Pexpay Review 2023 - Is It Safe to Use?
Some of the most influential cryptocurrency platforms or ecosystems have been developed by former employees of other successful projects. A prime example of this is Cardano, established by Charles Hoskinson, a co-founder of Ethereum.
In 2021, ex-members of the Binance P2P technical service staff launched a new safety-focused crypto exchange, Pexpay. Binance, despite grappling with issues from the SEC and enduring two significant hacks, has remained the most popular crypto exchange for several years. But can the Pexpay team bring something more to the table than Binance? Indeed, they can! This review will explore the features of Pexpay, assess its safety and fees.
What Is Pexpay?
Pexpay is a cryptocurrency exchange that aims to revolutionize the global financial system. The exchange team prioritizes user-friendliness, inclusivity, and top-notch security. Pexpay is committed to supporting web 3.0 solutions, emphasizing flexibility to keep pace with emerging technological trends. As per the Pexpay website, the platform is user-centric, implying that user feedback significantly influences its future development path.
Launched in 2021 and registered in Seychelles, the exchange offers an array of features, including crypto derivatives trading, leveraged trading, round-the-clock support, fee-free cash-to-crypto P2P trading (an effective on-ramp method), and more.
As of 2023, Pexpay is available in most Eurasian countries. It has gained significant traction in the countries of the Commonwealth of Independent States (CIS). Pexpay supports various financial operations beyond trading. For example, it provides merchants with tools to accept crypto payments with zero commission.
Main Features
Pexpay is a comprehensive crypto exchange that caters to both seasoned traders and beginners. Its feature set includes:
- Spot trading
- Crypto futures trading
- Peer-to-peer trading (cash-to-crypto, crypto-to-cash, and crypto-to-crypto)
- Convert (a crypto-to-crypto swapping platform)
- Savings (a passive income opportunity)
- Staking (up to 14,9% yield)
Spot trading
Pexpay supports a wide range of cryptocurrencies for spot trading. The exchange offers various order types to enhance trade accuracy and reduce risks. Utilizing order types like stop or limit orders can greatly enhance your trading performance.
Crypto futures trading
Crypto derivatives, including crypto futures, have become a popular trading instrument. Pexpay is keeping in line with the market tendencies and provides up to x125 leverage. Please keep in mind that leveraged trading and futures trading require a deep understanding of the market, futures trading principles, and high-level skills. While the potential for larger returns is present, any error could result in substantial losses. If you're not fully confident, it's advisable to start with spot market trading, where the costs of mistakes are relatively lower.
Peer-to-peer trading
The fee-free P2P service allows for trading across more than 140 cryptocurrencies and over 20 fiat currencies, supporting 50 payment methods. The platform serves as both an on- and off-ramp, facilitating crypto to cash trades and vice versa.
Convert
This feature allows for instantaneous, fee-free crypto swaps. More than 100 crypto tokens are available for swapping, with a minimum conversion value of 20 USDT. Converted funds are immediately transferred to your funding wallet on Pexpay.
Flexible Savings
Pexpay offers a zero-risk passive income opportunity through Flexible Savings. Users can "subscribe" (lock) funds to earn interest, with the freedom to unlock and redeem their funds at any time. Daily rewards and interest rates exceeding 12% make this a lucrative option.
Staking
Staking requires users to lock their funds for a predetermined period to earn rewards. The locking period can vary from 30 to 120 days. Although staking carries more risk than Savings due to the inability to access your funds during the lock period, the rewards tend to be higher.
Fees
Pexpay does not charge traders on the P2P market, nor does it impose fees for swaps (converts).
For spot market trading, both makers and takers are charged a 0.1% fee per trade. The futures market has lower fees, with makers being charged a 0.02% fee and takers a 0.04% commission. These charges are pretty average.
Is It Safe to Use Pexpay?
Pexpay incorporates multiple security features to safeguard user data and funds. One of the fundamental security measures is two-factor authentication (2FA), which can be activated using Google Authenticator or a similar mobile app. SMS and email authentication options provide additional layers of protection, preventing unauthorized account access.
Other security measures include an anti-phishing code and withdrawal allowlist. The anti-phishing code is a unique secret code attached to every email from Pexpay to validate message authenticity. The withdrawal allowlist restricts withdrawal to only the addresses included in the list, protecting users from potential scams and theft.
Conclusion
Pexpay, crafted by a team of seasoned professionals, is a versatile crypto platform that effectively balances user-friendliness with a rich feature set and robust safety measures. While some platforms may offer a broader range of features or support more cryptocurrencies, Pexpay has much to contribute and is continuously expanding its functionality. Do your research before investing your money, but it's worth noting that Pexpay deserves your attention if you're in search of a comprehensive cryptocurrency platform.
A good crypto exchange that is suitable for both beginners and experienced traders. The first ones will find here a basic set of tools, basic assets, a convenient and fast terminal, as well as several interesting products for working with crypto assets (for example, a P2P exchange and a staking platform). The latter will definitely appreciate the low fees and liquidity from the Binance exchange.
