What is STeX Exchange?
STEX, short for Smart Token Exchange, is an exchange platform that deals only with cryptocurrencies. By implementing several unique high-frequency trading algorithms used in traditional stock exchanges, STEX hopes to generate high liquidity, trade volumes, and speed rates.
STEX only accepts cryptocurrency. This means that deposits in fiat are not supported. According to Coingecko, Stex.com lists 514 different altcoins and they are all traded against the Bitcoin (BTC). There are also several coins that can be traded against Litecoin, Ether, and Tether.
In order to register for an account, you do not need to present any document, a valid email is all that will be required. The registration process is a no-brainer and it’s done in an instant.
Customer support on STEX does need some improvement. You can submit a support ticket through an online form and you will get your response via email. A short list of FAQs is also available, but it does not provide much assistance.
As the website was initially written in Ukrainian and then translated to English, there are sections (including the support section) that can lead to confusion due to grammatical errors.
Stex.com also has a Twitter account, but it only posts about updates, coin delisting, accepted payment methods, and other information, but not for support or inquiries.
There are very few user reports regarding the site’s support or trading experience.
Stex.com has a very well organized site which displays content carefully arranged into several sections.
The trading and withdrawal fees are featured in large typeface right in the middle of their homepage.
If you are not yet at an advanced level, you can always switch to the site’s Simplified Mode that only offers the essential minimum required for trading.
Users that want to know the latest happenings and events in the world of cryptocurrency trading can browse the News section of Stex.com and learn more about the latest trends and market sentiments.
The “Trading Tutorial” is the only section from the SREX website that currently doesn’t feature any content.
The trading platform charges the same fees for both market takers and makers. According to their Trading fees and limits page, the exchange charges a flat fee of 0.20% for each trade. There are also some limits depending on your level of verification:
- Level 1 ( L1 ) – 0.2% unverified user
- Level 2 ( L2 ) – 0.1% user verified by STEX and PrivatBank
- Level 3 ( L3 ) – 0.05% user verified by Cryptonomica
The withdrawal fee ranges between 0.001 and 0.002 BTC. The are no fees charged for depositing cryptos. Seeing as fiat is not supported, wire transfers are not possible, therefore there is no wire fee.
STEX.com regards account security as a very serious matter, and therefore it urges users to activate the two-factor authentication (2FA) option upon registration. According to a Twitter post, however, 2FA activation has become optional since February 2018.
Dear users, due to your requests we decided to remove 2fa like a mandatory protection of your accounts. We are working to make an alternative for you. We will announce one more time when everything will be done. Have a nice day!
— STEX (@StexExchangeR) February 19, 2018
The platform implements a CryptoCurrency Security Standard (CCSS) to secure account protection, which is an industry standard used by many big exchanges.
There is no online evidence to suggest that Stex.com ever experienced a hack or a security breach. As their cloud cluster is physically hosted in various different countries, the hacker has a hard time targeting the exchange. This system also ensures that the exchange does not get shut down by any entity.
Also, all the systems are encrypted and cannot be logged into without receiving STEX personnel authorization.
It also should be noted that the exchange claims it stores all its assets, including the funds of its customers, in cold wallets. Cold wallets are not connected in any way to the internet, greatly reducing the chance of an online hacking attempt.
STEX intends to become the first crypto trading platform to have automated liquidity aggregation by using an implementation of “A2A” technology. The downside of this exchange is that it lists many unknown altcoins, and not many users have reviewed their experience using the service.
Featured Image: Medium