VinDAX is this a scam? Review and Customers Reviews

VinDAX – young cryptocurrency exchange, already known among traders in the Asian region. The exchange started operating in March 2019. The daily trading volume on the platform reaches 130+ million USD. The crypto exchange offers spot trading with support of limit orders, its own token for payment of commissions and author’s terminal. In this review, let’s look at all the features of the exchange, learn reviews about it and try to understand whether VinDAX is a scam or a reliable cryptocurrency exchange for trading digital assets.

 

Why VinDAX?

Cryptocurrency exchange VinDAX positions itself as the most optimized project with low commissions for traders. The platform offers reduced commissions to holders of its own VD exchange token. The company’s website also describes the following benefits of trading on VinDAX:

• High liquidity.
• Supports all platforms from smartphones to PCs.
• Author’s trading terminal.
• Support for popular coins.
• High level of security.
• Support for timeframes.
• Order Book Support.
• Support for graphic tools.
• 24/7 support.

According to the latest data on the exchange vindax.com trades 100+ cryptocurrencies in 200+ cryptocurrency pairs. The main currency pairs are BTC/USDT, ETH/USDT, ETH/BTC, XRP/USDT, ONT/USDT, DASH/ETH, XRP/BTC, LTC/BTC, BNB/BTC, BNB/ETH et al.

 

How to exchange cryptocurrency on the Windax platform?

On the site vindax.com there is no possibility of direct exchange of cryptocurrencies. You can exchange tokens directly during trading. To exchange, select a trading pair and open an order. After closing the transaction, the amount of purchased cryptocurrency will be displayed on your account. The exchange offers standard and extended trading. Trading on the exchange requires registration and account verification.

 

Verification on the vindax.com platform

Registration on the platform is available to users over 18 years of age. To register, click the “Register” link in the upper right corner of the page. In the form that opens, enter your email address and password. After entering the data, click the “Register” button.

After registering your account, you need to confirm your identity. Otherwise you will be able to use the site only in deposit and trading mode. Withdrawal of earnings is not available to non-verified users. To verify your identity, log in to the platform, select the verification function. To verify the identity you need to go through several steps:

• Step 1. Fill in your personal information. In the identity verification form, enter your first name, last name, patronymic. Select your country of residence, region, specify your address.
• Step 2. Choose a document to prove your identity. This can be a passport, ID card, or driver’s license.
• Step 3: Upload scans or photos of your documents. Images must be clear and contain the personal information you filled out in Step 1.
• Step 4: Take selfies. In your hand you should hold a sheet with “VinDAX” written on it and the current date. The text should be handwritten.
• Step 5. After uploading the documents, close the form. The identity verification process takes 1-3 days.

After successful verification, you can fund your account and start trading. Some tips from the administration of cryptocurrency exchange VinDAX to pass the identity verification quicker:

• Documents must be uploaded in PNG or JPEG format (.jpg .jpeg .jpeg .jfif .jif).
• Photos must be clear and high resolution so that all information is clearly visible.
• Photos may not be edited.
• You have to upload color photos.
• The documents submitted must be originals.
• No watermarks are allowed on the photo.
• ID must be valid (e.g. expired passports are not accepted).
• Your face should be clearly visible.
• There must be only one person in the photo.
• The note should include “VinDAX” and the current date.

If for some reason you could not pass the verification, contact the support service and get recommendations on how to pass the identification again.

 

Deposit and withdrawal

Deposit and withdrawal of earnings on the VinDAX cryptocurrency exchange is available only to verified users. After full verification of the account you can deposit your account, start trading and withdraw your earnings according to the service’s regulations.

Deposit replenishment

To make a deposit, log into your personal cabinet and select the “Deposits” tab in the “Funds” menu. Then select the coin you want to deposit. Important, a separate account is created for each currency in the account. It is not allowed to add another currency to your account. There is no possibility of depositing fiat money on the exchange, so you must have cryptocurrency wallet. After selecting a coin, specify the deposit amount. Pay attention that for every currency there is a minimal deposit, for example 0.000001 BTC. After choosing a coin, copy the deposit address and specify it in your wallet for transfer. After the payment you will receive confirmation of the transaction to your email. In case of successful deposit you will see your money on your deposit account.

Deposit withdrawal

Withdrawal of the deposit is available only after full verification of the account. To withdraw money, go to the “Withdrawals” tab in the “Funds” menu. Before withdrawal you will be prompted to enable two-factor Google Authentication. After enabling the feature and identity verification you will be able to withdraw funds. To withdraw, select a currency, specify your wallet address, and complete the transaction. After the transaction is processed you will receive an email to confirm the transaction. Follow the link in the email to finish the transaction. You can follow the operation in the “Transaction History” tab. Pay attention that there are minimal withdrawal limits on the exchange. Limits are set for each cryptocurrency:

• BTC – 0.001.
• ETH – 0.016.
• BCH – 0.004.
• USDT – 100.
• LTC – 0.01, etc.

The set limits of the crypto exchange can be found in myAlpari when depositing/depositing cryptocurrency. Also, information about limits is published on the page “Fees”.

Cryptoexchange Commission

At the stock exchange vindax.com two types of commissions are established:

• Withdrawal fee. The amount of withdrawal fee is set for each cryptocurrency. The amount of fees is fixed and does not depend on the amount of withdrawal. Examples of fees: BTC – 0.0005 , ETH – 0.007, BCH – 0.002, USDT – 50, LTC – 0.005. Payment is made in withdrawable cryptocurrency.
• Trading commissions. The total trading commission on the platform is up to 0.1% per transaction. Trading commissions are paid by VD exchange’s own token. The amount of commission may decrease depending on the VD balance.

 

VinDAX Bonuses

The platform regularly holds promotions and contests among registered users. The site announces a new rewards program that will be launched on June 12, 2022. So far, there are no details about the program on the platform.

Discounts on trade commissions

Regular users with a stable balance of VD on the exchange are available discounts on trading commissions. The size of the discount depends on the level of the account, which is determined by the current balance of VD. The maximum discount on trading commissions is 50% with the amount of VD balance from 200 000 coins.

Investment bonuses

Clients with a premium account exchange offers rewards for investing in VD. If you have a balance of 200,000+ VDs, you can receive a share of the income of the platform. The exchange allocates 30% of income, which is distributed each week among premium investors. Remuneration is paid in VD.

 

Complaints about Windax

Studying the reviews of cryptocurrency exchange Vindax, we found both positive and negative statements. Some users write about the convenience of the exchange, low commissions and fast withdrawal of funds. But these reviews are contradicted by numerous customer complaints, which are more like the truth. Many users have noticed that the exchanger’s site regularly hangs up, the platform has no information about the official registration, as well as complaints are received about the problems with the withdrawal of money.

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Regulation of the VinDAX crypto exchange

Before registering on any cryptocurrency exchange, you need to know the laws of what country the platform operates under, what guarantees the site gives to its users and who regulates its activities.

Regulator

On the site vindax.com there is no information about the regulator of the cryptocurrency exchange. This means that platform users are not protected before losing money and take full responsibility for the risks associated with trading on this platform. Documents from vindax.com:

• Read the “User Agreement” on the VinDAX website (See).
• Read the “Privacy Policy” on the Windax Exchange website (See).

vindax.com User Agreement

The User Agreement is the terms and conditions governing the relationship between the administration of the platform and the user. Before registering on the site, carefully study this document, so that later you will not have problems with trading and withdrawal of money. According to the agreement, the administration of the platform may refuse the user to register and create a wallet without explaining the reasons. Also, the administration reserves the right to block the account and the account at its sole discretion and without explanation. An account on the exchange is considered abandoned if:

• The user has not logged into the account for more than 365 days.
• The client has not sent the documents for verification within 90 days from the date of registration.

If the account is recognized as abandoned, the exchange withdraws a daily commission of 1% of the remaining balance.

In accordance with international law, U.S. and Canadian citizens no longer have the right to use the full functionality of the cryptocurrency exchange. Their registration on the site is suspended. Users from these countries who already have an account retain access to their accounts and accounts, but can no longer trade in cryptocurrencies and make deposits. By accepting the user agreement, you confirm that you are aware of the risks associated with cryptocurrency trading and take full responsibility for possible losses, non-profits and account reliability.

Customer Service

According to the information on the site, the service support team works 24/7. The platform offers channels for client communication:

• The tickets are in the support section.
• Facebook.
• Twitter.
• Reddit.
• Linkedin.
• Telegram.

You can also find answers to your questions in the FAQ section, in the service blog or in the Medium community. According to feedback from traders, the support team responds quickly to inquiries, but does not solve clients’ problems.

 

Is VinDAX a scam?

VinDAX – the most optimized cryptocurrency exchange in the world. According to the website, the platform offers traders 24-hour support, absolute security, low commissions, and a convenient proprietary terminal. But after analyzing the platform’s performance and online reviews about it, we came to the conclusion that trading on this exchange should be treated with caution. Given the presence of negative reviews, we can summarize that the platform often has problems with the withdrawal of money. Also, according to feedback from traders, the site regularly hangs up, and the trading volume is inflated by bots. In the opinion of some speculators, the exchange is not workable, in addition, it offers an extremely scarce set of instruments.

Besides, such facts as lack of information on the regulator, license and official registration do not speak in favor of the exchange. The user agreement does not inspire confidence either, the essence of which boils down to the fact that the trader alone bears all the risks associated with the trade. We cannot say with certainty that VinDAX is a scam. There are positive reviews about the exchange. But we urge our readers not to invest large sums here, and to test the exchange operation on a minimum deposit. If you already have experience trading at vindax.com, share your opinion below this review.

 

Conclusion

According to a review of the cryptocurrency exchange VinDAX We can conclude that this is not the most reliable platform for trading. Moreover, the service offers a minimal set of tools, there is no margin trading, and there is no analytics. The exchange is more likely to suit beginners than experienced traders. But the company does not even offer a demo account.