SouthXchange Review 2022 - Is It Safe?

Cryptocurrency industry is truly global. You will probably find crypto-related companies in any part of the world. Some worthy brands are coming from South America. Today we will review the Argentinian cryptocurrency exchange SouthXchange. In this review, we will answer such important questions as what are the main features of SouthXchange, what fees does this platform collect, is SouthXchange a scam, and others.

1. What Is SouthXchange?
2. Main Features
3. Fees
4. Is SouthXchange Safe?

What Is SouthXchange?

SouthXchange is an Argentinian crypto exchange managed by the PRO-Systems company. The company started to work with cryptocurrencies in 2012 and three years later the exchange was launched meaning that SouthXchange is one of the oldest cryptocurrency exchanges operating today. SouthXchange has a 2019 award as the Best Crypto Exchange in South America in the ADVFN International Financial Awards.

The exchange is notable for its low fees, a huge number of supported coins, strong security, and democratic principles (many questions concerning the future of the exchange are subject to voting by the registered users). Apart from regular trading, SouthXchange provides such features as gambling (Dice feature) and faucets. 

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As of October 2021, there are over 170 supported coins on SouthXchange and over 470 pairs. In terms of market cap, the exchange doesn't make it to the top 100 list. Fiat money can be deposited which makes SouthXchange an entry-level exchange. SEPA and bank cards are supported as payment methods.

Main Features

The registration on SouthXchange doesn't take long. You are only required to provide an email address, set the password, and confirm registration via email. There is a popup menu triggered by the X button in the upper left corner. There you will find all services provided by SouthXchange including the standard crypto exchange dashboard (Markets), available faucets (Faucets), dice game (Basic and Advanced options), and voting (New Coins Voting and Ads Voting). Also, you can use this menu to get some info about your account and the platform or get the necessary data for using API.  

🤔Shall we list FPHT token?

👉Name: FCT Public Health Token
📄Contract: https://t.co/QM6Aac5oDz

— SouthXchange (@southxchange) December 23, 2020

The trading interface of SouthXchange is quite standard. The graphs box can be seen as too small which makes it a bit harder to use than on many other exchanges where the graphs box occupies more space. On the left from the graphs and buy/sell boxes, there are markets and wallets tables. In the bottom right part, there is a trollbox where SouthXchange users discuss crypto coins and exchange-related issues. The exchange dashboard provides enough tools and indicators for traders. SouthXchange supports several order types which provide flexibility for traders and helps to avoid losses.

The Dice feature allows making bets in the dice game. You should put the "number of dice is under" slider on the 100-grade scale as precisely as possible. There are 15 cryptocurrencies available for betting in the Dice section (including BTC, DOGE, LTC, USDT, DASH, and BCH). The Advanced Dice has a different interface. It has a more sophisticated betting conditions architecture. In the Faucets section, you may claim small fractions of little-known altcoins (there are about 10 different coins).

Fees

As for withdrawal fees, SouthXchange collects small commissions for cashing out. For instance, the withdrawal fee for BTC is only 0.00005 BTC. Speaking of trading fees, we can note that SouthXchange is using the Taker-Maker model and collects significantly lower fees from makers. Makers (those who post limit orders) pay 0.1% per trade at maximum. Traders whose weekly trading volume exceeds 0.1 BTC pay only 0.08% per trade. The fee discount gets bigger with the weekly trading volume. The minimum fee is 0.02%. Takers have to pay quite a high fee of 0.3% per trade. However, takers can enjoy discounts, too. 

Is SouthXchange Safe?

Cryptocurrency exchanges attract all kinds of criminals. Some of them hack the accounts of users and empty their wallets, others hack the entire exchanges to steal millions worth of crypto, and finally, there are fraudsters launching crypto exchanges just to do an exit scam one day. That's why it's very important to check if the exchange you want to use is legit and that it provides you with enough tools of protection (example - Binance).

You won't find much info about SouthXchange or PRO-Systems on the Internet very fast. It drops a shadow on the exchange as it is harder to trust your money to nearly anonymous organizations. However, the exchange has been operating for over 6 years and is still used. It means that most probably the SouthXchange is not a scam. If you read the online feedback about the exchange you will find both positive and negative reports. Some users claim that their deposited coins didn't hit the balance. However, some users claimed that the support team has helped them in the situation and the exchange is working well. You won't see SouthXchange users begging to let them withdraw their money in the Twitter comment section of the exchange. That's definitely a good sign.

SouthXchange claims to keep most of the data on the private network safeguarded by firewalls. As for the protection tools available for users, SouthXchange provides 2-factor authentication, probably the most popular security measure in the crypto industry (and for a good reason). 2fa makes it nearly impossible for strangers to access your account. Another option is email confirmation that will make it impossible to perform actions in your account without access to your email account. To backup your access to the platform you should generate a seed in the Settings section of the website.