The Truth About DSX Exchange – Is It Legit Or Is It The Worst Platform To Register On?
DSX is a crypto exchange platform in London which claims to have enough experience in order to deliver their professional vision.
On their official website, the team behind the exchange claims that their technical expertise allows them to deliver an experience that their customers want to use, rather than a service they have to endure as the cost of doing business.
The exchange trades some of the most popular cryptos such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. It also accepts fiat currencies and crypto-to-fiat transfers as well.
There is also a minimum investment required by DSX which is quite symbolic.
“We want to make sure that people feel secure in every transaction they make. That’s why we offer our traders a regulated foundation by partnering with an FCA authorized electronic money institution, ePayments Systems Limited (ePayments). ePayments offers access to SWIFT, SEPA as well as local payment networks and safeguards our traders’ funds,” according to the official website.
Overall, DSX claims to bring a new era of crypto exchange. But is this true?
Issues with DSX exchange reported
A few users of the platform have been complaining online after initiating wire transfers to their bank account in Lativa.
One user’s bank said that the transfer has been successful and completed in a few hours, but it seems that after a few days, they still had not received the funds.
The user posted on Reddit that after contacting the customer support at DSX, they said that the amount still has to be received.
The user seems nervous about this potential issue and worried about the funds that they might have been stolen by the exchange.
Another important thing to mention is the fact that the exchange has almost no presence online and lacks user experience and reviews as well which makes it even shadier.
Registering on the platform
To start trading on this exchange, users should not only register a DSX account but also undergo account verification.
This means that no anonymous trading is allowed which is not a good thing, considering that the lack of anonymity defies the very purpose of crypto.
Most crypto exchanges allow non-verified account holders to trade up to certain volumes.
Too little information online
As we said, there is not too much data about DSX, and user reviews lack as well, apart from a few who complain about transfers and the impossibility of understanding the quotes that are formed on the platform.
DSX Trading Manual says that the company processes all orders clients place by placing an identical order on the DSX.
The company also claims that it might obtain prices from third-party sources in some circumstances.
Leverage and fees
Margin trading is not available on the crypto exchange, and this might be due to the volatile nature of cryptos.
The exchange has a teared commission structure that is designed to reward high volume traders.
The trade volume for the last 30 calendar days will determine the applicable commission.
The trading platform and methods of payment
DSX has one of the most user-friendly web-based platforms, and you can access it from any device without having to install additional software. On the other hand, the trading activity is limited to one single screen.
DSX provides a variety of payment options, allowing clients to transfer funds with Bank transfers, including SEPA (USD, EUR, RUB fiat currencies supported), ePayments Wallet (USD, EUR, RUB) and Digital Currencies (BTC, BCC, LTC, ETH).
Traders also have the possibility to access their funds instantly with an ePayments card.
Despite its user-friendly trading platform and the multitude of promises that the exchange makes on the official website, the issues with this platform are quite severe.
It’s not clear how the quotes are formed, there are no exotic altcoins available, there’s a lack of anonymity and information online, and all these make the exchange look more than shade, not to mention the few user reviews which are also negative ones. Overall, you register on DSX at your own risk.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.