Thodex is a Turkish cryptocurrency exchange established in 2017. The company provides a service for exchanging and trading digital assets. The exchange is growing rapidly and is now available to customers in 120 countries.
General information about the Thodex cryptocurrency exchange
Thodex was launched in 2017. In the early years, the project was called Koineks. It was focused strictly on the Turkish domestic market. In addition to the online exchange, the company was engaged in bitcoin ATMs and the popularization of cryptocurrencies in general. Koineks installed Turkey’s first crypto ATM in Nisantasi, an elite area of Istanbul. At the time of launch, five cryptocurrencies were available on the exchange. Now their number has exceeded 20, and the number of traded pairs is over fifty. The administration of the exchange staked on the quality of service. In the first year, eleven banks were connected to the project to create a fast and sustainable payment structure. In addition, a 24/7 support service has been created.
In 2020, the company decided to enter the international market. Globalization began with a rebranding – the name Koineks changed to the more sonorous Thodex. We created a new website and mobile applications. Most importantly, they received international financial licenses, including from the American FinCen MSB. The most-traded pair on the platform is Tether against the Turkish Lira. It is not surprising given the volatility of the Turkish currency. Bitcoin / TRY and BTC / USDT rank second and third in terms of volume. The exchange’s attention is focused on trading activity. There are no cryptocurrency loans, a pool for miners, or a variety of farming.
Registration on Thodex is almost instant. Just click on the Register button at the top of the main page. Then you need to enter your email address and come up with a password. After that, the account will be created, and you can use the basic functionality.
Verification on the Thodex exchange
Immediately after registration, the client receives the first level of verification. It is a basic step that does not even require a mailbox confirmation.
There are four levels in total:
- Second level. You will need to confirm your email and fill out a short form indicating your country of residence and citizenship;
- Third level. Classic proof of identity: the exchange will ask for a questionnaire with passport data, scans of documents, and selfies;
- Fourth level. It will be required for professional traders operating in large volumes. There is no specific list of documents. To obtain the fourth degree of verification, you will have to talk with a representative of Thodex, talk about the experience and the expected volume of transactions.
The level of verification significantly affects the available limits. For example, it is impossible to withdraw funds from the platform without confirming your email address. Only top-up is available. In the third stage, customers can already use fiat currencies.
Deposit and withdrawal of funds on the thodex exchange
You can add funds to your balance through the Wallet menu. There are two sections here, Deposit and Withdraw. To replenish, you need to go to Deposit. The client is asked to deposit money via fiat currency or cryptocurrency. If verification has not been passed to the third level, then only crypto coins can be used.
At the first deposit, the system will ask you to create a wallet. Click on Create Wallet to generate a top-up address. The resulting address can be copied and pasted into a third-party wallet from where the deposit will be made. If you are using mobile storage, a QR code scan is available.
There is a Refresh button next to the address. By clicking on it, the client will create a new recharge address. At the same time, all funds sent to both the first and second wallets will still be recorded on the user’s balance. This function is convenient if the third-party storage has limits on output to one address. If the account is verified up to the third level, the user can deposit fiat currency.
To buy a crypt from a card, you will need:
- Go to the Buy with card section.
- Select the required cryptocurrency from those offered on the page;
- Select the fiat currency of the card from the Fiat dropdown list;
- Indicate how much you want to purchase the crypt;
- Or indicate how many coins you want to buy;
- Then click the Continue button. The system will send the client to the payment gateway, where you will need to enter the card details and confirm the transaction via SMS.
Not all cryptocurrencies available on the exchange are available for such replenishment. Only Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ripple, and Stellar can be bought from the card. The payment goes through the Simplex gateway. It charges a commission of 5% of the transaction or $ 10. Plus, the exchange itself also takes a two percent commission for such a purchase.
Conclusion
Thodex is a cryptocurrency trading product. If you need a fast platform for exchanging one altcoin for another, then this site will be interesting. Especially, when you consider that for crypto trading in small volumes, you do not need to undergo verification. It is enough to fill out a short questionnaire. But Todex does not give more. There are no opportunities to generate passive income like staking or landing pages. In this regard, the company lags far behind numerous competitors. Perhaps, as it grows, a segment of P2P deals or DeFi will appear on the site. But for now, the service is limited to trading tasks.
