In this review, we’ll look at the Finex cryptocurrency exchange, where you can use Czech crowns to buy or sell Bitcoin. Let’s find out how to buy on Finex, how much the exchange charges in fees, and if it’s worth it to trade on Finex. There will also be clear instructions and a look at how it compares to the other entries.
Finex review at a glance
Finex is an online exchange in the Czech Republic that lets you buy and sell Bitcoin with CZK.
Trading on Finex is quick and easy, so even a beginner can do it without much trouble. Just fill out the order form with the size of your order and the address of your bitcoin wallet, and pay by bank transfer. The time it takes to process an order is usually between 1 and 24 hours.
You can store the cryptocurrencies you buy right at the exchange, but we recommend using your own cryptocurrency wallet for safety reasons.
The exchange also lets people buy without signing up, but they can only buy up to CZK 10,000. For larger orders, you need a stamped ID card to prove who you are. And sometimes, even for smaller orders, Finex.cz thinks something is off about them.
The smallest amount you can buy or sell is 0.007 BTC or 0.0025 BTC. There are no fees, but the exchange rates cost you about 3.5% of each order. More will be said in the next part of this review.
Advantages:
- Czech exchange office
- Buy and sell BTC for CZK
- Purchase without registration
- Simple and clear
Disadvantages:
- Bank transfer only
- It only supports BTC
- Higher fees
- Low limits for trades without registration
Finex – Basic Information
Finex, or Finex.cz, is operated by FINEX MEDIA s.r.o. and was founded in 2020 in Prague, Czech Republic. The platform is available in the Czech and supports one fiat currency, CZK, and one cryptocurrency, BTC. Payment methods include bank transfer and crypto, and the platform offers cryptocurrency storage. It is possible to purchase cryptocurrencies without registration, with a maximum of CZK 10,000.
Finex supports buying and selling cryptocurrencies and storing them. The minimal order for buying BTC is 0.0070 BTC, while for selling BTC is 0.0025 BTC. Trading limits apply, and fees are charged for buying and selling. Additional charges also apply, and there are no discounted fees.
What does Finex Exchange offer?
Exchange Finex lets people buy and sell crowns for Bitcoin. The exchange doesn’t let you buy or sell altcoins, and you can’t trade one cryptocurrency for another.
The minimum order is 0.007 BTC, which is about 7,000 CZK at the current exchange rate (see bitcoin calculator ). Finex will send the cryptocurrencies you buy to any wallet, or you can deposit them directly at the exchange if you don’t have a wallet.
There are risks when you store cryptocurrencies at an exchange. You could lose your cryptocurrencies if they are stolen or hacked. Much safer are private wallets, preferably ones that don’t connect to the internet (e.g. Trezor or Ledger Nano ).
There are two ways to pay for your order:
OPTION 1 PAYMENT BY BANK TRANSFER (BTC)
The first way to pay is by bank transfer, which can be used to buy or sell. Buying with a bank transfer isn’t too expensive, but it can take up to 24 hours.
The order needs to be made in crowns, and the best way to pay is right away. Finex won’t keep the agreed-upon rate for more than 30 minutes. If your payment doesn’t come within 30 minutes, Finex will send you an email with a new course offer or the option to cancel the order.
OPTION 2 PAYMENT CARD PURCHASE (BTC, LTC, ETH, XRP, BHC, TRON, LINK)
The second option is to pay with a credit or debit card. This can be done in crowns, euros, or dollars.
Paying by card is much faster and easier than sending money through the bank. The whole shift usually takes between 30 and 60 minutes and can be done on the weekend. There is a catch, though. Fees of 7% (CZK), 4.5% (EUR), or 4.9% will be added to card payments (USD).
How to shop at Finex.cz
Using the Finex.cz exchange to trade is easy and doesn’t do anything wrong. Make your own decision:
INSTRUCTIONS BUY AND SELL BITCOIN AT FINEX
- Open the page for the digital currency exchange.
- Choose a payment method and whether you want to buy or sell cryptocurrency.
- Fill in the size of the order. Finex will show you right away how many BTC or CZK you will get.
- Enter the email address where you want Finex to send your order confirmation and payment information.
- If you want to send the coins you buy to your own wallet, all you have to do is put the address of your wallet in the order form. If you don’t have a wallet, you can put the coins you buy at Finex directly into your account. In this case, your phone number goes in place of the wallet’s address.
- When you confirm the order, you’ll get an email right away with payment instructions (bank account number, amount, and payment identification message).
- Send money to the account of the exchange office.
- Done! As soon as the money is added to the exchange account, you’ll get the bitcoins you bought.
Like buying, selling BTC works the same way. The only difference is that you put in your bank account number instead of a bitcoin wallet address. This is where Finex will send the money from the sale. The wallet address for sending cryptocurrency will then be in the email from Finex.
Fees at Finex
Trading cryptocurrencies on exchanges is usually more expensive than trading on major exchanges, and Finex is no exception. On the other hand, Finex lets you buy and sell in crowns, so you don’t have to pay fees for changing currencies.
Finex charges about 3.5% to buy or sell cryptocurrencies, which is about the same as the popular Czech exchange Simplecoin. For example, you can buy bitcoin with crowns for less on the Czech exchanges Coinmate and Anycoin.
In the total costs, the following fees will be taken into account:
- The difference between the price to buy and the price to sell is called the spread. Simply put, the spread tells you how much you lose when you buy a cryptocurrency and then sell it. In the case of Finex, the spread is about 7%, so it will cost you about 3.5% to buy or sell something.
- Purchase fee: When you buy cryptocurrencies from Finex, you have to pay an extra fee of CZK 100 to cover the cost of the transaction.
- Transaction Fee: This fee is part of the cryptocurrency network and gives miners a reward for processing a transaction. The fee changes based on how busy the network is (with Bitcoin it ranges from 50 to 200 crowns per transaction). When you send cryptocurrency to a wallet outside of your own, you pay the fee (e.g. sending BTC to an exchange wallet when selling).
FEE COMPARISON
Does it make sense to trade cryptocurrencies on the Finex exchange, or would it be better to buy from a competitor? Make your own decision!
Trading limits
- Minimum order size (purchase) – 0.007 BTC
- Minimum order size (sell) – 0.0025 BTC
- The most you can buy at once is 1 BTC.
- Maximum order size (sale) – CZK 200,000
- The most you can order without proving who you are is CZK 10,000. Even if the order is for less than CZK 10,000, the exchange may still need to verify it.
IDENTITY VERIFICATION
European rules and guidelines say that for larger orders, the customer must be verified (AML, KYC). Their goal is to stop illegal things like laundering money.
You don’t have to sign up or prove who you are to place an order of up to CZK 10,000. If the order is bigger or Finex thinks it looks fishy, you won’t miss the identity verification. A scanned ID card and a short form are used to check.
Experience with Finex
Finex.cz has been up and running since June 2020, so it is a fairly new project. The exchange office was started by FINEX MEDIA s.r.o. and FINEX SERVICES s.r.o., the same companies that run the same-named investment portal.
All orders go through Finex’s business partners, so it acts more like a middleman. The Czech company BTCex.cz is in charge of orders that are paid for by bank transfer. Cards were bought through indacoin.com, but this service isn’t working right now.
Most of what people say about the exchange office is good, but you can also find a few complaints. Most of the time, customers complain about purchases that don’t work or payments that take too long (this is, of course, a problem with the bank transfer, not Finex). Some negative comments also say that the fees are too high.
What clients value:
- Transparent fees. You know how much you pay and how much you get.
- Simple and fast
- Allows payments in CZK
What clients criticize:
- Bitcoin only
- Bank transfer only
- Due to exchange rates, you will lose approx. 3.5% of each order
WHAT TO WATCH OUT FOR?
- Purchases of up to 10,000 crowns can be made without having to sign up. For larger orders, you have to prove who you are.
- For 30 minutes, the exchange will hold the exchange rate for you. If the order payment doesn’t come within 30 minutes, you can change the exchange rate or cancel the order.
Finex Review Summary
The exchange is a great project that is supported by a reliable company. So, if you want an exchange that makes it easy to buy Bitcoin without having to sign up, Finex is a good choice.
But how does broker compare to the other brands?
Finex has two problems: its offer is limited and it charges more.
The only way to buy or sell Bitcoin through the exchange is through a bank transfer. The Platform doesn’t work with any other payment methods or currencies. On the other hand, most competing exchanges will also let you buy Litecoin or Ethereum.
The fees at Finex are about the same as those at Simplecoin, a popular Czech exchange. For example, the Coinmate exchange lets you buy Bitcoin with crowns for less, but you have to sign up and prove your identity first. If you don’t mind paying in euros, you can also try Binance, which is even cheaper.
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