Cryptobridge is a decentralized exchange that uses the 0x protocol to allow for trading of Ethereum-based tokens. It’s one of many exchanges currently in development, but it has some unique features like its own cryptocurrency and an innovative fee structure.
The best decentralized exchange 2021 is a new decentralized exchange that has been released. It is being called the Cryptobridge Review 2021.
A decentralized exchange is a must-have concept. After all, bitcoin exchanges are prone to a variety of flaws. More than a tenth of all Bitcoin gets stolen each year. Hacked crypto exchanges, hacks, and frauds account for a large portion of this. However, there are certain DEXes that may be a viable choice, as we shall see in our Cryptobridge review.
In the bitcoin market, decentralized exchanges (DEXs) are very significant. Users who want to trade altcoins without risking losing them to people outside the site will be interested in these businesses. Trust is re-established in their hands, which may result in safer transactions.
Cryptobridge was founded in 2017 with the goal of resolving this issue. They didn’t need a central arbitrator since its users could communicate directly with one another. They just had to depend on each other to authenticate and pay out their transactions. This was dubbed a “trustless” operation by Cryptobridge.
They did, however, implement KYC requirements for all users in October. They just required a username and password before. Despite the fact that most major exchanges need KYC, they have received a lot of flak for this decision.
In this analysis, we’ll look at how the exchange will perform in 2020. It may seem to new traders as a brand-new entrance into the realm of decentralized exchanges. It has certain flaws, but it has the potential to be a strong competitor. Before we go any further, let’s have a look at the functionality.
Is Cryptobridge a Secure Platform?
Changelly, one of the most prominent decentralized exchanges (DEX), is a recent example. Open Ledger, Waves, Stellar, Bisq, Barter, and BitShares are some more well-known names. Every year, the list expands. When it comes to how it works, Cryptobridge is quite similar to them.
The user interface is good. You are reminded of their KYC (Know-Your-Customer) rules on their site since they decided to publish them. Later in this Cryptobridge review, we’ll return to this subject.
New users will see something similar to the picture below. You may utilize a bin-file from your flash drive to establish an account. Users may alternatively establish a normal online cloud account, which they say is less secure since it serves as a wallet as well.
You may also use the website to restore and back up your account. This is useful if you forget your password completely.
We might claim that the website takes security seriously, and that this is beneficial to users. At first sight, the business seems to operate a secure exchange. You have access to a reliable support line as long as you follow their KYC requirements while withdrawing and depositing. The business is also quite open: you can get up-to-date information, lessons, and instructions on their website.
What Is Cryptobridge and How Does It Work?
The BitShares Platform and Exchange
Cryptobridge is based on the BitShares blockchain network, which was developed by the business. They are a well-known decentralized exchange with headquarters in Denmark. They may also be considered blockchain technology pioneers.
The Graphene blockchain technology underpins the Cryptobridge exchange. According to the business, it handles over 100,000 transactions every second. Because BitShares owns Graphene, Cryptobridge accounts may also be used on the BitShares exchange. Other DEXs, like as OpenLedger, utilize Graphene for their transactions.
BitShares is presently a more popular choice than Cryptobridge at the moment. What sets them apart is what Cryptobridge used to provide: fully decentralized trading.
When you use Cryptobridge to trade cryptocurrency, you only have access to your money. After all, you are the only one who has access to the keys that allow blockchain transactions to take place. You are, in a sense, the doorway, and others who trade with you experience the same thing.
Transaction costs are now 0.09 percent, which is a small yet appealing charge. It was reduced from 0.2 percent earlier this month.
How to Create an Account
You’ll be sent to the dashboard once you’ve completed the registration process. You may look through your assets, activities, and open orders here. The transaction takes place in the Trade sector. It’s quite simple to modify.
It may be difficult to change some of the features afterwards. This part of the website takes a long time to load. For improved performance, you may download a desktop client.
The Earn section details the Cryptobridge referral program. This program began on May 15 and concluded on August 15 of that year. According to the website, it will be renewed due to popular demand. Users that are interested will see a banner at the top of the site promoting referral links.
The exchange’s characteristics are industry standard. The platform’s user interface is free of major problems. The exchange, however, may be a little sluggish at times. It will most likely take a user more than one session to become used to it. Other trades provide a smoother experience.
You’ll come across BridgeCoin if you sign up for a Cryptobridge account. The first thing you should know about this currency is that it may provide consumers a genuine ownership in the business. BridgeCoin holders are entitled to half of the income generated by trading fees.
When you sign up for an account, you won’t receive any BridgeCoin, but you can buy some on the Cryptobridge market. When you use the platform for a certain period of time, you will be rewarded. The business has a staking period during which payments are made twice a month.
Cryptobridge increases your stake amount (the total number of BridgeCoins you want to stake) by 50 percent of market taker fees. They also provide incentives to entice customers to remain on the site for longer periods of time: 20% for one month, 50% for six months, and 100% for a year.
Cryptobridge also gives customers the opportunity to earn a 200 percent bonus after the second year as a means of showing their gratitude. They may stake till they reach a bonus of 300 percent.
Cryptobridge published a report on their 45th payment, which occurred between September 1 and September 15, this year. They paid 0.13658797 BTC, which is approximately $1,200, according to the report. According to them, almost 70% of the entire BridgeCoin supply is now staked.
Requirements for Cryptobridge ID (KYC)
Cryptobridge has lately come under criticism for implementing a KYC procedure. KYC stands for Know-Your-Customer, and it implies that users must now submit identification in order to access the site. When the business announced the policy change in October, it received a lot of criticism from its users.
When trading, all decentralized exchanges provide the option of greater privacy and anonymity. Cryptobridge promises to go even farther by removing middlemen, yet their new KYC policy clearly contradicts their goal statement.
In their FAQ, they presently feature a section on KYC. They say that the first papers they would examine for account verification are a passport or a state driver’s license. For candidates from the United States, they additionally need a social security number. Other users often provide their passports, although there have been reports of unsuccessful verifications.
Cryptobridge implemented a KYC strategy to comply with the 5th EU Anti-Money Laundering Directive, as seen in the picture above (taken from their website). This new legislation went into effect in June of last year. The firm says in a blog post from earlier this month that they were attempting to prevent allegations of money laundering.
They further argue that, in order to remove the stigma, all cryptocurrency exchanges must comply with these rules. Users are left wondering, though, what happened to the concept of a fully decentralized exchange.
The Cryptobridge exchange is still decentralized in principle, but it is no longer anonymous. Anonymity and privacy are two characteristics that drew many users in the first place.
Many of those users now believe they have been duped. Following this decision, other Cryptobridge evaluations noted a drop in active users.
How to Authenticate Yourself on Cryptobridge
Users will have to determine whether or not they are comfortable sharing their personal information at this time. This may not be such a terrible thing after all. Many other exchanges, whether centralized or decentralized, require users to submit some kind of identification in order to trade.
The major problem with Cryptobridge’s KYC was that it came as a complete surprise; they introduced it without warning. User verification, according to Cryptobridge, makes the network more secure: ID restrictions are effective deterrents for real-world thieves. Although this is true, it does not imply that Cryptobridge will protect its customers from these crooks.
If you disagree with their approach but still want to give identification, you must do it via the Fractal platform. This business is in charge of Cryptobridge’s user data, and it promises to adhere to all applicable laws in order to safeguard its users’ information.
You’ll also need to give a physical address. Then you must submit a document that serves as evidence of address. Whether you reside in the United States or not, you have the same choices.
Discord Server and Social Media
Cryptobridge is well-known on social media. Their major social media platform is Twitter, although they also maintain a weekly blog. Users who own BridgeCoin should keep an eye on this blog.
They intend to bring back their referral program, according to their most recent post, which was published on October 29. They intend to pay $10 every BTC of volume produced, which is a great deal for potential consumers. They also emphasized the speed of their platform, claiming that it can handle 100,000 transactions per second with a three-second average confirmation time.
Users that wish to be better informed may also join the Cryptobridge Discord server. You can get in via a referral link from someone who is already inside, which is easy to come by.
The Cryptobridge Discord is very busy, with a plethora of hashtags to help newcomers get started. The helpful links tag on the left menu (as shown in the picture above) includes a number of lessons and instructions that may help you learn more about BitShares, BridgeCoin, and trading on the Cryptobridge platform.
Some users are wary of the site because it lacks insider knowledge. Cryptobridge has no official accounts and no information about their staff on their official website. Their most popular social media sites are Twitter, Reddit, and Discord. The business uses these platforms to make formal announcements, although they always utilize usernames.
Conclusion of the Cryptobridge Review
Cryptobridge has a lot going for them right now, but they’ll have to overcome the KYC backlash. Many users have been unable to verify their accounts, prompting many to go to social media to express their dissatisfaction. The business does not openly address the problems, but it does provide dependable assistance.
Some users defend them, claiming that their issues were not with the site, but rather with other users. The ID is a modest price to pay for an exchange that retains a high level of decentralization.
A large percentage of Cryptobridge reviews and social media postings are likewise critical of the company. KYC indicates that the exchange is on its path to ultimate centralization for these customers.
To clear their reputation, the business will have to provide even greater assistance to its customers and listen to their feedback before making any further security or ID choices. They’ll have to maintain their platform up to date and enhance trading options, deposits, and withdrawals.
Let’s wrap off our assessment by mentioning that the platform has a solid trading history. All of their programs seem to be legitimate. BridgeCoin’s price is presently declining, although it remains pretty steady. As of today, the exchange has a total trading volume of approximately $148,000.
Summary of the Cryptobridge Review
- Fees of Exchange
- User-Interface Design
- Decentralized exchange in its entirety
- Quick approvals
- Low trading commissions
- There is a wide variety of coins to pick from.
- Customer service is often sluggish to react.
- The volume of trade is still very modest.
- Deposits in fiat money are not accepted.
The top liquidity pools 2021 is a new decentralized exchange that allows users to trade cryptocurrencies without the need of an intermediary.
Frequently Asked Questions
What is the best decentralized crypto exchange?
The best decentralized crypto exchange is Binance.
Which is best to buy in Coinswitch?
It is best to buy in Coinswitch if you want to make a profit.
Can you buy Bitcoin on a Dex?
No, you cannot buy Bitcoin on a Dex.
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