XREX is a Taiwan-based cryptocurrency exchange supporting 30 digital assets, offering spot trading, short selling, quick swap, grid trading, and staking services. While it facilitates fast TWD deposits/withdrawals, its liquidity issues and high fees raise concerns. This comprehensive review covers trading experience, security, fees, PTT feedback, and more.
What is XREX Exchange?
Founded in 2018 by cybersecurity experts, XREX initially focused on cross-border payments for emerging markets. It expanded to Taiwan in 2023, supporting TWD/USD transactions.
Key Highlights:
- Supports TWD/USD fiat gateways.
- Regulatory licenses from the U.S., Canada, Lithuania, and Singapore.
- Limited trading pairs (30 cryptocurrencies).
Downsides:
- High slippage (8.88 USDT observed for market orders).
- No futures trading.
Security & Trustworthiness
1. Regulatory Compliance
- Registered under Taiwan’s AML regulations.
- Partnered with Far Eastern Bank for TWD trust accounts.
- Holds MSB licenses (U.S./Canada) and Singapore’s MPI approval.
2. Transparency
- Merkle Tree Proofs (beta): Quarterly snapshots verify user balances.
- No public proof of reserves or audits.
3. Risk Management
- Avoided FTX collapse by preemptively withdrawing assets.
Safety Features:
| Feature | Availability |
|-----------------------|-------------|
| KYC | Required |
| 2FA | Yes |
| Withdrawal Whitelist | No |
Trading Experience
1. Spot Trading
- Pros: Fast limit-order execution in bull markets.
- Cons: Poor liquidity; 8.88 USDT slippage for market orders.
2. Short Selling (1x Leverage)
- High borrowing costs; unclear fee structure.
3. Quick Swap
- Convenient but costly (10.9 USDT premium observed for BTC swaps).
4. Grid Trading
- Offers demo mode with 1,000 USDT virtual funds.
- Manual settings recommended due to flawed AI parameters.
5. Staking
- Low yields (3.8% APY for USDT vs. 10–20% on Binance).
Fees & Costs
| Fee Type | Rate |
|-----------------------|-------------|
| Spot Trading (Maker/Taker) | 0.2% |
| TWD Deposit/Withdrawal | 15 TWD |
| Crypto Withdrawal | See Table |
Volume Discounts apply but require high trade activity.
Deposits & Withdrawals
TWD Transactions
- Speed: Near-instant deposits; 15-hour withdrawal processing.
- Limits: 1M TWD daily; 5M TWD monthly.
Crypto Withdrawal Fees
| Coin | Fee |
|-------|----------|
| BTC | 0.0005 BTC |
| ETH | 0.005 ETH |
| USDT | 2.5–5 USDT |
Customer Support
- Slow response (15+ minutes via live chat).
- Limited to weekdays.
- Misreported fees/issues observed.
PTT Community Reviews
Taiwan’s PTT forum shows minimal discussion about XREX, mostly focused on USD remittances.
FAQs
1. Is XREX safe?
Yes, but lacks proof of reserves.
2. Does XREX support futures?
No, only 1x short selling.
3. What are XREX’s trading fees?
0.2% for both maker and taker orders.
Final Verdict
XREX excels in fiat support but lags in trading features and liquidity. Suitable for TWD users, but international exchanges like Binance offer better value.
Rating: 3.2/5