IIAwards - Review of Free2ex

As part of the recently announced IIAwards, in which we celebrate innovations in the fintech and crypto industry, today we will talk about Free2ex.

Launched in the summer of 2020, Free2ex is the youngest crypto exchange among the nominees. The company is based in Belarus and is one of Europe's few fully regulated and transparent crypto exchanges. Free2ex has a large client asset security fund, fiat deposits and withdrawals, competitive exchange rates and low spreads.

There are no deposit fees for cryptocurrencies, wire transfers from banks operating in Belarus and SWIFT transfers globally. The fees for deposits from VISA or Mastercard are equal to 2.95% and the fee for withdrawals is equal to 2.45%. For SEPA transfers in European banks, the fee for deposits and withdrawals is equal to 0.1%. The fees for deposits depend on the method chosen, but generally tend to vary between 5-1 EUR. Trading fee for individuals is equal to 0.25% and for legal entities it amounts to 1%. The fee for maintaining an unused account is $10 and may be charged in other currencies at the rate of the cryptographic platform operator at the time of debiting. An account that has not been operated for 180 days from the last operation is considered unused. The fee structure is very transparent as it is clearly presented on the company website.

To deposit funds, the client may use a card with any currency, however the funds will be deposited in one of the following currencies: USD, EUR or RUB. At the moment, fiat withdrawals are available for Azerbaijan, Armenia, Belarus, Kazakhstan, Moldova, Russian Federation, Tajikistan, Turkmenistan, Uzbekistan and Ukraine. The company has announced that it is working on expanding the list of countries for withdrawing fiat funds and will soon connect other countries. It is possible to deposit and withdraw in cryptocurrencies, such as BTC, LTC and ETH. Other cryptocurrencies (BCH, EOS and XRP) are available for trading. At the moment, the platform offers its clients the opportunity to trade with 19 different currency pairs. Thanks to its partnerships with leading banks, Free2ex offers extensive fiat support:

Free2ex trading platform has both a web-based version and a downloadable desktop platform. Both versions of the platform offer such features as real-time market data, including pricing and charts, for all new and existing Free2ex customers and others. The trading platform also allows all forex traders to easily and quickly receive the latest economic and financial news, currency rates, access charts and market analyses. The platform also offers an API extension. Free2ex collaborates with a private network of market makers to minimize spreads and ensure a steady supply of liquidity. Free2ex was created with beginner crypto users in mind. There's no need to register a Bitcoin wallet in advance: all the transactions are carried out through a secure user dashboard.

In order to open a trading account with Free2ex the client has to agree to the terms and conditions, create a phone password and confirm their e-mail. Whilst the client does not need to confirm his or her identity in order to begin trading, there are transaction limits imposed depending on the level of verification provided. The process consists of 4 Levels and differs in the amount of data provided and confirmed. Depending on the type of eWallet account owner, a bank card will be used for replenishment/withdrawal of funds, then a subsequent verification of the card is required. Following this, it is necessary to send a message from the registered e-mail with the eWallet number and with the attached selfie with the used card to compliance@free2ex.com. Customers need to pass a one-time verification to buy Bitcoin: this is a legal requirement imposed on regulated exchanges. After you pass the KYC, which takes around 10 minutes, you'll be able to buy BTC as often as you wish without any further checks. Depending on who will manage the account, there are three types of eWallet Accounts:

Due to the fact that the company has opened its doors only recently, it can be expected that it will gradually update its offer of customer support channels. However, for the time being, there is a very basic FAQ on the company's website that covers the most important topics. It is possible to contact the company, but only via an e-mail form.

Free2ex has developed the Free2ex TickTrader app that is accessible both to Apple and Android users. The features of the app include:

Free2ex is licensed in Belarus and has been audited by reputable consulting companies. A 1,000,000 USD deposit from the platform secures customer funds against theft, hacker attacks and other potential emergencies. It should be noted that Free2ex expects this safety fund to increase with the expansion of the platform.

The company has announced that in the near future Free2ex will launch margin trading and tokenized real assets, as well as crypto debit cards.