image source
Quoine (pronounced as a coin) is a leading global fintech firm that has room purely for trading, exchanges and rendering financial services to the public. This platform relies solely on the blockchain technology in order for these services to be executed. Presently, they have branches in Japan, Vietnam, and Singapore, each of these branches comprises of experienced crypto enthusiasts all working together to deliver the best trading platform for its customers.
In 2014, Quoine launched their exchange platform known as Quoinex, and since then Quoinex has been the largest bitcoin exchange with high transaction volume. The exchange platform offers users some tangible features like: a complex user dashboard, customer services, and unprecedented efficient trading experience. Nonetheless, Quoinex platform has room for trading bitcoin and fiat currencies (US Dollar, JPY, HK dollar) and every other currency across different countries in the world. Furthermore, according to the Quoinex website the platform surpassed over $12 billion in transactions two years ago.
Trading instruments
Just as I asserted above, Quoinex has only the option for Bitcoin and Etheruem, whereas more altcoins are available at Qryptos. However, trading on Quoine goes against fiat currencies such as IDR, USD, JPY, PHP EUR AUD. That's not all, the platform consists of three trading categories: spot (minus leverage) futures and margin. For the sake of newbies who are still clueless about the definition of the three outlined trading categories, I'll explain them in details:
- Spot trade - Spot trade could be seen as the swift delivery of any trade or commodity. Most importantly, the spot trade is mostly a foreign exchange trade. Its a foreign trade in the sense that - the buyer receives the delivery of the fundamental goods at a fixed price and pays the seller promptly. Hence if a spot trade experiences a delay in payment, then the opposed party is reckoned to pay the other.source
- Futures trade - A futures trade or exchange according to wikipedia is a financial transaction that involves two parties (the buyer and the seller) to trade regulated futures contracts. These contracts involve the specific time and place to buy specific quantities or financial instrument together with a clear-cut price sometime in the future. The futures trade is somewhat similar to the aforementioned spot trade. source
- Margin trade - Unlike spot and futures trade, a margin trade involves the utilization of ended funds from a broker to trade a financial asset on condition that its equivalent will be returned to the lender. In this case, the financial asset is used as a collateral before the deal is executed.
image source
Leverage
As of 2014 cryptocurrency, in general, was tagged the worst investment ever. Fast forward to today, cryptocurrency certainly needs no further introduction when it comes to potential value and benefits in the digital economy. One lucrative thing about cryptocurrency is its capacity to utilize leverage. Leverage gives traders the opportunity to trade larger amounts even with small capitals. Forex trade is a perfect example when it comes to leverage.
Admittedly, Quoinex applies this same technique on their platform. The platform offers leverage up to 1:25. In fact, this is one of the highest levels in the cryptocurrency economy. Unlike forex brokers which offer its users higher leverage ratios up to 1:500. This is simply because traditional currencies are less fickle other than Bitcoin.
Be sure to fully understand the ways margin trading operates before participating in it. One must also be aware of the differences between trading Bitcoin with a forex broker and an exchange, one of which is the margin fee, applied by some exchanges. In the case of QUOINEX, the fee is set at 5%.
Fees
Buy bitcoin, Ethereum and other leading cryptocurrencies using fiat currencies on QUOINEX, with zero fees on BTC/AUD pairs. source
If a user is trading for base currencies the fee is ZERO. But if the situation is vice versa then the user is admonished to pay the following:
- ETH pairs = 0.1%
- BTC and BCH pairs 0.25%
Admittedly, since the inception of Quoine, a popular campaign has been in operation at the Quoinex exchange. This simply means that, the trading fee for all pairs on the Quoinex exchange is Zero.
Nonetheless, daily interest when trading in margin still applies the aforementioned technique.
In summary, users will pay 0 fees when trading with their "base currency pair". However, if the user is trading against other currencies ( USD, JPY, HK dollar) then they are admonished to pay as high as 0.25% as imposed by the Quoinex platform. For more information about their fees policy, I'll recommend you click HERE
DISCLAIMER
I am not a financial adviser, hence this article entails researched words and forward-looking statements. I sincerely recommend my readers to do their own research.
For more information and resources, please visit the links below: