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RuDEX Review - is it scam or safe?

RuDEX Review - Is rudex.org scam or safe cryptocurrency exchange?

RATING: 2 / 0 REVIEWS RuDEX
RuDEX is not regulated. We cannot guarantee your money is safe.

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Trading Accounts & Conditions

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1* Complicated** Complicated** Complicated**
Member 1:1* Lower** Lower** Lower**

*may change in the future.
**we will present the fees below, but placing a single number here will not be accurate.


RuDEX is a decentralized digital assets exchange built upon the BitShares network. The service is mainly targeting Russian clients, although international traders are also welcome. The project is still in its infancy and a lot of improvements, mainly when it comes to their presentation, will be nice. That being said, the very nature of this exchange makes it slightly unfriendly towards newcomers to the world of crypto.


RuDEX Advantages


Decentralized exchange – the main pro of RuDEX is the fact this is a decentralized project. This is a very big improvement in terms of security over other exchanges, as there is no single point of attack for hackers. That being said, there are a few other risks involved, with BitShares-based project, like the fact one can’t recover his password from a support agent. We like the fact this exchange provides a warning:



Membership available
– for the price of 694.70219 BTS (approximately $100), one can become a lifetime member of RuDEX. This will grant you lower fees, and acess to the referral program, where you can earn a portion of the fees paid by traders to whom you recommend this exchange.


Plethora of altcoins – a lot of coins are traded on this exchange and while the volumes are still relatively low, this has the potential to change. At the time of writing, the most popular assets are PPY, KRM and STEEM. They are traded against BTS and the “tether” coins in the system – bitUSD, bitRUB and bitCNY.


Clean and intuitive charts
– while the overall presentation of this project may be lacking, the charts are nice. The zooming mechanism is one of the smoothest we have seen on any crypto-exchange. Here is a preview of the entire layout:



Positive user reviews – the number of user reviews on this exchange may not be that high, but they are all positive. More importantly they are not all in Russian, which we didn’t expect.


RuDEX Disadvantages


Very poor presentation – our main criticism of this exchange is the fact they are simply a bit too complicated. In case you are familiar with the BitShares ecosystem, this project may feel natural, but a newcomer to the space will not feel welcome.


Some focus on Russian clients – this isn’t as big of an issue as we expected when first browsing the exchange. Most of the website is also translated in English, while only a certain section of the FAQ was Russian.


Complicated fee structure – the costs of trading at RuDEX can be potentially very low, but the fact we can’t clearly state them speaks for itself. The terms used when describing them are slightly new even to us. Here is the preview of the trading fees (click to zoom):



The price of a BitShare at the time of writing is around $0.1440. The highest possible “Global Settlement Fee” is currently around $4. We are not sure if this is the actual transaction fee, but we didn’t find a way to tell after hours of browsing the exchange. The other smaller “order placement/cancelation” fees are in place, just to prevent AI spamming of the network.


Here is a preview of the General fees (which are by no means the only other ones).



Margin trading (currently) not available – the only notion that borrowing will be available at RuDEX comes from a few of the terms used in the fees section (margin and settlement). At this point we are not certain if it will be available. Those who are looking to trade with leverage should check out forex brokers.


>>Bitcoin forex brokers<<


These are companies offer CFD trading, which is very different from the usual cryptocurrency exchanges. It is basically trading a new asset class, which is specifically designed to follow the price movements of a given coin. For a full comparison, go to this post.


Dependent on the BitShares network – in the same way, as Ethereum-based projects will not work, if the network is experiencing issues, RuDEX will always rely on BitShares for its operation.

 

“Tether” coins supported – the fact fiat currencies are represented by their versions on the BitShares network is basically unavoidable with this type of exchange. Keep in mind there are issues even with the biggest fiat-backed coin USD Tether has rumors surrounding its legitimacy, one can’t be feel very safe with any similar asset.


>>Exchanges accepting bank transfers<<


Low volumes on most assets– as we mentioned above there are a lot of coins available at RuDEX. Sadly the trading volumes on most of them are nonexistent. Given how this is a new project, this is to be expected and hopefully it will change in the future.


Conclusion


RuDEX is a decentralized exchange, built on the BitShares protocol. While it apparently targets Russian customers, the website is fully usable by everybody. The main issue we have with them is the presentation – after reviewing over a hundred cryptocurrency exchanges, we have not seen such a complicated way of displaying the fees. While it may be very precise, it serves little purpose, if newcomers can’t understand it. Hopefully this project will change in the future, when we revisit them.


If you are only looking to trade some of the major coins, with a little leverage and even want to have the ability to go short, a forex broker may be a better solution.  That being said, some of them can be very shady, so we would recommend looking only at the well-regulated ones.


>>Trusted Bitcoin forex brokers<<


Here are the pros and cons of RuDEX:

Pros
Cons
Decentralized exchange Very poor presentation
Membership available Some focus on Russian clients
Plethora of altcoins Complicated fee structure
Clean and intuitive charts Margin trading (currently) not available
Positive user reviews Dependent on the BitShares network
  “Tether” coins supported
  Low volumes on most assets

 

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Traders` reviews for RuDEX

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