Exchange Review: FinCCX

FinCCX
  • Editor Rating
  • Rated 2 stars
  • 40%

  • FinCCX
  • Reviewed by:
  • Published on:
  • Last modified: February 9, 2016
  • Trades
    Editor: 59%
  • Funding
    Editor: 44%
  • Compliance
    Editor: 31%
  • Platform
    Editor: 40%
  • Help & Support
    Editor: 50%

FinCCX was launched in January 2015, with its headquarter located in Finland. The platform’s main focus is on the European market.

Update: FinCCX closed by the end of November 2015.

Trades

The story of FinCCX is an interesting one, as the main focus is on the European market yet the exchange initially only offered BTC/USD trading. Deposits made in EUR were converted in USD by default until the option to trade BTC/EUR was added. These are still the only two available currency pairs on the exchange. The liquidity in both of these pairs is excellent with bid-ask spreads of less than 5 basis points on a 1 BTC trade in a sample collected from the order book. The trading fees are at 35 basis points per trade (taker fees). Each trade can be executed as a market, limit or stop limit order. Margin trading/short selling are not supported.

Funding

In March FinCCX’ bank stopped processing transactions in US Dollars, hence FinCCX was forced to start accepting Euros and also added the BTC/EUR trading option. Clearly, this limits funding options as FinCCX also does not accept any other currency besides Euros. The good news is that Finland is part of the SEPA zone, so EUR funding should be cheap apart from fees charged by FinCCX. For deposits this the fee is zero, but a small fee of EUR 1.80 is charged on withdrawals. Transactions take one or several days to be processed.

Compliance

FinCCX is a registered, although not financially regulated, business in Finland. It is registered with business ID 2623301-3 under its legal name FinCCX Oy, first appearing in May 2014. The exchange was launched in January 2015, and is a partner company of unregulated broker FinFX. The platform is not offering much verifiable information regarding its financial position and system security. FinCCX did not participate in a Proof of Reserves audit, nor is it subject to any other public audit.

Platform

Even though FinCCX is a new exchange, the design feels plain and somewhat outdated. The blue background, extremely bright colors, big fonts and furthermore empty pages in combination with a lack of responsiveness make the platform appear like it was designed in 2000.

FinCCX Order Book

Aside from this visual hardship the platform is easy to navigate and use, but is also missing strengthened account security in the form of two-factor authentication. It is unclear why this important and common security measure has not been added.

FinCCX Trade

Help & Support

FinCCX offers a limited but decent user guide. There is no educational value or risk disclosure, but at least it explains does all of the available trading tools and adds an example in some cases. Users may find getting further support from the exchange a tiny bit challenging. There is an email address available, but in order to find it users have to be logged out and search for the contact page under the “about us” category (or alternatively search the FAQ). There is also live chat support, but this was not available when checking it for this review despite doing so in the mentioned opening hours (24/5).

Pros

  • Very liquid order book/low bid-ask spreads
  • Low cost funding for SEPA zone users

Cons

  • Missing two-factor authentication
  • Only one fiat currency available for funding (EUR)
  • No margin trading/short selling
  • Can only trade BTC/EUR and BTC/USD