DCEX Launches Its First Ever Crypto Exchange Using XRP As The Base Currency
DCEX which is a San Francisco based startup announced about the launch of its digital asset exchange on Monday that is 30th July 2018. This crypto exchange is the very first in the world to use XRP as its base currency. It is open for client registration as the trading and transactions will start sooner in the next few weeks.
DCEX is powered by Distributed Ledger Technology(DLT) which is an exchange technology and by AlphaPoint which is a solution provider.
The start-up says that being XRP- based marketplace allows the transactions to be completed in less than four seconds, “which provides a speed advantage over other money movement options."
DCEX allows the trading of XRP against fiat (USD) and also the following 15 cryptocurrencies: Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Ethereum classic(ETC), OmiseGo (OMG), EOS (EOS), DASH (DASH), Tron (TRX), Monero (XMR), VeChain (VEN), IOTA(IOTA), ZCash (ZEC), and stable-coin TrueUSD (TUSD).
Thus the trading pairs are:
The customers can register now at https://dcex.com/, however, the trading on this exchange is not yet started. It will be started soon in the next few weeks. There are various key features of DCEX which makes it different from the others. Let us have a look at them:
- Arbitrage among currency pairs on different exchanges: XRP as a base currency allows for seamless, high-speed transfers between exchanges to take advantage of price inefficiencies.
- Faster execution times with lower latency: As a U.S. based marketplace built for speed, the DCEX platform allows for a very rapid transaction volume with a network designed to facilitate up to one million transactions per second. Additionally, XRP blockchain transactions typically settle in under four seconds, allowing for faster multi-exchange strategies and providing a speed advantage over other money movement options.
- High-frequency crypto trading: Advanced participants can easily connect to APIs to facilitate high-frequency crypto trading strategies.
- The increase of overall liquidity in cryptocurrency space, using the XRP protocol: Availability of novel currency pairs allows for new conversion pathways for market participants and gives traders easy ways to access many of the top cryptocurrencies.
- Lower transaction fees: Market participants will be able to rapidly move XRP between DCEX and other marketplaces at a low network transaction cost as XRP protocol withdrawals allow for lower costs.
- Margin trading: Traders can increase returns when leveraging their investment to take advantage of trading opportunities as they arise.
As for fees, the trading fees, and the "maker" fees are 0% and also the Crypto deposits are free of cost. However, the "taker" fees are 0.2%.
Regarding withdrawals, XRP withdrawals are free, whereas, for other cryptocurrencies, a standard network fee is charged. whilst there is a "standard network fee" (depends on blockchain activity) for other cryptocurrencies.
These features will make DCEX one of the most preferred platforms amongst the traders and will make their trading easy and safe.
Featured Image Courtesy: DCEX
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