Is TimeX a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether TimeX is a good crypto exchange to start trading with. In this article you will learn whether TimeX is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker TimeX
The TimeX exchange is a decentralized cryptocurrency platform based on Ethereum Plasma technology. It was developed by the company Chrono.tech which is based in Sydney. TimeX works under the license issued by AUSTRAC, which is an Australian government financial agency. This exchange has a daily trading volume of $21 million and offers over 30 cryptocurrencies that can be bought with fiat money and withdrawn to a bank account or card. TimeX clients trade on a proprietary platform based on TradingView, which is available in its basic and extended versions.
| 💰 Account currency: | USD and cryptocurrencies |
| 🚀 Minimum deposit: | 1 USD |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | 0.25%-0.5% |
| 🔧 Instruments: | 34 cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
TimeX Pros and Cons
👍 Advantages of trading with TimeX:
•Its license was issued by the Australian regulatory agency AUSTRAC;
•No minimum deposit requirements;
•Support of fiat currencies, i.e., American and Australian dollars;
•Simple registration procedure;
•The opportunity to start trading after the confirmation of email and phone number without the necessity to provide an ID;
•A trading platform with two interfaces: Simple for beginners and Advanced for experienced traders;
•A referral program and payment of the annual interest for staking the TIME token.
👎 Disadvantages of TimeX:
•Limited choice of cryptocurrencies;
•No trading with leverage;
•Slow performance of the support service.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for TimeX Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. TimeX offers traders the following conditions.
| 💻 Trading platform: | Original web platform (simple and advanced) |
| 📊 Accounts: | Standard |
| 💰 Account currency: | USD and cryptocurrencies |
| 💵 Replenishment / Withdrawal: | Credit and debit cards, cryptocurrencies, ADVCash, OSKO, PayID, and bank transfers |
| 🚀 Minimum deposit: | 1 USD |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | No |
| 💱 Spread: | 0.25%-0.5% |
| 🔧 Instruments: | 34 cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Only through internet browsers; there are no mobile apps |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Market and Limit |
| ⭐ Trading features: | TIME token, staking, and fixed trading fees |
| 🎁 Contests and bonuses: | Bonuses from the Traders Union |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of TimeX commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
On TimeX, the fee rates don’t depend on trading volumes. Takers who work with market orders pay 0.5% of the amounts of transactions, and makers who set limit orders pay 0.25%. Making deposits in USD via ADVCash and in AUD via OSKO and PayID are free of charge. Withdrawals of USD via ADVCash are charged at 1.5 USD per transaction, and withdrawals of AUD via bank transfers are charged at 5 AUD per payment. The fees for withdrawals of popular cryptocurrencies are the following: 0.0007 for BTC; 0.001694 for ETH; 3.660392 for USDT; and 0.005 for LTC.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | Takers pay $5 for $1,000 transactions Makers pay $2.5 for $1,000 transactions |
Yes |
Investment programs of TimeX
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. TimeX offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
The TimeX exchange specializes in providing services for active cryptocurrency trading. Also, it offers several investment solutions for earning passive income, namely algorithmic trading, staking, and referral programs.
How to earn money on TimeX without trading yourself
The first option is algorithmic trading. It’s performed by robots, i.e., programs that follow certain algorithms. The robots open and close transactions when assets reach certain prices without human participation. The programs are written in programming languages. If you don’t know them, you can buy and set up a ready-made robot.
The second way of passive earning on TimeX is getting income from staking the exchange’s service token, TIME. The essence of staking is that traders keep coins in their TimeX wallets and get up to 4.02% per annum for that. Interest rates depend on the amounts of the frozen TIME and the chosen lock-up period. You can also get free tokens by locking TIME in the TimeWarp smart contract. To do that, you need an e-wallet, which can interact with decentralized apps such as MetaMask.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
TimeX’s affiliate program
This is a referral program with rewards for bringing new clients. Referrers, i.e., those who share their link receive up to 80% of the trading fees charged from referrals, i.e., those who register on the exchange following the invitation link.
The TimeX exchange referral program has four levels. Referrers can get rewards for transactions made by referrals of all levels. Bonuses for the 1st and 2nd levels are determined by referrers themselves. The exchange pays them 7% of the fees charged from 3rd-level referrals and 3% of the fees charged from 4th-level referrals.
Conclusion. Is TimeX good for beginners?
The TimeX cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, TimeX could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.