Vindax Review – Fees, Deposits & Withdrawals, Supported Coins & Countries
Vindax is a Vietnam-based exchange platform that facilitates exchange for cryptocurrency transactions, prioritizing well-optimized trading fees, a high level of security, and excellent efficiency. The platform has easy-to-use interphase that is easy to use for various levels of traders.
It was launched in 2019 and has added many pairs with relatively high volumes. The Vindax exchange serves more than 1.5 million users from many places around the world, and they are always in the pursuit of changing and optimizing the functions on their exchanges for users.
For their users to have successful trades and use their features as simple as possible, they have launched their token, which is VD. The VD token has proven to be tradeable as it has had a high volume on its trading pairs over time.
SERVICES AND FEATURES
The Vindax spot exchange supports various trading pairs and enables fiat purchase with no minimum amount as a limit. The high volumes of the traded pairs on the platform allow traders to have a fast spot trading experience.
It is one essential feature that any centralized exchange is expected to enable. The ease with which users with different levels of crypto experience can trade on the platform makes it more attractive. This has been a significant way users can earn from the platform.
The platform has joined many other exchanges in creating a feature that supports token launch with investment from their users. Its Initial Exchange Offering has proved to be another easy way for its users to earn more. It offers users the opportunity to buy tokens at their presale stage.
They provide different sessions that enable users to buy the presale using additional tokens. This has drawn more users to the platform as the supporters of the newly launched tokens who want to buy the token will also have to register on the platform.
For a wide adoption of the platform, the Vindax exchange has continued to list so many tokens ranging from the prevalent ones to the less popular coins and even recently listed as WFDP, GBTC, XGC, GLOB, etc.
DEPOSITS AND WITHDRAWALS
Deposits and withdrawals are easy to carry out on the exchange. Features are also in place to ensure the security of the users’ funds while doing this. It allows its users to enable Google Authentication and confirm withdrawals in their emails. All these are done so that withdrawals occur in ways that protect users’ funds. Let us talk about the deposit withdrawal fees and the method of depositing.
Vindax charges a flat fee for each withdrawal to cover the transaction cost of moving tokens from the exchange to other wallets. This will be in addition to deflationary fees charged on some tokens when traded. At the time of withdrawal, the blockchain network determines the charges, which makes the costs fluctuate at times.
Deposits on the exchange are virtually free with only a few tokens which require paying small fees.
Depositing funds on the exchange requires a user to copy the address he wants to deposit from Vindax and paste it on the wallet he intends to withdraw. The deposit will be received after one confirmation.
For the withdrawals, a user needs to copy and paste the address he wants to send and then confirm the withdrawal from his mail for security purposes.
Each coin has a different daily limit, and the changes and updated amount limit reflects on the website each time there is a change.
|TIER||AMOUNT OF VN TOKEN||MAKER FEE||TAKER FEE||VD MAKER FEE||VD TAKER FEE|
As can be seen from the table above, the trading fee is as little as 0.1%, but this becomes lower based on the amount of VinDax a user has. Based on the industry standards, the fees structure on Vindax is relatively cheap.
DOES VINDAX REQUIRE KYC?
Yes, it does, and this KYC determines the amount of withdrawal a user can make per day. A user who has not completed KYC may not withdraw more than 0.5 BTC per day, whereas a user who has completed KYC can withdraw up to 100 BTC per day.
The KYC requirement is to comply with Anti-Money Laundering laws and enable KYC. All users have been required to adhere to this requirement since the 15th of October 2021. With the heat on the cryptocurrency industry in recent times now, many centralized exchanges like Vindax have been forced to comply with regulations and policies put in place by the government of many countries.
Policies like these enable the services of Vindax to be accessible by users from many countries. Vindax has made it straightforward to pass the KYC, which many of their customers find attractive.
VINDAX SUPPORTED COUNTRIES
Users from many countries can access and use the services provided on the Vindax exchange. Restrictions are placed on just a few due to government policies that make it hard for the benefits of the exchange services to be accessed by their citizens.
The US residents and citizens are restricted from using the Vindax services; this also applies to the residents of /Canada.
HOW TO START AN ACCOUNT WITH VINDAX
- Go to Vindax.com
- Click on register
- Input your email
- Input your password
- Confirm your password
- Confirm your email by logging into your email and clicking the confirmation email link
- Login with the details you have used to create the account
Now you are registered on the Vindax exchange.
- Enable google authentication for 2fa security.
- Install the google authenticator app on your mobile device
- Scan the QR code that appears or input the keys that are given to connect your google authenticator app with the vindax exchange
- Input the code on the google authenticator as requested on the vindax website.
- Proceed with the next step to verify and complete KYC,
- Login in to your account
- Click on your email at the top of the page.
- It will display your profile.
- Click on the “unverified” link on your profile.
- If you are registering as an individual, you should click on the “personal” option.
- Fill in your details, including your country and region, on the new page displayed.
- On the dialogue box that appears, click on start ID verification.
- Depending on your country, select the ID document you will use, which could be your national ID card, your passport, or your ‘driver’s license.
- Take a picture of your ID document or upload it if it is already saved on your device.
- Take a selfie of yourself with a paper with “Vindax” and the current date written on it.
- Click on choose file to upload these files one after the other.
- The files to be uploaded must be in either PNG or JPEG format
- The picture and the information written on it must be obvious, readable and be of high resolution
- The documents and photos that you are uploading must not be manipulated or edited
- The images should not be in black and white but colour photos only
- the user should upload only the original copies of the documents
- In any case, the pictures should be without any watermarks
- Only valid IDs are accepted. This means, for example, expired documents will not be accepted.
- The image should contain the face of only the user.
- When all these are done, click on the “close” button and wait until the verification process, which can take up to three days, ends.
DOES VINDAX HAVE A NATIVE TOKEN?
Yes, Vindax does have a native token. It is known simply as VinDax or VD and has a total supply of 125 million coins. It is used as a community token to facilitate many services on the Vindax exchange
IS VINDAX LEGIT AND SAFE
So far, Vindax has proved to be a platform that values security, and over the years, they have discovered some issues with their security measures. They have not hesitated to fix them to ensure the users still have confidence.
So, in essence, users can still have a measure of confidence while using the website. However, the exchange was hacked in 2019 and lost hundreds of thousands of dollars during that period. Therefore, users should approach with caution.
IS VINDAX REGULATED?
Users are subjected to laws and policies governing their jurisdiction/region/country.
Generally, it is easy for cryptocurrency traders with different experience levels to register and get verified on the platform. Trading on the platform is easy to do at the same time with the simple and easy-to-use interphase.
The fees charged on trades are also meager, making it attractive to trade on the exchange. The platform still has to incorporate fiat deposits. This will enable traders to buy coins directly from their bank account and not have to pass through other exchanges that offer fiat deposits.
Moving forward, Vindax can also establish educational programs for newbies to familiarise new traders with their platform and the crypto space generally.
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FREQUENTLY ASKED QUESTIONS
Does Vindax have a Fiat deposit?
No, at this time, Vindax does not have a fiat deposit.
Can I trade with leverage on Vindax?
No, Vindax does not offer leveraged trading of any form, which means that you can use only your funds to trade.
Where is Vindax exchange based?
The Vindax exchange is based in Vietnam.
How do I get crypto on Vindax?
To get crypto on Vindax, you will have to buy your crypto coin on Vindax. To buy your coin on Vindax, you will have to follow the following steps:
- Register on the Vindax platform or log in if you have an account
- Once you are logged into your account, go to the homepage
- On the home page, click on the pair of choices based on your trade decision among the options provided on the page.
- Once you have logged on to Vindax.com from the home page, click on ‘basic exchange’.
- On the ‘basic exchange’ page, you will find more trading air options than on the homepage.
- Select or search for the pair of the coin you want to buy
- Enter your trade details
- Click the buy link.
How do you sell coins on Vindax?
Selling coins on Vindax is not hard to do. First, a registered user needs to log in, and someone who has not registered needs to register before he can sell.
- Go to the home page on www.vindax.com.
- From the different trading pairs displayed there, select the pair you wish to trade
- Use the buy and sell section to input the details of your trade and click on sell BTC.
- Once you have logged on to Vindax.com from the home page, click on ‘basic exchange’.
- On the basic exchange page, you will find more trading air options than on the homepage
- Select or search for the pair of the coin you want to sell
- Enter your trade details
- Click the sell link.
Is Vindax a good exchange?
Generally, Vindax is a good exchange. However, they should improve on responding swiftly on their social media platforms.
- An easy to use interphase
- Low trading fees in comparison with other exchanges
- Provision for technical support for traders and users
- Access to commissions and discounts facilitated with the native token (VD)
- Requirement for API integration with other trading platforms
- Withdrawal and deposit options for many coins are available
- Frequent events where prizes are offered, such as trading competitions and promotions, are open.
- There is no Fiat deposit
- There are no educational events for newbies and others
- No referral programs which can attract more users to the platform
- There are few investment options, such as staking, dual investments, etc.
- Their Social media platforms are not active enough.
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