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Radar Relay Review - is it scam or safe?

Radar Relay Review - is radarrelay.com scam or good cryptocurrency exchange?

RATING: 3 / 0 REVIEWS Radar Relay

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Trading Accounts & Conditions

 

Account type

Leverage

Trading Fee

Transaction Fee

Standrd

N/A

Gas only

Gas only

 

A hub built atop the 0x protocol, Radar Relay is a place where crypto investors can trade in a number of ERC-20 tokens against WETH – a "wrapped" version of WETH.

 

It is a decentralized exchange, which means that it uses smart contracts to transfer digital assetrs directly between traders. Another specific feature of this crypto service is that traders don't need to register an account with Radar Relay. Instead, they simply have to (install and) connect their external wallets to the exchange.

 

We have reviewed a few similar venues that also use the 0x protocol - Paradex, and DDEX.

 

 

Radar Relay Advantages

 

Decentralized wallet-to-wallet service

Unlike what happens in most centralized exchanges, users at Radar Relay don't have to give their private keys to anybody. Instead, they control their coins in their own wallets themselves. Currently, Radar Relay has integrated browser-based wallet MetaMask, as well as hardware Ladger wallet. The latter even allows ledger users to trade funds directly from one hardware wallet to another, which is quite revolutionary.

 

In fact, what Radar Relay does is match the orders of buyers and sellers via the 0x protocol on the Ethereum network. This adds a layer of security and eliminates counterparty risk.

 

Low-cost trading

While Radar Relay is in beta version, it charges no fees, except gas, which goes for miners on the Ethereum network. This is quite an attractive offer, as almost all exchanges charge both trades and withdrawals.

 

Gas fees at Radar Relay are small and adjustable. They are charged for wrapping and unwrapping of ETH, filling an existing order ("taker"), cancelling an order, and sending coins to or from your wallet.

 

Many ERC20 tokens listed

ERC20 have become an increasingly common type of tokens and Radar Relay has listed quite a lot: 0x, BAT, OmiseGo, Augur, Maker, Dai, Zilliqa and many other less popular ones. Currently, the most actively traded pairs are DAI/WETH and SPANK/WETH.

 

Anonimity

As we have said above, Radar Relay works with MetaMask and Ledger wallets and sign up is not required. This means you can trade anonimously, without providing any personal data.

 

 

Radar Relay Disadvantages

 

Only ERC-20 tokens against WETH

If you want to trade in popular cryptocurrencies such as Bitcoin, Ripple, Litecoin, Bitcoin cash, or Monero, Radar Relay is not your cup of tee. As we said in the beginning, this exchange supports only ERC-20 tokens. What is more, trading is done solely against the "wrapped" Ethereum, WETH.

 

Fiat currencies not supported

Like most similar Fiat currencies like US dollars, Euro or Chinese Yuan are not accepted at Radar Relay. This means that you have to exchange your traditional money for some of the coins supported on this exchange, before you start using it.

 

Not beginner friendly

Radar Relay is not for everybody, and certainly not for beginners. Although there are sume useful tutorials and explanations on its website, 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.

 

No leverage available

Given the volatile nature if cryptocurrenies, the lack of this option is not a major flaw. Yet, if you wish to gear up your trading with some leverage, you may also trade in Ethereum with forex brokers. All of them provide trading on margin.

 

 

>>Ethereum forex brokers<<

 

 

Note that forex brokers offer trading in cryptovurrencies via Contracts for Difference (CFDs), which differs from trading on an exchange. You can find more information here.

 

Low liquidity on some instruments

The trading volumes and liquidity on many of the trading pairs at Radar Relay are rather low. This is not surprising, considering the fact that some of them are not very popular among crypto investors – like FuckToken or BlockCAT, for example.

 

Still in beta

The trading service offered by Radar Relay is currently in Beta testing, so you can expect bugs and other problems.

 

 

Conclusion

 

Radar Relay is an innovative crypto trading service that allows users to exchange ERC-20 tokens directly from their wallets, without giving any private keys. As the exchange is in beta version, it still does not charge any fees, except gas.

 

Basically, Radar Relay is intended for advanced crypto traders who are keen on Ethereum and the other ERC-20 tokens. You cannot deposit any fiat currency on this platform, nor buy Bitcoin or Ripple on this exchange.

 

The company that operates Radar Relay is based in the United States (Colorado). Like most exchanges, it is not licensed, nor overseen by any authority. We would like to remind those of you who prefer investing in regulated companies that forex brokers are also an option. Many of them offer trading in Bitcoin, Ethereum and other altcoins and we have prepared a list of them which are tightly regulated.

 

 

>> Regulated forex brokers offering crypto trading<<

 

 

Here is our recap of this exchange:

 

Pros

Cons

Decentralized service

Only ERC-20 tokens against WETH

Gas fees only

Fiat currencies not supported

Many ERC-20 tokens listed

Not user-friendly

Anonymous trading

Still in beta

 

No margin trading

 

Low liquidity on some instruments

 

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Traders` reviews for Radar Relay

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