7 Reasons Why You Should Trade on the Block DX Decentralized Exchange
Cryptocurrency exchanges offer a seamless way to exchange digital currencies for other crypto assets or conventional fiat money. The advancement in cryptocurrency exchanges has been instrumental in spurring mainstream crypto adoption.
Crypto exchanges are grouped into two broad categories: centralized exchanges (CEXs) and decentralized exchanges (DEXs). Centralized exchanges, also referred to as custodial, are controlled by a central authority in charge of users’ digital assets. They feature a highly regulated trading environment and also involve third parties.
Decentralized exchanges (DEXS) or non-custodial exchanges facilitate peer to peer trading without a third party’s involvement. Users are given full control over their assets, which are stored in wallets. Compared to custodial exchanges, decentralized exchanges are superior in terms of privacy, security, and interoperability capabilities achieved via atomic swaps.
As DEX platforms continue to flood the crypto space, few exchanges stand out. Among them is Block DX – the world’s most decentralized exchange. The exchange boasts several features that offer a sort of centralized exchange experience but on a decentralized platform. Users can exchange directly from their respective wallets with no third parties involved. Block DX should be your top priority if you’re looking for the best DEX to kickstart your crypto trading journey. Here are seven reasons why you should trade on Block DX.
Block DX Unraveled
The Blocknet Decentralized Exchange (Block DX) is currently the fastest, most secure, reliable, and fully decentralized exchange in the crypto space. The platform is built on Blocknet Protocol – a blockchain interoperability protocol. This protocol facilitates communication, interaction, and exchange between different public and private blockchains and integration to external off-chain APIs and services via oracles.
The Blocknet Protocol facilitates cross-chain trading via the use of atomic swaps, creating a decentralized P2P exchange. P2P, in turn, eliminates intermediaries who offer trust.
Block DX has listed over 100 digital assets with the number set to grow further. Users enjoy complete trading pair freedom, i.e., any two listed assets can be exchanged. Trading pairs combinations total to over 7000 tradable pairs.
Benefits of Trading on Block DX
Trading on Block DX comes with several benefits. For a start, users are in complete control of their funds at all times. They can trade directly from their wallets with no limitations of trading pairs or withdrawals. Also, the platform requires no KYC procedures, which can sometimes expose traders to security breaches. The trading fees generated on the platform are distributed to the BLOCK holders, who are critical for the exchange’s functioning.
Block DX Cross-Chain Trading
Block DX leverages Blocknet protocol, an inter-blockchain infrastructure that facilitates communication, interaction, and exchange between different blockchains. Specifically, the platform’s XRouter, a cross-chain interoperability protocol, allows users to exchange tokens built on another blockchain network. This means that you can directly exchange Bitcoin and Ethereum on the platform without downloading different blockchain wallets.
Block DX guarantees you the security of your funds thanks to its safe trading features. The platform is 100% trustless with no middlemen or intermediaries. Users are given complete control of their coins as they trade peer-to-peer directly from their wallets. Additionally, all trades are conducted via atomic swaps with no intermediary tokens, proxy coins, IOU’s or colored coins in the middle. Funds are always in your control, assuring you of the safety of the platform.
Truly Decentralized Governance
Block DX features truly decentralized governance with no central entity or exceptional individuals controlling the platform. The community is in charge of the project and votes to decide on the direction of the project. The order books and order matching is also completely decentralized. Orders are filled fairly and transparently with no website, individual, or entity hosting the order books.
No Accounts Required
Block DX doesn’t require users to create accounts as it’s decentralized. No signups, no documentation to submit, or KYC /AML requirements.
Block DX Trading Pair Freedom
Block DX offers users complete trading pair freedom. This means that any digital asset listed on the platform can be exchanged with any other. Trading pair freedom comes in handy to offer to facilitate seamless and efficient trading. Whatever crypto pair you want, you can trade.
Low Trading Fees/ No Withdrawal Fees/No Listing Fees/No Trading Limits
Compared to centralized exchanges or other decentralized exchanges, Block DX charges extremely low trading fees. Better yet, all the charged trading fees are distributed to Service Nodes for supporting the network. Here’s Block DX’s fee structure.
Also, withdrawal fees are not applicable since trade occurs directly from the wallets. Your funds always remain under your custody; thus, there is no need for withdrawal fees. The platform also does limit withdrawal or trade amounts, creating a great deal of trading flexibility.
Block DX does not charge listing fees for assets to be added on the platform. Nonetheless, the listing process is rigorous and stringent to ensure that only legit and 100% compatible tokens are added to the platform.
Easy Integration with Zero Downtime
Block DX features a largely compatible API that allows developers to easily create a trading bot and link it to the platform. The platform is also powered by the Blocknet Protocol, which has in-built DoS protection and doesn’t suffer from downtimes, which can be costly.
In this age of digital assets, crypto exchanges offer a direct and secure way of exchanging cryptos. Block DX stands out among the numerous decentralized exchanges that exist. Its features enable users to trade cryptos directly from their respective wallets rather than using a third party. Atomic swaps, full decentralization, no registration, no withdrawal fees and 100% trustless are some of the features that make the Block DX an ideal DEX for any avid crypto trader.