Vinex is a cryptoasset exchange located in British Virgin Islands. Their volume over the last 24 hours is $491,839. The exchange is rated “A+” which means “Excellent.” They are a crypto-only exchange.
Vinex is a Singapore-based cryptocurrency exchange focused on the ASEAN region market and, in particular, on Vietnam. The exchange that was launched in July, 2019, is operated by Midas Company and is managed by its staff.
The website of the platform says that the exchange is centralized and features smart contract dividend distribution. The platform mainly offers Bitcoin and Ethereum for trading, expanding the list of cryptocurrencies with a rather limited selection. Only 12 cryptocurrencies are offered on the platform at the time of writing without fiat support.
The platform is based on an open-source protocol that gives transparency to such issues as token forging, coin listings, gateway creation, and order book information – all these sections are absolutely open to the public. The transaction matching engine is performed via smart contracts running on-chain.
The company employs the Vite chain that features a transaction model without fees. That means that transactions don’t consume gas. Instead, they require the resource that is named ‘quota’. It can be reached by solving PoW puzzles on the device or by staking VITE, which is a minted coin used by the platform.
ViteX platform also released the VX coin, which is a utility token mined exclusively by the community of the platform. It is needed for the allocation of rewards to the members of the community. The release of VX started from the amount equal to 10,000 on December 7, 2019, and continued to increase for 90 days afterward. In accordance with the plan, the distribution of tokens will take 8 years.
The functionality of the exchange is rather simple and doesn’t include any sophisticated features. However, everything you need for trading digital assets is at hand and located on one page. In this connection, it is even strange to see 8 language versions of the platform, though it makes the service internationally available and easy to use. A user-friendly interface is one more benefit that should be mentioned upon the analysis of the exchange.
The company has developed its incentive model for the encouragement of trading, therefore VX was introduced. It’s possible to earn VX on the exchange by staking funds. At least 10 VX must be staked to receive dividends that are paid in ETH, BTC, and USDT.
According to the distribution plan, 1% of the total pool is distributed among all VX users proportionally to the amount of VX staked by them on the platform. The initial amount contained in the dividend pool starts at 0 and then grows as fees are collected by ViteX.
The fee on the platform is flat which means that both takers and makers have to pay the same amount. The exchange charges a fee of 0.2% for transactions. All traders using the platform have to pay it as this is a Base Trading Fee. However, the fee can be higher when the service is offered by the ViteX operators working in their zones as operators add 0.2% Operator Fee. It’s worth saying that the fee can be adjusted by operators but can’t exceed 0.4%. The fees collected in this way are then distributed as dividends to VX holders.
The withdrawal fees vary depending upon the cryptocurrency. For instance, withdrawing Bitcoins, users have to pay 0.0008 BTC. It’s possible to deposit cryptocurrency to the platform free of charge.
Projects willing to list their token on ViteX can do that for a fee. One should pay 10,000 VITE to enlist a trading pair on ViteX.
Vinex boasts that security is one of its strongest points as the advanced level of monitoring has been employed by the project’s team. The security measures taken by the platform include keeping the biggest part of digital assets in air-gapped cold storage. Also, the platform employs a special auditing program that enables round-the-clock monitoring, so it notifies users immediately when suspicious activity is noticed and blocks these activities without delay. It helps to protect cryptocurrency funds belonging to customers before the suspicious activity becomes a serious security issue.
There is no exact data if the platform has direct access to users’ funds or not as the website claims only that customers’ funds are only used to facilitate trading through their accounts.
The customer support of ViteX is friendly and addresses the issues quite fast. The company doesn’t provide insurance in case of a security breach, so the stolen assets won’t be compensated if the worst happens. The process of withdrawal is protected by such security measures as two-factor authentication.
Vinex resource doesn’t disclose the information about the team that develops and operates the exchange. It may pose some threat as such signs make the platform look less reliable. However, at the time of writing, there have been no complaints of this kind on the web so far.Read More