FreiExchange Crypto Exchange Review: Zero Fees, High Risks

FreiExchange has been around since 2016, and it still flies under the radar. If you're looking for a crypto exchange with no trading fees, it sounds like a dream. But here’s the catch: FreiExchange is unregulated, has almost no trading volume, and users report serious issues with withdrawals and support. This isn’t a platform for beginners. It’s not even a solid choice for experienced traders unless you’re specifically chasing Freicoin or obscure altcoins and are willing to accept serious risks.

Zero Trading Fees - But at What Cost?

FreiExchange’s biggest selling point is simple: no trading fees. Ever. Whether you’re a maker or a taker, you pay 0.00%. That’s rare. Even the smallest exchanges usually charge at least 0.10% per trade. On Binance or Kraken, that adds up fast. For someone trading small amounts frequently, FreiExchange looks attractive on paper.

But here’s what they don’t tell you upfront: they charge a 0.50% withdrawal fee. That’s not a flat fee. It’s a percentage of whatever you pull out. Withdraw 0.01 BTC? That’s 0.00005 BTC in fees. Withdraw 10 BTC? That’s 0.05 BTC - worth over $3,000 at current prices. That’s not a fee. That’s a trap. If you’re moving large sums, you’re paying a hidden tax just to get your money out.

And deposits? No one knows. Cryptowisser says they couldn’t find any info on deposit methods. No credit card? No bank transfer? No clear details. That’s not transparency. That’s a red flag.

Low Volume, Low Trust

FreiExchange trades about $24,000 in 24 hours. That’s less than what a single popular meme coin moves in a single hour on Binance. It ranks #227 out of hundreds of exchanges. CoinGecko gives it a Trust Score of 3 out of 10. That’s the lowest tier. It means experts believe its trading numbers are inflated or fake - a common trick used by low-volume exchanges to look active.

Why does this matter? Liquidity. If you want to buy or sell a coin quickly without slippage, you need volume. FreiExchange doesn’t have it. You might find a buyer for your Freicoin, but try selling 500 units of some obscure token? Good luck. You’ll be stuck waiting hours, or worse - your order won’t fill at all.

Security: Cold Storage, But No Oversight

FreiExchange says it uses cold storage and two-factor authentication. That’s standard. Most exchanges do. But here’s the problem: it’s not regulated anywhere. Not in the EU. Not in the U.S. Not in Norway, even though it claims to be registered there. No financial authority monitors it. No consumer protection. If the site gets hacked, if your funds vanish, if they suddenly shut down - you have zero legal recourse.

Compare that to Coinbase or Kraken. They’re licensed, audited, insured. FreiExchange? It’s a black box. WikiBit and FxVerify both confirm: no regulatory oversight. That’s not a minor detail. It’s the biggest risk you’re taking.

Usability: Clunky, Confusing, and Barebones

The interface looks clean - at first. It shows price charts, order books, basic market data. But users say the navigation is inaccessible. You can’t find simple things like deposit addresses or withdrawal limits. The website has a 54% bounce rate. That means over half of visitors leave within seconds because they can’t figure it out.

There are no tutorials. No help center. No educational content. If you’re new to crypto, you’re on your own. Even experienced traders report frustration. One user said they spent 20 minutes trying to find where to enable 2FA. That’s not user-friendly. That’s neglect.

Customer Support: Silent on Complaints

You’d think a platform this small would be responsive. But Traders Union reports FreiExchange doesn’t reply to negative reviews. Not on Trustpilot. Not on Reddit. Not on forums. Only two Trustpilot reviews exist - and they’re barely enough to judge anything. That’s not customer service. That’s avoidance.

WikiBit says customer support is responsive. Traders Union says the opposite. Who do you believe? The lack of consistent feedback suggests there’s no real support team. Or if there is, they’re overwhelmed or uninterested.

Who Is FreiExchange For?

Let’s be clear: this isn’t for you if you’re buying Bitcoin or Ethereum. It’s not for long-term holders. It’s not for anyone who values safety or legal protection.

The only people who might benefit are:

• Traders who actively trade Freicoin or other ultra-niche altcoins and want to avoid trading fees
• People who understand the risks and treat this like a high-risk gambling side project - not an investment
• Developers who want to test the API (though documentation is unclear)

Even then, you’re putting your money on a platform that could disappear tomorrow. There’s no guarantee it’ll be around next year.

The Bigger Picture

Crypto regulation is tightening everywhere. The EU’s MiCA law, the U.S. SEC crackdowns, Japan’s licensing rules - all of it is pushing unregulated exchanges out of the market. FreiExchange has survived since 2016, but that’s not a sign of strength. It’s a sign that it’s been ignored. Not because it’s great - but because it’s too small to matter.

If you’re looking for a safe, reliable exchange, look elsewhere. If you’re chasing zero fees and don’t mind risking your funds on a shadowy platform, then FreiExchange might tempt you. But don’t say you weren’t warned.

Alternatives to Consider

If you want zero trading fees without the risks:

• Bybit offers 0% spot trading fees for users with high volume or who hold their native token.
• Kraken has a maker-taker fee structure that can go as low as 0% for high-volume traders.
• Bitstamp and Coinbase are regulated, secure, and offer clear deposit/withdrawal options.

None of these have the same bizarre withdrawal fee structure as FreiExchange. None of them operate in the dark.