There are hundreds of crypto derivatives trading platforms out there. And to add to that list, there is now eXFi. It is one of the newest crypto derivatives trading platforms launched in 2022.
As the platform is pretty new to the game, you might be wondering whether to try out the platform or not. Or you might have some other questions.
Hence to help you out with all the information, I am here with the eXFi- Decentralised Derivatives Exchange Review.
In this review, I will be explaining everything about the latest derivatives exchange. So let’s get into the topic right away:
eXFi Review: What is eXFi?
eXFi is one of the newest crypto derivatives trading platform launched in 2022. It is a decentralized exchange that offers up to 100x leverage for all its trading pairs.
With eXFi, you will enjoy deep liquidity, advanced risk management, and multiple collaterals, and it comes with a simple-to-use user interface. Also, you will get top-notch privacy which will offer you an enhanced trading experience.
The highlight of the exchange is that it is built on Layer 2. As a result, eXFi offers faster order fulfilment with lower gas fees, and you can place orders at the best possible prices.
Also, since it is a decentralized exchange. Hence it does not require you to complete KYC. But you will still get full control of your private keys and trade anonymously.
eXFi- Decentralised Derivatives Exchange Review
1. User Interface
First thing first, it comes with a pretty simple user interface. You will be able to access all the important features pretty quickly using the top bar. The top bar helps you select the available trading pairs and lets you switch between different trading pairs effectively.
Also, it comes with the advantages of a CEX. So on eXFi, you will enjoy all the features of a DEX and CEX under a single platform.
In the middle of the screen, you will find the trading chart, which is common across all types of crypto exchanges. And yes, it features all the essential tools for technical analysis. So there is no need to rely on third-party charting tools at all.
Also, just like any other exchange, you get to add your order type, volume, and other details on your right side. So you can try out different order types and enjoy effective trading.
Under the charting tool, you will find outstanding, fulfilled and current orders and your order history. In short, if you have used any other crypto exchange before, then getting started with eXFi will be super easy.
2. Deposit & Withdrawals
Since eXFi is a decentralized crypto derivatives exchange, you cannot deposit funds via normal methods like credit or debit cards. Instead, you have to transfer crypto to the exchange to start trading.
To fund your account, you can head over to the Wallet section of eXFi. Over there, you will find all the options to deposit funds, so follow the on-screen steps and you should be good to go.
You can deposit funds in different currencies like MATIC, USDT, USDC, LINK, and other ERC20 tokens.
The best part of eXFi is that it has no deposit fees. But it does charge you withdrawal fees based on industry averages. So it is pretty much like any other crypto exchange.
3. Trading Pairs and Collateralization
eXFi also comes with a good number of trading pairs. Although, the number of available trading pairs is quite low. But fortunately, it has the most traded trading pairs. So it should not really be an issue for you.
Some of the popular trading pairs available on the platform are ETH/USD, BTC/USD, EOS/USD, SOL/USD, and more.
Also, the exchange was recently launched. So it is fair for them to have a limited number of supported trading pairs. Plus, they are committed to increasing the list in the near future.
Another good part of eXFi is that you can trade all the trading pairs without needing to own any of the underlying assets. You can use BTC or any other currency to use as a margin to trade ETH/USDT. In short, you have to use BTC To settle all your trades.
4. Leverage
For any crypto derivatives exchange, leverage is extremely important. Leverage brings both rewards and risks. As it allows you to borrow assets from the exchange and use it for your trades. So you can open up a larger position with little funds and book higher profits or face risks.
With eXFi you are getting up to 100x leverage on all the trading pairs. Also, you can perform both long buying and short selling depending on how the market moves.
5. Liquidity
Liquidity is another important feature of a leverage trading crypto platforms. If the exchange does not have enough liquidity, it will take too long for your trades to get executed. As a result, you won’t be able to execute your trades at your desired price.
However, since eXFi was launched recently it is obvious to think that the exchange won’t have enough liquidity due to a smaller number of users.
However, the exchange solves it by aggregating liquidity from multiple exchanges. So you can trade at your desired price.
6. Fees
eXFi is also offering one of the lowest trading fees in the market as of now. It charges a trading fee of 0.019% for market makers and 0.06% for market traders. The trading fee remains the same across all the trading pairs available on the exchange.
7. Security
eXFi is also offering great security that follows the industry standards. It has multi-layered security protocols in place. So as a trader, you don’t have to worry about your account or funds getting hacked. The exchange also performs real-time monitoring and offers DDoS protection.
Plus, you are getting different security features at account levels, such as two-factor authentication, the ability to link your email to your eXFi account, and more.
8. Support
Lastly, let’s talk about the support. With eXFi, you are getting dedicated live chat support where you can ask your questions, and they will get answered immediately. Apart from that, it also comes with a knowledge base where you can find answers to the most commonly asked questions. However, as of now, it does not offer other methods of communication.
How To Get Started With eXFi?
Getting started with eXFi is super easy. But before you do so, you will need to have the MetaMask browser extension installed on your web browser. MetaMask is a popular crypto wallet that will be used for funding your eXFi account and all your withdrawals. Also, make sure to fund your MetaMask wallet to deposit funds on eXFi.
However, as of now, the exchange does not support any other exchanges. Anyway, here are the steps that you have to follow to sign up on eXFi:
- First, go to the eXFi.trade website.
- Click on Connect Wallet from the top navigation bar.
- Accept the terms and conditions and connect your wallet.
- Once connected, go to Deposit and choose your preferred token to deposit funds in your eXFi wallet.
- After adding funds, you are all set to execute trades which can be done by going to the trade section.
Also, to withdraw your funds, you will need to go to the Wallet section. Then select the coins you would like to withdraw, and they will be sent to your MetaMask Wallet.
Pros and Cons Of eXFi
Pros:
- Decentralized exchange requires no KYC.
- Offers up to 100x adjustable leverage across all trading pairs.
- Easy to use user interface.
- Stop loss, take profit orders type.
- Dedicated live chat support.
Cons:
- A limited number of trading pairs.
- Supports only MetaMask as a crypto wallet.
FAQs
- Does eXFi allow short selling?
Yes, with eXFi, you can both take long and short positions depending on how you wish to trade or the market conditions.
- Is eXFi a safe exchange?
Yes, eXFi is a safe cryptocurrency derivatives exchange. It has all the essential security features that protect your account from being hacked. Plus, it offers you dedicated live chat support to solve all your queries in the shortest period of time.
Conclusion:
So overall, eXFi is one of the best crypto futures trading exchanges out there. It offers you low trading pairs and an easy way to trade. However, it is still a new platform.
So you might find some features are missing. But it definitely has all the essential features that you need for a smooth trading experience.
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