Free2ex exchange: an overview of a legal cryptocurrency platform, the nuances of work and trading, reviews on the crypto exchange

184

Free2ex is a regulated international cryptocurrency exchange, a resident of the Hi-Tech Park. Activities are regulated in accordance with Decree No. 8 “On the Development of the Digital Economy”. Client funds of the platform are insured for $ 1 million. It supports depositing and withdrawing funds using a bank card with fairly loyal commissions, as a result of which exchange through Free2ex is often more profitable than through exchangers. The exchange has a high level of liquidity and low spreads – this is due to cooperation with a network of private market makers.

Official website: https://www.free2ex.com/ru.

The editorial staff of Btcnewsweb.com prepared an overview of the Free2ex exchange, including its strengths and weaknesses, capabilities and distinctive features.

The official website of the Free2ex cryptocurrency exchange

Belarus is considered a favorable jurisdiction for cryptocurrency projects. Thanks to the progressive moments in the legislation, the opening of legal crypto platforms has been greatly facilitated. There is no obligation to declare income from cryptocurrency until 2023, unless this implies a business involving hired employees.

Free2ex plans for 2021: launch of margin trading in April, tokenized assets (also in April), crypto cards for spending cryptocurrencies in real stores.

Read also: rating of the best cryptocurrency exchanges.

General information

Exchange nameFree2ex
Official site (mirror)https://www.free2ex.com/ru
Launch year2020
Country of registrationRepublic of Belarus
CompanyLLC “Pixel Internet” UNP: 590995582
CEOArtyom Strelchenok
Registration address220030, Minsk, Krasnoarmeyskaya st., 20A, room 26b
LicenseCertificate No. 0001005 dated 01.04.2020 on registration of a resident of the Park Vysokitechnologies
Documents and conditionshttps://www.free2ex.com/ru/documents-and-terms/
Exchange typeCentralized
MarketsSpot trading
Liquidity providersKraken, Poloniex, Cex.io and other exchanges
Mobile and desktop applicationsFor Android, iOS, Windows. Free2ex Exchange for WEB
Demo versionthere is
Working with fiatYes
VerificationMandatory
Account protectionAccount protection: Google two-factor authentication, backup code, email and SMS confirmation
Trading commission0.25% (for individuals), 1% (for legal entities)
Commission for deposits and withdrawalsDepends on the method. Learn more
CryptocurrenciesBTC, ETH, LTC, USDT
Fiat moneyUSD, BYN, RUB, EUR
Exchange tokenNo
Deposit and withdrawal methodsCryptocurrencies, bank cards, bank transfers
Types of ordersMarket, Limit, Stop, Stop Limit
Margin tradingIs planned
Referral programThree-level, income up to 75% from referral commissions
Russian languageYes
Reference materialshttps://free2ex.zendesk.com/hc/ru
SupportOnline chat; request form https://free2ex.zendesk.com/hc/ru/requests/new;
Social the networkhttps://www.facebook.com/free2ex/
https://www.instagram.com/free2ex/
https://www.linkedin.com/company/free2ex/
https://twitter.com/Free2ex
https://www.reddit.com/user/free2ex/
https://t.me/free2excom_ru
https://vk.com/free2excom
https://www.youtube.com/channel/UCcUTSv2KDPra5SFh0ijJPOQ

Registration and verification on the Free2ex exchange

A Free2ex account is created by clicking the “Open an account” button on the main page.

Open an account on the Free2ex.com exchange

Please note that registration of an account is carried out through the creation of an electronic wallet eWallet. You will need to fill in the following data:

  • email address;
  • password (can be generated automatically);
  • Password confirmation;
  • Telephone number.

Also solve the captcha and agree to the terms of the platform.

registration of eWallet on Free2ex crypto exchange

After that click the “Finish” button. A message appears stating that the eWallet has been successfully registered. On this page you will find out your ID.

successful creation of an account on the Free2ex exchange

Click “Login” to get into the system. In the window that appears, click “Confirm email”. Follow the link that was sent to you by email.

Setting up a personal account

Setting up a personal account of the Free2ex exchange

You can get into your Free2ex profile by clicking the button of the same name at the top of the page. In this section, notifications and features of the relationship with referrals are configured. If you hover over the “Settings” button, you can see other sections of the cabinet:

  • Verification. More about it below.
  • Invoice documents. Here are the documents concerning the rules of interaction with the platform, regulating risks, confidentiality, etc.
  • Data recovery. The name, surname, patronymic, date of birth of the user, citizenship and preferred method of communication are indicated here.
  • Change password and Change pin code – these functions are available only after filling in the “Data recovery” section.
  • SMS notifications. The ability to receive notifications to the specified phone number. Also available only to members who have entered information about themselves.
  • List of IP addresses. List of account logins from certain addresses. Allows you to track unwanted activity.
  • Authentication methods. Here you can increase the security of your account by activating 2FA, a backup code, SMS or Email authentication.
security settings

Verification

On the Free2ex exchange, verification includes four levels. The level without verification is considered zero. Initially, all operations are not available to the user: replenishment, trade, withdrawal.

Level 1 – it is allowed to make deposits and trade. It is necessary to confirm the e-mail, indicate personal data, take a survey (only for citizens of the Republic of Belarus), confirm the phone number.

Level 2 – all functions are available. You must upload an identity document and a selfie photo or video with it.

verification levels on the Free2ex exchange

Levels 3 and 4 do not add new functions, but only expand the limits of operations (deposits and withdrawals):

Verification is available not only for individual, but also for corporate or joint accounts.

In addition, if you plan to deposit or withdraw funds using a bank card, then you also need to verify this card. You will need to send a message to technical support from a registered email with your eWallet number and an attached selfie with the card used.

Refill

Funding methods on the free2ex.com platform

Before depositing on Free2ex, make sure you have passed identity verification and your details are verified. Hover over the “Deposit” button and select the option you want.

Fiat replenishment is possible via bank cards or bank transfer. Funds are deposited from the card through the eWallet wallet with subsequent internal transfer to a trading account, where the money can already be used for trading. Available fiat currencies – USD, BYN, EUR, RUB. For a deposit from a card, you will need to specify:

  • details of the card used;
  • country of registration of the issuing bank;
  • replenishment currency;
  • type of card Visa or Mastercard;
  • the amount.

The deposit fee is 2.95%.

To top up eWallet by bank transfer, you must:

  • Create a request in your personal account, choosing the currency of replenishment and the partner bank in which the Free2ex account is opened;
  • With the created invoice, apply to the bank where the current account is opened, or to the bank through which it is planned to make the transfer without opening a current account.

Free2ex has accounts for receiving funds in the following partner banks: MTBank (Belarus), Bank BelVEB (Belarus), Alfa-Bank (Belarus), ConnectPay UAB (Lithuania) – the latter serves for payments in euros.

Replenishment of the exchange in cryptocurrency means transferring funds to the address provided by the platform in the corresponding section. Funds are credited to eWallet after the transaction has received a sufficient number of confirmations on the network: Bitcoin – 3, Litecoin – 6, Ethereum and Tether – 12.

For the first deposit of $ 500 or more (in any currency), a $ 15 bonus is awarded.

Trading on the Free2ex crypto exchange

Opening a trading account on Free2ex

To start trading on Free2ex, you must first open a trading account. To do this, click the “Open an account” button, read the proposed documents and check the “I agree” box. Come up with a code word.

In addition, you will need to transfer funds to your eWallet trading account before you can start trading.

Go to the trading terminal

Now click the “Trade” button in the upper right corner of the screen.

online trading platform on the Free2ex website

The trading terminal includes all standard tools with which you can buy, sell and exchange cryptocurrencies and fiat.

The following currencies can be traded on the exchange: BYN, USD, RUB, EUR, BTC, ETH, USDT, LTC, EOS, XAUt, XRP (the last three are available only for trading, but not for deposits or withdrawals).

Available order types:

✅  Market – orders for the instant purchase or sale of an asset at the current market price.

✅  Limit – pending orders for execution at a specified price or better. Limit orders form a “glass of orders”:

✅  Stop – a pending order to buy or sell an asset at a specified price or worse.

✅  Stop-limit – a combination of Stop and

The web terminal also has a chat section where you can chat with other users.

Withdraw funds

The function is available for accounts with at least level 2 verification. Fiat can be withdrawn from Free2ex using bank cards or transfers. In addition, there is a specific list of countries in which the card should be issued: these are the CIS countries, that is, Azerbaijan, Armenia, Belarus, Kazakhstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan, Ukraine

To withdraw fiat funds to a Visa or Mastercard, select in your account: “Withdraw funds”, then “Credit / Debit cards”. As with replenishment, you will need to specify the currency, country of the issuing bank, amount, etc.

If you want to withdraw money by bank transfer, you need to provide a document confirming your place of residence, in addition to all the details and the recipient’s country.

Withdrawing cryptocurrency is a standard operation in which you will need to specify the address of your wallet and the amount you want to withdraw.

Free2ex cryptocurrency exchange commissions

Details: https://www.free2ex.com/ru/fees/

Trading commissions:

✅  For individuals 0.25%

✅  For legal entities 1%

Withdrawal of cryptocurrencies:

✅  BTC – 0.0005 BTC

✅  ETH – 0.02 ETH

✅  LTC – 0.1 LTC

✅  USDT – 5 USDT

Cryptocurrency deposit – no commission.

Working with fiat money:

✅  Replenishment from a card – a commission of 2.95%.

✅  Withdrawal to the card – commission 2.45% (minimum 3 USD, 3 EUR, 200 RUB, 6 BYN).

✅  Bank transfer – commission-free top-up.

✅  Bank transfer – withdrawal with a fixed commission depending on the country of the bank. More details on the commissions page above at the link.

Referral program

Free2ex affiliate program allows you to receive up to 75% commission income for each trade operation of referrals. There are three levels of referrals – 40% is charged from the first level, 20% from the second, and 15% from the third.

Referrals do not remain forever – an invitee of the first level ceases to be considered as such after 1 year. Referral reward is charged for trading operations on the Free2ex trading platform, in mobile and desktop terminals. The reward does not apply to such referral actions as depositing or withdrawing funds, internal conversion within their eWallet.

Instant currency exchange on free2ex.com

Instant currency exchange bestchange.free2ex.com

There is a fast exchange within the exchange – bestchange.free2ex.com. Any user who created an account, verified it and deposited an account can make instant exchanges on this site without the participation of a trading terminal.

On the exchange page, select the currencies you need and exchange them for each other. The fiat funds received as a result of the exchange are allowed to be withdrawn to Visa / Mastercard, and the cryptocurrency can be sent to your address by filling out the withdrawal form depending on the withdrawn currency.

Advantages and disadvantages

Pros:

✅  Legal platform for cryptocurrency exchange

✅  Working with multiple fiat currencies.

✅  Users’ balances are insured for a million dollars.

✅  The exchange was audited by large audit companies.

✅  Confirmed HTP resident.

✅  There are applications for Android, iOS, Windows.

✅  3 levels of referral program.

Cons: ❌ 

❌  A non-standard interface for a crypto exchange can be difficult.

❌  Few supported currencies.

❌  Mandatory verification of identity and bank cards.

❌  Limited term of communication with a referral.

Conclusion

The Free2ex exchange gives the impression of a serious project with a claim to success, thanks to full-fledged regulation, cooperation with large banks and other positive features. From the point of view of convenience, the site may not be suitable for beginners: the interface is not similar to other cryptocurrency exchanges, funds for trading must be transferred to a separate account. Verification required. However, Free2ex itself positions itself as a service for professionals, providing experienced users with a detailed charting system, many technical analysis tools, testing the effectiveness of strategies and other options.

Continuing the interview with Artem Strelchenok, director of the regulated crypto exchange FREE2EX:

Leave A Reply

Your email address will not be published.