1. Introduction: The Position of Sarmayex Exchange in Iran's Digital Currency Ecosystem

Sarmayex Exchange (Sarmayex) is recognized as one of the pioneers and established platforms in the field of buying and selling digital currencies for Iranian users. This entity began its operations with the goal of facilitating Iranians' access to the growing digital currency market. The digital currency market in Iran has experienced significant growth in recent years, and domestic exchanges play a pivotal role in this emerging space.

1.1. Introduction and History of Sarmayex Exchange

Sarmayex started its operations in 1396 (2017 AD) under the initial name "Arzjoo". This platform changed its name to "Sarmayex" in 1400 (2021 AD). The owner and founder of this platform is Ehsan Motalebi. The central office of Sarmayex is located in Tehran, Shahrak-e Gharb, Ivanak Street, Ostad Shajarian Street, Street 15, and it also provides in-person services with prior coordination.

This name change from "Arzjoo" to "Sarmayex" is a notable strategic move. Investigations show that "Arzjoo" was targeted by a major cyber attack in Shahrivar 1398 (2019 AD). This rebranding after such a significant security incident indicates a conscious effort to rebuild user trust and separate the new identity from the negative history associated with the previous security breach. This highlights the necessity of flexibility and quick response in facing security challenges in the high-risk space of digital currencies, especially in a market like Iran that faces international restrictions. The survival of the main entity (which has been operating since 1391) despite a major security attack and rebranding demonstrates stability and adaptability in the volatile and challenging environment of Iran's cryptocurrencies. This also implies that exchanges in this environment must be highly sensitive to crisis events and public perception.

Sarmayex Exchange, with over 550,000 active users, manages a significant volume of transactions and has registered more than 35 million trades. These statistics indicate the considerable operational scale of Sarmayex in Iran's domestic market.

1.2. Key Services and Capabilities

Sarmayex offers a dual trading ecosystem that supports both over-the-counter (OTC) trades and a professional peer-to-peer (P2P) trading market. This approach allows the exchange to cover a wide range of users, from beginners seeking simplicity in buying and selling to professional traders needing more advanced tools.

One of the standout strengths of Sarmayex is its extensive support for a large number of digital currencies. Various sources report the number of tradable cryptocurrencies on this exchange as "more than 700 cryptocurrencies" to "more than 745 cryptocurrencies". This high diversity for a domestic exchange is considered a significant competitive advantage and allows users to invest in a wide range of digital assets.

In addition to core trading capabilities, Sarmayex also offers other key features:

• User Interface: The exchange's user interface is simple and localized. This design simplicity helps users easily navigate the platform and conduct their transactions.

• Dedicated Wallet: Sarmayex provides a dedicated and secure wallet for storing users' digital assets. This wallet is of the cold storage type, which ensures high security for the assets. The Sarmayex wallet is also introduced as the first Iranian Bitcoin wallet that enables instant and fee-free conversion of Bitcoin balance to Iranian Rials for users.

• 24/7 Support: The exchange offers 24/7 support through online chat, phone (02191016660 and 02191070060), and email ([email protected]). This constant access to support is vital for resolving issues and answering questions in the volatile digital currency market. Additionally, in-person visits for buying, selling, and consultations are possible with prior coordination. However, Sarmayex has explicitly stated that it does not provide support services through messaging apps or social networks.

• Staking: Sarmayex also provides cryptocurrency staking services to its users. In this method, users can lock their cryptocurrencies in a smart contract and receive periodic rewards in return. The profit rate varies depending on the type of cryptocurrency and the staking duration. This feature allows users to earn profits while holding their assets.

• Mobile Application: Sarmayex's dedicated app for the Android operating system is available, providing easy access to the exchange's services. This app enables quick and easy registration and identity verification for both beginner and professional users.

• Pre-Launch Market: Sarmayex also provides access to the pre-launch market for currencies, which can create new opportunities for users.

• Membership in Iran's Blockchain Association: Sarmayex Exchange is a member of Iran's Blockchain Association. This membership can help enhance the exchange's domestic credibility.

The combination of a simple user interface for beginners (OTC, localized interface) with extensive asset selection and advanced features like P2P trading and staking demonstrates a smart strategy. This approach helps the exchange attract a diverse range of users, from novices seeking easy market entry to experienced traders looking for more options and passive income opportunities. This indicates the maturity of the domestic market, where exchanges are moving beyond basic buy and sell functions and offering more complex financial products. By striving to serve both user groups, Sarmayex aims to maximize its penetration in the Iranian market, reflecting strategic adaptation to the diverse needs of local market participants.

1.3. Support and Communication Channels

As mentioned, Sarmayex provides 24/7 support through the online support system on the website and mobile app, phone support (02191016660 / 02191070060), and email support ([email protected]). This breadth of communication channels gives users peace of mind that they can quickly contact the support team in case of any issues or questions. Additionally, in-person consultations and buying/selling at the central office in Tehran are available with prior coordination.

A notable point is that Sarmayex has explicitly stated that it does not provide support services through messaging applications or social networks. This decision, while it may seem unusual at first glance, could indicate a deliberate choice to centralize communications and increase control over official channels, perhaps due to security reasons or compliance with specific local regulations in Iran.

Given the international sanctions against Iran, Iranian users often face significant barriers in accessing global digital currency platforms. In such circumstances, strong and localized support becomes a critical factor in building trust and confidence in the domestic market. The lack of support through social networks, while potentially unconventional for a modern exchange, may be an intentional choice to centralize communications for better control, enhanced security, or adherence to specific local regulations regarding public communication channels. This emphasizes that the operational environment for Iranian exchanges is unique. Strong local customer services and the possibility of physical presence (even by appointment) are essential to compensate for the lack of global platform alternatives and to strengthen user trust in a domestic ecosystem that may face specific regulatory or security challenges. This shows that operational decisions are heavily influenced by the geopolitical context and the need to build trust in a local ecosystem.

2. Fee Structure at Sarmayex Exchange: Comprehensive Analysis

Understanding the fee structure is of high importance for any user intending to operate on a digital currency exchange. Fees can directly impact the profitability of trades, especially for active traders. Sarmayex, like other exchanges, has its own specific fee structure, which will be examined in detail below.

2.1. Trading Fees (OTC and Professional Market)

Sarmayex Exchange applies different fee structures for various types of trades:

• Professional Trading Market (P2P): In the professional trading market where trades are conducted peer-to-peer (P2P), a fixed fee of 0.3% of the trade volume is charged. This amount is the same for both parties to the trade (maker and taker).

• OTC Trades: For OTC trades or instant buying and selling, Sarmayex claims that it does not charge "direct fees". In this method, the exchange's revenue is generated through the "spread", which is the difference between the buying and selling prices of digital currencies in this section.

However, inconsistencies are observed in the available data that require more detailed examination. While multiple sources consistently mention the 0.3% fee for the professional market, another source states that Sarmayex "has not provided any information regarding spot trading fees to users" and also explicitly states that "futures trading is not possible on Sarmayex Exchange". This contradiction in official information and third-party reports can be confusing for users.

Additionally, user reviews present a different picture of fees. One user review explicitly complains about "horrific fees" for withdrawing some cryptocurrencies at rates of 10 to 35 percent. This directly contradicts the 0.3% trading fee announced and the claim of "0% cryptocurrency transaction fee" in some sources.

This inconsistency between the fees announced by the exchange and the experiences reported by users, along with conflicting information in various sources, indicates a lack of transparency in Sarmayex's fee structure. This situation can severely undermine user trust and lead to unexpected costs for them. If systematic, this practice could be perceived as a profiteering approach, as users are attracted by apparently low base fees but face much higher costs in critical operations like withdrawals. This creates a significant risk for users and damages the exchange's long-term reputation.

2.2. Fiat Deposit and Withdrawal Fees

• Fiat Deposits: Depositing Iranian Rials (IRR) to Sarmayex accounts is announced as free. The minimum deposit amount is also 100,000 Tomans. For rial deposits exceeding 25 million Tomans in a 24-hour period, users are required to use the "offline payment" method. This requirement for large amounts may indicate security protocols or domestic banking regulations that the exchange must comply with.

• Fiat Withdrawals: Rial withdrawal fees are tiered based on the withdrawal amount:

  • Withdrawals less than 500,000 Tomans: 1% fee.

  • Withdrawals between 500,000 Tomans and 50 million Tomans: Fixed fee of 5,000 Tomans.

  • Withdrawals over 50 million Tomans: 5,000 Tomans fee per 50 million Tomans.

Another source generally states the rial withdrawal fee as 1%, which provides less detail compared to the tiered structure provided by the other.

2.3. Cryptocurrency Deposit and Withdrawal Fees

• Cryptocurrency Deposits: Sarmayex officially claims a 0% fee for cryptocurrency transactions. This means the amount deposited to the Sarmayex wallet is exactly the amount sent from the origin.

• Cryptocurrency Withdrawals: Regarding cryptocurrency withdrawals, although there is a claim of 0% fee, another source mentions that "network fees for cryptocurrency withdrawals are sometimes high". These fees relate to the blockchain network and are not set by the exchange.

• Minimum Amounts: Minimum deposit and withdrawal amounts for each cryptocurrency vary depending on the type of digital currency and the blockchain transfer network used. For example, the minimum deposit for Tether (USDT) on the TRC-20 network is 5 units. Sarmayex supports various networks for Tether deposits and withdrawals, including Tron (TRC-20), Ethereum (ERC-20), and Binance Smart Chain (BEP20). Additionally, the Arbitrum network is specifically supported for Tether withdrawals.

• User Experiences: As previously mentioned, user reviews report highly variable and "horrific" fees for withdrawing some cryptocurrencies, with rates of 10 to 35 percent, which directly challenges the exchange's claim of 0% fees.

The diverse fee structure and specific requirements for large rial deposits indicate the exchange's hybrid revenue model. Using "spread" for OTC trades and fixed fees for the P2P market allows the exchange to serve different market segments (beginner users who prefer simplicity and advanced traders seeking transparent fees). The requirement for "offline payment" for large rial deposits is not only an operational detail but likely a mechanism to comply with local banking regulations and anti-money laundering (AML) laws in Iran, which often impose strict oversight on large financial transactions. This shows how domestic exchanges must adapt their business models to local financial regulations, manage rial liquidity, and ensure compliance, which can significantly differ from international practices. This highlights the unique challenges and adaptations required for cryptocurrency businesses operating within specific national financial frameworks.

Table 1: Comparison of Sarmayex Trading Fees with Domestic and International Exchanges

Note: Futures fees on international exchanges are usually different and often include maker/taker fees and funding fees. Iranian exchanges generally do not offer futures trading. Accurate and up-to-date fees should always be checked on each exchange's official website.

3. Credibility and Security of Sarmayex Exchange

Credibility and security are two critical factors in choosing a digital currency exchange. These factors directly impact user trust and the protection of their assets.

3.1. Credibility and Operational History

Sarmayex began its operations in 1396 (2017 AD), making it one of the older platforms in Iran's digital currency market. This relatively long history can be a sign of stability and experience in this nascent industry. The CEO of Sarmayex, Ehsan Motalebi, and other key members are introduced on the "About Us" page. Additionally, the exchange is a member of Iran's Blockchain Association.

However, evaluations of credibility vary. One source notes that for an exchange to achieve a good score in credibility, it must have two important indicators: first, having regulation (supervisory license), and second, a suitable operational resume. Given Sarmayex's lack of regulation and its "average" activity resume, it cannot be assigned a very high score in credibility. This source also assigns a score of 5 out of 10 to Sarmayex.

Based on 16 user reviews, Sarmayex has earned a score of 2.6 out of 5. This relatively low score indicates significant user dissatisfaction. Over 90% of user reviews report negative experiences. Common complaints include:

• Delays in Fiat Withdrawals: Users report that rial withdrawals are delayed, citing police regulations as the reason, while other exchanges like Nobitex and Wallex do not impose such restrictions.

• Cryptocurrency Withdrawal Issues: It is claimed that cryptocurrency withdrawals to Iranian exchange addresses are problematic and only foreign addresses are supported, with delays in processing withdrawals.

• High Fees: Some users complain about "horrific" fees for withdrawing some cryptocurrencies (10-35%).

• Fund Freezing: Users' funds are frozen for 72 hours after the first purchase and cannot be traded, which in a volatile market is considered unreasonable and inappropriate.

• Slow Transaction Speeds: Delays in transaction processing, sometimes up to 14 hours, leading to losses due to price changes.

• Poor Phone Support: The phone support system is sometimes unresponsive.

• Feeling "Trapped": The general user sentiment is that they have been "trapped" or "scammed" by the exchange.

Additionally, there is another contradiction regarding Sarmayex's membership in Iran's Computer Trade Union Organization. While Sarmayex claims that its parent company, "Cheeta Afraz", is a member of this organization, investigations show that "Cheeta Afraz"'s membership expired in 1387 (2008 AD). This conflicting information can negatively impact the exchange's credibility.

3.2. Exchange Security

Sarmayex employs various security measures to protect users' assets and information:

• Cold Wallet: The exchange uses cold wallets to store the majority of users' digital assets. This method keeps assets away from online threats.

• Two-Factor Authentication (2FA): Sarmayex provides two-factor authentication via email or mobile number. However, one mentioned drawback of the exchange is "lack of support for two-factor authentication with Google Authenticator", which is a common security standard in international exchanges.

• HTTPS Protocol: The Sarmayex website uses the HTTPS protocol, indicating secure and encrypted communication.

• Security History: As previously mentioned, the previous platform of Sarmayex (Arzjoo) was targeted by a major hacking attack in 1398 (2019 AD). Although the name change may be an effort to move past this history, this event is notable in the exchange's security record.

Overall, while Sarmayex has been operating for several years and offers a wide range of cryptocurrencies and services, the significant number of negative user reviews and contradictions regarding membership in the trade union raise concerns about its reliability and user experience. This emphasizes the importance of thoroughly reviewing user experiences rather than relying solely on the exchange's official claims.

4. Registration and Identity Verification Conditions on Sarmayex Exchange

The registration and Know Your Customer (KYC) process on Sarmayex Exchange is designed to comply with regulations and enhance user security. This process is divided into three levels, each providing access to different features and services.

4.1. Registration Steps (Creating Level Zero Account)

1. Access the Registration Page: The simplest way to start is to visit the website sarmayex.com and select the "Login / Register" option from the main menu at the top of the page.

2. Enter Mobile Number: The user must enter their mobile number. The minimum age for using Sarmayex services is 18 years. At this stage, there is also the option to enter an invitation code from friends or acquaintances, which is optional.

3. Verify Mobile Number with OTP Code: A verification code (OTP) is sent to the user's mobile number, which must be entered in the relevant section.

4. Choose Password: The user must select a password for their account and re-enter it for confirmation. The password must be at least 8 characters, including one lowercase letter, one uppercase letter, and numbers. Adhering to these requirements increases account security.

5. Complete Registration: After entering the code and selecting the password, by clicking "Confirm", the level zero user account is successfully created.

4.2. Identity Verification Steps (Creating Level One Account)

After creating a level zero account, the user can upgrade their account level for access to more features. This identity verification process is designed in 4 steps:

1. Select Nationality: In the first step, the user must select their nationality. If they are foreign nationals, they must check the relevant box; otherwise, select "Confirm and Continue".

2. Enter National ID and Date of Birth: In the second step, the user must enter their national ID and date of birth.

   • Required Documents: Required identity documents may include national ID card, national ID request form, military service completion card, or driver's license.

3. Verify National ID Image: If the uploaded image is approved, a confirmation message is displayed.

4. Enter Valid Email: Next, a valid email address to which the user has "instant access" is required.

5. Verify Email: In the fourth step, the user must verify the entered email. This is done by entering a 6-digit code sent to the email.

After entering all information, the level one identity verification is completed, and the user account status changes to "Under Review". After approval of the information by the support team, the user gains access to level one features, including instant buying and selling, in addition to level zero features. If there is any deficiency in the documents, the user will be notified.

Note for Foreign Nationals: If the user is a foreign national, they must upload an image of their passport and Amayesh card for level one identity verification.

4.3. Identity Verification Steps (Creating Level Two Account)

Users can perform level two identity verification to upgrade their user level and access more services.

1. Selfie Verification: If intending to use a selfie for identity verification, the user must clearly and legibly write the following text on a piece of paper: "I, [Your Full Name], with national ID [Your National ID], having studied and confirmed all the rules for using the Sarmayex website, have provided the necessary documents for identity verification on the site and commit that the user account and deposited amounts belong to me, and I will not allow any other person to use it, and it is solely for my personal buying and selling on the Sarmayex website. [Today's Date][Signature]."

2. Then, place their identification card below the text on the paper and take a photo of themselves.

After successfully completing level two identity verification, a success message is displayed. Upon receiving a confirmation message from the experts, the registration and identity verification steps are complete, and the user will have full access to all sections of the website and can buy and sell hundreds of diverse digital currencies without restrictions.

4.4. Identity Verification Processing Time

The article related to the registration and identity verification guide states that this process is designed for quick completion and takes only a few minutes. However, the exact time for review and approval by the support team for level one and level two identity verification is not specified. But another source announces the maximum processing time for identity verification requests as "one hour".

4.5. Countries to Which Sarmayex Does Not Provide Services

Based on the text of Sarmayex's terms and conditions and its help center, no specific country or region prohibited from using Sarmayex services is explicitly mentioned. This document emphasizes compliance with the laws of the Islamic Republic of Iran and the user's responsibility within that framework. Given that Sarmayex is an Iranian brokerage, its main services are focused on Iranian users and does not sanction Iran. This indicates that domestic exchanges are primarily designed to serve the local community, and international restrictions more affect the entry of foreign users rather than prohibiting domestic users.

5. Review of Sarmayex Exchange for Arbitrage

Arbitrage is a profit-making strategy in financial markets where a trader buys an asset (such as a digital currency) from one market at a lower price and simultaneously sells it in another market at a higher price. Profit is derived from price differences. Success in arbitrage depends on speed, accuracy, and access to liquidity across multiple exchanges.

5.1. Requirements for Successful Arbitrage

For profitable arbitrage, a fast, accurate, and professional service that can identify and execute arbitrage opportunities across a large number of exchanges is needed. The most important requirements include:

• Execution Speed: Price differences are usually very small and fleeting. Therefore, high speed in identifying opportunities and simultaneously executing trades across different exchanges is crucial. Delays in order execution, withdrawal or deposit restrictions, blockchain network delays, and even technical issues on trading platforms can cause arbitrage failure or delay.

• Low Fees: Cryptocurrency transfer costs between exchanges and trading fees can eliminate potential arbitrage profits or make the trade entirely worthless.

• Sufficient Liquidity: To achieve significant profits from arbitrage, a large amount of initial capital is needed, as price discrepancies are usually very small (e.g., less than 1%).

• Access to Multiple Exchanges: The ability to trade on multiple exchanges to find price differences is essential.

5.2. Evaluation of Sarmayex for Arbitrage

Given Sarmayex's features, its potential for arbitrage can be examined:

• Support for Diverse Cryptocurrencies: Sarmayex supports over 700 cryptocurrencies. This high diversity can provide more opportunities for arbitrage in various currency pairs.

• Fees: The fixed 0.3% fee for professional market trades, compared to some international exchanges with lower fees, may be challenging for low-margin arbitrages. More importantly, user reports of high 10-35% fees for withdrawing some cryptocurrencies pose a serious barrier to inter-exchange arbitrage, as these fees can easily wipe out arbitrage profits.

• Settlement and Withdrawal Speed: Sarmayex claims "instant" rial settlement, but details of rial withdrawal scheduling based on Paya cycles (11 AM to 1 PM, 4 to 6 PM, 4 to 6 AM the next day) indicate that settlement is not entirely instant and can take several hours or even a business day. For cryptocurrency withdrawals, although there is a claim of 0% transaction fee, the 72-hour delay in first trades due to legal requirements and reported delays in cryptocurrency withdrawals can be a major obstacle for arbitrage that requires high speed.

• Trading Volume and Liquidity: One source notes that "less than one hundredth of a percent of the total market trading volume occurs on Sarmayex Exchange". This relatively low trading volume can mean lower liquidity compared to larger exchanges, making large-scale arbitrages difficult.

• Limitations: Limitations in advanced order placement for professional traders and low capacity for processing high trading volumes during peak times are also drawbacks that can negatively impact arbitrage potential.

Overall, given the variable and potentially high cryptocurrency withdrawal fees, reported settlement delays, and relatively low trading volume, Sarmayex alone may not be an ideal platform for profitable and fast arbitrages. Successful arbitrage requires an environment with very low fees, high execution speed, and deep liquidity, where Sarmayex faces challenges in some aspects.

5.3. Smart Platforms for Arbitrage (Arbitrage Bots)

To overcome challenges of speed and accuracy in arbitrage, especially in the highly volatile cryptocurrency market, using precise, intelligent, and fast platforms like arbitrage bots is essential. These bots automatically identify arbitrage opportunities and execute trades.

Features of a Smart Arbitrage Platform:

• Integration with Multiple Exchanges: An efficient arbitrage bot must integrate with multiple leading and popular cryptocurrency exchanges and support hundreds of currency pairs. This allows the user to trade multiple currency pairs simultaneously across several exchanges.

• Profitable Rate Search Algorithm: The bot must have advanced algorithms to identify small price differences (e.g., from 0.2% of the main trade amount) and only execute profitable transactions. These bots can analyze dozens of potential trades per second.

• Intuitive User Interface: An intuitive web user interface and comprehensive dashboard displaying trade history, cryptocurrency rates, and total balance is essential for easy management.

• Risk Management: Arbitrage bots should allow users to manage risks by setting parameters such as minimum and maximum profitability percentages, trade amount, and minimum balance. The bot only executes trades that match the set parameters.

• Two-Factor Authentication: For security, the platform should support two-factor authentication with Google Authenticator.

• No Limit on Number of Trades: The bot should be able to execute an unlimited number of trades.

By using such smart platforms, traders can profit from market inefficiencies and price differences between exchanges, even if these differences are very small. These platforms allow traders to enter trades at the right time without manual intervention. Although these types of trades can be profitable, they require technical knowledge, suitable infrastructure, sufficient capital, and a precise understanding of hidden risks.

6. Comparison of Sarmayex Exchange with Domestic Iranian Exchanges

Comparing Sarmayex with other domestic Iranian exchanges helps better understand its position, advantages, and disadvantages in the local ecosystem. Below, Sarmayex is compared with two prominent domestic exchanges, Nobitex and Wallex.

6.1. Sarmayex vs. Nobitex

Nobitex is one of the largest and most well-known cryptocurrency exchanges in Iran.

• History and Users: Nobitex began operations in Tir 1396. Sarmayex also started in the same year (1396) under the name Arzjoo. Nobitex, like Sarmayex, offers OTC buying and selling and professional Tether and Toman P2P markets.

• Number of Cryptocurrencies: Sarmayex supports about 700 to 745 digital currencies. Nobitex also supports a large number of currencies, but the exact number is not mentioned in available sources for direct comparison with Sarmayex.

• Trading Fees:

  • Sarmayex: Fixed 0.3% fee in the professional market.

  • Nobitex: Trading fees vary tiered based on the user's 30-day trading volume from 0.2% to 0.35%. For trading volumes less than 10 million Tomans, the fee is 0.35%, which is higher than Sarmayex's fixed fee, but for higher volumes, Nobitex fees decrease and can reach 0.2%. This tiered structure can be more attractive for high-volume traders.

• Fiat Deposit and Withdrawal Fees:

  • Sarmayex: Free rial deposits. Tiered rial withdrawals (1% up to 500 thousand Tomans, fixed 5000 Tomans for higher amounts).

  • Nobitex: Free rial deposits. Rial withdrawals 1% with a cap of 4000 Tomans. For amounts above 400 thousand Tomans, fixed fee of 4000 Tomans. This structure can be cheaper compared to Sarmayex, which charges 5000 Tomans per 50 million Tomans for amounts above 50 million Tomans.

• Cryptocurrency Deposit and Withdrawal Fees:

  • Sarmayex: 0% crypto deposits (only network cost). 0% crypto withdrawals (only network cost), but user reports of high 10-35% fees.

  • Nobitex: 0% crypto deposits. Crypto withdrawal fees variable depending on the cryptocurrency type (e.g., 0.00025 Bitcoin for Bitcoin).

• Advanced Features:

  • Sarmayex: Advanced staking system, pre-launch currency market, 9 user levels with various benefits.

  • Nobitex: Committed buying and selling (leveraged trading), which is a major advantage for professional traders that Sarmayex does not offer. Nobitex also offers Tether and Bitcoin markets.

• Security and Support: Both exchanges have 24/7 support. Nobitex was targeted by a hacking attack in Tir 1404, but initial access has been restored. Sarmayex also has a history of hacking attack on its previous platform (Arzjoo).

• Mobile Application: Sarmayex has an Android app, and Nobitex also offers a mobile app. Sarmayex currently does not have an iOS app.

Overall, Nobitex, with committed trades and tiered fee structure for high volumes, may be more attractive for professional traders. Sarmayex has its own specific advantages with more cryptocurrencies and its staking system. Reports on user experience and withdrawal fees at Sarmayex can be a weakness compared to Nobitex.

6.2. Sarmayex vs. Wallex

Wallex is another reputable and popular exchange in Iran's cryptocurrency market.

• Number of Cryptocurrencies: Sarmayex supports nearly 750 digital currencies. Wallex also supports 150+ diverse coins and offers advanced trading markets with 130+ markets in Toman and Tether base markets. In this regard, Sarmayex has more diversity in the number of coins.

• Trading Fees:

  • Sarmayex: Fixed 0.3% fee in the professional market.

  • Wallex: Trading fees are calculated based on 30-day trading volume in each market (Toman or USDT). For instant trades, Wallex charges no fee. Wallex trading bot fee is 0.1% for Toman markets and 0.05% for USDT markets.

• Fiat Deposit and Withdrawal Fees:

  • Sarmayex: Free rial deposits. Tiered rial withdrawals.

  • Wallex: Rial deposits via payment gateway 0.02% (max 4000 Tomans). For deposits above 25 million Tomans with identifier, 0.01% fee is deducted. Rial withdrawals are done in four daily cycles, and settlement time can take up to 24 hours on holidays.

• Cryptocurrency Deposit and Withdrawal Fees:

  • Sarmayex: 0% crypto deposits (only network cost). 0% crypto withdrawals (only network cost), but user reports of high 10-35% fees.

  • Wallex: 0% crypto deposits (only network cost). Crypto withdrawal fees variable depending on cryptocurrency type and network cost.

• Advanced Features:

  • Sarmayex: Advanced staking system, pre-launch currency market, 9 user levels.

  • Wallex: Advanced trading markets with currency analysis charts, committed trading (Margin Trading) with up to 10X leverage, instant buying and selling, various free trading bots, and trading credit up to 400 million Tomans. Wallex's committed trading feature is a big advantage over Sarmayex, which lacks this capability. Wallex also uses advanced security shields and two-factor authentication.

• Identity Verification: Wallex has a quick identity verification process that takes only 5 minutes. Sarmayex also claims identity verification in a few minutes, but the exact approval time by support is not specified.

• User Experience: User reviews about Wallex are also varied, with some criticizing Wallex's "trading schemes" and describing them as "theft".

Overall, Wallex provides more advanced facilities for professional traders with committed trades and trading bots. Sarmayex can be more attractive for long-term investors with more diversity in cryptocurrencies and staking system. In terms of fees and settlement speed, both exchanges have their strengths and weaknesses, and user experiences in both have raised concerns.

6.3. Sarmayex vs. Ramzinex

Ramzinex is another well-known exchange in Iran with its own competitive features.

• Number of Cryptocurrencies: Sarmayex supports over 700 cryptocurrencies. Ramzinex also supports over 200 cryptocurrencies, in which Sarmayex offers more diversity.

• Trading Fees:

  • Sarmayex: Fixed 0.3% fee in the professional market.

  • Ramzinex: Trading fees vary based on the user's 30-day trading volume and order type (maker/taker). For low volumes (less than 100 million Tomans), maker fee 0.2% and taker 0.25%. For higher volumes, fees decrease and can reach 0.07% for maker and 0.12% for taker. This tiered structure and maker/taker differentiation, especially for makers, can be more attractive than Sarmayex.

• Fiat Deposit and Withdrawal Fees:

  • Sarmayex: Free rial deposits. Tiered rial withdrawals.

  • Ramzinex: Rial deposit fee via payment gateway 0.02% (max 4000 Tomans). Rial withdrawal fee 0.1% with min 4000 Tomans and max 9500 Tomans per 100 million Tomans.

• Cryptocurrency Deposit and Withdrawal Fees:

  • Sarmayex: 0% crypto deposits (only network cost). 0% crypto withdrawals (only network cost), but user reports of high 10-35% fees.

  • Ramzinex: 0% crypto deposits (only network cost). Crypto withdrawal fees variable and depending on blockchain network cost. Ramzinex claims no fees for crypto deposits and withdrawals, with all costs related to the blockchain network.

• Settlement Speed:

  • Sarmayex: Rial withdrawals based on Paya cycles (several hours to next day). 72-hour delay in first trades.

  • Ramzinex: Rial withdrawals can be instant (less than one hour via Parsian Bank) or through Paya cycles. Crypto transactions are instant.

• Other Features: Ramzinex offers diverse tools for professional trading experience, including Spot Grid Bot and support for professional trading tools like Stop Loss. Also, possibility to create cryptocurrency gift cards and a profit and loss calculation panel.

Given the more competitive fee structure for makers and more advanced features like grid bots and faster rial trades, Ramzinex may have more appeal for some traders. Sarmayex with more diversity in cryptocurrencies and staking system, still has advantages for long-term investors.

7. Comparison of Sarmayex Exchange with International Exchanges

Comparing domestic exchanges like Sarmayex with large international exchanges is more complex due to fundamental differences in access and regulations. The main difference is the restrictions due to sanctions for Iranian users on international exchanges.

7.1. Sarmayex vs. Binance

Binance is the world's largest cryptocurrency exchange in terms of trading volume and number of users.

• Access for Iranians: Due to sanctions, Binance does not provide services to Iranian users, and KYC is mandatory for full access to its services. In contrast, Sarmayex is an Iranian exchange specifically designed for Iranian users.

• Number of Cryptocurrencies: Binance supports over 350 cryptocurrencies for global users and over 160 for Binance.US users. Sarmayex also offers over 700 cryptocurrencies.

• Spot Trading Fees:

  • Sarmayex: Fixed 0.3% fee in the professional market.

  • Binance: Spot fees for regular users are 0.1%. This fee can be reduced by up to 25% by holding and paying with BNB (Binance's native token). Binance also has a tiered fee structure based on 30-day trading volume and VIP level, which can reduce fees to 0.02% for the highest levels. These fees are significantly lower than Sarmayex's fixed fee.

• Futures Trading Fees:

  • Sarmayex: Does not offer futures trading.

  • Binance: Maker fee 0.018% and taker 0.045% for futures trades. Binance is the largest derivatives exchange in terms of trading volume.

• Deposit and Withdrawal Fees:

  • Sarmayex: Free rial deposits. Tiered rial withdrawals. 0% crypto deposits (only network cost). 0% crypto withdrawals (only network cost), but user reports of high 10-35% fees.

  • Binance: Crypto deposits are free. Crypto withdrawal fees variable depending on cryptocurrency type and blockchain status. Fiat (USD) deposits via ACH are free. Fiat (USD) withdrawals via wire transfer have a $10 fee. Crypto withdrawals are usually processed within 2-3 hours.

• Security: Binance uses advanced security measures such as two-factor authentication, SAFU (Secure Asset Fund for Users), device management, address whitelisting, and cold storage.

• Advanced Features: Binance offers integrated trading tools, more staking options, margin trading, and peer-to-peer trades.

In summary, Binance excels over Sarmayex in fees (especially for high volumes and futures trades), liquidity, and advanced trading tools. However, the main barrier for Iranian users is lack of access to Binance due to sanctions. This makes domestic exchanges like Sarmayex the only practical option for many Iranians, even with limitations and higher fees.

7.2. Sarmayex vs. KuCoin

KuCoin is a popular global exchange known for its high altcoin diversity and competitive fees.

• Access for Iranians: Like Binance, KuCoin may impose restrictions on Iranian users due to regulations and sanctions, and KYC is mandatory for full access to services.

• Number of Cryptocurrencies: KuCoin supports a large number of cryptocurrencies. Sarmayex also offers over 700 cryptocurrencies.

• Spot Trading Fees:

  • Sarmayex: Fixed 0.3% fee in the professional market.

  • KuCoin: Spot fees start at 0.1% per transaction. This fee can be reduced by up to 20% by holding and paying with KCS (KuCoin's native token) to 0.08%. For higher VIP levels, maker fee can reduce to 0% and taker to 0.02%. These fees are also significantly lower than Sarmayex.

• Futures Trading Fees:

  • Sarmayex: Does not offer futures trading.

  • KuCoin: KuCoin offers futures trading. Futures fees are variable and depend on the funding rate, which can vary from 0.03% to 0% in normal market conditions.

• Deposit and Withdrawal Fees:

  • Sarmayex: Free rial deposits. Tiered rial withdrawals. 0% crypto deposits (only network cost). 0% crypto withdrawals (only network cost), but user reports of high 10-35% fees.

  • KuCoin: Crypto deposits are free. KuCoin does not support fiat withdrawals. Crypto withdrawal fees are variable depending on cryptocurrency type and market status, but are generally low. Withdrawals are usually processed within 30 minutes, but may take up to 2-3 hours during network congestion.

• Security: KuCoin prioritizes security through KYC, two-factor authentication, trading password, and partnership with Onchain Custodian for asset storage.

• Advanced Features: KuCoin offers margin and peer-to-peer trading.

KuCoin, like Binance, has advantages in fees and advanced features (such as futures and margin trading). Lack of fiat withdrawal support in KuCoin makes it an indirect option for Iranian users who need to convert digital assets to rials. In result, Sarmayex acts as an essential bridge between rials and the world of digital currencies for Iranian users.

7.3. Sarmayex vs. Bybit

Bybit is an exchange focused on derivatives trading but also offers spot trading.

• Access for Iranians: Bybit is not available in some countries including the United States and UK, and likely imposes restrictions on Iranian users as well. KYC is mandatory for higher withdrawal limits.

• Number of Cryptocurrencies: Bybit supports over 700 cryptocurrencies. Sarmayex also supports a similar number of cryptocurrencies.

• Spot Trading Fees:

  • Sarmayex: Fixed 0.3% fee in the professional market.

  • Bybit: Spot fees 0.02% for maker and 0.055% for taker. These fees are also significantly lower than Sarmayex.

• Futures Trading Fees:

  • Sarmayex: Does not offer futures trading.

  • Bybit: Bybit is a strong platform for perpetual futures. Maker fee 0.02% and taker 0.055% for futures trades. Bybit offers up to 200X leverage on major pairs.

• Deposit and Withdrawal Fees:

  • Sarmayex: Free rial deposits. Tiered rial withdrawals. 0% crypto deposits (only network cost). 0% crypto withdrawals (only network cost), but user reports of high 10-35% fees.

  • Bybit: Crypto deposits are free. Bybit supports direct fiat withdrawals to bank accounts, but fee details are not specified. Crypto withdrawal fees are fixed and variable depending on cryptocurrency type and blockchain network. Withdrawals usually take 15 minutes, but may be longer depending on network congestion.

• Security: Bybit uses two-factor authentication (Google Two-Factor verification) for withdrawal confirmations.

• Advanced Features: Bybit focuses on leveraged and derivatives trading, providing extensive facilities for professional traders.

Bybit also has advantages over Sarmayex in fees and offering futures trading. However, geographical restrictions and lack of direct rial support make it a difficult option for Iranian users.

8. Conclusion and Recommendations

Sarmayex Exchange, as one of the established and domestic platforms in Iran's cryptocurrency market, plays an important role in facilitating Iranian users' access to this market. This exchange strives to meet diverse user needs by offering OTC buying and selling services and professional P2P market, support for over 700 cryptocurrencies, secure dedicated wallet, and 24/7 support. The rebranding from "Arzjoo" to "Sarmayex" after a major hacking attack demonstrates the exchange's efforts to rebuild trust and adapt to security and competitive market challenges. Additionally, emphasis on local support and in-person facilities reflects the importance of building trust in a unique and sanctioned operational environment.

However, a more detailed examination reveals challenges and weaknesses that can impact user experience and the exchange's credibility. Contradictions in fee-related information, especially user reports of high cryptocurrency withdrawal fees (10-35%) compared to the exchange's 0% claim, create serious concerns about fee structure transparency. Reported delays in rial settlements and 72-hour fund freezing in first trades can be problematic for active traders and especially for high-speed strategies like arbitrage. The low score of 2.6 out of 5 based on user reviews indicates general dissatisfaction with the exchange's services and performance.

Regarding Arbitrage Potential: Sarmayex alone, given variable and potentially high cryptocurrency withdrawal fees, reported settlement delays, and relatively low trading volume, is not considered an ideal platform for profitable and fast arbitrages. Successful arbitrage requires an environment with very low fees, high execution speed, and deep liquidity across multiple exchanges.

Recommendations:

• Fee Transparency: Sarmayex should fully and transparently update and communicate its fee structure, especially regarding cryptocurrency withdrawal fees and network costs, to prevent misunderstandings and user dissatisfaction.

• Improve Settlement Speed: The exchange should strive to minimize rial and cryptocurrency withdrawal processing times and resolve reported delays to improve user experience.

• Increase Liquidity: To attract professional traders and provide a better platform for arbitrage, increasing liquidity in the trading market is essential.

• Diversity in Two-Factor Authentication: Adding support for Google Authenticator for two-factor authentication can elevate user account security to global standards.

• For Arbitrage: Traders intending to perform arbitrage should strongly consider using smart platforms and arbitrage bots capable of integrating with multiple exchanges (domestic and international if accessible). These tools can provide the necessary speed and accuracy to exploit small price differences. Additionally, they should carefully calculate overall fees (including trading and withdrawal fees) across all targeted exchanges to ensure arbitrage profits are not eroded by costs.

In conclusion, Sarmayex has its own specific advantages as an accessible option for Iranian users within the country. However, to compete more effectively and increase user satisfaction, improvements are needed in fee transparency, operational speed, and responsiveness to user concerns. For more complex strategies like arbitrage, relying solely on a domestic exchange may not be sufficient, and there is a need for advanced tools and a broader view of the global market (if access is possible).