Taiwan's Fubon Group has entered the competitive arena of virtual currency exchanges. On May 22, Taiwan Mobile's subsidiary, Fu Sheng Digital, announced the launch of TWEX Taiwan Da Virtual Asset Exchange. But is it truly worth signing up for?
This article provides a comprehensive overview of TWEX, covering its background, fee structure, registration process, strengths, and weaknesses, along with our perspective on its offerings.
Background and Security
TWEX is a significant player, established by Fu Sheng Digital, a subsidiary of Taiwan Mobile. User fiat currency (TWD) is held in trust accounts managed by Taipei Fubon Bank, meaning the entire platform operates within the Fubon Group ecosystem.
For cryptocurrency custody, TWEX utilizes an HSM cold wallet system. It has also complied with the Financial Supervisory Commission's Money Laundering Control Act declaration requirements, demonstrating a strong commitment to regulatory compliance and security.
Supported Currencies and Trading Fees
Supported Cryptocurrencies
Currently, TWEX only supports trading Bitcoin (BTC) and Ethereum (ETH) with New Taiwan Dollars (TWD). It does not support trading via stablecoins like USDT, nor does it offer any other cryptocurrencies besides these two major assets.
This limited selection is a notable drawback. It's akin to a restaurant with a very small menu, unable to satisfy the diverse needs of most cryptocurrency investors who seek variety and flexibility.
Pricing and Fee Structure
The TWEX fee model consists of two main parts:
- A spread is incorporated into the trading price. Practical tests show the quoted price is roughly 3% higher than the prevailing market rate, effectively making this a nearly 3% fee.
Additional explicit fees:
- Buy fee: 1.2% (using account balance) or 1.5% (via bank transfer).
- Sell fee: 1%.
This overall fee structure is considerably high. Typical trading fees on other Taiwanese exchanges range from 0.05% to 1%, making TWEX's fees over three times more expensive.
Fees are a critical factor in trading profitability. For instance, buying at 100 and selling at 102 would still result in a net loss after accounting for a 3% total fee.
Furthermore, trading on TWEX is based on prices quoted by the platform itself, similar to an "instant swap" function on other exchanges. Users cannot set limit orders to buy or sell at specific target prices; they must decide immediately whether to accept the current quoted price, which differs from the order book model used by most exchanges.
For TWD withdrawals, TWEX charges a flat fee of NT$18 per transaction, which is relatively competitive. However, processing can take up to three business days.
Advantages of TWEX
Low Barrier to Entry
The minimum trade size is just NT$100 to start buying Bitcoin or Ethereum. This low financial threshold is very friendly for investors with limited capital.
It's an accessible way for the curious to experience owning cryptocurrencies with minimal risk—essentially, the cost of a single lunch.
Comprehensive Tutorials
The TWEX official website provides detailed, step-by-step图文教程s (image-text tutorials) covering the entire process from registration and depositing funds to buying, selling, and withdrawing. Even complete beginners can easily start trading by following these guides.
Corporate Backing
As part of the Fubon Group, TWEX carries the weight of a major Taiwanese enterprise. This backing may provide users with a greater sense of security and trust. In the unlikely event of issues, users can be confident that the larger corporate entity would address them, an advantage over smaller, independent platforms.
Disadvantages of TWEX
No On-Chain Transfers (Currently)
The only thing you can do with cryptocurrencies purchased on TWEX is sell them back for TWD on the same platform. You cannot withdraw your BTC or ETH to a private wallet.
This is a significant limitation. Many users on local exchanges buy USDT to transfer to other international platforms for more trading options or participation in earning programs like staking or launchpools. Without withdrawal functionality, your crypto assets are locked within TWEX, usable only for speculative price trading. The platform has hinted at future services like staking, but current functionality is extremely limited.
This lack of transferability contradicts the core cryptocurrency principle of "not your keys, not your coins."
High Trading Costs
As noted, the effective trading cost, including the built-in spread, is approximately 3% higher than the market rate. This is a major disadvantage. When choosing where to trade, cost efficiency is a primary concern for most investors.
👉 Compare real-time trading fees and features across various platforms
Limited to Taiwan Mobile Subscribers
Registration for TWEX currently requires downloading and logging into the Taiwan Mobile app, which in turn requires an active Taiwan Mobile phone number. This restricts access solely to Taiwan Mobile subscribers.
While the strategic reason for this is unclear, it certainly limits the platform's potential user base and contradicts the goal of making cryptocurrency more widely accessible in Taiwan.
How to Register and Use TWEX
The process for using TWEX is as follows:
- Download the Taiwan Mobile app.
- Log in and navigate to the "Taiwan Da Virtual Asset Exchange" section within the app.
- Complete identity verification (KYC). Approval may take 5-7 business days.
- Transfer TWD from your bank account to the designated TWEX trust account.
- Buy or sell cryptocurrencies within the app.
- Withdraw TWD back to your linked bank account.
The exchange is only accessible from within the Taiwan Mobile app. Non-subscribers can only view a guest mode preview and cannot trade.
The interface itself is straightforward: select a coin, input the amount of TWD you wish to spend, and execute the trade. A "simulated operation" demo is available for practice.
Our Perspective on TWEX
The entry of a major Taiwanese corporation like Fubon into the crypto space is a positive signal for the industry's maturation and acceptance. It helps legitimize digital assets for a broader audience.
However, TWEX's current limitations—particularly the inability to withdraw coins and its high fees—are substantial drawbacks. They could potentially give newcomers a poor first impression of cryptocurrency, framing it purely as a high-cost speculation tool rather than a versatile technology.
The interface, while simple and guided, feels basic and its accessibility is hampered by being buried within a telecom provider's app. The user experience has room for improvement.
We hope the current offering is just a preliminary step and that TWEX will soon introduce more robust and user-friendly features, such as coin withdrawals, staking, and a broader selection of assets, to truly serve the Taiwanese crypto community.
Frequently Asked Questions
Can Chunghwa Telecom subscribers use TWEX?
No. Since access to TWEX is exclusively through the Taiwan Mobile app, which requires a Taiwan Mobile number to log in, Chunghwa Telecom subscribers cannot currently register or use the exchange.
Is TWEX worth signing up for right now?
Based on its current features and fee structure, we recommend a cautious approach and suggest waiting. Established Taiwanese exchanges already offer lower fees, support for more cryptocurrencies, and full withdrawal capabilities, satisfying most user needs. Nevertheless, the involvement of a large enterprise is a noteworthy development for the market.
What are the main security features of TWEX?
TWEX employs several key security measures: user TWD funds are held in trust with Taipei Fubon Bank, cryptocurrency assets are stored in HSM (Hardware Security Module) cold wallets offline, and the platform has completed the necessary anti-money laundering (AML) compliance declarations with Taiwan's financial regulator.