78EX

Overview of 78EX

78EX is a cryptocurrency exchange founded in 2-5 years ago and registered in the United States. It offers trading in over 100 cryptocurrencies, including Bitcoin, Ethereum, Tether, Binance Coin, USD Coin, XRP, Cardano, Solana, Terra, Avalanche, and more. The exchange's security measures encompass encryption, SSL technology, and multi-factor authentication to protect user assets and data. Regulatory authorities, including Canada's FINTRAC and the US's FinCEN, have granted licenses to 78EX, indicating compliance with financial service regulations. Fees are volume-dependent, ranging from 0.20% taker fee and 0.10% maker fee for smaller trades to 0.10% taker fee and 0.00% maker fee for large volumes. Payment options encompass credit/debit cards, bank transfers, and cryptocurrencies, each with distinct fees. Educational resources and customer support details are not provided in the available information.

Pros and cons

78EX offers several advantages and drawbacks to consider. On the positive side, it provides access to a diverse range of over 100 cryptocurrencies for trading, with competitive taker and maker fees ranging from 0.10% to 0.20% and 0.00% to 0.10%, respectively. Users benefit from fee-free deposits through multiple methods and the ability to trade with fiat currencies using various payment options. Additionally, the exchange is regulated by respected authorities FINTRAC and FinCEN, and it maintains a reputable standing within the trading community. However, there's a lack of unique assets available for trading, and users should be mindful of network fees associated with crypto transactions and charges for cashing out using cards.

Regulatory Authority

The regulatory situation of 78EX exchange can be described as follows:

1. Financial Transactions and Reports Analysis Centre of Canada (FINTRAC):

- Regulation Number: M21699297

- Regulation Status: Exceeded

- License Type: Common Financial Service License

- License Name: 78EX LTD.

2. Financial Crimes Enforcement Network (FinCEN):

- Regulation Number: 31000193417018

- Regulation Status: Exceeded

- License Type: MSB License

- License Name: 78EX

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada's financial intelligence unit established under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. It is responsible for detecting, preventing, and deterring money laundering, terrorist financing, and threats to Canada's security. Similarly, the Financial Crimes Enforcement Network (FinCEN) operates within the U.S. Department of the Treasury and aims to safeguard the financial system from illicit activities, combat money laundering, and enhance national security through the collection, analysis, and distribution of financial intelligence. Both agencies play vital roles in their respective countries by ensuring the integrity of financial systems and preventing financial crimes. However, these regulatory agencies, FINTRAC and FinCEN, have provided regulation and licensing to 78EX exchange. The exchange has exceeded the regulatory requirements set by these agencies and holds respective licenses, which demonstrate compliance with financial service regulations.

Security

The security measures implemented by 78EX are aimed at safeguarding users' assets and personal information. The platform utilizes industry-standard security protocols such as encryption and secure socket layer (SSL) technology to protect sensitive data during transmission. Additionally, 78EX incorporates multi-factor authentication to enhance account security and prevent unauthorized access. These security measures are intended to provide users with a secure trading environment and protect their assets from potential threats. However, it is important to note that no system is entirely immune to security risks, and users should exercise caution and employ their own security practices when engaging in virtual currency exchanges.

Cryptocurrencies Available

Cryptocurrency available on 78EX includes a wide range of options, with over 100 cryptocurrencies available for trading, including

• Bitcoin,
• Ethereum,
• Tether,
• Binance Coin,
• USD Coin,
• XRP,
• Cardano,
• Solana,
• Terra,
• Avalanche and etc.

78EX maintains a rapid coin listing pace, consistently introducing new cryptocurrencies. Key coins featured include Bitcoin (BTC) at $21,000 with a $400 billion market cap and $60 billion 24-hour volume; Ethereum at $1,200, $150 billion, and $20 billion respectively; Tether at $0.99, $78 billion, and $70 billion; Binance Coin at $250, $60 billion, and $10 billion; USD Coin at $1, $55 billion, and $5 billion; XRP at $0.35, $35 billion, and $4 billion; and Cardano at $0.60, $27 billion, and $3 billion.

Fees

The fees on 78EX include a minimum fee of 0.00001 BTC for all trades. The fees are charged per BTC traded, with rates varying based on the trading volume: ranging from 0.20% taker fee and 0.10% maker fee for up to 100 BTC volume, down to 0.10% taker fee and 0.00% maker fee for volumes above 10,000 BTC.

Payment Methods

At 78EX, depositing funds through credit cards, debit cards, or bank transfers is fee-free. However, there is a 3.5% fee for cashing out via credit cards or debit cards, and a 1% fee for cashing out through bank transfers.

Additionally, cryptocurrency transactions involve a network fee that is directed to miners processing the transactions and not kept by 78EX. The specific network fee varies based on the cryptocurrency and network congestion.