XT is a cryptocurrency exchange that provides a wide range of services and lists a huge number of different crypto assets.
XT, which was founded in 2018, is registered in Seychelles and has its operating headquarters in Dubai. In addition, the company has operation centers in Singapore, South Korea and other locations, allowing XT to offer their services globally.
Traders on XT can access spot cryptocurrency trading, margin trading, as well as derivatives trading through USDT-margined and coin-margined futures contracts. In addition, the exchange offers a variety of products for earning yield on crypto through staking and lending. The XT platform also caters to NFT enthusiasts, as it provides an NFT marketplace.
XT is mostly a crypto-to-crypto exchange. However, the exchange does integrate services from third-party fiat providers to allow users to buy cryptocurrencies with fiat through a credit/debit card or bank transfer. The fiat-to-crypto services supported by XT include companies like MoonPay, Banxa, Mercuryo, Advcash and others.
Users that want to trade with fiat currency or increase their withdrawal limits must complete an identity verification process with the exchange. The exchange has two tiers of identity verification:
- Level 1: Basic verification, requires photos
- Level 2: Advanced verification, requires video
Before we continue with our XT review, let’s quickly run through the most important advantages and disadvantages of the XT exchange.
XT pros:
- Lists a very large selection of cryptocurrencies
- Provides a full suite of trading products, ranging from spot and margin to derivatives
- Offers services in many countries across the globe
- Staking and lending products for earning yield
XT cons:
- Fiat currency is supported only through third-party integrations
XT features review
Now that we know some of the basic information about XT, let’s take a closer look at the exchange’s suite of features.
Supported cryptocurrencies
XT offers trading for a very large selection of coins—there’s hundreds of different crypto assets that traders can choose from. The exchange lists practically all of the largest cryptocurrencies by market cap, but also offers an extensive selection of smaller altcoins that could be difficult to find on other exchanges.
If you are someone that often wants to trade more exotic tokens and don’t like using decentralized exchanges, XT is an option worth considering.
Here is just a small sample of the cryptocurrencies that can be traded on XT:
XT trading and interface
When it comes to spot trading, XT offers two main modes: Standard Spot and Pro Spot. As the name implies, Standard Spot is suited for quick and simple trades, while advanced traders will likely prefer the Pro Spot interface since it provides a full screen trading mode and advanced charting options.
The Standard Spot mode provides a quick and easy way to make trades.
The Pro Spot mode has advanced charting options and offers a full-screen trading experience.
Both spot trading modes should feel very familiar to anyone who has used a centralized cryptocurrency exchange anymore. When it comes to the user interface, XT didn’t try to reinvent the wheel but instead stuck with a tried and tested interface that traders will be able to pick up quickly.
Currently, users can make trades on XT’s spot market through a market order or a limit order. We would like to see the exchange build on top of this and also introduce orders such as stop-limit orders and OCO (one-cancels-the-other) orders. This would be especially fitting for the Pro Spot section, as it caters to experienced traders who would certainly appreciate more flexibility.
Crypto margin trading and derivatives
The XT exchange also provides a wide range of options for users who want to trade with leverage.
The exchange has a margin trading mode, where users can borrow funds to trade with leverage in USDT- and BTC-denominated pairs. We should point out that the margin trading mode has a much smaller selection of tradeable cryptocurrencies than the spot trading mode.
However, there’s still plenty of choice—at the time of writing, around 40 different cryptocurrencies can be traded on margin on XT. The amount of leverage users can access through margin trading can be as high as 20x, although it ultimately depends on which asset is being traded—some coins have lower leverage limits.
As for derivatives, XT offers USDT-margined and coin-margined futures contracts. These contracts are perpetual contracts, which means they don’t have an expiration date. However, users must periodically pay funding fees if they wish to maintain their positions. If the funding rate is positive, traders with long positions pay funding traders with short positions. If the funding rate is negative, the opposite applies.
As is the case with most exchanges, XT offers much higher leverage for futures trading than margin trading. Depending on the asset you’re trading, you could use as much as 100x leverage on XT. Trading with such high leverage levels is extremely risky and not appropriate for most traders, but it doesn’t hurt to have the option of accessing very high leverage.
XT provides cross margin and isolated margin modes, which is welcome, as it gives traders access to different risk management approaches.
Lending and staking features
Under its “Finance” section, XT provides products that allow users to earn yield on their crypto holdings. This includes savings products, which are split into flexible and fixed products. Users can withdraw their coins from flexible products at any time, while fixed savings products require the funds to be locked up for a specified period of time. Typically, fixed products offer a higher APY than flexible products.
XT also provides a “New coin staking” product, which allows users to stake their tokens to earn tokens issued by up-and-coming blockchain projects. New projects are periodically added to this feature, and each project is only featured for a limited amount of time.
Users who hold supported Proof-of-Stake cryptocurrencies can stake their coins through the XT exchange to earn staking rewards. XT supports staking for coins such as Tezos, Ethereum, TRON and EOS.
The XT platform also provides crypto-backed loans, in which users can provide a cryptocurrency as collateral to borrow USDT. Users are charged with interest on the loan, and must monitor the price of their collateral to keep their LTV (loan-to-value) ratio healthy.
NFT marketplace
XT is not ignoring the potential of NFTs, and it offers an NFT marketplace called XT NFT. The marketplace supports NFTs issued on the Ethereum, BNB Chain, Polygon and XT Smart Chain blockchain platforms.
In addition to standard NFTs, the XT NFT marketplace also features mystery boxes, which contain a random NFT from the associated collection.
Currently, there is not a lot of variety when it comes to the NFTs offered on the XT NFT marketplace, but this could improve in the future. Generally speaking, it has been quite difficult for exchanges that have launched their own NFT marketplaces to compete with NFT-native platforms like OpenSea and Magic Eden.
XT fees
The XT exchange has a tiered fee schedule, with the fee rate depending on the user’s VIP level. For VIP 0 accounts (the lowest tier), the maker and taker fees for spot trades are both set at 0.20%.
Users can get access to lower fees by generating trading volume and holding the exchange’s XT tokens. For example, the VIP 1 level, which has a fee rate of 0.18%, can be reached by having 5,000 USDT in 30-day trading volume and 50 or more XT tokens.
If you’re interested in the specifics of XT’s fee schedule, you can check out the official XT website.
The bottom line—XT is a feature-packed crypto exchange
XT is a cryptocurrency exchange that provides practically all of the features that a modern cryptocurrency trading could need. The platform’s strongest attributes are its selection of tradeable cryptocurrencies, as well as different leverage trading modes. Users that like to trade low market cap altcoins can find coins on XT that might not be available on many other exchanges.
However, we would like to see some more features that would differentiate XT’s offering from leading cryptocurrency exchanges and give the platform a more unique value proposition.