Catalyx Review: We Spent $100 To Fully Test Their Crypto Exhange

Catalyx is a Canadian cryptocurrency exchange. We signed up to Catalyx and reviewed it to see if it’s worth using for Canadians in 2023. Here’s our Catalyx review.

Catalyx Quick Summary

Catalyx has a number of popular cryptocurrencies including bitcoin, Ethereum, Cardano, The Sandbox, Chainlink, and more. The exchange is registered with FINTRAC and assets are covered by insurance. Fees are on the higher side at 0.75% but deposits via Interac e-Transfer are free.

Catalyx is only suitable for Canadian residents, but Canadians are able to access the trading platform outside of Canada.

Catalyx Features

Catalyx can seem overwhelming for beginners at first glance but it’s not difficult to use. Its trading platform features charts, order book data and advanced order types, so experienced investors have everything they need to trade. 

Catalyx has both fiat to crypto and crypto to crypto trading pairs, making it easy to swap one crypto for another. 

There is a referral program where you can earn up to 20% of your referee’s trading fees with no lifetime maximum, which is a great way to incentivize people to sign up.

The exchange also has its own blog covering general crypto news, features and Catalyx news.  

Registration and Verification Process with Catalyx

Signing up to Catalyx is a fast and simple process and not as invasive as some other Canadian exchanges. 

What You Need to Open an Account:

• Must be 18+
• A government-issued ID
• A selfie video
• Answer Employment questions

As usual you will first need to enter your name, email and phone number which you’ll then have to verify. You’ll also need to set a password for your account.

Next you’ll have to enter your occupation and employer. 

Once you’ve done this and logged in, you can continue the verification process so you can begin trading. The documents required are necessary for compliance with FINTRAC and every compliant Canadian crypto exchange will require the same documents. 

Upload your identity documents, then you’ll need to allow your computer to use your camera and microphone. You will record yourself saying the three digits that appear on screen.

After that, Catalyx will check your documents and verify you instantly. 

Once you’re verified, in your dashboard click “wallets”. You’ll see your fiat wallet and from here you can select “deposit”.

Choose Interac e-Transfer and enter the amount you want to deposit. Catalyx will then show you the email address and information you need to include in your Interac transfer. Go to your online banking to complete it. 

Catalyx Fees

Catalyx charges a flat 0.75% trading fee. There is no spread so you know what you are paying every time you make a purchase or sale. This trading fee is slightly on the high side but is still cheaper than some other exchanges. For example, Newton does not charge trading fees but has a spread of 0.9% per trade. 

Deposits via Interac and crypto are free, but there is a 1% fiat withdrawal fee via Interac.

• Free CAD deposits
• Flat 0.75% trading fee
• 1% CAD withdrawal fee

Catalyx Spreads

A spread in trading is the difference between the highest price a buyer is willing to pay (bid price) and the lowest price a seller is willing to sell (ask price). The spread goes to the exchange as a profit. 

Catalyx states on its fee page that it does not charge a spread. Instead, they have a fixed 0.75% trading fee, but in the future they will implement a volume-based fee schedule, so the more you trade the cheaper your fees. 

How Much Does it Really Cost To Trade With Catalyx?

With our $100 that we deposited to Catalyx, we bought Bitcoin. There is a fixed 0.75% trading fee, which proved accurate, and we ended up losing $0.75 to this fee and received a total of $99.25 worth of bitcoin. 

Catalyx Liquidity

Catalyx has a trading volume of roughly $10m per day, which provides sufficient liquidity to its assets. Catalyx is partnered with Bittrex Global which is their main liquidity provider. 

Currencies & deposit methods

Catalyx offers Canadians the ability to deposit Canadian dollars into their fiat wallets via Interac e-Transfer or bank wire. You can also use credit cards to purchase crypto but your bank may reject the purchase. For more information on crypto-friendly banks, see our previous article. 

How Long Do Deposits Take?

We deposited $100 via Interac e-transfer to Catalyx and it took five minutes to reach our account.

How Long Does it Take to Withdraw Coins?

We withdrew our $99.25 worth of Bitcoin to a hardware crypto wallet (Trezor Model T in my case). The Bitcoin appeared in our wallet within five minutes. Withdrawals times depend on the crypto network you are using. The busier the network the longer the wait. 

Catalyx Security and Safety

Catalyx supposedly has insurance for its digital assets but there is no information about this. It is also unknown what percentage of assets are held in cold storage. It is disappointing not to have clarification on these security features. 

To help secure your account, you can enable two factor authentication using Google Authenticator.

Catalyx is registered with FINTRAC as a money services business and is compliant with regulations, so we at least know it is not a scam exchange. 

Catalyx Mobile app

Catalyx does not have a mobile app at the moment.

Catalyx Trading Platform

The trading platform is not necessarily for beginners as it looks quite daunting.

 

There are a number of indicators and parameters you can view on the chart for technical analysis as well as order book data for all their trading pairs. 

On the left, you can make a market order or a limit order, and choose a trading pair from the drop-down menu.

The order form is finicky to use because you have to enter the amount of crypto you wish to purchase, not the amount in CAD. It would be better if they had both options. 

Catalyx has both fiat to crypto and crypto to crypto trading pairs but a lot of the images are missing which isn’t a good look.

At the top of the screen you toggle between USD and CAD and view up to date bid and ask prices. 

Catalyx Customer support

Catalyx has a live chat bot for quick questions, but if you need any actual help with your account or trades then you can contact their support team directly. 

Their email is non-existent on their website and they don’t have an online ticketing option. You will need to use the live chat bot to “send a message” but they do not have weekend support so you might have to wait for a response. 

Catalyx Consumer Ratings, Reports & Reviews on Other Platforms

Customer reviews are mostly positive with 87% excellent reviews on Trustpilot. However, there have been no positive reviews since 2021.

Not everyone is happy with Catalyx’s service, however, with several people complaining of slow customer support and long withdrawal times. 

Does Catalyx Restrict or Freeze Accounts?

There is no evidence of Catalyx freezing accounts but any centralized exchange has the power to do so. If they suspect suspicious activity on your account such as larger than usual trade volumes or deposits, they may freeze your account. 

The Canadian government, RCMP, or other authorities may ask Catalyx to freeze your account if you are linked with criminal behaviour and there is never a guarantee that your account will be unfrozen. 

If you deposit an unusually large amount to your account they may freeze your account until you can prove these funds came from legitimate and legal means. 

Catalyx Alternatives

There are several other Canadian crypto exchanges to choose from and we recommend Coinsmart and Bitbuy as good alternatives to Catalyx. 

Bitbuy was Canada’s first regulated exchange and it complies with the Ontario Securities Commission. It has variable trading fees from 0 to 0.75% and it holds over 97% of funds in cold storage, which is excellent. 

	Catalyx	Bitbuy	NDAX
Trading fees	0.75%	0 to 1.5%	0.2%
Cryptocurrencies	20+	16+	35+
Additional features	None	OTC Desk	Staking, OTC Desk
Customer Support	Good	Good	Poor
Security	Unknown	Excellent	Good

Common Crypto Exchange Scams

Even if you use a reputable crypto exchange in Canada, you must always be vigilant about your crypto activity. 

Often, scammers will create copycat websites of crypto exchanges so when you deposit your funds they are gone forever. They may also send phishing emails claiming that there is a problem with your account. They encourage you to click a link which directs you to a scam website, or a virus infects your computer to steal private keys.

Fake social media accounts of exchanges are also abundant where scammers will encourage you to send them crypto or connect your wallet for an airdrop or hand over your account password. 

Always double check the official website, email addresses, and social media accounts of the crypto exchange you use. Crypto scams are prevalent and even the most seasoned investor can be duped if they are not paying close attention. 

Does Catalyx Offer Staking or Other Services?

Catalyx does not offer staking, crypto Visa cards or other features. 

Does Catalyx Have an OTC Desk?

Catalyx does not currently have an OTC desk. 

Conclusion

Catalyx is a crypto exchange that currently offers trading fees that are slightly lower than some other exchanges. This may change when they switch to a volume-based fee schedule. However, we like that deposits are free, but we wish withdrawals were also free.

The trading platform is simple enough to use although the order form isn’t the most intuitive. The dashboard is clean and easy to navigate and there are many trading pairs so you can swap crypto to crypto.

Unfortunately, their customer support seems to be lacking on weekends but it is a small exchange so it may not be possible for them to have support available on weekends. Also, they don’t have a mobile app at the moment.

There is not enough information about Catalyx’s security features and insurance and this would help ease customers’ minds if this information was available. 

There’s not much else to say about Catalyx. There’s nothing special about it. If you want to make a quick purchase there’s nothing wrong with it, but if you’re in the market for an exchange to use regularly there are better ones out there. You can check the list of the best crypto exchanges in Canada here.