Braziliex Cryptocurrency Exchange Review (2020)

Braziliex Advantages

Decent amount of altcoins available

By the time of writing the present review, Braziliex offers 8 altcoins for trade, including the popular ETH, LTC, BCH, BTG, and XMR.

Trading against BRL

The most obvious advantage of this exchange is the fact that it offers trading against the local currency (BRL). The most popular trading pairs at Braziliex are BTC/BRL, ETH/BRL, and LTC/BRL

Brazilian bank transfers supported

being able to deposit and withdraw in their local currency via bank transfer is without a doubt a significant convenience to Brazilian traders. When it comes to withdrawal fees, however, they are solid, and some Braziliex clients complain about the slow process.

Some exchanges accept credit cards and while the fees involved may also be pretty salty, at least you get instant execution.

Relatively good platform

Braziliex’ web-based platform offers the basic functionalities that a crypto investor needs, such as an order book, some simple chartingorder cancellation option and trading history window. The instruments are grouped into two categories: currencies traded against Bitcoin, and such traded against Brazilian Real.

Braziliex Disadvantages

High trading fees

All trades on Braziliex incur a fee of 0.50%, which is at least double the size of what most exchanges charge (and many of them charge only market “takers”). On top of that, Braziliex also applies withdrawal fees. For example, bank wire withdrawals in BRL are charged R$ 9.00 + 0.25%, while those in Bitcoin – with 0.0010 BTC.

Low liquidity

We have noticed that the trading volumes of some pairs on Braziliex platform appear low and some clients also complain of low liquidity.

No margin trading

As we mostly review forex brokerages, we are used to them offering margin trading, however most typical crypto-exchanges don`t provide such a service. Braziliex is no exception. If you need some leverage, you can check out exchanges like Kraken or bitFlyer,. Forex brokers that offer trading in Bitcoin may also present a decent alternative. 

Not regulated

Although this is not something out of the ordinary in the crypto-verseand Braziliex seems like a legitimate exchange, we have to mention that the company that owns and operates it is not regulated in Brazil, nor anywhere elseYou should keep in mind that in the case of Braziliex and most exchanges that are not decentralized, a counter-party risk always exists.

No information about storage of clients’ funds

We could not find any information about the protection levels of client funds onBraziliex website. It is unclear whether the company keeps them in cold storage,like most exchanges do for security reasons.