HIMALAYA EXCHANGE

Overview of HIMALAYA EXCHANGE

Established in China in 2021, HIMILAYA EXCHANGE positions itself as a cutting-edge crypto platform, but proceed with caution. While it allows trading their own Himalaya Coin (HCN) and Dollar (HDO), a lack of clarity surrounds supported currencies, deposit methods, fees, and security. The unconfirmed regulatory status is a red flag, and cashing out their stablecoin comes with a hefty $200 fee.

Pros and Cons

Pros

• Focus on Value Preservation: Their Himalaya Coin is designed with the goal of maintaining its value over time, appealing to users seeking a stable cryptocurrency.
• Global Reach: They aim to be a global exchange, facilitating instant and seamless cryptocurrency transactions worldwide.

Cons

• Lack of Regulation: It has been varified that HIMALAYA EXCHANGE has not been regulated by any major authority.
• Limited Customer Support: According to its website, HIMALAYA EXCHANGE only provides online communication as a customer support option.
• Scarce Cryptocurrencies Options: The exchange only offers its own cryptocurrencies which are Himalaya Coins (HCN) and Himalaya Dollar (HDO). HIMALAYA EXCHANGE dose not cater to users seeking to buy a broad range of cryptocurrencies using traditional currencies.

Regulatory Authority

While HIMALAYA EXCHANGE positions itself as a revolutionary financial platform, there's a significant red flag regarding its regulatory status. Their website lacks any mention of licenses or regulatory bodies, and news reports suggest past issues with the US government seizing funds. These regulatory hurdles make it a risky proposition. If security and user protection are important to you, consider established exchanges that operate under clear regulations from recognized financial authorities.

Security

The lack of clear regulatory adds uncertainty to HIMALAYA EXCHANGE's security posture. But they offer security measures like 2-factor authentication (2FA) which can be positive indicators of a platform.



Cryptocurrencies Available

The exchange does not support other cryptocurrencies beyond their own HCN and HDO.

HDO: The Himalaya Dollar (HDO) is an Ethereum-based ERC-1404 token that has backward compatibility to the ERC-20. Their stable coin is fixed to the United States Dollar (USD) with the backing of a Reserve consisting of USD and cash-equivalent assets. While the market price of Himalaya Coin may fluctuate, Himalaya Dollar's USD fixed value offers a safe haven for both traders and investors. HCN and HDO will be exchangeable via Himalaya Pay V2.0 and also through the relevant trading markets at the Himalaya Exchange.

HCN: The Himalaya Coin (HCN) is an Ethereum-based ERC-1404 token that has backward compatibility to the ERC-20. HCN is offered exclusively on the Himalaya Exchange. The new digital coin aspires to solve current crypto shortcomings with payment processing. HCN affords traders and shoppers valuable discounts with Himalaya Pay V2.0 merchants and service providers.



Fees

• Trading Fees

HIMALAYA EXCHANGE charges a flat fee of 0.25% on every buy and sell transaction across all order books. This means both makers (adding liquidity to the order book) and takers (removing liquidity from the order book) pay the same fee.

• Deposit Fees

No Fees for Crypto Deposits: They claim no fees are charged for depositing cryptocurrencies onto your Himalaya Exchange account. However, there might be network fees associated with the specific cryptocurrency you're depositing, which are independent of the exchange itself.

• Redemption Fee

$200 for Selling HDO: A significant fee of $200 is charged when you sell Himalaya Dollars (HDO) back to the issuer in exchange for US Dollars (USD). This can be a substantial deterrent for users looking to cash out their HDO holdings.

Himalaya Pay

Himalaya Pay V1.0 is an innovative digital gift card system for merchants and members.

Himalaya Pay V2.0 will be the next generation payment system, from instant crypto transfers around the globe to automated payment schedules and the ability to shop and spend with exclusive retailers.

The platforms can be download in Apple App Store and Google Play.



Is HIMALAYA EXCHANGE a Good Exchange for You？

HIMALAYA EXCHANGE positions itself as a comprehensive crypto ecosystem, but significant drawbacks make it a risky choice. While it allows trading their own Himalaya Coin (HCN) and Dollar (HDO), a lack of surrounds supported cryptocurrencies, deposit methods, fees, and security. The unconfirmed regulatory status is a major red flag, and cashing out HDO incurs a hefty $200 fee. If you value security, clear information, and a wider range of cryptocurrencies and features, established and well-regulated exchanges like Coinbase, Binance, or Kraken are much better options.

Customer Support

Traders can submit a ticket to contact the exchange, and they need to leave their email, subject, contact reason and description.



FAQ

Q: What cryptocurrencies can I trade on HIMALAYA EXCHANGE？

A: The exchange focuses on its own Himalaya Coin (HCN) and Himalaya Dollar (HDO). Established cryptocurrencies like Bitcoin or Ethereum might not be available.

Q: How can I deposit funds into HIMALAYA EXCHANGE？

A: The available deposit methods are unclear. They likely accept deposits in various cryptocurrencies, but direct deposits using traditional currencies (USD, EUR) seem unlikely.

Q: How can I withdraw funds from HIMALAYA EXCHANGE？

A: You can likely withdraw cryptocurrencies into an external wallet, but network fees will apply. Selling Himalaya Dollar (HDO) back to USD incurs a significant $200 fee.

Q: Is HIMALAYA EXCHANGE safe？

A: HIMALAYA EXCHANGE claims to have security measures in place, but details are scarce. The lack of clear regulatory oversight adds another layer of uncertainty.

Q: Does HIMALAYA EXCHANGE have good customer support？

A: Information about customer support options is limited. You can find a hidden contact form on their website, but response times and effectiveness are unknown.

Q: Are there any fees associated with using HIMALAYA EXCHANGE？

A: A flat fee of 0.25% applies to all buy and sell orders. Deposit fees for cryptocurrencies might be present. Withdrawing HDO comes with a significant $200 fee.

Q: Is HIMALAYA EXCHANGE a good fit for me？

A: Unless you're specifically interested in Himalaya Coin (HCN) or Dollar (HDO), HIMALAYA EXCHANGE might not be the best choice. Established and well-regulated exchanges offer more security, a wider range of cryptocurrencies and services, and potentially lower fees.