78EX

Overview of 78EX

78EX is a cryptocurrency exchange founded in 2-5 years ago and registered in the United States. It offers trading in over 100 cryptocurrencies, including Bitcoin, Ethereum, Tether, Binance Coin, USD Coin, XRP, Cardano, Solana, Terra, Avalanche, and more. The exchange's security measures encompass encryption, SSL technology, and multi-factor authentication to protect user assets and data. Regulatory authorities, including Canada's FINTRAC and the US's FinCEN, have granted licenses to 78EX, indicating compliance with financial service regulations. Fees are volume-dependent, ranging from 0.20% taker fee and 0.10% maker fee for smaller trades to 0.10% taker fee and 0.00% maker fee for large volumes. Payment options encompass credit/debit cards, bank transfers, and cryptocurrencies, each with distinct fees. Educational resources and customer support details are not provided in the available information.

Pros and cons

78EX offers several advantages and drawbacks to consider. On the positive side, it provides access to a diverse range of over 100 cryptocurrencies for trading, with competitive taker and maker fees ranging from 0.10% to 0.20% and 0.00% to 0.10%, respectively. Users benefit from fee-free deposits through multiple methods and the ability to trade with fiat currencies using various payment options. Additionally, the exchange is regulated by respected authorities FINTRAC and FinCEN, and it maintains a reputable standing within the trading community. However, there's a lack of unique assets available for trading, and users should be mindful of network fees associated with crypto transactions and charges for cashing out using cards.

Regulatory Authority

The regulatory situation of 78EX exchange can be described as follows:

1. Financial Transactions and Reports Analysis Centre of Canada (FINTRAC):

- Regulation Number: M21699297

- Regulation Status: Exceeded

- License Type: Common Financial Service License

- License Name: 78EX LTD.

2. Financial Crimes Enforcement Network (FinCEN):

- Regulation Number: 31000193417018

- Regulation Status: Exceeded

- License Type: MSB License

- License Name: 78EX

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada's financial intelligence unit established under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. It is responsible for detecting, preventing, and deterring money laundering, terrorist financing, and threats to Canada's security. Similarly, the Financial Crimes Enforcement Network (FinCEN) operates within the U.S. Department of the Treasury and aims to safeguard the financial system from illicit activities, combat money laundering, and enhance national security through the collection, analysis, and distribution of financial intelligence. Both agencies play vital roles in their respective countries by ensuring the integrity of financial systems and preventing financial crimes. However, these regulatory agencies, FINTRAC and FinCEN, have provided regulation and licensing to 78EX exchange. The exchange has exceeded the regulatory requirements set by these agencies and holds respective licenses, which demonstrate compliance with financial service regulations.

Security

The security measures implemented by 78EX are aimed at safeguarding users' assets and personal information. The platform utilizes industry-standard security protocols such as encryption and secure socket layer (SSL) technology to protect sensitive data during transmission. Additionally, 78EX incorporates multi-factor authentication to enhance account security and prevent unauthorized access. These security measures are intended to provide users with a secure trading environment and protect their assets from potential threats. However, it is important to note that no system is entirely immune to security risks, and users should exercise caution and employ their own security practices when engaging in virtual currency exchanges.

Cryptocurrencies Available

Cryptocurrency available on 78EX includes a wide range of options, with over 100 cryptocurrencies available for trading, including

• Bitcoin,

• Ethereum,

• Tether,

• Binance Coin,

• USD Coin,

• XRP,

• Cardano,

• Solana,

• Terra,

• Avalanche and etc.

78EX maintains a rapid coin listing pace, consistently introducing new cryptocurrencies. Key coins featured include Bitcoin (BTC) at $21,000 with a $400 billion market cap and $60 billion 24-hour volume; Ethereum at $1,200, $150 billion, and $20 billion respectively; Tether at $0.99, $78 billion, and $70 billion; Binance Coin at $250, $60 billion, and $10 billion; USD Coin at $1, $55 billion, and $5 billion; XRP at $0.35, $35 billion, and $4 billion; and Cardano at $0.60, $27 billion, and $3 billion.

Fees

The fees on 78EX include a minimum fee of 0.00001 BTC for all trades. The fees are charged per BTC traded, with rates varying based on the trading volume: ranging from 0.20% taker fee and 0.10% maker fee for up to 100 BTC volume, down to 0.10% taker fee and 0.00% maker fee for volumes above 10,000 BTC.

Payment Methods

At 78EX, depositing funds through credit cards, debit cards, or bank transfers is fee-free. However, there is a 3.5% fee for cashing out via credit cards or debit cards, and a 1% fee for cashing out through bank transfers.

Additionally, cryptocurrency transactions involve a network fee that is directed to miners processing the transactions and not kept by 78EX. The specific network fee varies based on the cryptocurrency and network congestion.

Educational Resources

The information regarding the educational resources and tools provided by 78EX is not available in the given information. It is advised to visit the 78EX website or contact their customer support for more comprehensive details on the educational resources and tools they offer.

Customer Support

Customer support at 78EX can be reached through their Twitter account, https://twitter.com/78exchange？s=11, and Facebook page, https://www.facebook.com/78EXchange/. For inquiries, the customer service email address is mail@78ex.com.

Compare to Similar Brokers

When comparing 78EX to other brokers, it stands out with a wide range of over 100 available cryptocurrencies and competitive fees ranging from 0.1% to 0.20%. While Binance offers more cryptocurrencies (500+) and Coinbase is known for its simplicity, 78EX maintains an account minimum of $10 and provides regular bonus offers. It's regulated by FINTRAC and FinCEN, distinguishing it from Binance's MFSA, FCA, and MAS regulation and Coinbase's FinCEN and MSB oversight.

Is 78EX a Good Exchange for You？

After analyzing the features and characteristics of 78EX, several target groups may find the platform suitable for their trading needs.

1. Experienced Cryptocurrency Traders: 78EX offers a wide range of cryptocurrencies for trading, making it an attractive option for experienced traders who are looking for diverse investment opportunities. The platform's low trading fees and multiple payment methods provide flexibility and convenience to professionals in the field.

2. International Traders: 78EX provides services to users worldwide, allowing traders from different countries to access their platform. This global reach makes it suitable for those who wish to engage in international virtual currency exchanges.

3. Traders Seeking a New Platform: Despite being a relatively new exchange, 78EX has already established itself in the market. Traders who are open to exploring new platforms may find 78EX appealing, as it offers a secure trading environment, a variety of cryptocurrencies, and responsive customer support.

4. Traders Seeking Support: 78EX offers customer support through email and live chat, ensuring that traders can seek assistance and resolve any issues they may encounter. This feature may be particularly appealing to traders who value reliable and accessible customer support.

It is important to note that while these target groups may find 78EX suitable for their trading needs, it is always advised to conduct thorough research and make individual assessments based on personal preferences and risk tolerance levels before engaging in virtual currency exchanges.

Conclusion

78EX, an exchange operating in the United States, exhibits both advantages and disadvantages in its regulatory stance, security measures, cryptocurrency offerings, fee structure, and customer support. On the positive side, the exchange demonstrates regulatory compliance by exceeding the requirements of Canadian FINTRAC and U.S. FinCEN, holding licenses that affirm its commitment to financial service regulations. The platform prioritizes security through encryption, SSL technology, and multi-factor authentication, enhancing user asset and data protection. With a diverse range of over 100 cryptocurrencies for trading, including prominent ones like Bitcoin and Ethereum, 78EX maintains an expansive selection. On the downside, the fee structure varies based on trading volume, with potential higher costs for higher volumes, and additional fees for cashing out through credit cards, debit cards, or bank transfers. The lack of available information regarding educational resources leaves room for uncertainty about the platform's offerings in that aspect. Lastly, customer support is accessible through social media accounts and an email address, potentially limiting the range of support channels.

FAQs

Q: What regulatory authorities oversee 78EX exchange？

A: 78EX is regulated by FINTRAC in Canada and FinCEN in the United States.

Q: What is the purpose of FINTRAC and FinCEN？

A: FINTRAC and FinCEN are responsible for combating financial crimes, including money laundering and terrorist financing, within their respective countries.

Q: How does 78EX ensure security for users？

A: 78EX employs encryption, SSL technology, and multi-factor authentication to protect user data and assets.

Q: What cryptocurrencies are available for trading on 78EX？

A: 78EX offers a variety of cryptocurrencies including Bitcoin, Ethereum, Tether, Binance Coin, USD Coin, XRP, Cardano, and more.

Q: What are the fees associated with trading on 78EX？

A: Fees on 78EX vary based on trading volume and range from 0.20% to 0.00% for taker and maker fees.

Q: How can users deposit and cash out funds on 78EX？

A: Users can deposit funds fee-free through credit cards, debit cards, or bank transfers. Cashing out involves a 3.5% fee for credit cards and a 1% fee for bank transfers.

Q: How can users contact customer support at 78EX？

A: Users can reach 78EX customer support through their Twitter and Facebook accounts, or via the provided email address.

User Reviews

User 1: I've been trading on 78EX for a while now, and overall, I'm quite satisfied with the experience. The platform's security measures are impressive, with encryption and SSL technology in place to protect my assets and personal information. The customer support is also top-notch, as they've been quick to respond to my inquiries and resolve any issues I've encountered. However, I do wish they provided more information about their regulation and the company behind the exchange. It would give me more peace of mind knowing that there are regulatory oversight and transparency. In terms of cryptocurrencies available, they offer a wide range of options, which is great for diversifying my portfolio. The trading fees are reasonable, and I appreciate the flexibility of payment methods. Overall, it's a reliable platform with good liquidity and a user-friendly interface.

User 2: My experience with 78EX has been mediocre at best. While the trading interface is easy to use and the liquidity is decent, the lack of regulation and transparency is a major concern for me. I value the security of my assets and personal information, and the fact that 78EX operates without any regulatory oversight raises red flags. Additionally, the limited information provided about the company behind the exchange makes me question their credibility. The customer support is responsive, but I believe they need to improve their communication with users by sharing more updates and information. The range of cryptocurrencies available is satisfactory, but the deposit and withdrawal speed can be slow at times. The trading fees are average, but I've noticed some inconsistencies with order types, which can be frustrating. Overall, I'm hesitant to fully trust the stability and reliability of 78EX.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.