The SouthXchange cryptocurrency exchange is based in Argentina. We only know of one cryptocurrency exchange from Argentina (this one), while many from Brazil (Bleutrade, for instance).
US investors do not explicitly have a ban on trading on SouthXchange. In line with that, we are confident US investors can trade here. The US investor most likely will have their own opinion on citizenship and residency issues.
This exchange was created and managed by PRO-Systems. A company based in Argentina is PRO-Systems. Operated by “highly trained software engineers,” the business is allegedly run by a team of professionals. Cryptocurrencies have been a focus of the company since 2012. PRO-Systems designed this exchange platform to be secure, easy to use, and secure.
At the 2019 ADVFN International Financial Awards, the exchange was recognized as the Best Crypto Exchange in South America.
SouthXchange has a “log in” button in the upper right corner that, when clicked, shows the logged-in user account along with the registration information. You will be asked to log into the site using an email address, a password, and a confirmation code once you click on the registration button. The following window will offer you the opportunity to confirm your registration by going to your mailbox.
All exchange information must be sent to your box if it is active. Upon confirmation of the email, click Login (mailbox), Password, and Enable two-factor protection. An additional option available to you is two-factor authentication. You can implement two-factor authentication with SouthXchange by installing software on your phone or by sending an SMS. The home page will open after you enter your Login and Password.
The trading review process varies between exchanges. This overview does not represent a best-of-all-worlds view. Choosing the trading view that suits you best is up to you. The ideas can generally display a price chart, order history, or part of the order book. Also, they usually have boxes for buying and selling. Look at the trading view of the exchange before choosing it so that you can ensure that it feels right to you.
1. Fees for trading on SouthXchange
The cost of trading is, of course, high. A trading fee is charged by the exchange whenever you place an order. Trading fees are usually based on the trade order’s value. Takers and makers are separated on this Argentinian exchange. A taker is someone who “takes” an existing order from the order book. The makers create the charges that the takers take. The taker fee on this exchange is 0.30%, and the maker fee is 0.10%. In contrast to other companies in South America, this fee is below the industry average (thus creating a competitive advantage for the company).
2. Withdrawal fees on SouthXchange
Fees for withdrawing Bitcoin from SouthXchange are 0.0001 BTC per withdrawal. Compared to the industry average, this fee is meager. When we at Cryptowisser conducted a comprehensive empirical study on the BTC withdrawal fee, the global average was around 4%. BTC withdrawals cost 0.0006 BTC. Nonetheless, we see this charge multiplied by more and more exchanges, so it might be argued that 0.0005 BTC per withdrawal is starting to become the new industry standard. The 0.0001 Bitcoin withdrawal fee is low enough to be acceptable to most consumers.
Wire transfers and credit cards are accepted as forms of deposit at this trading venue. Deposits via credit card are possible with Indocin.
SouthXchange is a so-called “entry-level exchange” because it permits fiat currency deposits, making it an ideal place for new investors to begin their cryptocurrency exploration.
How to Withdraw from SouthXchange
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Choose Bitcoin Cash that you want to add to your favorites by clicking on the heart symbol beside each Bitcoin Cash’s name on the favorites tab, which is the blue ribbon at the top. To withdraw, click the “Withdrawal” button on the panel. Then you can enter the information needed. Note the minimum amount.
SouthXchange is a cryptocurrency exchange launched in February 2015 that supports trading in both cryptocurrencies and USD. Additionally, it seems to be a very reasonable price. SouthXchange has poor charting on its otherwise pleasant platform and low liquidity on many of the trading pairs. This exchange, similar to most others, doesn’t allow margin trading and is not regulated.
Our only information about SouthXchange comes from its website, where we see that it is operated by PRO-Systems, a company based in Argentina.
Forex brokers could be a good choice if you want to trade crypto-currencies more safely and straightforwardly.
FAQs (Frequently Asked Questions)
- What is a “Hold”? Can I withdraw? Why can’t I?
The term “Hold” refers to a restriction in your account that prevents you from starting some or all of your coins. Holdings will be removed from your account once your account value is at least the amount you have on hold. You will be blocked from withdrawing coins if you attempt to do so at any point, and your account would be worth less than the amount being held. Your account value is based on only a few coins: BCH, BTC, DASH, ETH, LTC, TUSD, USD, USDT, and MXR. Your remaining coins have no value when valuing them. Holds only pertain to withdrawals. There are no restrictions on trading.
- Would these service be suitable for long-term use?
Exchanges (including this one) should never be used as long-term wallets. This wallet should be used only for trading purposes. It would help if you withdrew as soon as you are done. Customers’ funds are protected to the best of our ability, but exchanges are constantly under attack, and users should be aware of that.
- Is SouthXchange directly accessible for mining?
Our exchange is very welcoming to miners. The coins from mining must initially be transferred to your wallet before being sent to our conversation. SouthXchange cannot be mined directly. By doing this, users risk being banned from their accounts.
- Does SouthXchange allow multiple accounts?
Not at all. A single account can be opened per person. Reports created in SouthXchange by multiple users risk being closed and their coins confiscated.