FreiExchange Cryptocurrency Exchange Review : Pros & Cons

About FreiExchange

FreiExchange was created in December 2016 due the lack of exchange points for Freicoin. It was developed by Fedde and extensive testing was done by Fabrizio and Skaro from the Freicoin Alliance Forum. This keep it as simple as possible with the basic functions and a small api. Over time when time allows it they will try and expand it with more functions.

Information Table

How To Register At FreiExchange Exchange?

To register on FreiExchange, click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your FreiExchange Cryptocurrency Account ?

There is no mandatory verification at FreiExchange, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 0.50%. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the FreiExchange, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At FreiExchange Crypto Exchange?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From FreiExchange Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your FreiExchange Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

FreiExchange Trading fees

The one thing can’t stress enough is that you must always ascertain the trading fees at any exchange you are interested in. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. They call makers “makers” because their orders “make” the liquidity in the market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.

To your understanding when reviewing the fee information on the website of this exchange, they actually do not charge any trading fees at all. This means that the taker fees at FreiExchange are 0.00%, and that the maker fees at FreiExchange also are 0.00%. This is an extremely competitive offering that really think is a feather in the hat for this exchange.

FreiExchange Withdrawal fees

This exchange charges a withdrawal fee amounting to 0.50% when you withdraw cryptocurrencies (such as BTC). This is an unusual withdrawal fee model. Most exchanges have a fixed withdrawal fee, regardless of the size of the withdrawn amount. With the fee model that this exchange has, when you withdraw small amounts, it is beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.00005 BTC (very low). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.05 BTC (extremely high). You should analyze for yourself whether this withdrawal fee model suits you or not.

Deposit Methods

They have not been able to find any information on deposit methods.

Features Of FreiExchange Crypto Exchange

Available At Android & IOS Store

FreiExchange Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading.

Security

The security of user’s assets is of utmost importance to Freiexchange. To ensure this, the platform employs the latest security measures such as two-factor authentication, encryption and offline storage of the majority of funds. The exchange also performs regular security audits to prevent potential vulnerabilities. Freiexchange has a dedicated security team that constantly monitors the platform to detect and prevent any suspicious activities.

Interface

The user experience of Freiexchange is one of its strongest points. The platform has a simple, straightforward and user-friendly interface that makes it easy for users to navigate and trade cryptocurrencies. The platform is also accessible through mobile devices, providing users with the convenience of trading on-the-go.

FreiExchange a centralized or decentralized exchange

FreiExchange is a centralized cryptocurrency exchange. This means that FreiExchange manages users’ cryptocurrency deposits, and its systems handle the trades happening on the platform. Centralized cryptocurrency exchanges are suitable for all types of users, ranging from beginners to professional traders.

FreiExchange safe

They currently don’t label FreiExchange as a trusted exchange. However, this doesn’t necessarily mean that it is unsafe. Make sure to check the exchange’s security practices and track record before you deposit any funds.

24/7 Live Chat

If you’re awake, they are too. When you need help, your team of experts will work with you via 24/7 live chat to reach a quick and efficient resolution.

FreiExchange Conclusion

Freiexchange is a cryptocurrency exchange platform that provides users with a secure, fast and efficient platform to trade various cryptocurrencies. It was established in 2019 and is based in the Netherlands. Freiexchange has a simple, user-friendly interface and is accessible to both new and experienced traders. It aims to provide a platform that is transparent, secure and reliable.