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XT.COM

XT.Com Review 2023: An Expert's Comprehensive Analysis

4

4.25

4

4

3.75

Overview

General

Fees

Customer service

Requirements & Accessibility

Pros

Cons

Key Takeaways

● Large user base

● Apps for Windows, iOS, and Android

● Diverse professional and standard trading options

● Low fees

Origins

Introduction

Our scrutinizing deep dive eyes today fall on XT.COM- a social-infused centralized exchange that offers users investment opportunities with a wide variety of crypto assets, from the simple direct buying/selling of crypto asset and spot trading to the more complex financial instruments of staking, margin trading, futures, etc.

With its unique blend of services and mode of operation, the community-focused exchange apparently allows users to build their own communities, develop businesses, connect directly with each other, and make good business decisions.

But how does this fast-growing exchange perform in action when weighed in against its big-boy competitors? Join us at CoinScan as we get stuck in to find out!

History

The XT.COM exchange was co-founded by Weber Woo in 2018 as part of the many arms of the XT Group - a conglomerate that has grown to include a host of other companies like Capital Labs, Academy, and Pool.

Mr. Woo earned his MBA from Shanghai Jiao Tong University, China, and entered the world of Blockchain in 2013 and started mining crypto the following year, in 2014.

The other co-founder Ada Too had worked at Bosch (China) Investment Ltd before she joined Mr. Woo in the development of the XT.COM platform. The exchange has a host of partners and industry influencers supporting its operations and growth.

The company is registered in Seychelles. Its operating headquarters located in Dubai and has operational centers in multiple locations around the world, including Japan, South Korea, Singapore, Hong Kong, and Spain.

Overall the exchange has experienced rapid growth within a short period of operations since its launch- cutting a niche through its smart community-focused business model.

User Experience

Ease of Use and Design

The first ease of use is found in XT.COM’s easy and convenient signup process – users only need to provide an email and password to get started.

Once the email has been confirmed, a user is allowed to explore everything on the platform. However, the exchange expects users to provide identification documents to get access to advanced services and avoid any restrictions or limitations.

Identity verification is a measure to safeguard users’ safety and prevent any fraudulent activities on the platform.

The exchange’s interface and layout designs themselves are quite simple and easy to understand- designed with beginners in mind.

Getting the exact feature is easy and fast- as the interface is subdivided into sections that are easy to locate. For example, a spot trader can simply ignore all the advanced features and visit the buy/sell section of the exchange to purchase the crypto of choice.

XT.COM also features detailed and accurate trading chartsfetched by TradeView – and enables users to have access to one of the biggest charting platforms that offer accurate, real-time info.

Traders are also able to switch between the trading view and depth map, courtesy of the unique functionality of the charts, as well as integrating indicators, replacing candles, and checking the order book, among other features.

The exchange also comes with its app version- available for iOS and Android devices and is handy for those who want to trade on the go.

The app is effectively a replica of the desktop version, allowing users to access all the various functionalities like different markets and chart analysis, as well as full investment options – which is a great touch.

Unlike many exchanges, XT.COM also comes with a Windows application to provide a more seamless experience. Thumbs up for the exchange here.

Usage and Popularity

XT.COM – unlike many competitors – doesn’t focus on a single crypto community or any specific type of investor but allows all types of users on its platform- each with at least something worth checking out for their benefit.

Spot trading, margin trading, futures, ETFs, contracts – you name it they seem to have it. The extensive list of services makes the platform fit for all as it offers unmatched convenience.

Spot trading is, by its nature, the most popular service offered on the platform.

The exchange platform offers features suitable for both beginners and experienced traders, including detailed graph functions and deeper order books. The section also includes the ability to buy a range of crypto assets instantly - and with the platform’s large basket of crypto assets, users have the most convenient experience a model exchange can offer.

Users can also trade derivatives such as:

  • Futures

  • Contracts

  • ETFs

  • Indices

The platform also supports staking, saving, and mining- for those who want to put their investments to good use. For example, a user can stake their assets or put them in the platform’s savings account to earn a decent amount of profit in return.

There is also an opportunity for cloud mining- a decent option for those who want to earn daily profits based on the chosen plan.

The exchange comes with its own native token, XT- an ERC20 token that can be traded on the XT.COM platform. The utility token earns holders some rights within the XT community, as well as some trade discounts on the site.

XT.COM also offers users the opportunity to buy and sell hundreds of crypto assets using various payment methods on its platform. The supported payment methods include:

  • Visa cards

  • MasterCard

  • Apple Pay

  • Google Pay

Active users can also use the supported third-party payment channels such as Banxa, MercuryO, and AdvCash, or P2P to buy and sell the supported crypto assets.

Allowing users to buy crypto assets with debit/credit cards is a great convenience for beginner traders.

The exchange caps its impressive list of services with trial funds- available in USDT- to its users to help facilitate certain activities on the platform. The trial funds can only be used as a trading margin, and cannot be withdrawn.

Users can obtain these funds by joining the XT community, inviting friends, trading actively, etc.

As a social-infused exchange, the platform pays greater attention to building a community of users who can interact, communicate and discuss topics and market trends to make better investment decisions. For example, the XT community is where users can examine valuable coins together, which helps them make the best choices when it comes to choosing the right coin to purchase.

As of today, the exchange has 658 coins and 1044 trading pairs available on its platform, reporting an average daily trading volume of $1.1 billion with the most active trading pair BTC/USDT returning $328 million average daily trading volume, as well as apparently being home to an impressive 3+ million global users.

The exchange has not expressly put out any information prohibiting US investors from using its platform.

However, considering that the exchange has not been regulated by the United States Securities and Exchange Commission (SEC), US-based investors need to take personal responsibility when using the platform.

Customer support

With email support, ticket, and a Live Chat feature, customer support on XT.COM is quite robust.

The Live Chat option is for quick reach to the customer support team 24/7, but if a user wants to go the inexplicably slower route, they can also submit a ticket to raise queries with the customer support team.

No phone support, but then that is the shooting star of customer support rarely ever seen by mere mortals. 

The platform also offers support to its users through its Telegram channel, which supports multiple languages, including:

  • English

  • Chinese

  • Japanese

  • Korean

  • Spanish

  • Russian

  • Filipino

  • Africana

  • Malaysian, among others

In this regard XT.COM isn’t doing anything special but does seem to do the basic customer support well, judging by average reviews.

Fees and Promotions

Fees

XT.COM employs a variable fee of 0.20% for both makers and takers, which is just within the industry average. But unlike with many other exchanges, traders on XT.COM can reduce this fee even further with greater trading volume (based on a previous 30 days trade period) plus holding the exchange’s native token XT – for the same period.

For deposits, the exchange charges zero fees for crypto deposits. However, fees charged for depositing fiat currencies vary depending on the chosen payment method. For example, MercuryO charges 3.8% for all deposits, while Banxa charges 1.96% for Visa/MasterCard and Apple Pay deposits.

For withdrawal fees, users can withdraw fiat currencies from the exchange by converting their cryptocurrency into a supported fiat currency. Users can achieve the process through the third-party merchant partner, Banxa, at a fee of 0.0006 BTC for each withdrawal.

Banxa pays users in:

  • EUR

  • GBP

  • AUD

To withdraw cryptocurrency, the withdrawal fees vary from crypto to crypto. The good news is that some popular crypto assets attract zero withdrawal fees. For example, BTC and ETH do not attract any withdrawal fees. Readers can click here for more handy info about  XT.COM fees and rates.

Comparison

There are not too many exchanges based out of Singapore that allow for comparison. Thankfully when it comes to finding a worthy competitor to challenge XT, we could not have picked a better matchup than Singapore's own Phemex.

Similarities:

  • Both XT and Phemex are centralized cryptocurrency exchanges based out of Singapore.

  • Both exchanges also offers below average fees for their users.

  • Both XT and Phemex have a focus on both retail and institutional investors.

Differences:

  • Trading features: XT offers a wider range of trading features than Phemex, including OTC trading.

  • Daily trading volume: XT has a higher daily trading volume than Phemex.

  • Fiat currency support: XT supports more fiat currencies than Phemex, including BUSD and USDC. XT also has 3x more cryptocurrencies listed than Phemex.

  • Perpetual contracts: Phemex offers perpetual contracts, while XT does not.

Users looking for an exchange with a wide range of trading features, a high daily trading volume, and a larger offering of more currencies, will find XT is the better option for them. If you are looking for an exchange that offers perpetual contracts, and support within Singapore, then Phemex is a better option.

Safety Essentials

Security

The crypto space may be filled with security uncertainty; however, XT.COM gives users reasons to remain confident with their comprehensive protocols to protect their platform and user investments.

The exchange has put in place several security measures, including:

  • 2FA authentication

  • offline signatures

  • layered architecture

  • cold storage options for users

The exchange also implements a Know-Your-Customer (KYC) procedure that vets every user on the platform.

These security protocols have ensured the exchange keeps away fraudsters and scams from its platform. Considering they have never suffered a direct attack, things seem to be wrapped up quite tightly over at XT.COM.

Controversy

Controversy has become synonymous with the crypto ecosystem and XT.COM hasn’t quite gotten away with it, although their issues were quite mild, and not even their fault.

On March 2022, the platform was forced to stop the VSOL market after the project party of the latter was attacked by hackers- leading to an illegal issuance of a large number of tokens and seriously disrupting the normal market.

The affected users lost over 6.5 billion VSOL (equivalent to 1.3 million USDT) when the hacker dumped the coins on the platform. The exchange, however, compensated all the affected users and embarked on a damage control messaging spree.

Although XT.COM was not at fault in any way, such controversial incidents can damage the trust users put in an exchange.

Proof of Reserves

Proof of Reserves have become the go-to auditing method for many crypto exchange projects that need to advance transparency and assure users of enough liquidity backup. XT.COM may be boasting of a massive user base and impressive trading volume.

However, the exchange is yet to show proof of audits by any external reputable auditing firm. But the exchange has all the financial muscle to seek this important service to keep doing great with its services in a trusted ecosystem.

Conclusion

XT.COM has demonstrated its worthiness in the eyes of many users all over the world within a relatively short period.

With several markets to trade in and an intuitive interface, both beginners and experienced investors alike will find something that suits their investment needs. It has a good number of assets and its unique community-focused model ensures users are given a safe and seamless ecosystem to discuss and share both ideas and knowledge.

Save for the platform dependent on third-party payment services that come with their own challenges (like increased fees) the exchange comes out as an excellent option for all categories of traders and one worth checking out.