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BarterDEX Review - is it scam or safe?

BarterDEX Review - is barterdex.com scam or good cryptocurrency exchange?

RATING: 2.8 / 1 REVIEWS ForexBrokerz BarterDEX

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions

 

Account type

Leverage

Taker fee

Withdrawal Fee

Standrd

N/A

0.15%

Unspecified

 

BarterDEX is the newest project of the team behind the Komodo coin, SuperNet. Although still in beta, crypto investors can already trade cryptos like BTC, BCH, LTC, Zcash and others against KMD on this platform.

 

Besides, the company is in the process of integrating ERC20 tokens into the BarterDEX platform and will be capable of supporting cross-chain trades (between coins based on the Bitcoin protocol and such based on the Ethereum protocol) in a P2P network.

 

BarterDEX is a coin-to-coin spot trading platform, which means that it does not work with traditional money, nor does it offer leveraged trading.



BarterDEX Advantages

 

Decentralized "atomic swap” platform

An atomic-swap powered decentralized platform, BarterDEX enables users to directly exchange coins from one person to another without third-party involvement (i.e. without a counterparty risk). Users are the sole owners of the private keys to this smart address, and there are no registration requirements.

 

Many altcoins available

At present, BarterDEX features more than 100 coins and promises to list more than 1000 cryptocurrencies once it fully integrates the ERC20 tokens into the platform. Currently, its clients can trade in Bitcoin, Litecoin, Zcash, Bitcoin Cash, DigiByte and many others. By the time of writing this, the ,most actively traded pairs are BTC/KMD and SuperNet/KMD.

 

Low costs of trading

BarterDEX does not charge users who add liquidity ty the platform (market makers), while market takers pay a fee of 0.15% per trade. Such fees are really low, as most centralized exchanges charge both market takers and makers with 0.2% - 0.25% per trade.

 

Good downloadable platform

Unlike the web interfaces of most exchanges, BarterDEX`s trading platform is downladable and seems teuly professional. With advanced charting and all.

 

 

Wallet service

It is best to run BarterDEX with Komodo’s Agama wallet, which also offers a light client mode so that you don’t have to keep a full blockchain on your device. Apart from the Agama Wallet App, you can use Komodo Paper Wallet (Cold Storage) or Ledger Nano S.

 

Anonymity

Overall, the idea of privacy is essential to the Komodo ecosystem. KMD has built-in privacy features, allowing users to anonymize their trading on BarterDEX via the Jumblr technology. Jumblr can provide this service not only for Komodo’s native coin, KMD, but also for any cryptocurrency connected to the Komodo ecosystem.



BarterDEX Disadvantages

 

Still in beta, low trading volumes

Not surprisingly, as BarterDEX is still in Beta version, trading volumes on most instruments are low, which is an obvious disadvantage. Yet, probably things will get better in the near future.

 

Trading only against KMD

Komodo is the base trading currency for this platform and all other supported coins are traded against it.

 

No Fiat currencies, not beginner-friendly

As we mentioned in the beginning, BarterDEX does not accept fiat currencies, such as US dollars, Euros or Chinese yuan. this service is only suitable for those who have KMD or any of the supported tokens. If you are looking to just get into the world of cryptocurrencies and buy some Bitcoin, this is not the place for you.


No margin trading

BarterDEX does not offer leveraged trading in cryptocurrencies, which is fairly common among crypto exchanges. Those who wish to speculate on their prices, without owning them, can open an account with a forex broker that offers crypto CFDs instead. What is more, many of these brokers are licensed, while the majprity of crypto-exchanges are not.

 

 

>> A list of regulated brokers offering margin Bitcoin trading <<

 

 

Conclusion

 

SuperNET´s native еxchange BarterDEX is a decentralized, open source cryptocurrency trading platform, powered by electrum atomic swap technology. BarterDEX' atomic swap protocol is blockchain agnostic and allows traders to swap tokens atomically across blockchains while remaining in control of their privatekeys.

 

This exchange offers low-cost trading in solid number of coins against Komodo, but it is certainly not for everybody. Fiat currencies are not supported on the exchange, and it is not very user friendly. Another weak side of BarterDEX is the low trading volume, which will probably got better in the future, as it is still in beta.


Here is our summary of BarterDEX:

 

 

Pros

Cons

A unique model - decentralized "atomic swap” exchange

Still in beta, low trading volumes

Low costs of trading

No fiat currencies, not beginner-friendly

A lot of coins supported, ERC-20 tokens to be listed soon

Trading only against KMD

Good downloadable platform

No margin trading

Built-in privacy features

 

Wallet service

 

 


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Traders` reviews for BarterDEX

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