EDX Markets was established as a digital assets marketplace with the purpose of catering to the requirements of native cryptocurrency companies and some of the biggest crypto institutions globally. It completed its latest funding round and started trading on June 20th, 2023. While crypto assets like Bitcoin, Ethereum, LiteCoin and Bitcoin Cash are currently the only four assets traded on the platform, the company plans to have more assets as time passes to meet its goal of becoming a trusted marketplace for crypto trading.
On the surface, this asset exchange marketplace looks similar to other crypto trading platforms, however, EDX Markets offers a few unique competitive advantages. It aims to provide higher liquidity in the crypto exchange market, more competitive price quotes, and a trading model that reduces conflict of interest using a non-custodial system. They also plan to create EDX Clearing, a decentralized clearing system to settle transactions between buyers and sellers by validating and reconciling the transfer of digital assets or funds between parties involved in a trade or transaction.
EDX Markets Main Features
|🪙 Number of Coins||4+|
|🔧 Margin Trading||Yes|
|🔧 CFD Trading||No|
|💰 Minimum Deposit||$0|
|💰 Zero Deposit Fees||No|
|💰 Zero Withdrawal Fees||No|
Since its launch, many Wall Street companies have backed EDX Markets, and they include Charles Schwab, Fidelity Digital Assets, Sequoia Capital, Citadel Securities, Virtu Financial, and many others. As a registered company with headquarters in Hoboken, New Jersey, EDX Markets is regulated by the Financial Crimes Enforcement Network (FinCEN), a U.S. regulatory agency. FinCEN enforces compliance programs that require companies to provide information about policies, procedures, and internal controls to reduce the risk of money laundering and improve the safety of the site.
In this EDX Markets review, we will go through every important information you need to know before you start trading on this new platform. We will look at the regulations of the platform, the available cryptocurrencies you can trade, countries where it is available, and how you can get started on the platform.
Some of the advantages and disadvantages of EDX Markets are:
Advantages of EDX Markets
Disadvantages of EDX Markets
According to the company’s LinkedIn page, EDX Markets has offices in Hoboken, New Jersey, and Chicago, Illinois, both in the United States of America. We currently don’t have more information on the registered offices and countries where this platform is supported.
As stated earlier, EDX Markets offers crypto trading for only four cryptocurrencies. There are currently no provisions for stablecoins and other trading instruments on the platform.
The four cryptocurrencies currently available for are:
Cryptocurrencies on the platform can be traded and exchanged with other cryptos on the platform. This means BTC can be traded with ETH, LTC can be traded with BCH, and so on.
There is currently little information on the platform that shows whether there are Crypto to USD crosses. However, we know that there are Crypto-to-Crypto crosses, as shown in the table below.
There are currently no crypto to FX crosses available on the EDX Markets crypto exchange
Trading fees are fees you pay when you carry out transactions on a trading platform. On the EDX platform, there are fees you pay when you trade one crypto with another. Currently, we don’t have any direct information about fees from the EDX Markets website, and we will update this guide when we get more reliable information.
However, here are some of the fees we expect to see on the EDX Markets platform when you sign up your crypto firm to trade with them:
Maker and taker fees are fees charged by crypto exchanges for providing and removing liquidity to and from the platform. Taker fees are usually more as an incentive to makers to provide more liquidity.
Most crypto exchanges charge you a deposit and withdrawal fee when you deposit or withdraw funds in your trading account on the platform.
A trading platform is a computer software used by crypto exchanges and stock brokers to connect traders to the asset market, for example the crypto market. Stock brokers can use either proprietary trading platforms, third-party trading platforms, or a mixture of both. However, crypto exchanges can only use proprietary trading platforms, which are exclusively created for traders registered with the crypto exchange.
EDX Markets crypto exchange has a proprietary trading platform which is only available for selected clients.
EDX Markets has a desktop trading platform for firms that register under them. However, we currently have limited information on the EDX desktop trading platform and its features. However, we can deduce that there are tools like trading charts, market data and order entries on the platform.
The platform offers a non-custodial wallet and crypto trading for four cryptocurrencies.
To open a user account for your crypto firm on EDX Markets desktop trading, you have to follow these four steps as listed on the website.
Step One: Membership Inquiries & Forms
The first step of the process is to fill the inquiry form on the website and other membership forms. These forms include the EDX Membership Application, User Agreement, Retail Member Application, EDXM Member – Due Diligence Overview, EDX Markets – Participant Due Diligence Questionnaire, UBO and CP Request. You are also required to review the EDX rulebook. These forms are downloadable on the website and should be submitted to the company website upon completion.
Step Two: Coordinate Onboarding Meeting
After submitting the form, the EDX Membership team will contact you and set up an introductory meeting with the EDX business development team. During this meeting, you will discuss your firm’s goals, ask important questions and set up another meeting with the EDX technical onboarding team.
Step Three: Technical Onboarding
During your technical onboarding meeting, you will be introduced to the EDX technical onboarding team. Here, you’ll talk about issues like the network connectivity, application interfaces, functionality, and operational issues.
Step Four: Preparing to Trade
After the technical onboarding meeting, the technical team will coordinate a conformance test for your trading application and provide you with important education on how to set up your account.
There’s currently no mobile app for EDX Markets. This is probably due to the fact that the services rendered by the company are targeted at crypto firms and large financial institutions, not retail traders.
There is little information about the payment methods offered by EDX Markets at the moment. We will update this EDX Markets review article when we get more information on the deposit and withdrawal methods offered by the platform.
EDX Markets offers a reasonable deal of materials to educate prospective customers. There are many PDF files and web pages containing important information like the regulations of the company, trading schedule, trading information, market information, and a few others. There are also email and telephone options to reach out to the EDX team for inquiries on educational materials.
The major customer support method available for EDX Markets users is the inquiries email, email@example.com. They also have a telephone line for complaints about their services.
We went through some reviews on social communities like Reddit and Quora to see what people thought about EDX Markets crypto exchange.
We searched Reddit, the front page of the internet, for opinions about EDX Markets from traders. We found a few threads where people reacted to the news of the launch of the website. Generally, many people were wary of the support given by big Wall Street companies.
One redditor mentioned that we may begin to see more institutional liquidity in the crypto space, and it’s unsure if that’s a good or bad thing.
Another investor expressed mixed feelings regarding the news, saying that it was great that more liquidity was coming into the market to raise the prices of cryptocurrencies, particularly BTC. However, he felt these crypto whales now possessed the power to buy anyone out and control the market, which was unfair.
On Quora, we found some threads where users asked what EDX was and how its launch was going to affect the crypto industry.
Unfortunately, till now no Quora user has reacted to this news, so we don’t have any information from there.
We will update this article when we get more reactions to the launch and how traders on Quora view EDX Markets.
EDX Markets seems to be as safe as many other crypto exchanges, like Binance and Coinbase. It is regulated by the Financial Crimes Enforcement Network (FinCEN), a U.S. regulatory agency overseen by the Department of Treasury.
In this section of the EDX Markets review, we will compare EDX Markets with Coinbase Pro, one of the world’s largest crypto exchanges, to see how it matches up.
Coinbase Pro is a custodial crypto exchange, while EDX Markets is a non-custodial exchange. A custodial exchange holds crypto and digital assets for their customers, making it easier for them to operate their account and retrieve it if need be. Coinbase Pro uses a mixture of cold storage, secure servers and top-notch security to protect customers’ funds and information from criminals.
On the other hand, EDX uses a non-custodial model where they don’t hold any of their clients digital assets, but rely on third-party custodian banks to hold these assets for them.
Both EDX Markets and Coinbase Pro are registered as money services businesses (MSB) with the Financial Crimes Enforcement Network (FinCEN) in the United States, and follow the regulations of this body. FinCEN enforces key regulations like the Bank Secrecy Act (BSA), which compel the exchanges involved to establish and maintain effective Anti-Money Laundering (AML) programs and keep customer funds and personal information safe.
Client deposit protection refers to measures implemented by financial institutions to safeguard the funds deposited by their clients or customers. On Coinbase Pro, client funds are insured up to $250,000 with the Federal Deposit Insurance Corporation (FDIC). This is one of the numerous measures taken to insure clients funds on the trading platform.
It is difficult to tell the current exact client deposit protection measures taken by EDX Markets to ensure the safety of clients’ funds. We will update this article with more information on that when we get them.
Both Coinbase Pro and EDX Markets offer good customer service support to customers who need them. On Coinbase Pro, they have options like the live chat and email support. On EDX Markets, the primary way to contact the customer service team is via email. Although we can’t tell how good the customer service is on the platform, we can deduce from the intricate process used in selecting the clients that it would be more personalized and tailored to the customers needs.
Currently, EDX Markets only offers cryptocurrency trading of four cryptocurrencies namely: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. However, there are plans to provide other products and services like EDX Clearing, which would help speed up the process of clearing transactions on the platform.
EDX Markets is one of the most recent crypto exchanges in the crypto industry. However, this exchange is a little different from others, as it serves only crypto firms and large financial institutions, unlike other crypto exchanges that serve mostly retail traders. In this EDX Markets review, we were able to dissect all available information for the exchange. Currently, the crypto exchange only allows trading of 4 cryptocurrencies, but it plans to add more in the future.
There is little information on the crypto exchange’s security, but we know that it is regulated by FinCEN, and backed by some of the biggest Wall Street companies. We also have little information about the website’s trading platform, but we will update this article with more information when we have them.
According to the company’s LinkedIn page, EDX Markets was founded in 2022. However, it was launched on June 20, 2023.
There is no clear information on who owns this crypto exchange, however, we know that companies like Sequoia Capital have some stake in the company. The CEO of EDX Markets is Jamil Nazarali.
Currently, you can only trade four cryptocurrencies on EDX Markets. They are: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Yes, EDX Markets is regulated by the Financial Crimes Enforcement Network (FinCEN), a U.S. regulatory agency overseen by the Department of Treasury.
Before you can buy or sell Bitcoin on EDX Markets, you need to open an account with it. There, the technical team will show you how to sell Bitcoin on the platform.
No, the exchange does not provide a custodial crypto wallet.
There is currently no information on how much the minimum deposit on EDX Markets is, but we will update this when we get more information.
It is not a good crypto exchange for beginners as it serves traders with crypto firms and large financial institutions.
We have little information on how to withdraw from the exchange now as the site is still developing. However, we will continue to update this article as we learn more about the processes on EDX Markets.
To the best of our knowledge, there is currently no way to transfer your cryptocurrencies from EDX Markets to another crypto exchange.
The exchange is backed by big financial institutions in Wall Street, like Charles Schwab and Fidelity.
Currently, only the trading of four cryptocurrencies is allowed on the exchange.