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Paradex Review - is it scam or safe?

Paradex Review - is scam or good cryptocurrency exchange?

RATING: 2.6 / 1 REVIEWS ForexBrokerz Paradex



Trading Accounts & Conditions


Account type


Trading Fee

Transaction Fee






*All transactions on the Ethereum transaction require a gas fee which is paid to the miners on the Ethereum network as a reward for confirming your transaction.


Paradex is a peer-to-peer trading platform where crypto investors can buy and sell ERC20 tokens on the Ethereum blockchain. All crypto transactions occur through the 0x smart contract and users are able to trade by simply connecting their own wallet to Paradex (MetaMask or Ledger).


As this exchange doesn’t have traditional user “accounts,” its clients can trade privately and without sending their private keys to a centralized exchange. Besides, as you can see from the table above, the company’s trading fees are quite low.


As all decentralized exchanges built on Ox (Radar Relay, DDEX), Paradex also works with “wrapped” Ethereum (WETH). That is why clients of this exchange have to enable WETH before trading with other tokens.


Paradex Advantages


Dezentralized exchange

One of the greatest and most obvious advantages of Paradex is the fact that it is a decentralized exchange. Its users access the platform with their own wallets, trade and leave. The company doesn’t take custodianship of users’ tokens, thus minimizing counterparty and security risks.


Low-cost trading

Paradex charges 0.15% per trade, while most centralized exchanges apply fees of 0.20% - 0.25%. Besides, users have to pay small gas fees that go to the miners on the Ethereum network. So basically, trading at Paradex is low-cost.


Solid number of altcoins listed

Although still in beta, Paradex has listed a solid number of altcoins, including EOS, BAT, OMG, MKR, and more. By the time of writing this, the most actively traded pairs are MKR/DAI, WETH/DAI, and REP/WETH.


However, some major altcoins are not avbailable at this exchange. You can read more in the Disadvantages section.


No account registration, no verification required

Currently. Paradex does not utilize account registrations or verifications. No sign up is required and its users are able to trade anonymously, which was initially the main idea of cryptocurrencies.


Paradex Disadvantages


Only ERC-20 tokens supported

As we have already said, at Paradex one can only trade ERC-20 tokens against WETH. There is no Bitcoin, Ripple, Litecoin, Bitcoin cash, Monero, etc. Besides, some major ERC-20 tokens are also not listed on Paradex – Tron, Icon, DigixDAO.


Fiat not accepted

If you are searching a place to buy Ethereum or other tokens with your credit card or via bank account, Paradex is definitely not the place for you. It does not work with cash payments ( in USD, EUR, CNY, etc.)


Not beginner friendly

This exchange is not for everybody, and certainly not for beginners. Although Paradex’s website provides sume useful tutorials and explanations, it won’t be easy for people that don`t posses any coins to start trading at this exchange. First, it does not accept fiat. Second, you have to use MetaMask or Ledger in order to be able to trade. Third, even if you do have some ether in the above-mentioned wallets, you have to wrap it to trade with it on Paradex.


Leverage not available

Paradex does not offer margin trading, which is fairly common among the cryptocurrency exchanges. There are just a few who offer tleverage – Kraken, Poloniex and bitFlyer, to name a few. On the other hand, there plenty of forex brokers who provide that service for cryptocurrency CFDs. T



>>Bitcoin margin trading wirh FX brokers<<



This type of trading certainly has its advantages, the major being that a number of the above brokers are duly regulated, while most exchanges still operate in the gray area.



Still in beta, no live customer support

Last but not least, we have to mention that Paradex is still in beta version, trading volumes on most pairs available at the exchange are quite low, and there is no live custoimer support.





A peer-to-peer ERC20 exchange based on 0x protocol, Paradex allows users to retain control over their coins until the point at which trades are finalized, without even signing up. On the other hand, this exchange is still in beta, it has no live customer support and trading volumes on most instruments are low. Besides, Paradex is not suitable for beginners in the crypto world, as fiat currencies are not supported, access to it requires an external wallet, as well as “wrapping” of Ethereum.


Paradex is incorporated in the United States, however the company behind it, Augment Partners, is based in Malta. Like most companies that operate exchanges, Augment Partners is not regulated. We remind you that many of the forex brokers that offer trading in Bitcoin and other cryptocurrency CFDs are duly licensed in the countries where they operate.



>> See our list of regulated bitcoin forex brokers <<





Only ERC-20 tokens against ETH

Low-cost trading

Fiat currencies not supported

A solid number of ERC-20 tokens available

Not user-friendly

No sign up required

No leveraged available


No live customer support


Low liquidity on many pairs


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