We are pleased, at AtoZ Markets, to introduce our readers today to our exchange of the month, after reviewing it, its performance, its relationship with its clients, and feedbacks from the latter directly.
Our aggressive test carried out over the Calfin Global Crypto Exchange (CGCX) took us to disguise as customers and enthusiasts to experience how it is and how it feels to be a client of CGCX, the world's first insured crypto exchange.
Nevertheless, our hard efforts and trading experience with them have not gone for nothing, and were crowned with a fruitful review to bring you today.
After we finished our own backstage investigation and verification, we reached out to the the management for a word on their two broad lines they pride themselves on; “Insurance for your tokens against cyber attacks”, and “Discounted trading fee using CGCX tokens” which we are coming to in other parts of this review bellow.
Seeing that the CGCX has been in the headlines with big media outfits like CNBC, Forbes, and Yahoo Finance and many others, had us intrigued to dive into studying what made the exchange gain that significant amount of attention, and that is were we needed to conduct direct surveys with clients of the CGCX.
The outcome came positive.
Founded in 2017, the Singapore-based Calfin Global Crypto Exchange – CGCX started with a clear goal that all their steps seem to tell they are on the track.
CGCX aims to provide best quality service with a wide range of products by providing innovative, secure, & cost-effective solutions for customers, and expand to become a leading global blockchain solutions firm.
CGCX implements automated KYC/AML services from Identity Mind- one of the leading check service providers in the blockchain world.
The exchange carries out rigorous screening on all its clients and transactions against known offending databases across the globe, to make sure the platform is risk-free, as much as there is an effort to be done with that respect.
All tokens stored on our exchange wallets are insured against cyber-attacks and hacking.
After we finished the checking stage ourselves at AtoZ Markets, we reached out to Vin Menon, Co-founder and strategic advisor at the CGCX, and he presented his exchange as the following:
"CGCX.io is a change agent in the crowded space of cryptocurrency exchanges. Keeping the interest of our users in mind, we have an array of features which benefit traders across the spectrum. Traders on the CGCX.io exchange can trade hassle free, without the fear of cyber attacks & hacks, since we provide complete insurance against any such attacks. We are proudly the World's First Fully Insured Crypto Platform. Moreover, our utility token is in its truest sense a utility token as our traders can avail a 50% discount on the transaction fee when paid using the CGCX tokens."
On the CGCX crypto exchange there are three headlines explained as the following:
- Insurance for your tokens against cyber attack: All the tokens in the users' Exchange Wallet are insured against loss from Cyber Attacks and Hacks. There are no restrictions. All the users with tokens in exchange wallet are eligible for protection.
- Discounted trading fee using CGCX tokens: Users can use the CGCX Tokens to pay the transaction fee for the trades executed in the exchange and earn 50% discount on the fee.
- Crypto to Crypto and Crypto to Fiat: Users can trade and transact their favourite cryptos in exchange for other cryptos or purchase cryptos in fiat currency too.
CGCX is liquid and provides traders and exchangers the opportunity to deposit and withdrawal with the major cryptocurrencies. They offer withdrawals in Bitcoin, Ethereum, Dash, Litecoin, Ripple, Bitcoin cash, CGCX and fiat US dollar. Not many exchanges offer crypto-to-fiat exchanges thus makes this feature one of the pros of CGCX. Besides the crypto-to-fiat exchanges offered by CGCX, users (whose local currency isn’t the USD) can also withdraw in any of the cryptocurrencies offered and sell to external exchangers for fiat cash in their local currencies. Ethereum, Bitcoin and Ripple are generally very liquid, probably connected to other exchange apis and accepted by nearly all fiat-to-crypto exchangers out there.
Often we see very big gap between buy and sell prices on the exchange. This is likely due to low internal liquidity.
CGCX Trading Fees
Like most exchanges, CGCX also operates a taker-maker fee model per. For a single trade, the fee is calculated as a percentage of the trade’s quote currency volume.
CGCX Taker-Maker Fee Model
The fees are different for a ‘taker’ and ‘maker’ trade. ‘Taker’ trades are any orders that remove liquidity from the exchange’s order book therefore the fees charged are higher. ‘Taker’ fees stand at a flat rate of 0.25% for all pairs. ‘Maker’ trades on the other hand, adds liquidity to the exchange’s order book by placing limit orders below the ticker price to buy or above it to sell. CGCX offers a standard 0.15% for all ‘maker’ orders for all pairs.
CGCX accepts deposits in US Dollar, Bitcoin, Ethereum, Ripple, Litecoin, Dash, Bitcoin cash and CGCX (their token). Meanwhile deposit fees are not charged for all these currencies.
While none of the crypto exchanges are regulated yet, CGCX seems to have implemented its compulsory self-regulated business line to follow.
So far, the feedbacks AtoZ Markets gathered from clients who dealt with the exchange, show that non of them is unsatisfied with their dealing with the platform.
User Interface (UI)
The CGCX website’s user interface is one of the simplest and eye-friendly interfaces the crypto exchanges’ websites ever had.
With a tidy order, the exchange gets its users acquainted with the latest price updates in a rotating tape, introduces them to the tokens they can trade, the advantages they are to gain as traders on the platform, and the educative knowledge they need to start.
CGCX charged withdrawal fees just like other exchanges. Their fees vary depending on the withdrawal base currency. Withdrawal can also be made in fiat USD (minimum withdrawal is $50).
The biggest issue about CGCX withdrawals is the time it takes to withdraw funds. Sometimes, a simple withdrawal may take up to 2 days, even for Bitcoin withdrawals.
The table below shows withdrawal fees for all accepted currencies
2% (minimum of $50
The CGCX exchange enjoys having one of the most qualified support teams a crypto exchange can have.
Before opting to communicating with the team directly, the client can search the FAQs listed n the website, for better understating and self diagnosis of the point in question at the client’s ease.
Should the above-mentioned not work, the support team’s email address Support@cgcx.io is there for an explanatory letter, in addition to the built-in messaging feature on the website, that is at the client’s finger prints any time.
The team responds to the queries they get within a considerable time, in comparison to the huge load of tickets they have to process already, given the tremendous number of clients the exchange managed to attract already.