How is the liquidity of the TCEX cryptocurrency exchange?
TCEX (Techcom Crypto Asset Exchange) is currently in the approval and license application stage for the Vietnamese government’s cryptocurrency pilot program (relying on the ecosystem of Techcombank and its securities subsidiary TCBS). It has not yet officially opened public spot and derivatives trading globally or to the general public. Therefore, publicly available market trading data, order book depth, and liquidity rankings and data from third-party aggregation platforms are not yet publicly available or have reached a significant scale.
Vietnam crypto exchange TCEX Platform Liquidity Analysis:
TCEX passed the initial review and first phase of its license application for the Vietnamese cryptocurrency pilot mechanism (Resolution 05/2025/NQ-CP) between early and mid-2026. It is currently in the process of infrastructure construction and compliance process refinement.
Given the strong support from a large Vietnamese financial group and the Techcombank/TCBS ecosystem, its future liquidity is expected to be driven by deposits from traditional financial institutions, the introduction of local fiat currency (VND) trading pairs by compliant market makers, and RWA tokenized assets.
How to assess TCEX’s liquidity?
Before engaging in large-scale transactions, it is recommended to test the actual liquidity of the TCEX market yourself using the following steps:
1. Observe the bid-ask spread: Check the difference between the best bid and ask prices for the BTC or USDT trading pair. The smaller the spread, the better the liquidity; if the spread exceeds 0.1%, it indicates weak liquidity.
2. Test the market depth: Check the cumulative amount of funds in the top 10-20 price levels of the order book. If only tens of thousands of dollars are needed to move the price by more than 1% on one side, the depth is extremely shallow.
3. Test the waters with small amounts: First, conduct small buy and sell transactions using market orders to observe the deviation between the actual transaction price and the expected price (i.e., actual slippage).
Summary: Although it is too early to discuss the depth of liquidity in the TCEX market at this stage, its future is promising due to the strong support of large Vietnamese financial groups and the Techcombank/TCBS ecosystem.