Introduction: Overview of Onefinex Exchange

The cryptocurrency market in Iran, despite its unique challenges and restrictions, is continuously growing and evolving. Domestic exchanges play a vital role in providing a platform for Iranian users to buy and sell cryptocurrencies. Onefinex is one of the platforms that has recently entered this arena, aiming to capture a share of this market. This report provides a comprehensive analysis of the Onefinex exchange, its features, fee structure, KYC policies, and its suitability for trading strategies such as arbitrage. Additionally, it offers a detailed comparison with other prominent domestic and international exchanges to assist Iranian users in making informed decisions about their trading platform.

What is Onefinex? Introduction and Vision

Onefinex is a peer-to-peer (P2P) and marketplace cryptocurrency exchange operating within Iran’s financial ecosystem. The platform enables users to buy and sell cryptocurrencies instantly and supports limit orders with take-profit and stop-loss functionalities. Onefinex markets itself as “Iran’s best cryptocurrency exchange,” offering real-time cryptocurrency pricing, dedicated wallets, and an advanced trading panel.

In terms of history and corporate information, Onefinex is a relatively new platform, having commenced operations in 2023. Its headquarters are located in Tehran, and it operates under the company Tivan Rayan Tiam, led by CEO Ali Kouroshi. The parent company was officially registered in late 2023 with registration number 628512.

Onefinex’s mission is to provide secure, user-friendly, and reliable services to “all Iranian users worldwide,” enabling access to the world of cryptocurrencies and their benefits. Its vision is to “build a world where everyone can securely and easily access cryptocurrencies.” The Onefinex logo, combining the word “ONE” with a trading symbol, uses blue tones to convey seriousness, purpose, friendliness, and calmness, aiming to reduce stress in financial markets.

The youth of the Onefinex platform is a significant factor in its evaluation. Established in 2023, it is considerably younger than many Iranian and international exchanges, making it a relatively new player. This youth, despite claims of “gaining the trust of thousands of Iranian users” and having “over 50,000 users,” naturally raises questions about its long-term stability, resilience in market crises, and operational track record. Older exchanges like Nobitex (founded 2017) and Bitpin (founded 2020) have longer histories, having proven their performance across various market conditions. For investors and professional traders, particularly those pursuing sensitive strategies like arbitrage, an exchange’s track record plays a crucial role in building trust and ensuring operational reliability. Onefinex’s short history means there is less historical data to analyze its performance under different market conditions, which may increase perceived platform risk for cautious traders, even if its current offerings appear appealing.

Credibility and Regulatory Status of Onefinex in Iran’s Ecosystem

Evaluating the credibility of a nascent exchange like Onefinex is of paramount importance. The Onefinex domain was created in 2023, consistent with its founding year, highlighting its brief presence in the competitive cryptocurrency exchange landscape.

One critical aspect of assessing credibility is membership in industry associations. According to available information, Onefinex was a member of the Iran Blockchain Association as of June 2024, which could indicate adherence to minimum industry standards and collaboration with Iran’s blockchain community. However, periodic reviews by Iran Broker in December 2024 noted that Onefinex was no longer listed as a member. This change in membership status is a significant point in evaluating the exchange’s credibility. In June 2024, Onefinex’s support team stated that the exchange was only a member of the Iran Blockchain Association at that time. Fluctuations in regulatory status and the loss of membership in the Iran Blockchain Association may raise concerns for users. While this does not necessarily imply a lack of credibility, it could suggest instability in industry affiliations or non-compliance with certain standards. In contrast, more established exchanges like Nobitex derive credibility from being registered as a “knowledge-based company” and operating under the supervision of Iran’s Cyber Police (FATA). For users, particularly in a market lacking comprehensive regulation, membership in industry associations can signal adherence to minimum standards and transparency. The loss of this membership may undermine trust for some users, potentially driving them toward exchanges with more stable regulatory standings. This is especially relevant for larger investors seeking lower-risk platforms.

On the other hand, Onefinex’s details and its parent company, Tivan Rayan Tiam, are listed in Iran’s official gazette, indicating legal registration within the country. This formal registration provides a layer of domestic legitimacy for its operations.

Onefinex also complies with FATA regulations, including prohibiting KYC for foreign nationals at higher user levels and imposing a 72-hour withdrawal restriction on fiat and cryptocurrency withdrawals following deposits via the Shetab payment gateway. This restriction aligns with FATA’s directives. While compliance is necessary for legal operations in Iran, it simultaneously imposes limitations on users. For instance, the exclusion of foreign nationals from KYC means the exchange is exclusively for Iranian users, which may impact overall liquidity and trading volume. Additionally, the 72-hour withdrawal restriction directly affects time-sensitive trading strategies like arbitrage. This indicates that Onefinex operates within a specific legal framework that provides domestic security but introduces operational constraints.

Comprehensive Review of Onefinex’s Features and Services

Onefinex offers a range of features and services tailored to its users. Below is a detailed examination of these offerings.

Types of Trading and Advanced Trading Tools

Onefinex is a P2P exchange, allowing users to trade directly with one another. Additionally, it provides the ability to buy and sell cryptocurrencies instantly. These two market types—marketplace (instant buying/selling from the exchange) and peer-to-peer (buying/selling from other users)—cater to diverse user needs.

In terms of trading tools, users can place instant orders as well as limit orders at their desired prices. The platform also supports take-profit and stop-loss functionalities for trade management. These tools enable traders to exercise greater control over their trades and manage risks effectively. Onefinex supports both Toman (IRR) and Tether (USDT) trading markets, allowing users to trade using Iran’s national currency or a stablecoin.

The standard trading tools offered by Onefinex, such as instant and limit orders with take-profit and stop-loss, are sufficient for most retail and mid-level traders, meeting their basic trading needs. However, compared to larger and more established Iranian exchanges like Nobitex and Wallex, Onefinex appears limited in offering advanced tools. For example, Nobitex provides margin and futures trading, while Wallex offers automated trading bots. These advanced features are highly appealing to professional traders employing complex strategies. This disparity indicates that Onefinex may be more suitable for beginners or those focused on simple spot trading. For professional traders seeking sophisticated strategies, leverage, or automation, Onefinex may not meet their needs, potentially pushing them toward other platforms. This limitation in tools, particularly for arbitrage, which requires high speed, flexibility, and sometimes specialized tools, represents a notable weakness.

Supported Cryptocurrencies

Onefinex supports a significant number of cryptocurrencies, covering 213 different digital assets. This variety allows users to choose from a wide range of cryptocurrencies for trading.

These assets include well-known cryptocurrencies like Bitcoin and Ethereum, as well as meme coins, metaverse tokens, and popular fan tokens such as AC Milan, AS Roma, and Atlético Madrid. Support for fan tokens and meme coins can create appeal for a specific segment of the cryptocurrency community interested in emerging or high-growth assets.

The diversity of cryptocurrencies is crucial for traders, especially arbitrageurs, as it increases opportunities to identify price discrepancies. Onefinex’s support for 213 cryptocurrencies provides good variety, including niche categories like meme coins and fan tokens. This places it in a competitive position with domestic exchanges like Nobitex (over 150 cryptocurrencies) and Wallex (over 130), though it lags behind Bitpin (over 275) and Exonyx (over 300). In comparison, international exchanges like Coinex (over 1,300) and LBank (over 800) offer significantly broader selections. This indicates that Onefinex has a moderate performance in terms of asset variety among Iranian exchanges. Support for fan tokens and meme coins may attract a specific market segment, but for arbitrage, high-liquidity trading pairs (e.g., Bitcoin/Tether) are more critical, as they typically offer the highest trading volumes and the best arbitrage opportunities.

Additional Services and Incentive Programs

In addition to core trading services, Onefinex offers several supplementary services and incentive programs:

• Staking: Onefinex enables users to earn passive income through Tether (USDT) staking. Currently, only USDT is available for staking, but there are plans to support additional cryptocurrencies in the future. Staking allows users to lock their assets to earn profits, offering an option for passive income.

• Rewards and Bonuses: The platform offers specific missions and rewards for new users. For instance, it advertises a “register and receive 800 USDT bonus” campaign. However, this bonus is contingent on completing specific tasks, and only profits from trades using the bonus can be transferred to the main account; the bonus itself is not directly withdrawable. This approach transforms the reward from a “cash bonus” to a “trading credit.” Offering bonuses like “800 USDT” is a common marketing strategy to attract new users. However, the details indicate that the bonus is conditional on “specific tasks,” and the USDT itself is not withdrawable, with only “profits from trades” transferable. While such bonuses may appeal to beginners, they hold less value for professional traders seeking real capital for trading or arbitrage. This approach may manage user expectations but could be less effective in attracting serious traders looking for tangible benefits.

• Referral Program: Users can earn a percentage of their referred friends’ trading fees as a reward. This program encourages user growth and provides an additional income stream for active users.

Asset Management: Wallets, Deposits, and Withdrawals

Onefinex provides dedicated wallets for each user, enabling centralized management of cryptocurrencies within the platform.

For fiat deposits and withdrawals, deposits can be made using a unique identifier, and the support team can provide payment links. Minimum transaction thresholds are set at approximately 6 USDT for dollar-based trades and 370,000 IRR for Toman-based trades, making the platform accessible to retail investors.

One of the most critical aspects of asset management in Onefinex is the withdrawal restrictions due to domestic regulations. Like other Iranian exchanges, Onefinex requires KYC for P2P trading. Fiat and cryptocurrency withdrawal limits are determined based on KYC levels. Most significantly, there is a 72-hour withdrawal restriction on fiat and cryptocurrency withdrawals following deposits via the Shetab payment gateway, directly tied to FATA regulations. This 72-hour restriction poses a serious obstacle for arbitrage strategies, which rely on high-speed deposits and withdrawals. Even if an arbitrage opportunity is identified on Onefinex, this delay can eliminate profitability or lead to losses. This highlights the direct impact of domestic regulations on the exchange’s operations and users’ trading capabilities, marking a key difference between Iranian exchanges and many international ones, which often have fewer withdrawal restrictions.

User Interface (UI/UX) and Customer Support

Onefinex has focused on creating a simple and intuitive user interface. The platform’s environment and menus are uncluttered, with a straightforward design. Onefinex claims to guarantee “high security and an engaging user experience,” equipping investors with market data and diverse tools for informed decision-making. This simplicity can be appealing to beginners seeking a less complex platform.

In terms of mobile accessibility, Onefinex offers an Android app for quick and simple trading. However, there is currently no iOS app, and it is unclear whether one is planned. This limits accessibility for iOS users.

Customer support is a claimed strength of Onefinex. The exchange asserts it employs an experienced support team, with reviews indicating response times of 1 to 3 minutes and 24/7 availability. Rapid response times can significantly enhance the user experience, providing reassurance that issues will be addressed promptly.

However, a distinction must be made between claims and actual user experience in support and technical issues. Onefinex emphasizes “high security and an engaging user experience” and “experienced and responsive support in 1 to 3 minutes.” These are significant strengths. However, reports of “issues” requiring “careful review and up-to-date information before using the platform” and “temporary payment gateway outages” suggest that the user experience may not always be seamless. While rapid support response is a major advantage, recurring fundamental issues (e.g., payment gateway outages or systemic problems) mean that quick responses may only inform users of the issue rather than resolve it. For traders, especially in volatile markets, platform stability and uptime are far more critical than the speed of support responses. This discrepancy between claims of a “pleasant experience” and reported “issues” necessitates careful user scrutiny to ensure the platform’s operational reliability.

Security Measures and Asset Protection

Onefinex is committed to protecting users’ personal information, a fundamental principle in the cryptocurrency space.

To enhance security, if deemed necessary by Onefinex’s experts, users may be required to participate in a video call to verify their identity, adding an extra layer of protection against unauthorized access.

The most prominent security measure highlighted is the withdrawal restriction. Per directives from judicial authorities like FATA, cryptocurrency withdrawals are restricted for 72 working hours following deposits via the Shetab payment gateway. This is a regulatory security measure aimed at combating money laundering and terrorism financing (AML/CFT).

Security within the framework of legal restrictions is a critical aspect for Iranian exchanges. Onefinex’s security measures include protecting personal information and the option for video call verification, demonstrating efforts to enhance security. However, the most notable security feature, the 72-hour withdrawal restriction, is directly tied to “directives from judicial authorities like FATA.” This is a regulatory mandate rather than an innovation by the exchange itself. This indicates that security in Onefinex (and Iranian exchanges generally) is heavily influenced by governmental and judicial requirements. While this helps prevent money laundering and terrorism financing, it can also be perceived as a limitation on users’ operational freedom. For users, this means their security depends not only on the exchange’s technical protocols but also on the country’s regulatory framework.

Fee Structure and KYC Levels in Onefinex

Understanding the fee structure and KYC policies is essential for users, particularly professional traders.

Trading Fees: Transparency and Competitiveness

Onefinex’s trading fee structure varies based on user levels (VIP0 to VIP5) and trading volume. This tiered system offers fee discounts to users with higher trading volumes.

Fees for Toman-based trades range from 0.15% to 0.29%, while Tether-based trades range from 0.14% to 0.28%. This fee range places Onefinex in a competitive position among other domestic exchanges.

Regarding fee transparency, Onefinex charges no fees for deposits, which is an advantage for users. However, cryptocurrency withdrawal fees are not clearly specified, with the exchange stating they will be “announced soon.” This lack of transparency is a significant drawback. For arbitrageurs, whose profits often stem from small price differences, any hidden or unclear fees, particularly for withdrawals, can render their strategies ineffective. This lack of clarity creates a substantial operational risk for professional traders, making accurate profitability calculations for arbitrage impossible. This represents a serious weakness for Onefinex in attracting professional users.

Table 1: Onefinex Trading Fee Structure

Note: Exact volume thresholds for VIP levels are not specified in the provided snippets; this table is based on the stated fee ranges (0.15%–0.29% for Toman, 0.14%–0.28% for Tether). Users should refer to the exchange’s website for precise details.

Deposit and Withdrawal Fees

Onefinex does not charge fees for deposits (fiat or cryptocurrency), which can be effective in attracting users and encouraging asset inflows.

For cryptocurrency withdrawal fees, while network fees for withdrawals vary, Onefinex has stated that “additional withdrawal fees are not specified and will be announced soon.” This lack of transparency creates an operational risk for users, particularly those requiring frequent asset transfers.

For fiat withdrawal fees, specific details are not provided in the snippets, but withdrawal limits are tied to KYC levels, as discussed below.

KYC Levels and Restrictions

KYC (Know Your Customer) in cryptocurrency exchanges is a process to verify user identity, aimed at complying with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. This process helps protect users from fraud and theft while fostering trust and transparency in the cryptocurrency ecosystem. Onefinex mandates KYC for accessing its services.

Onefinex has three KYC levels, each granting access to more features and higher limits:

• Level 0: Activated with only an email and verification code. Allows unlimited cryptocurrency trading and deposits but no withdrawals (fiat or crypto). This level is primarily suitable for initial platform exploration and market observation.

• Level 1: Requires personal information, including name, national ID, date of birth, mobile number (registered to the user), and bank card and IBAN (registered to the user). A verification code is sent to the mobile number. Allows cryptocurrency withdrawals up to $300, fiat deposits up to 25 million IRR, and fiat withdrawals up to 50 million IRR. Cryptocurrency trading and deposits remain unlimited.

• Level 2: Requires a selfie with the national ID, bank card, and a handwritten commitment letter. Alternative identification documents (e.g., new birth certificate or passport) are acceptable. Allows cryptocurrency withdrawals up to $5,000, fiat deposits up to 25 million IRR (Shetab) + 200 million IRR (IBAN), and fiat withdrawals up to 200 million IRR. Cryptocurrency trading and deposits remain unlimited.

The KYC levels in Onefinex clearly indicate that without completing at least Level 1, users cannot make withdrawals, effectively pushing users toward KYC compliance. To access reasonable withdrawal limits (e.g., $5,000 in cryptocurrency and 200 million IRR in fiat), completing Level 2 is necessary. This structure compels users to provide personal and identification details, aligning with AML/CFT objectives. While KYC is essential for security and regulatory compliance, it may pose a barrier for users prioritizing privacy or disliking complex processes. However, for serious traders, it is a mandatory step to fully utilize the platform’s services. This also underscores that Onefinex, like other Iranian exchanges, operates under strict domestic regulatory oversight and cannot offer services without full KYC, distinguishing it from some international exchanges.

Table 2: Onefinex KYC Levels and Restrictions

Note: The 72-hour withdrawal restriction applies to all levels for funds deposited via the Shetab payment gateway.

Evaluating Onefinex’s Suitability for Arbitrage

Arbitrage is a trading strategy that seeks to exploit price discrepancies across markets. Assessing Onefinex’s suitability for arbitrage requires a thorough examination of several key factors.

Arbitrage in Cryptocurrency Markets and Its Requirements

Arbitrage involves capitalizing on price differences for an asset across different markets or within a single market over time. The goal is to achieve risk-free or low-risk profits from these price anomalies, which typically arise due to temporary market inefficiencies or liquidity differences between exchanges.

Successful arbitrage in the cryptocurrency market requires three key factors:

• Speed: The ability to execute trades quickly to capitalize on fleeting opportunities. Price discrepancies in cryptocurrency markets are often short-lived, requiring immediate action.

• Sufficient Liquidity: High trading volume to buy and sell significant asset quantities without significantly impacting prices (slippage). High liquidity ensures large orders can be executed quickly at near-market prices.

• Low Fees: Trading and deposit/withdrawal fees must be low enough to preserve profits from small price differences. Even a fraction of a percentage in fees can eliminate arbitrage profits.

• Cost Transparency: Complete and accurate knowledge of all transaction-related costs (including trading, deposit, and withdrawal fees) is essential for calculating profitability and managing risk.

Liquidity and Trading Volume in Onefinex: A Critical Factor for Arbitrage

The lack of data on Onefinex’s liquidity and trading volume poses a significant challenge in evaluating its suitability for arbitrage. Unfortunately, no direct information on daily trading volume or market depth is provided in the available snippets, representing a critical gap in assessing its arbitrage potential. In contrast, major global exchanges like Binance and Coinbase report trillion-dollar daily trading volumes, while Onefinex lacks such figures.

Low liquidity can have severe implications for arbitrage, leading to:

• High Slippage: In low-liquidity markets, executing larger orders may occur at significantly different prices than expected, eroding arbitrage profits. For instance, an arbitrageur attempting to buy a large amount of cryptocurrency quickly may need to execute orders at multiple higher price levels, reducing potential profits.

• Fewer Opportunities: In low-liquidity markets, exploitable price discrepancies are less frequent and more transient, meaning arbitrage opportunities are rare and disappear quickly.

• Difficulty in Entry and Exit: Entering and exiting arbitrage positions with high volumes becomes more challenging, as there may not be sufficient buyers or sellers to execute orders quickly.

The absence of liquidity data is the most significant barrier to evaluating Onefinex for arbitrage. The user explicitly asked about “Onefinex’s suitability for arbitrage,” and arbitrage heavily depends on high liquidity and substantial trading volume. However, none of the snippets provide information on Onefinex’s trading volume or market depth. This lack of data makes a precise assessment impossible. In contrast, exchanges like Nobitex highlight “high order volume and minimal price gaps with global markets” and “over 600,000 active users,” indicating acceptable liquidity. The absence of such data for Onefinex is itself a critical point. For an analyst, the lack of key data means a definitive recommendation cannot be provided. This suggests that users interested in arbitrage on Onefinex must empirically test liquidity and slippage in their target trading pairs with small volumes. This introduces an operational risk that must be considered.

Impact of Fees and Withdrawal Speed on Arbitrage Profitability

Fees and withdrawal speed are two other critical factors in determining arbitrage profitability.

• Trading Fees: Onefinex’s trading fees (0.14% to 0.29%) are competitive compared to other domestic exchanges (Nobitex: 0.13%–0.35%, Bitpin: up to 0.35%, Wallex: 0.1%–0.35%). However, for arbitrage, even a fraction of a percentage can make a difference. Arbitrageurs target small price differences, and high fees can easily eliminate these profits.

• Withdrawal Fees: As previously noted, Onefinex has not transparently specified additional cryptocurrency withdrawal fees, stating they will be “announced soon.” This lack of transparency makes accurate profitability calculations extremely difficult. Without knowing exact withdrawal costs, an arbitrageur cannot predict whether profits will remain after transferring assets to another exchange.

• 72-Hour Withdrawal Restriction: The most significant barrier to arbitrage on Onefinex is the 72-hour withdrawal restriction on cryptocurrency withdrawals following deposits via the Shetab payment gateway. This means that funds deposited via fiat are locked for 3 working days. Arbitrage often involves rapid asset transfers between exchanges to exploit price differences. The 72-hour restriction means that if an arbitrageur deposits fiat to Onefinex, they cannot immediately transfer cryptocurrencies to another exchange to capitalize on an arbitrage opportunity. This delay eliminates arbitrage opportunities, as price discrepancies in the cryptocurrency market are typically very short-lived. This restriction effectively makes inter-exchange arbitrage (involving transfers between Onefinex and other exchanges) impossible. The only feasible arbitrage type on Onefinex might be intra-exchange arbitrage (e.g., triangular arbitrage within Onefinex), which depends on sufficient liquidity and competitive internal trading fees. Even in such cases, if conversion to fiat and subsequent withdrawal is needed, the 72-hour restriction reemerges as a challenge.

Opportunities and Challenges for Arbitrage in Onefinex

Based on the factors discussed, the opportunities and challenges for arbitrage in Onefinex can be summarized as follows:

Opportunities:

• Supported Asset Variety: The availability of 213 cryptocurrencies can create opportunities for intra-exchange arbitrage (between different trading pairs within the exchange), provided price discrepancies and sufficient liquidity exist.

• Dedicated Wallets and Advanced Panel: These features can aid in asset management and order execution, which is useful for intra-exchange arbitrage.

Challenges:

• Lack of Transparency in Cryptocurrency Withdrawal Fees: This makes accurate profit calculations impossible, significantly increasing operational risk.

• 72-Hour Withdrawal Restriction: The primary obstacle for inter-exchange arbitrage, rendering it infeasible.

• Unspecified Liquidity: The absence of trading volume and market depth data increases slippage risk and complicates opportunity assessment.

• Youthful Platform: Onefinex’s short operational history may indicate lower liquidity and uncertain operational stability compared to larger exchanges.

• Domestic Legal Constraints: Compliance with FATA regulations (e.g., no KYC for foreign nationals) may reduce overall liquidity by limiting the potential user base.

Given these challenges, Onefinex is generally unsuitable for inter-exchange arbitrage due to the 72-hour withdrawal restriction and unclear withdrawal fees. Intra-exchange arbitrage may be feasible but requires cautious analysis of liquidity and slippage in target trading pairs.

For fast, precise, convenient, and profitable arbitrage in the cryptocurrency market, powerful tools are essential. Platforms like Soodjoo, with their intelligent and integrated capabilities, can address these challenges by providing real-time market analysis and automated trading, minimizing the complexities and speed-related issues of arbitrage.

Comparison of Onefinex with Other Cryptocurrency Exchanges

Choosing the right exchange requires a detailed comparison with other options in the market. This section compares Onefinex with leading domestic and international exchanges.

Comparison with Leading Iranian Exchanges (Nobitex, Bitpin, Wallex, OMPfinex, Exonyx)

Several Iranian exchanges are currently active, each with its own strengths and weaknesses. Below, Onefinex is compared with some of the most prominent ones:

Onefinex vs. Nobitex:

• History and User Base: Nobitex (founded 2017) with over 10 million users is significantly older and larger than Onefinex (founded 2023, 50,000 users). This vast difference in user base implies much higher liquidity in Nobitex, a major advantage for professional traders and arbitrageurs.

• Asset Variety: Nobitex supports over 150 cryptocurrencies (some sources claim 769), while Onefinex supports 213. Onefinex slightly outperforms in this area, but Nobitex still offers substantial variety.

• Fees: Nobitex’s trading fees (0.13%–0.35% for Toman, 0.06%–0.13% for Tether) are comparable to Onefinex (0.15%–0.29% for Toman, 0.14%–0.28% for Tether). Nobitex offers lower Tether fees at higher VIP levels, which is more attractive for high-volume traders.

• Features: Nobitex provides advanced features like margin trading, futures, staking, and yield farming, while Onefinex is limited to USDT staking.

• Security and UX: Both exchanges emphasize security (cold wallets, 2FA for Nobitex) and 24/7 support. Nobitex offers both iOS and Android apps, while Onefinex is Android-only. Nobitex experienced a hack in July 2024, indicating vulnerabilities even for major exchanges.

• Withdrawal Limits: Nobitex allows up to 500 million IRR (300 million fiat, 200 million crypto) daily withdrawals and 15 billion IRR in fiat withdrawals over the past 30 days, while Onefinex at Level 2 permits up to $5,000 in crypto and 200 million IRR in fiat.

Onefinex vs. Bitpin:

• History and User Base: Bitpin (founded 2020) with over 3 million users is older and larger than Onefinex (2023, 50,000 users).

• Asset Variety: Bitpin supports over 275 cryptocurrencies, surpassing Onefinex’s 213.

• Fees: Bitpin’s maximum trading fee is 0.35%, with zero fees for instant trades, giving it an edge over Onefinex’s 0.14%–0.29%.

• Features: Bitpin offers lending with crypto collateral, staking, P2P, and OTC trading, while Onefinex is limited to USDT staking. Bitpin provides both iOS and Android apps.

• Support and Liquidity: Both exchanges offer 24/7 support. Some Bitpin users report issues with wallets and lower liquidity compared to global exchanges, as well as higher crypto prices.

• KYC: Both require mandatory KYC.

Onefinex vs. Wallex:

• Year Founded and Asset Variety: Wallex (founded 2019) is older than Onefinex and supports over 130 cryptocurrencies (some sources claim 110+), compared to Onefinex’s 213.

• Fees: Wallex’s trading fees range from 0.1%–0.35%, with zero fees for instant trades, compared to Onefinex’s 0.14%–0.29%.

• Features: Wallex offers advanced features like margin trading (up to 10X), trading bots (Grid, Martingale, Infinity), advanced APIs, and dedicated cold wallets. Wallex provides both iOS and Android apps.

• Security and KYC: Both emphasize security (cold wallets, 2FA) and require mandatory KYC. Some Wallex users describe its KYC as “strict.”

• User Issues: Some Wallex users report transaction delays and account freezes.

Onefinex vs. OMPfinex and Exonyx:

• OMPFinex: Founded 2020, supports over 120 cryptocurrencies, 0.35% trading fees, offers margin trading, staking, lending, and trading bots. KYC is mandatory.

• Exonyx: Supports over 300 cryptocurrencies, offers easy and fast KYC, secure wallets, instant buying/selling, zero fees for USDT and TRON, and instant deposits to over 20 banks.

Onefinex occupies a mid-tier position among Iranian exchanges. It is neither the largest (like Nobitex or Bitpin) nor the most advanced in offering sophisticated features (like Nobitex or Wallex). Its asset variety is competitive but lags behind Bitpin and Exonyx. Its fees are competitive, but the lack of transparency in withdrawal fees is a significant drawback. Its youth also contrasts with the longer histories of competitors. This suggests that Onefinex must leverage its strengths, such as a simple UI, rapid support, and potentially focusing on niche user needs (e.g., fan tokens), to attract and retain users. For arbitrage, exchanges with higher liquidity and full fee transparency (e.g., Nobitex or Bitpin) may be more suitable, though the 72-hour withdrawal restriction remains a common challenge across Iranian exchanges.

Table 3: Comparison of Onefinex with Leading Iranian Exchanges

Comparison with International Exchanges Accessible to Iranians (Coinex, Toobit, LBank)

Using international exchanges poses specific challenges for Iranian users, primarily due to international sanctions.

Challenges for Iranian Users in International Exchanges:

• Sanctions and IP Restrictions: Many major global exchanges, such as Binance, prohibit services to Iranian users due to sanctions. Using VPNs to bypass these restrictions is common but carries the risk of account suspension, potentially leading to complete loss of funds.

• KYC Policies: Some international exchanges mandate KYC, which is problematic for Iranians with Iranian identification. Others offer optional KYC or accept Iranian IDs, but complexities remain.

• Fraud and Support Risks: Resolving issues with international exchanges is more challenging for Iranians due to limited access to legal recourse or local support.

Onefinex vs. Coinex:

• Asset Variety: Coinex supports over 1,300 cryptocurrencies, significantly surpassing Onefinex’s 213. This extensive variety provides more trading and arbitrage opportunities.

• Fee Structure: Coinex’s spot trading fees (0.1%–0.2% for VIP0 to VIP5) are competitive or lower than Onefinex’s (0.14%–0.29%), especially with CET discounts.

• KYC and IP Policies: Coinex does not mandate KYC for basic trading and reportedly allows verification with Iranian IDs. However, it restricts services based on IP for sanctioned regions (e.g., the US and Canada). It is unclear if Iran is directly included in IP restrictions, but VPN use is generally recommended for Iranians.

• Advanced Features: Coinex offers futures, margin trading, AMM, copy trading, and trading bots, which Onefinex lacks.

Onefinex vs. Toobit:

• No-KYC Policy: Toobit explicitly offers a no-KYC policy for trading, a significant advantage for Iranian users seeking privacy or bypassing KYC restrictions. However, accounts with Iranian IPs or suspicious activity may be blocked.

• Asset Variety: Toobit supports 313 cryptocurrencies, more than Onefinex.

• Features: Toobit supports spot, futures, copy trading, and trading bots.

• Security Considerations: Despite its no-KYC policy, Toobit claims high security with ISO 27001 certification and Proof of Reserves (PoR). However, some users report issues with 2FA and account recovery processes.

Onefinex vs. LBank:

• KYC and IP Acceptance: LBank allows trading without KYC and accepts Iranian IPs, a strong advantage for Iranian users. However, using a non-Iranian IP is recommended to avoid potential policy changes.

• Asset Variety: LBank supports over 800 cryptocurrencies, far exceeding Onefinex.

• Fees and Liquidity: LBank’s spot trading fee is 0.10% (maker and taker), lower than Onefinex’s. Some analyses question the accuracy of LBank’s reported trading volume, requiring further scrutiny.

• Features: LBank offers spot, margin, futures, staking, and ETF trading.

• User Experience: User feedback on LBank varies; some report withdrawal issues and fund losses, while others have positive experiences.

The hidden risks of international exchanges for Iranians are a determining factor. While exchanges like Coinex, Toobit, and LBank outperform Onefinex in terms of asset variety, fees, and advanced features (futures, margin), their use by Iranians carries significant risks. These include account suspension due to sanctions (even with VPNs), KYC-related challenges (if required), and difficulties in support and dispute resolution. This comparison highlights that choosing between a domestic exchange like Onefinex and international ones involves balancing domestic legal security (with operational limitations) and greater opportunities in global markets (with legal and security risks). For arbitrage, these risks can overshadow profitability and even lead to capital loss. This means that even if international exchanges offer more arbitrage opportunities, executing them for Iranian users is highly risky and requires extreme caution and full awareness of potential consequences.

Table 4: Comparison of Onefinex with International Exchanges Accessible to Iranians

Using Onefinex for Iranian Users and Key Recommendations

Onefinex is specifically designed and operates for Iranian users, but its use requires adherence to specific requirements and an understanding of its limitations.

KYC Requirements for Iranian Users in Onefinex

To access Onefinex’s full services, KYC is mandatory. The process involves three levels, each providing access to more features and higher limits. Users must upload accurate personal information, and any KYC violations are the user’s responsibility, with Onefinex reserving the right to suspend services.

Required documents include personal details, national ID, mobile number, and bank card registered to the user (for Level 1) and a selfie with ID, bank card, and a handwritten commitment letter (for Level 2). These requirements align with AML/CFT objectives.

A critical point is the exclusion of foreign nationals. Per FATA regulations, Onefinex does not allow foreign nationals to complete KYC or access higher-level services. This means Onefinex is exclusively for Iranian citizens, and only those with Iranian identification can fully utilize its services.

Legal and Operational Constraints for Iranian Users

One of the most significant constraints for Onefinex users is the 72-hour withdrawal restriction. This restriction applies after fiat deposits via the Shetab payment gateway, locking both fiat and cryptocurrency withdrawals for 72 working hours. This is a major legal consideration that directly impacts trading speed and flexibility, posing challenges for traders needing rapid capital movement.

Onefinex operates under FATA oversight, requiring strict compliance with AML/CFT regulations. This allows the exchange to operate legally within Iran’s regulatory framework.

The balance between domestic legal security and operational limitations is a key consideration for Iranian users. Onefinex, by fully complying with Iran’s domestic regulations, including FATA requirements and the exclusion of foreign nationals, provides a legally secure platform for Iranians, reducing risks associated with international sanctions. However, this compliance introduces operational limitations, such as the 72-hour withdrawal restriction, which impacts user experience and trading strategies. For Iranian users, domestic exchanges like Onefinex are legally safer, as they operate under Iran’s laws, offering protection against the risks of account freezes in international exchanges due to sanctions. However, this legal security comes with operational constraints that may be challenging for professional traders, particularly arbitrageurs.

Key Recommendations for Iranian Users in Choosing an Exchange

Selecting the right exchange, especially in Iran’s unique market conditions, requires thorough consideration. The following recommendations can assist Iranian users:

• Prioritize Needs: Users should first define their trading goals (e.g., speed, asset variety, advanced features, security, fees, privacy importance). Are you focused on daily trading, long-term investment, or arbitrage? Is simple buying and selling sufficient?

• Comprehensive Research and Comparison: Before choosing an exchange, compare it based on criteria such as fees (trading and withdrawal), liquidity, operational history, support quality, security measures, and KYC policies. The comparison tables provided in this report are a good starting point.

• Start with Low Capital: Especially with newer or less-known exchanges like Onefinex, start with minimal capital to familiarize yourself with the platform’s environment, performance, and stability under real conditions.

• Focus on Liquidity: For strategies like arbitrage, the exchange’s liquidity and market depth are critical. Low-liquidity exchanges can lead to high slippage, eliminating profits.

• Risk Management: Always be aware of the inherent risks in cryptocurrency investments and never invest more than you can afford to lose. The cryptocurrency market is highly volatile, with the potential for capital loss.

• Use 2FA and Cold Wallets: Enhance asset security by enabling two-factor authentication (2FA) for exchange accounts and storing the majority of assets in personal wallets (hardware or decentralized software). Cold wallets keep assets safe from online risks.

• Monitor Regulations: Regulations for exchanges and the broader cryptocurrency sector, both domestically and internationally, are constantly evolving. Users should periodically review these regulations to stay informed of changes that may impact their activities.

Conclusion and Final Recommendations

Onefinex, as a new player in Iran’s cryptocurrency market, strives to establish itself by offering localized services, a simple user interface, and rapid customer support. The exchange has specific strengths and weaknesses that users must carefully evaluate.

Summary of Onefinex’s Strengths and Weaknesses:

Strengths:

• Localized Platform Focused on Iranian Users: Onefinex is designed specifically for Iranians and operates in compliance with domestic regulations, reducing legal risks from international sanctions.

• Simple UI and 24/7 Support with Rapid Response: The platform’s straightforward design and responsive support (within 1–3 minutes) enhance the user experience for beginners and those seeking ease of use.

• Good Asset Variety: Support for 213 cryptocurrencies, including meme coins and fan tokens, provides diverse options for traders.

• Zero Deposit Fees: No fees for deposits is a competitive advantage to attract capital to the platform.

• USDT Staking and Incentive Programs: Passive income through USDT staking and reward programs can appeal to some users.

Weaknesses:

• Youthful Platform with Short History: Founded in 2023, Onefinex has a limited operational track record and lacks sufficient data to assess performance across various market conditions.

• Lack of Full Transparency in Crypto Withdrawal Fees: Unspecified withdrawal fees, with details to be “announced soon,” complicate accurate profitability calculations.

• 72-Hour Withdrawal Restriction After Fiat Deposits: This legal restriction is a major barrier for inter-exchange arbitrage and rapid capital movement.

• Unspecified Liquidity and Trading Volume: The absence of data on trading volume and market depth makes it impossible to assess suitability for high-volume trading or arbitrage.

• Lack of Advanced Trading Features: Compared to larger domestic and international exchanges, Onefinex lacks features like futures, margin trading, and advanced trading bots.

• Loss of Iran Blockchain Association Membership: Recent loss of membership raises questions about stability and adherence to industry standards.

Practical Recommendations for Traders and Investors:

• For Arbitrage: Due to the 72-hour withdrawal restriction after fiat deposits and unclear cryptocurrency withdrawal fees, Onefinex is not suitable for inter-exchange arbitrage strategies. This restriction eliminates arbitrage opportunities. For intra-exchange arbitrage (within Onefinex’s trading pairs), careful analysis of liquidity and slippage in target pairs is required.

• For Casual and Beginner Users: Onefinex can be suitable for simple cryptocurrency buying and selling with fiat or Tether, particularly for beginners seeking a user-friendly interface and responsive support, provided they are comfortable with its withdrawal restrictions and KYC requirements.

• Risk Management: Always diversify assets across multiple exchanges and store the majority in personal cold wallets to reduce the risk of centralized platform exposure.

• Caution with International Exchanges: If considering international exchanges, Iranian users must be aware of risks from sanctions, potential account freezes, and difficulties in support and dispute resolution. Always use reliable, consistent VPNs.

Ultimately, choosing the right exchange depends on each user’s needs, experience level, and risk tolerance. Onefinex can be a viable option for Iranian users entering the cryptocurrency market, but it has significant limitations for professional activities and complex strategies like arbitrage, which require careful consideration.