Tokenize Exchange Review
With the cryptocurrency world still in its infancy, there is always room for new exchanges promising a different experience to users. Tokenize Exchange is one of the newest kids on the block. Our Tokenize Exchange review will discuss the platform’s key features and we will highlight all the pros and cons you need to know before joining the platform.
- Operating Since 2018
- Currencies Supported 20 cryptocurrencies
- Fees Varies
- Deposit Methods bank transfer, wire transfer
- Fiat Currencies Yes
- Verification Methods KYC, 2FA
- Margin Trading No
- Futures Trading No
- Tokenize Exchange Overview
- Tokenize Exchange Account Creation
- The Tokenize Exchange Trading Experience
- Added Features and Services
- Tokenize Payment Methods
- Tokenize Exchange Fees
- Tokenize Exchange Security
- Tokenize Customer Support
- Tokenize Exchange Pros and Cons
- Tokenize Exchange Review: The Bottom Line
Tokenize Exchange Overview
Tokenize Exchange is a Singapore-based digital currency exchange platform founded in 2018. The company’s unique selling proposition consists of an easy-to-use interface. The exchange’s founders set out to create a platform for complete newbies to the crypto world and intermediate trades.
It’s fair to say that Tokenize Exchange has fulfilled that goal. Today, Tokenize Exchange hosts more than 100,000 users from around the world. Features such as membership-based pricing and fixed trading fees have also enhanced the company’s reputation.
Tokenize Exchange Account Creation
You’ll notice Tokenize Exchange’s ease of use when you first land on the platform. The sign-up process is straightforward: you’ll need to provide an email address and password to open an account. You can also choose to set up an individual or corporate account.
After creating your account, you’ll then go through the identity verification process. The verification process is mandatory for compliance with Anti-Money Laundering (AML) and Countering Terrorism Financing (CTF) regulations. It also fulfills Know-Your-Customer (KYC) rules.
You’ll need the following documents to complete your ID verification:
- A utility bill as proof of residence
- A government-issued identification document (passport or ID)
Once submitted, you’ll need to wait at least 48 hours to complete the verification process. Once you’ve been verified, you can start trading on the platform.
The Tokenize Exchange Trading Experience
Tokenize offers 45 trading pairs to users. The pairs feature a combination of 20 major cryptocurrencies and several fiat currencies.
Coin options include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Cardano (ADA)
- Chainlink (LINK)
- Stellar (XLM)
- Tokenize Emblem (TKX)
- Tether (USDT)
- Sushi (SUSHI)
- Dogecoin (DOGE)
- Aave (AAVE)
- Uniswap (UNI)
The trading platform is compact and intuitive. You can find all the tradable assets on the homepage. Clicking on a selected pair will take you to a TradingView chart showing a detailed depiction of the historical data. Furthermore, TradingView platform also has a selection of charting tools and advanced trading indicators.
You’ll get a pop-up window to select your order type when you choose a pair. The platform supports both market and limit orders. You’ll get a summary of the fees on the trade window, allowing you to decide to proceed with a trade.
If you opt to move forward, you can expect execution in milliseconds.
Unfortunately, for a platform that prides itself on simplicity, Tokenize Exchange doesn’t provide a straightforward method of asset purchase. First-time crypto buyers will need to watch a tutorial to learn about the order window and the various order types.
In contrast, you can use a swap widget on other platforms to instantly convert one coin to another or one fiat to a coin. However, once you get the hang of the Tokenize’s trading process, executing and closing out orders is a breeze.
Added Features and Services
Tokenize offers a range of features and services designed to make trading safe and convenient for users. Some of them include the following:
In an ecosystem as loosely regulated as the cryptosphere, many traders welcome the opportunity to trade without worrying about their funds’ safety. Tokenize boasts a $100m insurance policy, providing additional protection to client funds. Traders with large-sized portfolios will especially savor the added peace of mind.
The Token Store
Tokenize’s Token Store is a digital library that holds a trove of tools for crypto traders. In the store, you’ll learn about the workings of the listed coins on the exchange. You’ll also find analytical tools that give guidance on current market behavior.
Overall, the Token Store can help improve your decision-making in the cryptocurrency market.
Tokenize Exchange operates a referral program as part of its marketing. As a result, existing customers have an incentive to bring people they know to the platform.
The incentives differ on the type of referral program. However, the basic one pays 15 TKX to the referrer for every successfully onboarded referred user.
Tokenize pays users an annual percentage yield on coins stored in their wallets. The interest paid ranges between 4% and 12%. It’s not a lot, but it’s a good way to make money without actively trading.
However, Tokenize’s interest payments pale next to the staking plans available on competing exchanges.
Over-the-Counter (OTC) Trading Desk
Traders with huge portfolios may suffer significant slippage if they try to transact on a standard order book. The OTC trading desk on Tokenize Exchange aims to prevent this problem. The desk serves as a buffer between the trader and the liquidity pool. The result is trade execution at a favorable price.
Tokenize Payment Methods
There are two main payment methods of Tokenize: cryptocurrency and fiat.
You can initiate a standard crypto transfer if you have a wallet elsewhere and want to send money to your Tokenize wallet. Keep in mind that Tokenize doesn’t support all the coins on the market right now. Therefore, it’s best to only transfer coins they support.
A good tip is to only transfer stable coins like Tether (USDT) or popular coins like Bitcoin (BTC) or Ethereum (ETH).
You can initiate cash transfers from your bank account to your Tokenize wallet if you’re just getting started or have cash instead of crypto. International wire transfers will show up in your wallet within three working days. However, transfers within Singapore usually reflect in your wallet within a day or less.
Interestingly, Tokenize Exchange does not charge any fees for transfers. However, keep in mind that you can only transfer USD or SGD through bank wire. Again, the platform does not allow credit or debit card purchases just yet.
Tokenize Exchange Fees
Tokenize operates a membership-based pricing model on its platform. All new customers begin on the basic account after ID verification. After that, your transactions determine if you’ll get upgraded to the premium or platinum membership plan.
You need to own a minimum of 160 TKX to qualify for premium membership. Furthermore, you need at least 800 TKX for the platinum membership.
Upgrading from the basic membership provides some benefits in trading fees. On fiat-crypto trades, you can expect to pay respective fees of 0.10%, 0.50%, and 0.80% on the platinum, premium, and basic plans. For crypto-crypto trades, the numbers change to 0.10%, 0.25%, and 0.10%.
Average trading fees on competing platforms typically fall between 0.20% and 0.25%. Overall, high-volume traders stand to gain significantly by moving to the platinum tier as quickly as possible.
Tokenize’s membership pricing also spills over to withdrawals, though to a lesser extent. Generally, the exchange will calculate an individual rate based on the trading volume of your transaction. However, there is a minimum withdrawal fee threshold of 0.0005 BTC.
Tokenize Exchange Security
A Tokenize Exchange review would be incomplete without a look at the safety of your funds. After all, the crypto space abounds with news of stolen funds and hacks.
Fortunately, Tokenize Exchange is among the few exchanges without a history of hacks or other fraudulent activities. The brand is strict with its implementation of CTF and AML regulations. Moreover, it has solutions in place to protect user funds and accounts.
Users can add an extra layer of protection to their accounts by using two-factor authentication (2FA). You have to set up 2FA during the KYC verification process. Other security features include IP whitelisting and multi-sig authorization.
Tokenize Customer Support
Customer support often feels like an afterthought for many cryptocurrency platforms. However, Tokenize has taken a customer-centric approach to the support experience. The exchange offers a rich selection of support channels including frequently asked questions, phone, email, and live chat.
Even more impressive is the support staff’s experience level. They are real people with expert-level knowledge of cryptocurrency trading and a deep understanding of Tokenize Exchange business practices. You’re sure to get actionable answers from them instead of generic replies.
Is Tokenize Exchange a Crypto Wallet?
Tokenize Exchange is a full-feature cryptocurrency trading platform. As such, they offer a digital wallet as a part of the package so users have a handy wallet for transactions. With the platform’s wallet, you can cut down on exchange fees lost during transfers from third-party wallets.
Storing your coins in the wallet also allows you to earn interest (up to 12% APY) without directly engaging in trading activities. However, leaving all your crypto holdings in an online wallet is risky. Hardware wallets are safer and your digital wallet should only hold “cash flow” coins.
Can You Trade on the Tokenize Mobile App?
Tokenize has a beautifully designed mobile app for iOS and Android. The app comes with an intuitive layout that allows you to buy and sell cryptocurrencies quickly. It is also free to use and has a good rating on the various app stores.
Is Token Exchange Open to Users Outside Asia?
Tokenize provides services to users outside Asia. It’s an international brand with customers from all over the world.
If you have access to cryptocurrency, you can create an account on the platform from anywhere. However, fiat currency transfers for crypto purchases are only available to Singapore residents.
Tokenize Exchange Pros and Cons
- Highly secure trading platform
- Intuitive interface
- $100 million insurance
- Referral program
- Mobile trading allowed
- Monthly interest on wallet holdings
- No margin trading
- Withdrawal and trading fees too high for basic membership tier
- Fiat to crypto exchange limited to Singapore residents
Tokenize Exchange Review: The Bottom Line
Tokenize Exchange is a modern crypto trading platform with a notably customer-focused approach to business. However, as we’ve seen earlier in this Tokenize Exchange review, the platform may be best for beginner or intermediate traders. The exchange offers 45 trading pairs, which doesn’t provide enough flexibility for experienced traders.
The exchange is also not the cheapest in terms of withdrawal and trading fees, especially for users holding a basic membership. Still, the platform is the perfect blend of functionality and efficiency for traders looking to trade the highest volume pairs in the cryptosphere.