Anondax.com Review – Anonymous Crypto Broker

Anondax.com is a new crypto brokerage firm which offers unique and diverse trading instruments. Though they have high web traffic, we couldn’t find any client feedback on them which is kind of strange. Most crypto brokers feature all the legal certificates on their website, but when we were investigating this firm, we were unable to find a single credible document.

On the bright side, their platform is integrated with top of the class Tradingview charts and the trading conditions are not so strict compared to the industry standards. However, the fees applicable on deposits and withdrawals are somewhat steep. Getting involved with cryptocurrency markets in general might seem overwhelming at first, but as far as broker information is considered, you don’t have to worry.

Continue reading our complete review to determine whether this platform is the one which suits all your needs and then make a wise decision.

Firm, Legal Certificates and Customer Support

The landscape of online investing or trading is something which is constantly changing and evolving. To ensure the safety and security of funds, you should always stick with the reputable and licensed firms or else the chances of losing your initial capital is sky high. If you are comparing the pros and cons of regulated and unregulated entities, remember at the end of the day, the risks might completely outweigh the benefits.

We by no means are suggesting that all offshore brokers are scams, but based on history most of them are frauds with huge conflict of interest. Anondax.com does not share any details about their whereabouts and the ways of getting in touch with them are all electronic. Since they are operating so mysteriously, it is certainly a cause of concern and that trait shouldn’t be ignored.

The law around the cryptocurrency niche is still pretty raw and basic which means there are tons of loopholes. However, we as investors should always exercise caution while dealing with those kinds of organisations, because one wrong move could put all our confidential information at risk.

Trading Instruments and Margins

If you are used to platforms like Binance and other major exchanges, then you will find the list of instruments enough. They feature most major USD crossover pairs along with traditional crypto assets. The main problem with them is that the leverage trading is only available on Bitcoin and the max leverage offered is 1:3.

There are both advantages and disadvantages with leverage, but given the normal market conditions, 1:3 is way too low and to make considerable returns, you will need a lot of money. Ever since the inception of bitcoin futures, most exchanges are offering upto 1:100 leverage and if you are a day trader, then you will definitely have to walk away from this platform.

Always remember, margin trading amplifies your returns, but it also can work against you. So, make sure that you have proper risk management measures in place or else you won’t be able to make consistent returns from the markets.

Charting Platform and Alternatives

This broker offers a web based interface for trading and it can be accessed with most modern day devices with an active internet connection. Lack of the popular retail platform like Metatrader and CTrader means, you will need some time getting used to the default software. If you are an experienced trader who relies heavily on custom indicators, then you have to use the third part solution or upgrade the indicators to the tradingview scripts.

The charting solution available with this broker is Tradingview and it caters to the needs of most traders. Traders can create their own indicators, backtest strategies and much more with it. One of the main things this platform lacks is the auto-trading and social trading ability.

Nowadays, a vast majority of traders who can’t afford to spend time in front of the screens employ some form of automation to tackle the markets such as PAMM and other forms of account management. Since no copy trading is available with them, it might be a deal breaker for many users.

Deposit and Withdrawal

The minimum deposit and withdrawal amount is not stated on their platform and the average processing time for withdrawals is also not mentioned. They do support major cryptocurrencies and the fees structure are as follows.

Bitcoin 0.0005 BTC

Ethereum 0.01 ETH

XRP 0.25 XRP

EOS 0.1 EOS

Litecoin 0.001 LTC

Bitcoin Cash 0.001 BCH

Tether 10.0 USDT

Binance Coin 0.09 BNB

Monero 0.0001 XMR

Dash 0.002 DASH

NEO 0.1 NEO

Ethereum Classic 0.01 ETC

Stellar 0.01 XLM

OmiseGO 0.7 OMG

Zcoin 0.02 XZC

Domain Insights

Thanks to whois.com and alexa.com, we were able to get a clear idea about the general information of this website and their target audience. Unfortunately, we couldn’t trace the identity of the owners as they have masked their confidential information using Whois Guard.

Domain – Anondax.com

Registered On – 18/01/2020

Expiry – 18/01/2030

Alexa Global Rank – 119,109

Rank in Switzerland – 2,021

Target Audience – Switzerland, Venezuela and India

Anondax.com Review Conclusion

Anondax.com is still a relatively new brokerage and until more client testimonials or feedback appears, it is better to not proceed with them. However, for some reason if you feel the urge to indulge with them, then start out with the minimum deposit and test them out. If you are happy with the service, then you can eventually scale it to the level you want.

Are you planning to use Anondax.com as your primary crypto brokerage? How would you rate them? Let us know your opinion by leaving a comment below.