptocurrency industry that year. For instance, such exchanges as Cryptopia, Bithumb, DragonEx, Binance, Bitrue, and BItPoint were hacked before Vindax with the cumulative amount stolen from all these exchanges reaching 1.39 billion USD.
That hack remained a mystery as it was strange to expect hackers to get attracted by a small Vietnam-based cryptocurrency platform. Not so many people knew about it globally before the hack. The platform hosted token offerings for the companies that were not known globally. Nevertheless, the platform lost funds in 23 cryptocurrencies. The administrator didn’t explain what exactly happened but assured that the platform had made a full recovery from this attack having reimbursed the stolen funds to the users.
The exchange delivers friendly customer support that is available round the clock for users. However, it is advised to apply to the FAQ section first. Taking into consideration the security problems the platform had before, the platform asks its customers to be careful and provides tips on securing trading accounts of their clients, warning, for instance, about the dangers of phishing and other possible risks.
The website includes the FAQ section that can’t be called comprehensive but provides detailed guides on certain questions. It is easy to follow the guide to clarify unclear issues for you. In general, the staff is rather open for users sharing news of the platform in different social media including Twitter, Telegram, Facebook, a blog on the website of the platform. Its Medium channel is blocked for some reason at the time of writing.
The company doesn’t disclose the information about its team on the website, though the platform’s administrators willingly communicate with users and respond quite fast. However, some of the team members can be found on Linkedin. Daniel Nguyen is the CEO, Michelle Nguyen and Lee Nguyen are responsible for business development and Jean Lee is stated to be the CTO.Read More