Thodex is this a scam? Review and Customers Reviews

Thodex – it’s turkish cryptocurrency exchange, established in 2017. The company provides a service for exchanging and trading digital assets. The exchange is growing rapidly – it is now available to clients from 120 countries, including Russians.

Let’s study this project to answer the question, can we trust Thodex or is it a scam?

 

Why Thodex?

Thodex started in 2017. In the early years, the project was called Koineks. It was focused strictly on the domestic market of Turkey. In addition to the online exchange, the company was engaged in bitcoin ATMs and the popularization of cryptocurrencies Overall. Koineks set up Turkey’s first crypto-ATM in Nisantasi, an upscale neighborhood in Istanbul. At the time of launch, five cryptocurrencies were available on the exchange. Now their number has exceeded 20, and the number of traded pairs is over fifty. The exchange administration staked on the quality of service. In the first year, eleven banks were connected to the project to create a fast and solid payment structure. In addition, a 24/7 support service was created.

In 2020 the company decided to enter the international market. Globalization began with a rebranding – the name Koineks was changed to more sonorous Thodex. A new website and mobile applications were created. And, most importantly, it received international financial licenses, including from the American FinCen MSB. The most traded pair on the platform is Tether against the Turkish Lira. This is not surprising, given the volatility of the Turkish currency. Bitcoin/TRY and BTC/USDT rank second and third in volume. The exchange focuses on trading activity. There are no cryptocurrency credits, a pool for miners or a variety of farming. The list of products is as follows:

• Basic – regular exchange. These are fast exchange transactions with cryptocurrency. The user is asked to fill out an order with the purchase price and the number of coins to be bought.
• Professional – professional trading. Extended trading menu. Customers can buy and sell at market prices or limit values. There is also a Stop-Limit feature.
• Fast Exchange. This section has already been created on the site thodex.com, but it is closed for now. It is expected that there will be implemented a function of quick exchange of cryptocurrency without an order for trading. That is, coins will be exchanged by the exchange itself with a quick credit to the balance.

Registration on Thodex is almost instantaneous. It’s enough to click on the Register button at the top of the home page. Then you have to enter your email address and come up with a password. After that the account will be created and you can use the basic functionality. Russian language on the site thodex.com no. You have to use either the English or the Turkish version.

 

How to exchange cryptocurrency on the Todex platform?

The first way to exchange cryptocurrency on Thodex is Basic. It is available in the main menu of the site, Buy – Sell section. Going to it, the trader will see a form. This is the usual exchange order, working on the price limit. That is, the user must specify:

• On the Price line – the price that satisfies the client. It can be taken from the order book posted below. Or you can make it up from your head. But it should not be very different from the market quotes, otherwise it will not be liquid.
• The Quantity line shows the number of coins to buy.
• The Total line will fill in automatically. It shows how many assets it will take from the trader to execute the order. Essentially, it multiplies the stated price by the stated quantity, plus it includes the exchange commission.
• After filling out the order, it remains to press the Buy button if you buy coins. Or Sell, if you sell. The speed of execution of the order depends on the specified price. If the client buys more than the market average or sells cheaper, a fast deal is guaranteed. In general, Thodex has good liquidity – the daily volume of transactions on the platform exceeds $200 million.

If a trader needs more flexibility, he can go to the Professional section of the website thodex.com. It stands out with its stylish dark design. And there’s also a schedule available from TradingView. Various indicators suitable for price analysis are built into it. The order book and trade record has been expanded. There are tools to analyze the exchange volume. Mechanics of the exchange is the same – there is a form of order, where you need to enter the parameters of the exchange. But transactions at market price are available here. In this case, the trader does not need to specify the value of assets – the exchange will select the price from the order book itself. You can also set Stop Price. This setting allows you to automatically send an order to trade if the quotes reach a specified value, a “trigger”.

 

Verification on the thodex.com platform

Immediately after registration, the client receives the first level of verification. This is the basic level, which does not even require verification of the mailbox.

A total of four levels are provided:

• Second level. You will need to confirm your e-mail address and fill out a short questionnaire, indicating the country of residence and citizenship.
• Third level. Classic confirmation of identity: the exchange will request a questionnaire with passport data, scans of documents and selfies. If the client trades as a representative of a legal entity, he will need to upload company documents.
• The fourth level. Required for professional traders who operate with large volumes. There is no specific list of documents. In order to obtain the fourth level of verification, it is necessary to talk to a Todex representative, tell him about the experience and the assumed volume of transactions.

The level of verification significantly affects the available limits. For example, without verifying the email address, it is impossible to withdraw funds from the platform. Only deposits are available. At the third level clients can already use fiat currencies.

 

Deposit and withdrawal

You can deposit funds into the balance through the Wallet menu. There are two sections, Deposit and Withdraw. To deposit funds, go to Deposit. The client is offered to deposit money through fiat currency or cryptocurrency. If not verified to the third level, you can only use crypto. A list of all available altcoins appears. For example, let’s choose Litecoin. When you make your first deposit, the system will ask you to create a wallet. Click on Create LTC Wallet to generate a deposit address. You can copy and paste this address in a third-party wallet, from where you will make a deposit. If you use mobile storage, QR code scanning is available.

Next to the address there is a Refresh button. By clicking on it, the client will create a new recharge address. In this case, all funds sent to both the first and second wallets will still be deposited to the user’s balance. This feature is convenient if third-party storage has withdrawal limits for one address. If the account is verified to the third level, the user can make deposits in fiat currency. Only Turkish lira is available. When transferring money from an account in dollars, euros or rubles, there will be a conversion. Therefore, take into account the exchange rates for such a transaction. Deposits can be sent to a bank account or by card. You can also use “credit card” from the menu More, section Buy with credit card. Here you can use USD or EUR besides lira. To buy crypto from the card, you’ll need:

• Go to Buy with cards.
• Select the desired cryptocurrency from those offered on the page.
• Select the fiat currency of the card from the Fiat drop-down list.
• Specify how much you want to buy crypto. For example, $2,500.
• Or specify how many coins you want to buy.
• Then click Continue. The system will send the client to the payment gateway, where you will need to specify the card data and confirm the transaction via SMS.

Not all of the cryptocurrencies available on the exchange are available for this replenishment. Only Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ripple and Stellar can be purchased from the card. The payment goes through the Simplex gateway. It charges a commission of 5% of the transaction, or $10. Plus the exchange itself also takes a two percent commission on such a purchase (How to Make Money on Cryptocurrency?).

Commission of the crypto exchange todex.com

The commission on Thodex depends on which pair the client trades. There are two commission systems. The first is for Turkish Lira trades and the second is for crypto trades. The basic trader’s commission when using lira: 0.20 – maker, 0.25 – taker. When trading BTC and USDT cryptocurrency pairs, the starting commission will be 0.10% for maker and 0.15% for taker. A discount system is provided.

How do I get a discount on commissions?

Thodex encourages traders to make more trades, so the level of volume determines the amount of commission charged. The standard rate applies if the trader’s trading volume for the last thirty days does not exceed 2.217 BTC. As the monthly volume increases, clients receive discounts:

• The second level of the program. Volume: from 2.217 to 5.544 BTC. Commission will be 0.09 percent for makers and 0.15 percent for takers.
• Level 3. Volume requirements: from 5.544 to 11.08 BTC per month. Commission: 0.08% – 0.13%.
• Level 4. Required volume: from 11.08 to 22.176 BTC. Rate: 0.07% – 0.11%.
• Fifth step: 22.176 – 55.442 BTC. Commissions: 0.06% – 0.10%.
• Sixth step: 55.442 – 110.884 BTC. Maker – 0.05%, taker – 0.09%.

The last level is activated if the amount of transactions in the last thirty days exceeds 110.884 bitcoins. Then the exchange will charge 0.04% for maker orders, and 0.08% for takers.

Withdrawal fees

Thodex takes a fee for withdrawals from the exchange. Withdrawing funds in Turkish Lira, the user will pay 3 TRY per transaction. Cryptocurrency withdrawal fee depends on the specific coin:

• Bitcoin: 0.0007 BTC.
• Ethereum: 0.01 ETH.
• Bitcoin Cash: 0.001 BCH.
• Litecoin: 0.01 LTC.
• Dogecoin: 2.0 DOGE.
• Ripple: 1.0 XRP.
• Stellar: 0.30 XLM.

In general, withdrawal from Thodex can be called cheap. For Bitcoin, the fees are a bit steep; there are a number of exchanges where withdrawals cost 0.0005 BTC. But for withdrawals in Ripple, Dogecoin and Bitcoin Cash, the Turkish company charges a minimum.

 

Todex Bonuses

Thodex actively runs promotions for new and existing customers.

Dogecoin giveaway

At the beginning of 2021, Thodex supported the gaining popularity cryptocurrency Dogecoin. The management of the promotion launched a coin giveaway. To receive 150 DOGE, customers were only required to register on the platform and pass level three verification. After which, the reward was credited to the balance. In a press release, the company said that the stock of 2 million DOGE was handed out in 68 hours. After noticing traders’ interest in this altcoin, the exchange repeated the distribution. Another 2 million will be distributed between March 15 and April 15, 2021.

Contest with prizes

The company’s most ambitious campaign began in the fall of 2020 and ended in January 2021. The grand prize of the contest was a Porsche Panamera car. Other winners received Apple equipment, Sony Playstation game consoles, as well as bonus tokens to their accounts. The winner was chosen at random. Any customer who met the requirements could take part in the drawing:

• Transaction volume of 10,000 Turkish Liras, who passed the third level verification.
• A verified user who participates in the affiliate program and brings five referrals.

On February 1, the company announced the list of lucky winners. The owner of the new Porsche was a trader from Turkey, Engin Ozdemir.

Referral program

Thodex has an affiliate program. You can connect to it at thodex.com, in the Affiliate section. The partner gets a referral link and a code. With their help he can invite his friends to trade on the exchange. The remuneration of the program is up to 40% from the trades of the referred referral. The invited client does not lose money. He pays a standard commission and part of it is credited to the partner.

 

Complaints about Thodex

Todex has a good reputation. This platform receives positive feedback from the majority of users. Having analyzed the foreign platforms that collect customer ratings, we can say that the average score of the exchange is 4.2/5. A few reasons why customers praise the platform:

• User-friendly site and interface.
• Cryptocurrency trading does not require verification.
• It is possible to make deposits in fiat currencies.
• There are simplified and professional versions of the trading window.
• Good liquidity and high speed of order processing.
• Low withdrawal fees for cryptocurrencies, especially altcoins.

Of the negative aspects described by users, we will highlight:

• Mandatory conversion to Turkish lira for fiat deposits. Given the unstable TRY exchange rate, losses are possible.
• Expensive replenishment from the card. For small deposits the cost will be up to 7 percent of the deposited amount.

Traders from Russia and Belarus complain about the lack of a Russian-language version of the site. But it is possible that the Russian language will be added as soon as this year. The pace of the exchange’s international growth requires it.

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Crypto exchange regulation

Cryptocurrency exchange Thodex belongs to KOİNEKS TEKNOLOJİ A.Ş. This legal entity is registered in Turkey and is fully subject to the laws of the state. Turkish laws are favorable to cryptocurrency. But still require users making large transactions to undergo the KYC procedure. The administration of the exchange, in turn, keeps all information about transactions and customers. The company undertakes to comply not only with Turkish law, but also with global practices to prevent terrorist financing and money laundering. Therefore, Thodex reserves the right to block suspicious transactions and freeze the accounts of customers suspected of financial crimes. In addition, the platform retains and identifies customers’ IP address, as stated in the user agreement.

View the user agreement at thodex.com

thodex.com User Agreement

All customers opening an account on the Thodex platform must read and agree to the terms of use. Citizens of the United States, when registering, are offered another agreement. It is written on behalf of a Delaware subsidiary of Thodex. It is a requirement of U.S. FinSec. In the agreement, the exchange’s management discloses the company’s activities. The concepts of cryptocurrency and wallet are clarified. According to the rules of the platform, only a person over the age of eighteen can become a client. One person can only set up one account. A second account can be blocked, even if it has funds on its balance.

By registering on the exchange, clients agree to all possible risks, both market and technical. The exchange refuses to compensate any monetary losses. Clause 4 states that Thodex employees, managers and owners do not bear any administrative or criminal responsibility for the work of the exchange. However, the company assumes the responsibility to protect the operation of the exchange as much as possible and take measures to solve problems and improve platform security. In case of money loss due to a technical malfunction, customers should immediately contact the company’s support team.

Customer Service

In case of problems, customers can leave a request in the Support Center section by clicking Create new ticket. The support service also accepts letters to email addresses:

• [email protected] – for technical questions.
• [email protected] – for questions related to the affiliate program of the exchange.

The company’s employees also actively maintain official pages on Facebook, Instagram, Twitter, LinkedIn and Telegram.

 

Is Thodex a Scam?

Todex – is the largest project in the region. It started operating back in 2017, under the Koineks brand. The company’s first product, crypto ATMs, still work in Turkey today. Having collected and analyzed the information, we formed an opinion that Thodex is not a scam. The company continues to attract investors and customers. The high level of trust is shown by the daily trading volume of 200 million dollars. The legal purity is evidenced by the presence of an American license.

Thodex is one of the few exchanges that accept users from the United States. Asian exchanges almost never work with Americans, because it entails oversight by U.S. regulators. The Turkish company, apparently, is not afraid of such inspections. The crypto exchange maintains a white reputation, works openly and has not been seen in stories related to fraud or financial crimes.

 

Conclusion

Thodex – is a product purely for cryptocurrency trading. If you need a fast platform for exchanging one altcoin for another, this platform will be interesting. Especially when you consider that you don’t need to be verified for crypto trading in small amounts. Filling out a small questionnaire is enough. But Todex doesn’t give more than that. There are no opportunities to create passive income here, like staking or lending. In this respect, the company lags far behind numerous competitors. Perhaps as the site grows, there will be a P2P-deals or DeFi segment. But for now, the service is limited to traders’ tasks.