Globitex – a cryptocurrency marketplace that aims to cater to both institutional and retail clients, claims to operate on three key pillars of success. Notably, this includes transparency, security and reliance.
The Globitex platform seeks to offer its clients a seamless way to trade crypto-to-fiat asset pairs. At the time of writing, the exchange offers a fully-fledged Euro Wallet that facilitates lighting fast deposits and withdrawals. The platform also hopes to add additional currencies further down the line.
If you’re considering opening an account with Globitex, or you simply want to find out more about how the platform works, be sure to read our comprehensive review. We’ve covered all of the fine points, such as how the exchange works, what you can trade, what fees you need to consider, account security, and more.
Let’s begin by finding out what Globitex actually is.
What is Globitex?
- 1 What is Globitex?
- 2 The Euro Wallet
- 3 Fees: How Much Does it Cost to Use Globitex?
- 4 Deposit and Withdrawal Fees
- 5 Fees for Using the Euro Wallet
- 6 The Globitex token (GBX)
- 7 Are my Funds Safe at Globitex?
- 8 What Does the Future Hold for Globitex?
- 9 How do I Contact Customer Support?
- 10 Globitex Review: The Verdict?
Founded in 2015, Globitex is a third-party cryptocurrency exchange that is backed by institutional-grade technology. While the platform is perfectly suitable for everyday retail clients, the overarching target market is professional traders that need to take things to the next level.
In terms of what you can trade, the Globitex platform offers a number of crypto-to-fiat pairs. This includes Bitcoin, Ethereum, Bitcoin Cash and Stasis – all of which can be traded against the Euro. Moreover, the platform also offers Bitcoin and Ethereum pairs against its own native token – the Globitex Token (GBX).
The team at Globitex recently launched an upgraded version of its main trading arena, which now allows you to access the marketplace 24/7. This includes trading on both a desktop and mobile device.
Moreover, the trading platform includes a number of chart analysis tools for the more advanced trader, and charts have been incorporated from the hugely popular Tradingview platform.
The Euro Wallet
One of the stand-out features of the Globitex exchange platform is its Euro Wallet. In a nutshell, the Euro Wallet allows users to deposit and withdraw Euros in a super convenient manner.
Each eligible user will be given a personal IBAN account, which ensures that both deposits and withdrawals can be transparently traced when transfers are made.
In terms of getting funds into a Globitex trading account via the wallet, both deposits and withdrawals can be executed instantly. The technology itself is backed and operated by Globitex subsidiary Nexpay UAB – which is a fully licensed EU financial entity.
From the perspective of everyday retail traders, the Globitex Euro Wallet alleviates some of the ongoing struggles of linking a primary checking/current account with a cryptocurrency-related business.
Ordinarily, users are faced with the ever-growing risk of having a bank account frozen once the financial institution in question links a payment to cryptocurrency usage, or simply, the bank doesn’t have the necessary regulatory remit to accept crypto-related payments.
It is also worth noting that the Euro Wallet allows traders to use the Euro Wallet as a means to transfer funds from an external exchange. While this would typically take 1-2 working days, the Euro Wallet permits virtually instant transfers.
The Euro Wallet is also beneficial for those involved in a crypto-related business venture. For example, the likes of crypto startups or miners – who often deal with significant quantities of cryptocurrency at any given time, will often find it difficult transferring operating reserves into fiat money. By instead using the Euro Wallet, much of these regulatory barriers are reduced.
Fees: How Much Does it Cost to Use Globitex?
When it comes to trading fees at Globitex, the team have implemented a market maker/market taker pricing structure.
If you’re an everyday trader using the liquidity already available on the platform, then you are classed as a market taker. As such, you will pay a trading fee of 0.2% on each and every trade.
Alternatively, if you provide the Globitex exchange with liquidity, and as such, you’re a market maker, then you won’t pay any trading fees at all.
|Commission Plan||Taker Fee||Maker Fee|
|Individual / Corporate account||0.2%||0%|
While these fees are slightly higher than some of Globitex’s industry counterparts, it must be noted that traders have the option of reducing fees by a minimum of 20% in the event that they utilize the platform’s native Globitex token.
What we did like about the trading fee structure is that users are given a 14-day commission-free period when they first sign up. This gives traders enough time to ascertain whether or not the commission structure is conducive for their individual needs.
Deposit and Withdrawal Fees
Deposits are free of charge if funding your account with Euros via the SEPA gateway. They are also free when depositing by cryptocurrency, other than the miner’s fee itself. You will only be charged a deposit fee if you transfer funds via a non-SEPA transfer, which amounts to €10.
In terms of withdrawal fees, there is a €0.30 fee when using SEPA, and €30 for non-SEPA transfers.
|Deposit Fees||Withdrawal Fees|
|SEPA (Euro)||EUR 0||SEPA (Euro)||EUR 0.30|
|International (Euro)||EUR 10*||International (Euro)||EUR 30|
|GBX token||Miner’s fee**||GBX token||Miner’s fee**|
Fees for Using the Euro Wallet
If you decide to make full use of the instant deposit and withdrawal feature offered by the Euro Wallet, then there are some additional fees that you need to consider.
If you are an individual trader, then you will pay 0.01% and 0.02% for each incoming and outgoing payment you process, respectively, For overnight balances over €5,000, you will pay an annual fee of 0.5%.
If you have a corporate account, then the fees are higher. You will need to pay a €500 account opening fee, plus a €100 monthly maintenance fee. For incoming and outgoing payments, the fees stand at 0.02% and 0.05%, respectively.
Finally, corporate accounts are also subjected to a 0.5% annual fee for overnight balances that exceed €250,000.
The Globitex token (GBX)
For professional traders that are looking to minimize their trading fees, the Globitex token affords users with a minimum reduction of up to 20%. The GBX token is also useful in getting further discounts on Euro Wallet fees. On top of a reduction in fees, traders are also accustomed to a range of loyalty benefits as usage increases.
In terms of the fundamentals, the token supply is capped at just over 171.3 million, with 65% of this figure being held by the Globitex community. Moreover, GBX tokens are periodically burned, and thus, removed from circulation.
Are my Funds Safe at Globitex?
In terms of the platform’s regulatory status, NexPay UAB – which is a subsidiary of Globitex, is in full receipt of an Authorised Electronic Money Institution (EMI) license, issued by the Central Bank of Lithuania.
As such, this gives the exchange the remit to offer its fiat-to-crypto services within the European Union. This regulatory oversight ensures that Globitex must remain fully compliant with all respective anti-money laundering (AML) regulations.
What this means for you as a client of the exchange is that you must engage in a KYC process prior to using the platform. This can take anywhere from a few hours, up to two working days.
The platform has also installed a number of safeguards to help keep your funds safe. This includes the option of setting up two-factor authentication (2FA), which will require you to enter a unique code from your mobile phone every time you log in to your account.
Moreover, the platform also offers IP address whitelisting, and ongoing security-related email notifications. For example, if a withdrawal request was processed on your account, then you would receive an email notifying you of this.
What Does the Future Hold for Globitex?
As a relatively new exchange platform, Globitex has a number of plans lined up for 2019 and beyond. As per the platform’s roadmap, Globitex aims to continue adding new trading pairs to its portfolio.
In order to widen its trading scope, the platform also aims to add margin trading, as well as Bitcoin-based commodity futures, and further down the line, other cryptocurrency futures. Globitex will also be looking to install cryptocurrency options, and in the longer-term, a Bitcoin priced Globitex Commodity Index (GCOM)
How do I Contact Customer Support?
The team at Globitex claims to offer “Friendly and Responsive Customer Support”. In order to speak with a support agent, you have two options. You can either fill out an online support ticket via your account or send an email directly at [email protected]
Alternatively, the platform also has a strong presence on social media, which is always a good sign. This includes Facebook, Twitter, Telegram and Reddit.
Globitex Review: The Verdict?
In summary, although the Globitex platform is still relatively new, and thus, many of the features it hopes to install are still a work-in-progress, there is much to like about the exchange. This is especially the case for professional traders that are looking for exposure to the crypto-to-fiat marketplace.
While at the time of writing traders have the option of trading four cryptocurrencies against the Euro, as well as a number of coins against its own proprietary GBX token, the platform aims to increase its offering in the very near future.
On top of being in possession of the required license to service the European markets, we think that the stand-out feature of the Globitex platform is its Euro Wallet. Never before has it been so convenient and cost-effective to deposit and withdraw fiat currency into and out of a cryptocurrency exchange.