Our Verdict

Founded in 2017, DigiFinex provides cryptocurrency trading services for spot, margin, and futures markets in 180+ countries. Headquartered in Singapore, it also has branches in the U.S., Australia, and Hong Kong. Trading without KYC is possible, but the platform still employs strong security measures to protect user funds. DigiFinex supports over 400 assets and more than 700 trading pairs.

Direct fiat deposits aren’t available, but DigiFinex partners with payment gateways like Simplex and Banxa for fiat deposits. These services charge high fees, often resulting in less favorable exchange rates for crypto purchases. In my tests, DigiFinex charged 0.15% for makers and 0.2% for takers on trades below $10,000, which is below the industry average.

In my opinion, DigiFinex is better suited for advanced traders, as the desktop interface is somewhat complex.

DigiFinex Pros and Cons

Is DigiFinex Right for You?

Not all traders are the same. Some seek easy apps for trading on the go, while others look for advanced features like leverage or social trading. When reviewing exchanges, we cater to all types of traders, from beginners to advanced. We divided all traders into seven main target groups.

Our thorough yet straightforward method ensures a clear understanding of trading strategies and their requirements. By assessing, ranking, and recording key factors, we determine how well the exchange meets the needs of each target group. We use three types of rankings: perfect match, good choice, and not recommended. Here’s our verdict:

Casual Traders: Acceptable Choice

DigiFinex is an acceptable choice for casual traders like myself. It implements industry-standard security measures such as Proof of Reserves, 2FA, and biometric authentication. The platform supports Spot, Margin, and Derivatives trading, along with leveraged ETFs on BTC and other assets. Additionally, the app offers a convenient way to buy and sell crypto for fiat through its partners.

However, these payment gateways charge high fees, which can lead to less favorable exchange rates. Platforms like KuCoin and Crypto.com, which support direct fiat deposits, may be better options. DigiFinex does not provide insurance for customer deposits, which could result in a loss of funds in the event of a hack.

Day Traders: Acceptable Choice

DigiFinex is an acceptable choice for day traders. Its desktop platform supports Market, Limit, and Stop Limit orders, and its original chart includes 11 indicators and numerous drawing tools. Experienced traders can also benefit from TradingView integration. Trading fees are well below the market average, and the API library offers strong functionality for automated trading.

Although DigiFinex has never been hacked, it lacks deposit insurance and doesn’t run a bug bounty program, which increases the risk to traders’ funds. Additionally, the platform offers only around 400 assets, limiting trading opportunities. In comparison, exchanges like Binance and OKX provide a wider range of assets while upholding strong security standards.

Hodlers & Position Traders: Acceptable Choice

DigiFinex is an acceptable choice for hodlers and position traders. Users can secure their accounts with multiple levels of 2FA, and during my tests, I received fast, reliable assistance through Live Chat. Staking services provide an opportunity for passive income on idle assets, with additional rewards available via a referral program.

However, DigiFinex has some limitations, including no deposit insurance, medium liquidity, and a lack of lending or borrowing options. With around 400 available assets, the platform offers limited choices, so investors seeking rare or exotic assets may prefer platforms like Binance or KuCoin.

Auto, Social & Copy Trading: A Perfect Match

DigiFinex is a perfect match for social and copy trading, though it lacks native bot functionality.

Copy traders can automatically replicate the strategies of successful traders, and the mobile app provides insights on popular coins favored by other users.

For those interested in bots, third-party apps like Crypto Robotics and AmeliaBot are available for DigiFinex.

Algorithmic Traders: Not Recommended

DigiFinex is not recommended for algorithmic trading. Although it has a broad API library, there is no sandbox environment for testing API features. The platform also has a moderate liquidity score at CoinMarketCap and doesn’t offer any trading bots.

Leverage & Derivatives Trading: Perfect Match

DigiFinex is a perfect match for leverage and derivatives trading. Margin trading offers up to 10x leverage, aligning with the market average, while futures can be traded with up to 100x leverage, which is significantly higher than most exchanges.

A variety of derivatives are available, traded against stablecoins and other assets, with negligible fees for both margin and futures trades. Additionally, the platform provides its own leveraged ETFs on BTC, ETH, and other assets, allowing for small capital outlays and potentially higher returns. However, DigiFinex does not offer leveraged tokens. Traders looking to include these in their portfolios may consider other exchanges like KuCoin or Binance.

DCA Investors: Not Recommended

DigiFinex is not recommended for a Day-Cost-Average strategy, as it lacks automation tools for this investment approach. Users interested in DCA may find platforms like KuCoin better suited to their needs.

Supported Countries and Regions

DigiFinex is available in over 180 countries and is supported by third-party fiat payment gateways like Simplex and Banxa. This broad accessibility sets DigiFinex apart from competitors that rely on in-house fiat solutions and often face local regulatory challenges.

Although DigiFinex does not officially list restricted regions, a support article notes that certain areas, such as the U.S., Singapore, Canada, and China, have limitations. However, Simplex and other fiat payment services may still operate in the U.S.

DigiFinex Bonuses and Special Offers

The platform does not offer regular or welcome bonuses but occasionally launches promotional campaigns. During my tests, I was able to claim a welcome bonus of 50 USDT for completing registration. There was also a Deposit & Trading bonus of 200 USDT, which users could claim for corresponding activities on the platform.

The platform frequently hosts trading competitions, crypto giveaways, incentive programs for specific coins, and more, notifying users about promotions through its Announcement Center.

Join DigiFinex using our affiliate link and get 10% in rebates.

DigiFinex Background

Establishment: DigiFinex was launched in December 2017 in Singapore and has actively expanded its presence worldwide, with branches in the U.S., Hong Kong, Australia, Malaysia, and many other regions.

Leadership: DigiFinex was founded by Jia Pu and Kiana Shek, who currently hold the positions of Chief Product Officer and CXO, respectively.

Security & Transparency

Verified Trusted Scores

In our reviews, we highlight exchanges’ rankings from reputable independent security auditors like CertiK, CoinGecko, and Cer.Live, which assesses factors such as cybersecurity, liquidity, and traffic.

Although DigiFinex employs standard security measures, its rankings remain average. Contributing factors likely include the lack of insurance funds for crypto and fiat assets, the absence of a bug bounty program, and lenient KYC/AML policies that allow non-verified users to trade substantial amounts.

Cyber Security Measures. The desktop app features three types of 2FA: Email, Phone, and Google Authenticator. It also allows users to set up an Anti-Phishing Code and create a Withdrawal Whitelist. The mobile app supports the same measures and is equipped with biometric authentication.

General Reliability. DigiFinex does not have an active bug bounty program to incentivize users to report vulnerabilities instead of exploiting them.

Corporate Communication Structure and Transparency. DigiFinex’s official website does not provide information about its key team members. However, I easily found them on LinkedIn, which is also active on key social platforms such as Twitter (X) and LinkedIn.

Know You Customer (KYC)

KYC is not mandatory for DigiFinex users. Non-verified users can access most features but have a daily withdrawal limit of 10,000 USDT. Users who wish to increase this limit must pass a three-level verification process.

While performing my tests, I was able to easily obtain the second level. The app processed the submitted information in less than an hour.

Is DigiFinex Safe to Trade With?

DigiFinex’s lack of mandatory KYC may potentially attract users involved in illicit activities, such as money laundering. The absence of an active bug bounty program and insurance for customer funds also raises concerns.

However, the platform adheres to industry-standard security measures and fully covers users’ assets. In my opinion, active traders may use all DigiFinex features, particularly if they store most of their assets in external wallets.

Trading Experience

DigiFinex Crypto Earning Offerings

DigiFinex offers various crypto-earning tools, such as staking. The available options include:

• Flexi: Deposit and withdraw assets at any time while earning hourly interest.
• Stable: Fixed staking periods with stable rewards on assets like BTC, ETH, and USDT.
• Advance: Pools for advanced investors based on Arbitrage strategies, requiring larger minimum deposits (e.g., 10 ETH, 1 million USDT) and offering rewards up to 100%.

During my tests, I could only subscribe to the Flexi and Stable pools, the Advanced option is available to institutional investors only.

DigiFinex offers cloud mining and merged mining services. Users can rent mining equipment on the platform to generate passive income without owning hardware. During my test, only one contract was available, offering a 29% annualized rate of return with rewards paid in BTC.

DigiFinex issues its debit card to store crypto and fiat assets. Available in virtual and physical formats, the card is accepted by 30 million merchants across 100+ countries.

Trading Test

For our trading test, we thoroughly evaluated the DigiFinex platform. Our process included signing up, completing the KYC (Know Your Customer) verification, logging in, depositing funds, and making withdrawals. We also tested the trading functionalities by exploring different trading pairs and conversions and assessed the associated fees for transfers and withdrawals. This comprehensive test allows us to provide an informed and reliable review of the exchange’s usability, features, and actual costs. Here’s our detailed analysis:

Step 1: Setting Up and Funding Your Account

You can create a new DigiFinex account using an email address or phone number, with the option to integrate Google or Telegram accounts.

As I logged into my new account, I gained access to almost all the trading features at once. I easily passed the KYC verification, reached the second level, and increased my daily withdrawal limits.

I had some assets on BitMart, so I transferred them to an address generated by DigiFinex, the deposit was free of charge. The transaction went smoothly, and the funds arrived at the new address within a couple of minutes.

Step 2: Trading

DigiFinex offers five account types: Spot, Margin, Wealth, P2P, and Futures. My deposited assets went directly into the Spot account, allowing me to start trading immediately.

During my tests, I exchanged USDT for LTC. The platform required me to confirm the order in a pop-up window. The transaction was executed smoothly within a few seconds, and I paid a 0.2% taker fee, which matched the fees listed on the website.

Step 3: Withdrawal and Review

During my tests, I attempted to withdraw LTC over the Litecoin Network to my TrustWallet. When I tried adding a new address to the LTC address book, an error appeared. However, the process worked fine when I directly pasted the address into the withdrawal field.

DigiFinex displayed the final amount I would receive, with the fee already deducted. After the transaction was completed, the final fee of 0.03 LTC appeared in the order history.

DigiFinex Desktop Version

As a casual trader, I found the desktop version of DigiFinex rather complicated due to its cluttered interface. Although the platform uses a standard layout, the navigation process was somewhat challenging for me. Expert traders may find the exchange more suitable for their daily needs.

Trade Navigation. DigiFinex has a standard layout, but the interface is quite complicated. During my tests, the abundance of small elements was distracting, adding unnecessary obstacles. Additionally, the leverage indicator displayed alongside Spot and Margin trades was confusing, as it wasn’t clear what it specifically referred to.

Withdrawal Navigation. The “Withdraw” button is accessible on any page of the website via a pop-up window that appears when hovering over the profile image.

Order Book. DigiFinex features a standard order book that displays all open buy and sell orders for a selected trading pair. The table shows the price, amount, and total for each order.

Third-Party Sign-in. Signing up on the platform is possible using Google and Telegram accounts, which simplifies the process.

Wallet Protection Measures. DigiFinex includes an address book but does not highlight the withdrawal address field in case of a typo. You can easily lose your assets without warning if you accidentally send them to a non-existent address.

Conditional Orders. DigiFinex supports only Limit, Market, and Stop Limit orders. The platform may not be a good fit for traders using other tools like Trailing Stop, GTC, or GTD.

My Key Takeaways After Testing DigiFinex

DigiFinex’s trading platform provides a broad selection of assets and a moderate set of trading tools. In my tests, I found the interface rather complicated, making it less suitable for beginners. Additionally, it lacks trading bots, conditional orders, leverage options, and other tools that active traders might expect.

In my view, DigiFinex is better suited to intermediate traders who want to enhance their strategies with tools like copy trading, margin, and derivatives. Its high trading limits for non-verified users may also appeal to those who have difficulty completing verification on other exchanges.

DigiFinex Mobile App

The DigiFinex mobile app is available for both Android and iOS. It offers the same tools and features as the desktop version, with a few minor differences. The interface is lighter and more user-friendly, making it better suited for beginners in crypto trading.

While testing DigiFinex Mobile, I found a full range of industry-standard security measures, including Phone, Email, and Google 2FA, device management, and Biometric Authentication. The app also offers QR scanning for accurate withdrawal addresses.

Key features and tools on DigiFinex Mobile include:

• Coin Search: DigiFinex Mobile facilitates asset search with a corresponding field.
• Trading features: The mobile app offers the same set of trading features as the desktop version. The available order types include Limit, Market, and Stop Limit.

• Market Discovery: The index page provides insights such as Hot, Top, and New coins.
• All Services: A separate page lists all tools and services available on DigiFinex Mobile, which simplifies navigation.

• Watchlist Management: The app features a standard star icon in the drop-down menu, streamlining the process of adding and removing assets from the favorites list.
• Portfolio Clarity: The mobile app has a dedicated balance page that lists all available assets and includes a graph showing asset allocation.

My Key Takeaways After Testing DigiFinex on DigiFinex Mobile

DigiFinex Mobile offers the same functionality as the desktop version but with a more user-friendly and clean interface, making it more suitable for beginners. I particularly enjoyed the convenience of trading on the mobile app after struggling with the desktop version.

During my tests, I also discovered robust security measures that can help traders protect their assets while accessing their funds on the go.

Fees

Spot Maker/Taker Fees

In our review of spot fees, we examine spot fees across three distinct tiers, focusing on the fees for different trading volumes. We focus on the essentials and potential savings through native tokens and various discount schemes. Our unique methodology provides a clear view of fee structures and how they benefit traders of all levels.

The first tier typically represents casual traders, as they don’t usually trade more than $10,000 per month, while the higher tiers often relate to more advanced traders. Using this method, we’re categorizing users not only by their trading style but also by the amount of money they spend on the exchange.

Additionally, we also compare these fees with industry standards to give a thorough perspective on each exchange’s affordability.

While the trading fees at DigiFinex are lower than the industry average, Makers pay significantly lower charges. It encourages them to create orders and add liquidity to the platform rather than take what is available at a given moment in time.

Deposit fees

Unlike exchanges like Binance or HTX, where you can buy crypto directly, DigiFinex relies on third-party payment gateways like Simplex and Banxa to process fiat-to-crypto transactions. It does not charge additional deposit fees, but the fees charged by these services can be rather high, leading to poor exchange rates.

Withdrawal fees

Fiat withdrawals are not available on DigiFinex. Traders wishing to fix their profits may only convert their assets into stablecoins or transfer their assets to other platforms like Crypto.com or Binance that support direct fiat withdrawals.

When withdrawing crypto to an external wallet, I paid a small fee that varied depending on the asset. In my case, it was 0.03 LTC. Sending crypto to other DigiFinex users is free of charge.

Margin Trading Fee Rate

DigiFinex uses the same Maker-Taker fee model for margin trading as it does for spot trading, though the fees are lower due to the high risks associated with these products.

DigiFinex Margin Trading Fee Structure

Please remember that fees and available methods may vary by country.

During my tests, I found DigiFinex’s trading fees to be well-structured and significantly lower than the industry average. Discounts for high-volume traders may be particularly appealing, providing benefits.

Fee Discounts

There are two key methods to reduce fees while trading on DigiFinex:

• High trading volume: Advanced traders who reach specific trading volumes can benefit from fee discounts. The level of the discount depends on the total volume over the past 30 days.
• Coupons and promo codes: The platform regularly releases limited-time offers, helping traders reduce their fees.

Are DigiFinex Fees Competitive?

While trading on DigiFinex, I verified that the fees charged matched those listed on the dedicated fee page, showing that the exchange is fully transparent about its fees.

DigiFinex’s trading fees are significantly lower than the industry average, and discounts for high-volume traders make it an attractive option for active users. However, its partners’ fees for fiat-to-crypto transactions are higher than those of other exchanges with similar processing, although these fees are also fully disclosed.

Cryptocurrencies Available on DigiFinex

DigiFinex has its own Launchpad, where projects can list their assets by filling in a corresponding application. Users can access new listings with significant discounts. However, the exchange prohibits citizens from the US, Cuba, Congo, and some other countries from participating in Launchpad sales.

DigiFinex doesn’t offer any fiat-to-crypto trading pairs. However, I found several stablecoins available for locking in profits. Most assets are traded against USDT, with additional options like fiat-backed USDC, algorithmic stablecoins like CELO, and crypto-backed options like DAI.

DigiFinex offers high liquidity for popular assets like BTC and ETH. However, selling large amounts of less popular assets can be challenging. During my tests, I found that around 80 coins on the platform had zero trading volume. Although DigiFinex regularly delists low-liquidity assets, this process appears less efficient than on other platforms like BitMart or HTX.

Deposits & Withdrawals

DigiFinex Deposit Options

Third-party payment gateways on DigiFinex handle fiat-to-crypto transactions within a single interface, allowing users to find the best exchange rates in real time.

Similar to platforms like Changelly and BitMart, DigiFinex offers more payment options than exchanges like KuCoin or Binance, which rely solely on in-house fiat gateways. However, the final exchange rate may be less favorable due to the high fees charged by these external services.

Peer-to-Peer service (P2P): DigiFinex has its own OTC desk to facilitate the buying and selling of crypto. Users can find buyers and sellers in their countries while choosing convenient payment methods. The number of available fiat currencies is limited, and during my tests, I found only seven options:

• USD
• INR
• VND
• KRW
• EUR
• HKD
• JPY

There were no open ads for USD or EUR, indicating the service’s low popularity. Only two open orders for USDT against Korean Won (KRW) were available.

Note that deposit options can vary significantly from region to region. Always check the exchange’s official site for the most accurate and region-specific deposit information.

DigiFinex Withdrawal Methods

The withdrawal process on DigiFinex is straightforward. The platform ensures funds’ security by requiring Google 2FA activation before allowing withdrawals. It is impossible to withdraw funds without active Google verification.

You can withdraw funds to an external wallet or transfer them to another platform user. The minimum withdrawal amount is 10 USDT.

During my tests, the service charged me 2 USDT for a withdrawal, while HTX and BitMart charged 1 USDT for the same transaction. Although the fee was higher, the difference was not significant. The platform didn’t display the fee separately but showed the final amount I would receive. There was also an option to notify the recipient via phone or email.

Minimum withdrawal amounts differ for different assets. For Bitcoin, it is 0.0001 BTC, while the minimum number of BitTorrent tokens is 5 million.

Withdrawal limits depend on the level of verification. Level 1 allows withdrawal of 50,000 USDT daily, while levels 2 and 3 allow withdrawal of 500,000 USDT and 1,000,000 USDT, respectively.

Customer Service

DigiFinex Customer Support Test

My first attempt to contact DigiFinex support was on Sunday. I left a message but didn’t even receive an automated response revealing that support is only available on weekdays.

On Monday, my second attempt through both the desktop and mobile apps was successful. The bot connected me to a real agent within two minutes. The agents were helpful and provided the information I needed regarding fee discounts.

My experience with DigiFinex support was similar to Changelly, which was also available through the Live Chat. In my experience, support on larger exchanges like HTX and KuCoin was less satisfactory.

FAQ

Is DigiFinex legit?

Based on our research, DigiFinex appears to be a trustworthy exchange headquartered in Singapore. It claims full coverage through Proof of Reserves and has not reported any major security incidents to date.

Can US Citizens Use DigiFinex?

Yes, but with partly limited functionality. For instance, US users can buy and trade crypto but cannot participate in Launchpad sales.

Has DigiFinex ever been hacked?

No, DigiFinex has never experienced a security breach. Users can protect their accounts with 2FA and other security measures.

Does DigiFinex require KYC?

DigiFinex has the KYC procedure, but it is not mandatory. The only benefit for verified users is a higher withdrawal limit.

Can I use leverage or margin trading on DigiFinex?

DigiFinex provides Margin and Futures trading with maximum leverage of 5x and 100x, respectively. However, the platform does not offer leveraged tokens.

Is my money safe on DigiFinex?

Our research reveals that DigiFinex is a trusted exchange that implements different security measures such as 2FA, biometric authentication, and full coverage of users’ assets via Proof of Reserves.

Is DigiFinex regulated?

DigiFinex is not regulated by any official financial authority like FCA. However, it implements security best practices and has never experienced any security events.

Does DigiFinex offer any bonuses, welcome offers, or referral rewards to its users?

DigiFinex regularly launches limited promotional campaigns, trading competitions, incentive programs, crypto giveaways, and more. It also offers a Referral program that allows users to earn up to 10% rebates. Join the exchange using our affiliate link.