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Decentrex Review - is it scam or safe?

Decentrex Review - Is decentrex.com scam or safe cryptocurrency exchange?

RATING: 2.2 / 0 REVIEWS Decentrex

RECOMMENDED BITCOIN BROKERS


Trading Accounts

  

Account type Leverage Maker Fee Taker fee Deposit Fee
Standard N/A Free 0.30% Free

 

Decentrex is a decentralized Ethereum token exchange. The entire project is open source and build upon Ether Delta the most popular trading venue of this kind. That being said, a lot of their characteristics will be the same and most importantly, we will not recommend this to beginners in the cryptocurrency space.

 

 

Decentrex Advantages

 

Decentralized – the fact Decentrex is decentralized is suggested by the very name of this exchange and is also its main selling point. When dealing with a “normal” (i.e. centralized) exchange one always carries some counterparty risk. The exchange may be hacked and/or the tokens may simply be stolen. In case you are relatively new crypto-enthusiast and believe this is not possible with the reputable companies, do some research on Mt. Gox, the most well-renowned exchange of its time.

 

Many tokens – the trading instruments at Decentrex are a lot. They are only Ethereum based tokens, which are mostly traded against the base currency of the ecosystem – ETH. At the time of writing of this review, the tokens listed are over 530. This number is surely going to grow.

 

Decentrex Disadvantages

 

 

Possibility for user mistakes – as Decentrex is based on Ether Delta, it allows for the same user mistakes to be made. What we are referring to is buying/selling at a very disadvantageous price. Since all tokens are traded against ETH and the order books are not well populated, one must be very careful when trading – if you misread an offer by a single digit, you may be in a world of pain. This is further amplified by the fact ETH prices are also not stable.

 

 

Trading is not instant – this is a feature of decentralized trading systems, with the current state of the technology. In order for a trade to occur the smart contract must make two transfers on the Ethereum blockchain, which can take some time. Centralized exchanges on the other hand have all the coins in their holding and simply make internal transfers between different accounts. 

 

 

Trading against ETH –  the more experienced crypto-enthusiasts among you would have picked up on this from the beginning, but we must reiterate for beginners. Ether (ETH) is the base currency for transactions at  Decentrex, while the tokens are the assets. Bitcoin, Litecoin or any other currencies (crypto or fiat) are not involved.

 

 

Dependent on the Ethereum network – another rather obvious thing – since the entire system is based on the blockchain, in case there is some sort of slowdown due to too many transactions, Decentrex will also be slow.

 

 

Slightly non-competitive fees –  while those who place orders in the book (the so called market makers) do not pay fees at Decentrex, market takers are charged slightly more than the industry standard. Most exchanges charge something in the 0.20-0.25% and this one has set the level at 0.30%. That being said, there are no deposit and withdrawal fees, which is always nice.

 

 

 

Low liquidity – everybody will be expecting low volumes on the more obscure tokens. However, at the time of writing of this review, this is a general statement for Decentrex.  

 

 

 

No leveraged trading  – implementing leveraged trading on such a platform will be hard (and not worth the developers’ time). This is a trading venue for the crypto-investor, willing to diversify his portfolio. Active traders can go to other exchanges or even to some forex brokers

 

>>Forex brokers offering Ethereum<< 

 

These companies offer the so called Contracts For Difference (CFDs). This represents a style of trading, where one does not actually own the asset in question, but only speculates with its price fluctuations. Read our full guide for more informaion.

 

Poor charting –  Decentrex offers a web-based trading solution, which is quite common in the world of cryptocurrencies. That being said, the charts provided by this platform are either very poor or the actual trading activity is very minimal (at the time of writing of this review). Here is a full preview of the platform:

 

 

Here is the chart, followed by the volumes per token

 

 

The bottom portion of the platform is where one places orders and tracks his activity

 

Few negative user reviews – while we didn’t find many user reviews on  Decentrex, there were a few claims the exchange doesn’t allow them to withdraw the newly acquired tokens. We usually take user reviews with a grain of salt and this is definitely the case with such a complicated exchange.

 

 

Conclusion

 

Decentrex is a decentralized Ethereum token exchange, based on Etrher Delta. We would obviously also not recommend this to newcomers. On the other hand, this is an interesting option for those willing to diversify their crypto-portfolio with tokens, backing specific projects. The negative user reviews are slightly worrying and when combined with the low volumes, makes this exchange only suitable for veterans.

 

One must remember, when dealing with any sort of crypto-exchange, there is a risk which most people don’t realize. The forex brokers, which offer cryptocurrency CFDs are generally much safer. Of course, there are some of them, which are very shady. This is why most countries have regulatory agencies which monitor their activities. Check the link below to see our list of highly-regulated Bitcoin forex brokers.

 

>> Safe Bitcoin forex brokers<<

 

Decentrex has several pros and cons, which we will list here.

 

Pros Cons
Decentralized Possibility for user mistakes
Many tokens Trading is not instant
  Trading against ETH
  Dependent on the Ethereum network
  Slightly non-competitive fees
  Low liquidity
  No leveraged trading
  Poor charting
  Few negative user reviews

 

 

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Traders` reviews for Decentrex

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