EQONEX Crypto Exchange Review: Features, Fees, Token, and Why It Closed
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Quick Takeaways
- EQONEX launched in 2020 in Singapore but filed for bankruptcy in November 2022 and has been inactive since.
- Low fees and a native utility token (EQO) were the main selling points, but limited coin selection and missing time‑frames hampered traders.
- Regulatory status was a temporary exemption from the Monetary Authority of Singapore, not a full license.
- Compared with still‑operational giants like Kraken and Coinbase, EQONEX fell short on liquidity, security assurances, and product depth.
- For anyone researching exchanges in 2025, EQONEX serves as a cautionary example rather than a viable option.
When you type "EQONEX crypto exchange review" into a search engine, you expect a clear picture of what the platform offered, how it performed, and why it vanished. This article walks through the exchange’s history, core features, fee structure, the EQO utility token, security and regulatory backdrop, user experience, and a side‑by‑side look at top competitors. By the end you’ll know whether EQONEX ever mattered and what red flags to watch for in any new exchange.
EQONEX is a centralized cryptocurrency exchange that operated from May 2020 until its bankruptcy filing in November 2022. It was headquartered in Singapore and owned by the publicly listed parent company Diginex. During its short life the platform marketed itself as a low‑fee, user‑friendly venue with a native utility token called EQO token.
1. How EQONEX was positioned at launch
The exchange entered a crowded market with a few clear promises:
- No minimum deposit for fiat or crypto.
- Trading fees marketed as "low across all asset types".
- A unified web interface that bundled spot, futures and staking.
- Free educational content - articles, videos, and daily market analytics.
- Benefits for holding the native EQO token, such as reduced fees and free withdrawals for balances over 500 EQO.
These claims sounded attractive for beginner traders who wanted a simple, cheap platform without having to juggle multiple accounts.
2. Core features and what actually worked
During the operational window the exchange delivered a handful of functional tools:
- Spot trading with a modest list of around 60-80 cryptocurrencies (far fewer than the 400+ on Kraken).
- Futures contracts with up to 10× leverage - but leverage was limited to futures; spot traders could not use margin.
- Standard chart types (candlestick, line, area) and a set of common technical indicators, though the platform omitted the H4 time‑frame that many day‑traders rely on.
- Automated trading bots that executed predefined algorithms; the bots were free for EQO‑holding users.
- A staking pool for EQO that paid modest rewards and allowed token holders to use EQO as collateral for futures positions.
Customer support received praise in a handful of reviews, with response times of 2‑3 minutes and detailed answers. The interface, while basic, displayed price charts, order entry boxes, and order‑history in a single view - enough for a quick trade but lacking the depth of professional‑grade dashboards.
3. The EQO utility token - hype versus reality
Launched on 8April2021, the EQO token was designed to lock users into the ecosystem. Benefits included:
- 5% fee discount on spot and futures trades for token holders.
- Eligibility for daily airdrops - users received a small amount of EQO each day.
- Free crypto withdrawals once a wallet held at least 500 EQO.
- Staking rewards that added roughly 3‑5% APR, depending on market conditions.
In practice, the token’s market cap never broke the $20million mark and liquidity was thin. When EQONEX shut down, the token’s price plummeted, making the promised benefits moot for most holders.
4. Fee structure - low on paper, not always low in use
EQONEX advertised a flat 0.1% taker fee and 0% maker fee for users with 0EQO, dropping to 0% taker for those holding the token. By comparison:
- Kraken charges 0.26% taker and 0.16% maker for most pairs, with volume‑based discounts.
- Coinbase runs a spread of roughly 0.5% on its standard platform.
The fee advantage only applied when users held enough EQO to unlock the discounts, which many never did. Moreover, the limited coin selection meant traders often had to move assets to other exchanges, incurring additional network fees that erased the supposed savings.
5. Regulatory backdrop and the why‑not‑license issue
EQONEX operated under a temporary exemption from the Monetary Authority of Singapore (MAS) while its Money Services Act application was pending. It never secured a full MAS license, leaving the platform in a regulatory gray area. This ambiguity made it difficult to attract institutional clients, secure banking relationships, or reassure retail users about asset protection.
When the exchange filed for bankruptcy, the lack of a formal licence limited the legal recourse for users. No clear asset‑recovery process was announced, and the bankruptcy court handled claims on a first‑come‑first‑served basis.
6. Trading volume trends and the road to bankruptcy
Initial enthusiasm gave way to a sharp decline in activity:
- June152021 - 24‑hour volume ≈USD180million.
- December22021 - volume fell to ≈USD85million.
By early 2022 daily volume was under USD5million, and the platform abruptly halted trading in November 2022. The official statement from CEO Jonathan Farnell framed the closure as a "strategic business decision" to cut costs, but external reviewers, such as Traders Union in 2025, labeled EQONEX a "fraudulent exchange".
7. Comparison with surviving giants (2025 snapshot)
| Feature | EQONEX (closed) | Kraken | Coinbase |
|---|---|---|---|
| Operational status (2025) | Inactive - bankruptcy | Active | Active |
| Crypto selection | ~70 coins | 400+ coins | 250+ coins |
| Leverage options | Futures only, up to 10x | Futures & margin, up to 5x | No leverage (regular), futures via Coinbase Pro |
| Fee (taker) | 0.10% (0% with EQO) | 0.26% (discounts by volume) | ~0.50% spread |
| Regulatory licence | Temporary MAS exemption | Full MAS & US regulator licences | Full US & EU licences |
| Trust score (CoinGecko) | Untracked / low | 10/10 | 9/10 |
8. Pros and cons - a quick cheat sheet
- Pros
- Low advertised fees.
- EQO token gave tangible perks for holders.
- Fast customer‑support response.
- Cons
- Limited cryptocurrency selection.
- No leverage for spot trading.
- Regulatory uncertainty - only a temporary MAS exemption.
- Rapidly declining volume leading to bankruptcy.
- Post‑closure labelled as fraudulent by some analysts.
9. Who should have avoided EQONEX?
If you were an institutional investor or a trader needing deep liquidity, the exchange’s thin order book and lack of licensing would have been deal‑breakers. Even casual retail users looking for a one‑stop shop benefited more from the broader offerings of Kraken or Coinbase, especially after EQONEX’s token‑driven fee discounts vanished with the platform’s shutdown.
10. Lessons for new exchanges
EQONEX’s rise and fall illustrate three hard lessons:
- Regulatory clarity matters. Operating under a temporary exemption can scare off banks and institutional partners.
- Liquidity drives sustainability. Without a critical mass of daily traders, fees and rebates cannot offset operating costs.
- Marketing gimmicks aren’t enough. Low fees and a utility token won’t compensate for a thin coin roster, missing charting tools, and limited product depth.
Final Verdict - Should you consider EQONEX in 2025?
Short answer: no. The exchange is officially closed, its assets are tied up in bankruptcy proceedings, and its reputation has been tarnished by fraud allegations. For anyone researching a crypto exchange today, focus on platforms with full regulatory licences, high trust scores, and proven liquidity.
Frequently Asked Questions
Was EQONEX ever a licensed exchange in Singapore?
No. EQONEX operated under a temporary exemption from the Monetary Authority of Singapore while it pursued a full Money Services Act licence. The exemption expired before a licence was granted.
What happened to users’ funds after the bankruptcy filing?
The bankruptcy court handled claims on a first‑come‑first‑served basis. Public information about asset recovery is limited, and many users reported losing access to their crypto balances.
How did the EQO token work?
EQO was a utility token that offered fee discounts, free withdrawals for balances over 500 EQO, staking rewards, and the ability to use the token as collateral for futures trades. Its market impact faded after the exchange shut down.
Is there any chance EQONEX will relaunch?
As of October 2025 the platform remains inactive, with all trading functions frozen. The parent company Diginex has pivoted to asset‑management and custody services, making a relaunch unlikely.
Which exchange should I choose instead?
For most traders, Kraken offers deep liquidity, a wide coin selection, and full regulatory licences. Beginners might prefer Coinbase for its intuitive UI and strong compliance. Always check the exchange’s trust score, licensing status, and security history before depositing funds.
Cynthia Chiang
October 13, 2025 AT 09:25I think it's worth noting how the lack of a full MAS licence really hurt user confidence. Even though the platform claimed low fees, many traders were hesitant to deposit large sums. The rapid drop in daily volume shows how fragile the ecosystem was. If you're looking for a trustworthy exchange, I'd steer clear of anything that operates under a temporary exemption. Remember, a solid regulatory framework is a big part of safety.
Hari Chamlagai
October 16, 2025 AT 17:25Honestly, EQONEX was a textbook example of hype over substance. They sold the promise of low fees, yet the token discount scheme was a gimmick that rarely materialized for the average user. Their coin selection was pitiful compared to Kraken, making arbitrage impossible. The temporary MAS exemption was a red flag, not a badge of honor. Anyone who ignored those warning signs was either naive or willfully blind.
Ben Johnson
October 20, 2025 AT 01:25All that noise, and they still couldn't keep a simple wallet functional.
Jason Clark
October 23, 2025 AT 09:25When you examine EQONEX's operational history, several patterns emerge that are worth dissecting. First, the exchange launched with an ambitious marketing campaign, touting ultra‑low taker fees and a utility token that would supposedly unlock discounts. In practice, the token's liquidity was so thin that achieving the promised 0% taker fee was nearly impossible for most users. Second, the platform's asset roster hovered around 70 coins, a stark contrast to Kraken's 400‑plus, which limited traders' diversification options and forced many to shuttle assets elsewhere, incurring additional network fees. Third, the user interface, while visually clean, omitted critical charting tools like the H4 timeframe, frustrating day‑traders who rely on that granularity. Fourth, customer support, though praised for quick responses, could not compensate for the deeper structural issues-namely, the lack of a full MAS licence, which signaled regulatory uncertainty and deterred institutional participation. Fifth, the fee structure's allure depended heavily on holding 500+ EQO tokens, a barrier that most casual traders never crossed, rendering the advertised low‑fee advantage moot. Sixth, liquidity dried up rapidly; volumes fell from $180 million in mid‑2021 to under $5 million by early 2022, a trajectory that foreshadowed the eventual bankruptcy filing. Seventh, the bankruptcy process left users with limited recourse due to the exchange's gray‑area licensing status, resulting in many losing access to their balances. Finally, the broader lesson is clear: without robust regulatory compliance, deep liquidity, and a comprehensive product suite, even the most attractive fee models cannot sustain an exchange. In short, EQONEX's downfall was not a single misstep but a cascade of avoidable shortcomings.
Jim Greene
October 26, 2025 AT 17:25Yeah, the whole "low‑fee" hype was a bit of a mirage, huh? 🌟 At least the support team was friendly-quick replies can make a bad experience a tad better. If you did hold enough EQO, the fee discounts felt nice for a while, but the token itself never really took off. And moving assets to other exchanges? That stung with extra gas fees. Overall, a lesson learned: cheap fees aren't worth it if the platform disappears overnight. 🙃
Steve Cabe
October 30, 2025 AT 01:25From an American perspective, the whole EQONEX saga reeks of misplaced patriotism in crypto. They tried to sell nationalism with a token, yet they couldn't even secure proper licensing. It's absurd that traders were asked to trust a platform that lacked the basic regulatory backing. If you value your assets, stick to exchanges that respect the law and have proven track records.
Wayne Sternberger
November 2, 2025 AT 09:25While the EQONEX story serves as a cautionary tale, it's also an opportunity for the community to reflect on the importance of robust governance. One might argue that the tokenomics were designed with good intentions, aiming to reward loyal users; however, the execution fell short due to insufficient liquidity. Moreover, the platform's limited coin selection constrained diversification, forcing traders to seek alternatives. In light of these shortcomings, emerging exchanges should prioritize regulatory compliance over flashy marketing. Ultimately, a solid foundation beats short‑term gimmicks every time.