XeggeX Exchange Review

As crowded as the crypto exchange market seems these days, it’s still far from oversaturated. New platforms keep popping up all the time, and you never know what the next big thing is going to be! If you’re curious about what a German centralized crypto application from the 2020s could bring to the table – read this XeggeX exchange review and find out!

The platform might be relatively new, but it does pack quite a punch from the first glance. It stands out for being one of the few centralized exchanges to offer liquidity pools. On top of that, it comes with P2P trading (also found in some of the top exchanges like Binance), numerous reward initiatives, and a generous cryptocurrency selection.

Is this enticing-sounding package really all it’s cracked up to be, though? Is XeggeX legitimately a solid pick for traders in 2024, three years after its debut? While it’s always hard to give a definitive answer to questions like that, I’ll do my best to give you a well-rounded rundown in this XeggeX exchange review.

Verdict at a glance: XeggeX is an advanced crypto trading platform that tries to bridge the gap between centralized and decentralized exchanges by introducing some DEX features like liquidity pools and P2P trading. It boasts affordable trading fees, a large cryptocurrency selection, and numerous reward incentives. However, many users have complained about inadequate customer support and lax KYC requirements.

What is XeggeX Exchange?

Before delving into the ins and outs of this platform, I’ll kick off this XeggeX exchange review with a short introduction.

Founded in 2021 by a team of crypto enthusiasts in Germany, XeggeX is a centralized crypto exchange that prides itself on its fast and reliable transactions, a secure trading experience, an intuitive interface, and numerous other perks. It was built from the ground up so that it could scale horizontally as needed in hopes that it would eventually grow and evolve into a top-tier exchange.

While it would still be considered a small fish next to the most established players, such as Kraken or Bybit, the team behind XeggeX has certainly made good on their promise to take the exchange to new heights. The platform currently features 587 cryptocurrencies and over 900 trading pairs available for spot trading, as well as numerous other earning options in the form of faucets, liquidity pools, and reward programs.

In 2023, XeggeX launched its native token, XPE, on the Binance Smart Chain network as a way to facilitate user interactions on the application by giving extra perks and privileges to the token holders.

As of this XeggeX exchange review, the platform has over 314 thousand users. While the size of its user base, 24-hour trading volume, and other metrics still put the XeggeX exchange ranking below that of crypto giants like Kraken, Bybit, or Binance, the platform definitely shows a lot of promise.

That said, it still has a long way to go regarding regional support – if you’re wondering whether XeggeX is available in the USA, the answer is, sadly, no.

XeggeX Exchange Review: PROS

Without further ado, let’s dig in and examine the subject of this XeggeX exchange review from every angle! What are the features that give it an upper hand in the market?

Intuitive User Experience

At some point, if you've tried a lot of crypto exchanges, it might feel like they're all starting to blend together – it's hard to tell one from another by its appearance alone. Nevertheless, every platform has its own nuances and little details that set it apart. As you'll see from this section of my XeggeX review, this application is no exception.

You can tell how young XeggeX is as soon as you open the website – which, in this case, is a resounding compliment. The whole platform's interface feels cohesive and thought-out. You won't have to peck and hunt across the UI to learn about all of its features – it's all there in the open and easy to find.

XeggeX’s spot trading interface feels streamlined and intuitive. As with most centralized exchanges today, it features a TradingView integration that receives constant updates.

In addition, you can pick between a Basic and Full-screen mode, although the difference between them isn’t that stark and mostly has to do with minor changes in the panel placement rather than feature complexity. There’s also an option to choose between Light or Dark mode.

Speaking of the little details that make a difference – XeggeX accepts cross-coin wallet addresses, meaning that both BEP-20 and ERC-20 wallets of users have the same address. This feature ensures that, even if you accidentally choose the wrong network when sending crypto, your assets are prevented from going to the wrong address.

Another feature noted by other user XeggeX exchange reviews is of course, the cross-platform support. The company doesn’t disappoint in this regard, either: there’s an XeggeX mobile app for both iOS and Android. Although the iOS version is still in beta, you can download the XeggeX app on TestFlight to try it out.

The mobile version feels every bit as smooth as its web counterpart, even in beta. The XeggeX exchange app features a wheel-type selection button in the center of its bottom toolbar that allows users to easily access the most important features with just one click without cluttering the interface. It also conceals your portfolio value to protect your privacy while you’re checking it in public.

To sum it up, the platform design and user experience are, without a doubt, one of XeggeX’s strong suits. It’s even more encouraging to see other XeggeX exchange reviews by long-time users mention that they’ve seen constant improvement in UI/UX since they first joined the platform.

Liquidity Pools and Yield Farming

This is, perhaps, one of the more surprising gems you’ll discover on this platform, so it’s definitely worth a closer look in this XeggeX exchange review.

The term “liquidity pool” is typically associated with decentralized exchanges – yet it’s not unheard of for CEXs to incorporate it, too. XeggeX is one such “hybrid exchange”. Utilizing both traditional order books and liquidity pools offers users the best of both worlds.

As this platform is still a centralized exchange, the XeggeX liquidity pools work differently from those on DEXs. Rather than employing an on-chain contract to perform swaps, XeggeX uses a backend engine that performs the actions atomically and isn’t reliant on any specific blockchain.

As a result, any asset listed on the platform can be staked in a liquidity pool, and users have the option of creating their own for any trading pair they want.

Another benefit is that, since the swaps take place internally, there’s no blockchain transaction fee involved when adding or removing liquidity or performing a swap.

XeggeX doesn’t collect any additional fees on liquidity pools. The only cost involved is the trading fee of 0.2%. It's worth noting that the entirety of it is distributed to the pool stakers. A user who provided 50% of liquidity would receive 50% of the trade fees collected. You can remove your current liquidity from the pool at any time, along with any fees you’ve earned from it.

XeggeX liquidity pools use the constant product formula, which looks like this:

{primaryLiquidity} * {secondaryLiquidity} = {constantProduct}.

To illustrate with a more specific example, let’s say we have an initial liquidity pool of 100,000 XYZ tokens and 1,000 ETH. The constant product, in this case, would be 100,000,000, giving this asset an initial price of 100 XYZ per ETH. When buys and sells occur, the primary and secondary liquidity will change, but the constant product won’t. Price will increase and decrease based solely on demand and how much liquidity is available in the pool.

P2P Trading

Versatility is one of the most desirable aspects of any crypto exchange. At the end of the day, many users, especially more experienced ones, simply want to not feel constrained by a limited number of options. This section of my XeggeX exchange review will be dedicated to a type of crypto trading that really gives this platform an edge over many others: P2P trading.

Unlike spot trading, where users buy or sell crypto on the open market, peer-to-peer trading involves users trading directly with each other. There’s no order book here to act as a mediator automatically matching buyers with sellers. In P2P trading, both parties have to seek each other out, negotiate a transaction, and trade outside the exchange, using various payment methods.

A word of caution, though: be aware that P2P trading is inevitably riskier than spot trading due to the lack of an intermediating authority.^[1]

XeggeX’s peer-to-peer interface is easy enough to figure out, even for those unfamiliar with this type of trading. At the top of the page, you can select your position (either a buyer or seller) and one of the four coins you can trade: USDT, USDC, BTC, or ETH. Then, you pick the fiat currency you want to pay with, your preferred payment method, and the country whose users you’re looking to trade with.

Once you’ve set up your filters, you’ll see the list of users whose offers match what you’re looking for, as well as all the relevant information: their rating, the number of total and completed orders, the payment methods they accept, the prices they offer and how they compare to the market rate, and their transaction limits.

To slightly contradict what I said earlier in my XeggeX exchange review – this feature of XeggeX is available in the USA, although only a small part of it: the US Minor Outlying Islands.

From there on, all you have to do is contact them personally – or simply click the green button on the right side to buy or sell the coin immediately. However, if you want to create an offer, you’ll first have to pass the KYC verification. I’ll show you how later in this XeggeX exchange review.

Plenty of Cryptocurrencies to Choose From

Cryptocurrency selection could be considered one of the more contentious aspects of a crypto exchange. How many coins and tokens are enough? While this isn’t the type of question I could answer in this XeggeX exchange review, it’s safe to say that this platform’s listing could make even the most discerning users feel spoilt for choice!

The application currently boasts 587 cryptocurrencies and over 900 trading pairs, which puts it head and shoulders above many other similar options. It also supports multiple blockchain networks like Ethereum, BNB Smart Chain, and Tron, among others, which adds versatility for users in managing different assets.

Those two stats alone show that XeggeX is legitimately one of the best exchanges in terms of coin selection, at least.

Aside from Bitcoin and Ethereum, both of which you can find on virtually any crypto exchange today, here are some other coins listed on XeggeX:

• SOL
• BNB
• XRP
• DOGE
• ADA
• TRX

XeggeX specializes in low-cap cryptocurrencies, catering to business-savvy investors looking to discover the next big thing. You’ll find a lot of hidden gems here, such as:

• ART
• SOSHE
• NIKI
• VOA
• XQN
• ROGU

Speaking of crypto selection, I should once again bring your attention to the exchange’s native token and its benefits. The Xpense token was launched in 2023, primarily to facilitate user interactions. Here’s a list of all the perks and benefits the holders are eligible for:

• 25% reduction on trading fees;
• Daily withdrawals under $5000 with no KYC;
• Rapid deposits thanks to the robust servers and DDoS mitigation;
• Safe assurance (smart contracts security assessment by 0xGuard);
• Free token airdrops (the first one to be announced soon).

The Xpense token is, in every respect, a full-fledged crypto token that can be used for the same purposes as any other. This includes buying and selling other assets, P2P trading, participating in the XeggeX liquidity pools, and more.

Xpense’s maximum supply is 200 million XPE. This is what the token’s distribution looks like:

• 25% Airdrops & bonuses (50M XPE);
• 20% Initial circulation, liquidity pools (40M XPE);
• 10% Reserve (20M XPE);
• 10% Bug bounties (20M XPE);
• 10% Exit scam protection (20M XPE);
• 20% Team allocation (40M XPE);
• 5% Marketing, partnerships & exchange listings (10M XPE).

While the company claims that the Xpense token is available to buy on other CEXs or DEXs, in practice, it seems pretty hard to find. Neither Binance, Bybit, nor any other top exchanges have it on their list. However, XeggeX hints at several upcoming ways to get it for free, such as airdrops, bonuses, faucets, and a bug bounty.

Last but not least, XeggeX comes with another nice bonus that will definitely please some crypto enthusiasts: an NFT marketplace. You can buy NFTs and browse their collections. That said, unfortunately, there's no option to create and sell them.

Multiple Reward Initiatives

Almost every centralized exchange out there offers some ways to earn free crypto in the form of various rewards programs. Top exchanges like Kraken and Binance have a whole set of them. XeggeX follows the trend by implementing several incentives to help users boost their portfolios free of charge.

Faucets

Let's start with the Faucet feature. To put it simply, they are pretty much exactly what their name makes it sound like. A way to claim free crypto, often with no strings attached. Even though the offered amount is often minuscule, especially with the most popular coins like Bitcoin or Ethereum, it's still nice to be able to simply click a button and see the coins trickling into your account.

On XeggeX, this process looks incredibly simple. On the Faucets page, you can see all the ones that are currently open, as well as their waiting time (how often you can dispense coins from that faucet). All you need to do is click “Claim”.

Naturally, XeggeX has implemented a number of rules to stop bad actors from abusing the system. For example, creating multiple accounts to circumvent the waiting times will get you disqualified. You can also create your own faucet. You’ll be asked to specify the total faucet allowance (total amount of the asset you’re providing), the amount per claim, and the claim time period.

Referral Program

Referrals are such a ubiquitous feature on apps and platforms these days (crypto-related or otherwise) that one could say it hardly even counts as a pro anymore. Still, let’s see what this system looks like on the XeggeX exchange.

To sum it up, users can qualify for four different tiers depending on their trading volume:

Table: XeggeX referral system.

Aside from the commission, which ranges from 40% to 55%, users from Tier 2 and upwards are eligible for a bonus.

Rewards Hub

Intent on giving users yet another way to reap bonuses, XeggeX has introduced a Rewards Hub. It consists of three parts: the Daily Login Quest, XPE staking, and regular events.

The Daily Login Quest is exactly what it says on the tin – literally, all you need to do to claim this reward is log into the platform. Upon login, XeggeX exchange greets you with a pop-up window to remind you about the quest and let you claim your reward.

Every square represents a calendar day. The only way to collect all the rewards is to log in consecutively on a daily basis. If you miss a day, the next time you log in, you'll pick up where you left off and won't be able to collect all rewards, including the Final Super Reward.

What can I say – collecting prizes has never been easier! This will only take less than a minute of your time. If you want to learn how to use XeggeX regularly and not just every once in a while, you’re definitely going to get a lot of mileage out of this incentive.

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XeggeX Exchange Review: CONS

That was a pretty long list of pros I’ve covered in the previous section of this XeggeX exchange review – but what about the cons? Now is the time to find out if XeggeX is legit and whether the upsides really outweigh its shortcomings.

Unreliable Customer Support

Customer support is the weak link in many crypto exchange platforms. Sadly, XeggeX doesn’t buck the trend here.

To start with a positive note, the platform comes with all the expected customer support options: email, ticket submission, and a 24/7 chatbot. Predictably, there’s no phone support, but it’s not exactly common to see it in crypto exchanges these days. The aforementioned options should be more than enough for any user.

Unfortunately, it’s the execution part where the exchange falls short. The number one most common complaint in user XeggeX exchange reviews was slow response time and, in some notable cases, the failure to solve the problem.

There were quite a few stories where people had their deposits or transactions "stuck in limbo" with no help from the support team for days on end, some even as long as a week.

However, some users in XeggeX exchange reviews point out that the developers were much quicker to reply on Telegram. The platform also has its own Reddit sub and a Discord server. The help center featured on the official website is well-structured and informative enough, although it doesn’t cover all the tools.

Lax KYC Requirements

KYC (Know Your Customer) is one of the core security pillars that no centralized crypto exchange could do without. In many parts of the world, cryptocurrency regulations are becoming more stringent, resulting in stricter requirements for KYC.^[2]

XeggeX is no exception in this case. It does have KYC, but thanks to its hybrid status, it has adopted some of the characteristics of decentralized crypto exchanges – namely, the option to trade without KYC verification.

As I mentioned earlier in my review, though, verification is still required to access some of the other services the exchange offers. As an unverified user, you’ll be able to participate in spot trading, faucets, and the XeggeX liquidity pools (both as a liquidity provider and a creator). Still, you’ll be barred from using P2P and subjected to a daily withdrawal limit of $5,000.

The lack of mandatory KYC for all services doesn’t necessarily mean the platform is dangerous, nor does this affect the XeggeX exchange ranking. Some users would even consider it a benefit since it makes learning how to use XeggeX slightly easier: you won’t have to deal with the hurdle of passing the verification when you’re first starting out.

Still, if you’re looking for an exchange that makes zero compromises with security, you might check out some of the top-rated exchanges like Kraken or KuCoin.

XeggeX Exchange Fees

Before we can get to the part where I explain how to use XeggeX, there’s one more question left to settle: the fees.

The platform’s fee structure is quite straightforward: it charges a flat trading fee (as opposed to the maker-taker model) using a tiered system based on the combination of your 30-day trading volume and the amount of XPE tokens in your account.

This is what the fee structure looks like:

Table: XeggeX trading fees.

As you can see, the fees range from 0.2% for new users with no trades or XPE holdings all the way down to 0.06% for those in the highest volume tier holding 75k XPE or more. Additionally, XPE holders get an extra 25% discount on all trading fees.

How to Use XeggeX Exchange?

It’s time for the practical part of this XeggeX exchange review! Follow these step-by-step guides to get started with this platform.

As the XeggeX mobile app is still in beta and might contain some bugs and glitches, I’ll provide a guide to the web platform instead. However, if you prefer trading on your smartphone, you can access the XeggeX app download code in the top right corner by hovering over the download icon.

Without further ado, let’s get started!

How to Sign up on XeggeX?

The sign-up process is quite simple. Here’s what you need to do to create an account:

Step 1: Click “Sign up” in the top right corner.

Step 2: Fill in your email address and create a password (those will be your XeggeX exchange login details), then check the Terms of Service box.

Step 3: Check your email for a verification link and type it in.

That’s it! You’re now ready to use the platform.

How to Complete KYC Verification?

Even though you technically don’t need verification to engage in spot trading or most other activities on this platform, if you stay long enough, you’ll probably want to complete it at some point. Many other user XeggeX exchange reviews recommend getting this over with sooner rather than later.

This is what you’ll have to do:

Step 1: Go to your “Account Settings” and scroll down to the “Security” section.

Step 2: Find the Two-factor Authentication section and click "Enable".

Step 3: Follow the instructions.

Step 4: Find the Account Verification (KYC) section on the list and click "Enable".

Step 5: Select your document type.

Step 6: Submit the required documentation according to the instructions.

All that’s left to do now is wait for your verification to pass, which usually happens instantly but might take up to 2 days in some cases. Once your account passes review, it will immediately be updated to a verified status, giving you full access to all services that require it.

Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

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Pros

• Fiat currencies - accepted
• Simple to use
• Accepts only the most trustworthy cryptocurrencies

Main Features

• A leading cryptocurrency exchange platform
• Best for beginner investors
• Accepts fiat currencies

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

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Conclusions

Hopefully, my XeggeX exchange review helped you make up your mind whether or not to give this platform a chance! Let’s have a short recap, just in case. XeggeX is an advanced yet beginner-friendly crypto exchange that incorporates some characteristics of a DeFi platform, such as liquidity pools and P2P trading. It offers competitive fees, an NFT marketplace, and various reward incentives.

Just like any other platform, XeggeX has its share of flaws. To begin with, its customer support falls a bit short – multiple users have complained of slow response times and difficulty solving issues like deposit delays. Another weak link is the lack of mandatory KYC for trading, which might not render the platform unsafe but still brings its security rating down a notch.

On the whole, the XeggeX exchange looks quite promising for such a young platform and would be suitable for traders of all levels. However, if its relatively liberal approach to KYC and the lack of a longer track record don’t inspire your confidence, I recommend going with a more established exchange with uncompromising security measures, such as Kraken.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. T. Tsuchiya, A. Cuevas, and N. Christin: 'Identifying Risky Vendors in Cryptocurrency P2P Marketplaces';

2. Y. Chen, P. Gurrola-Perez, and K. Lin: 'A Review of Crypto-Trading Infrastructure'.