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SingularX Review - is it scam or safe?

SingularX Review - is ex.singularx.com scam or good cryptocurrency exchange?

RATING: 2.8 / 0 REVIEWS SingularX

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Trading Accounts & Conditions

 

Account type

Leverage

Taker Fee

Deposit/withdrawal

Standard

1:1

0.30%

0.0001 – 0.0003 ETH*

 

*Gas fee, depends on the token.

 

SingularX is a decentralized exchange running on top of the Ethereum Network. The project is still in Beta but is live and seems quite interesting. Actually, SingularX is intended as a peer-to-peer marketplace for ERC20 tokens, as well as tokenized intellectual property.

 

Another fact worth noting is that users of this platform don't need to register an account. Instead, they simply have to (install and) connect their MetaMask (or Parity) wallet to the exchange.

 


SingularX Advantages


Decentralized exchange

On of the main strong sides of SingularX is, of course, its decentralized nature. As you may know, dealing with a centralized exchange always involve some risk of hacking or dishonesty on the part of the owners of the exchange.

 

Unlike centralized exchanges, which manage usersassets (and private keys), decentralized ones only facilitate cryptocurrency trading on a distributed ledger.

 

No deposit/withdrawal fees

SingularX does not charge deposits and withdrawals, there are only only small gas fees for miners on the Ethereum network, depending on the token traded. In addition, Meta Mask users can bring down their Gas Price cost through the Plug-in.

 

Here are the details on gas fees applicable at the exchange:

 


Rather competitive trading fees

Although the fee applied to market takers is slightly above the average in the industry (0.3%), we consider the trading costs at SingularX quite competitive. It is because market makers (or liquidity providers) do not pay any fees at the exchange.

 

Customizable platform with advanced charting

The trading interface, provided by SingularX is well designed and perfectly functional. It has an order book, trading history, Tweet field, as well as a Trading volume widow. Most importantly, the charting is powered by Trading View. Here is a preview:

 


SingularX lets you customize your own interface from a selection of
layouts. You can pick the ones you like and set up your own dashboard. You can basically set your trading desktop just the way you want.

 

Trade any ERC-20 token imaginable

Unlike other decentralized ERC-20 platforms that only offer trading against Ethereum, SingularX offers wide range of ERC-20 tokens for trade in different combinations. Besides, any Ethereum-based token can be traded, even if SingularX hasn’t officially listed it. Users simply need to import the token and start trading.


Rewards system

Like many similar projects, SingularX was launched after an ICO. SNGLS is the indigenous token of the SingularDTV project (which created the exchange). Of course, it can be traded on the platform and its holders can benefit from a $10m special offer, but there's also a SNGX token which is an element of this SingularX platform. Anyone who owns SNGX tokens will automatically earn from trading fees generated by the SingularX.

 


SingularX Disadvantages

 

Still in beta, low trading volumes

As we mentioned SingularX is still in Beta version. This means that all kinds of bugs are possible on the platform, and besides, trading volumes on most instruments are (still) low, which is an obvious flaw.


No fiat currencies, not beginner-friendly

If you are searching a place to buy Ethereum or other tokens with your credit card or via bank account, SingularX is not your cup of tea. This exchange does not work with fiat currencies like US dollars or Euro. Besides, you have to use MetaMask or Parity in order to be able to trade on this platform.

 

If you are just looking to get into the crypto-verse, check the link below for places where you can buy crypto directly with your credit card:


>>Crypto-xchanges accepting credit cards<<

 

ERC-20 tokens only

Like other similar venues, SingularX supports only ERC-20 tokens. You will not find Bitcoin, Ripple Litecoin, USDT, nor any other non-ERC-20 token on this exchange.


Dependent on the Ethereum network

If something were to happen with the Ethereum network, SingularX would also be down.


No leverage provided

There are a few of the major exchanges like Kraken and OKEX, who have leveraged trading, but most of them don’t. SingularX is no exception. If you wish to trade more aggressively in cryptocurrencies, there are also a lot of “traditional” forex brokers who offer that option in the form of CFDs.



>>Trade Bitcoin with margin<<



Conclusion

 

A peer-to-peer exchange based on the Ethereum network, SingularX offers trading in all ERC-20 tokens imaginable. Its main strong sides are the decentralized nature, low-cost deposits and withdrawals, its trading platform and the rewards system. Besides, SingularX also plans to offer trading in tokenized intellectual property. Only time will tell whether this interesting project can live up to its investors expectations.

 

What we don’t like about this exchange is the fact that it is still in beta and trading volumes on most pairs are low. Also, some traders might miss popular coins like Bitcoin, Ripple, Litecoin, and many others, which are not listed on SingularX. Besides, this is not an entry-level service and is definitely not suitable for beginners.

 

SingularX a collaboration between SingularDTV (whose Tokit product allows artists to tokenize their content and creations) and Centrality, a New Zealand-based blockchain venture studio. Like most exchanges, it operates without a license and regulatory oversight. If you are looking for a safer way to trade cryptos, some forex broker might be a better choice.

 


>>Regulated Bitcoin forex brokers<<

 


To summarize the advantages and disadvantages of SingularX:

 

Pros

Cons

Decentralized exchange

Still in beta, low trading volumes

No deposit/Withdrawal fees

No fiat currencies, not beginner-friendly

Competitive trading fees

ERC-20 tokens only

Trade any ERC-20 token imaginable

No leverage provided

Good platform

 

Rewards system

 

 

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Traders` reviews for SingularX

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