Digax Exchange Review (2020)

Digax.com is a UK-based digital asset company established in 2017. Alongside other services they’re currently developing, you can use their exchange to buy and sell bitcoin (BTC) with GBP (via UK bank transfers).

But who are Digax? Can you trust them? Do they offer competitive rates?

Find out in this Digax Review.

Advantages & Disadvantages

Advantages

• UK-based (London).
• Supports deposits & withdrawals via UK Faster Payments.
• Competitive fees (<1% if you deposit more than £1000).

Disadvantages

• Alternatives with lower fees and more liquidity available.
• You’ll have to verify your identity (KYC & AML compliant).
• No Trustpilot presence yet.
• Low volume on GBP/BTC pairing.

What is Digax?

Digax is a UK limited company (based in London) which was established in June 2017. The listed directors (and co-founders) are Benjamin Morley (cryptocurrency investor, trader, and broker) and Elliot Whiting (economics graduate and operations manager). Find out more about them here.

Digax’s exchange is their first product (currently in beta). This allows you to buy and sell bitcoin (and other supported cryptocurrencies) through a typical trading interface.

When I spoke to Benjamin Morley (CEO), he told me that their mission was:

“not to reinvent the wheel, but improve on it” by offering superior service, reliability, transparency, efficiency, and compliance.

Digax is a member of the Multichain Asset Managers Association (MAMA) and an associate member of UK Finance.

How’s Digax Exchange Work?

Digax’s exchange works just like other cryptocurrency exchanges (e.g. Coinbase Pro).

Here’s what it looks like.

The UI includes the order entry panel, order book information, trade history, open orders, and a candlestick chart. I think the interface looks pretty good.

Here’s how it would work:

• Example: You’re looking to buy BTC with GBP.
• Submit a buy or sell order using the order entry panel on the left side of the interface. You can setup a limit or market order.
• If you submit a market buy order, you’ll input into the order entry panel how much (in £) you’d like to buy. When you submit a market buy order, you’ll immediately buy at the best available price.
• If you submit a limit buy order, you’ll need to specify a price (in £) which the order will be executed at. Limit orders aren’t guaranteed to execute.

Registration

Initial registration takes less than a minute.

After that, you’ll need to confirm your email address, setup 2-factor authentication, and verify your identity (to comply with KYC and AML regulations).

You’ll need to verify your identity using Yoti. Once setup, you can use this smartphone app to easily and quickly prove your identity. (Yoti does request a creepy-level of information and access.)

After you’ve setup Yoti, just scan the QR code provided by Digax in the Yoti app and grant them permission to access this information.

It took about 15 minutes to get to this point. Digax then fully confirmed my account about an hour later (on a weekend).

Payment Methods

As of February 2019, Digax supports UK bank transfers via the UK Faster Payments network.

This means that deposits by UK residents from the vast majority of banks will be processed within seconds. Unfortunately, you’ll have to wait up to 60 minutes for Digax to process GBP deposits and withdrawals (during working hours).

Supported Cryptocurrencies

Current

Digax currently supports these cryptocurrencies:

• Bitcoin (BTC)
• Litecoin (LTC)

Digax currently only supports BTC/GBP and BTC/LTC pairs.

Future

The current cryptocurrencies under review include:

• Ethereum (ETH)
• Bitcoin Cash (BCH)

Cryptocurrencies under review aren’t guaranteed to be listed on Digax, as they have to undergo a “rigorous review process” (whatever that means).

Fees

Deposit & Withdrawal

Here’s what you’ll be charged to deposit and withdraw GBP, Bitcoin (BTC), and Litecoin (LTC) on Digax.

The percentage-based withdrawal fees for BTC and LTC suck, but they don’t add that much to the cost of using Digax (an extra £1 per £1000 worth of BTC withdrawn). Still, that’s not something you’ll see on Coinbase Pro or London Block Exchange (LBX).

Trading Fees

Trading fees on their exchange start at 0.2% for makers and takers. If you’re a high-volume trader, then you’ll be eligible for lower fees. Find out more here.

Limits

The minimum deposit and withdrawal for GBP is £25.00

If you want to increase your limits, you’ll need to file a support ticket.

Supported Countries

Digax currently supports the following countries:

• United Kingdom
• Ireland
• Italy
• Netherlands
• Slovakia

Customer Support

Their support team is available from 09:00 to 17:00 GMT Monday to Friday.

They’re only available through support tickets and email (support@digax.com) right now. In the future, Benjamin said they’d like to add phone support.

Digax Alternatives

The closest alternatives to Digax’s Exchange are Coinbase Pro and London Block Exchange (LBX).

They’re both cryptocurrency exchanges which:

• Offer competitive rates.
• Offer GBP deposits/withdrawals via UK Faster Payments network.
• Have decent volume.

You can find out more about them in my other reviews:

Coinbase ReviewLBX Review

Summary

Like XCH4NGE, I’m excited to see how Digax’s platform evolves.

Digax’s exchange doesn’t have any volume on the GBP/BTC market right. GBP Faster Payments support has only just introduced though, so I imagine this will improve over time.

GBP deposit and withdrawal fees also seem a little high (£5). From what Benjamin Morley has said in the /r/BitcoinUK discord channel, they are looking to (eventually) get them reduced.

Other Reviews

Looking to buy Bitcoin (BTC)? Check out some of my other reviews:

• Solidi Review
• Bittylicious Review
• London Block Exchange (LBX) Review
• XCH4NGE Review
• BC Bitcoin Review
• Wirex Review

Share Your Thoughts 

What do you think about Digax?

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