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Stellarport Review - is it scam or safe?

Stellarport Review - is stellarport.io scam or good crypto exchange?

RATING: 2 / 2 REVIEWS ForexBrokerz Stellarport

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions

 

Account type

Leverage

Market Taker*

Transfer Fees

Standrd

N/A

0.15%

Unspecified

 

*Market makers trade entirely for free on Stellarport.

 

Although it is technically not a part of the Stellar Foundation, Stellarport provides direct access to the Stellar blockchain. It is an aggregator exchange that offers a convenient way in which you can manage your Stellar wallet, as well as trade in XLM and other digital assets on the decentralized exchange.

 

Not surprisingly, Stellar Lumens (XLM) is the base trading currency on Stellarport. Besides, the platform also supports fiat currency (CNY).



Stellarport Advantages

 

Semi-decentralized

Stellarport combines some aspects of a central trading system’ with the benefits of decentralized technology. Users can hold their own coins and trade them directly with other users on the Stellarport platform, which makes it almost insusceptible to hacks.

 

Solid number of coins offered

Apart from Stellar lumens, Stellarport offers trading in major coins such as Bitcoin, Ripple, Litecoin, Ethereum, as well as several other tokens like Mobi, Smartlands, Kin, Cryptonite, and others. The most heavily traded ones at the time of writing of this review are MOBI/XLM, and SLT/XLM.

 

Fiat accepted (CNY)

This platform works only with Chinese Yuan as a fiat currency, offering the XLM/CNY trading pair (through the Ripplefix exchange).

 

Service and speed

As an aggregator exchange, Stellarport provides a fast and convenient service for its clients. It is much easier to have several exchanges in one place (such as Ripplefox, Interstellar exchange, and others), rather than visiting various websites and looking for the best rates.

 

Besides, the stellar blockchain network settles transactions in an average of 5 seconds (and a maximum of 10 seconds).

 

Competitive fees

Market makers (who add liquidity to the exchange) do not pay fees at Stellarport, while market takers are charged with 0.15% per trade. Such prising is really low and competitive, as many exchanges apply fees of more than 0.2% to both market takers and makers

 

Advanced mobile-friendly platform

Stellarport provides a modern trading interface which is device responsive and easy to use. This platform is equipped with advanced charting by TradingView with all its perks. Here is a preview:

 

 

Click on the image to zoom in.

 

Wallet service

Stellarport offers a wallet service to its users, although it is not a mandatory solution. It also supports hardware wallets like Ledger Nano S and Ledger Blue.



Stellarport Disadvantages

 

Trading only against XLM

As we mentioned in the beginning, trading at Stellarport is only done against its base currency, Stellar lumens. The other coins available at the exchange cannot be freely traded against one another, which is a bit of a limitation.

 

Dependent on the Stellar network

In case there is backlog on the Stellar blockchain network, this will of course affect the functioning of Stellarport.

 

No leverage available

Stellarport doesn’t allow its clients to use margin, which is not a major flaw, as most exchanges don’t. Meanwhile, forex brokers are used to providing high leverage ratios to their clients. While the levels are lower for digital assets, they are still better than what you would get at a cryptocurrency exchange. You must keep in mind that trading in coins with fx brokers is available in the form of CFDs – a synthetic instrument which only mimics the price dynamic of the underlying asset.

 

>>BTC margin trading<<

 

No information about the company, transfer fees

The company behind the Stellarport project does not reveal much information about itself. We don’t know where it is based, the company exxperience and background, etc. Such information always adds a layer of credibility.

 

Besides, the Stellarport website mentions nothing about deposit and withdrawal methods,nor about the transfer fees.

 

 

Conclusion

An aggregator exchange for Stellar, Stellarport has many good sides: it is convenient, secure, semi-decentralized platform with low fees and advanced trading interface. On the other hand, this exchange also has a few weak sides. Its most obvious disadvantage is its dependence on the Steallar blockchain network. Besides, its website lacks some important information – about the company behind the Stellarport project, as well as some trading specifics. This might be due to the fact that the exchange has been launched a couple of months ago. Still, those of you who are bothered by this and would rather invest in a regulated entity, might try out trading in cryptos with a forex broker. For example, eToro even offers trading in Stellar. Below, you can find a list of brokers who are reliable and tightly regulated.

 

 

>>Trusted brokers offering crypto-trading<<

 

 

Here are the strong and weak sides about his exchange:

 

Pros

Cons

Semi-decentralized

Trading only against XLM

Solid number of coins offered

Dependent on the Stellar network

Nice mobile-friendly platform

No leveraged trading

Service and speed

No info about the company, transfer fees

Fiat accepted (CNY)

 

Competitive fees

 

Wallet service

 

 

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Traders` reviews for Stellarport

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Withdrawal outside their network

I was withdrawing some BTC outside from Stellar network, and entered my BTC address outside Stellar: 1PeR5bn6pbz7zzhh9ehwtsk5mYA3EmzdoV and it went to Stellar network address: GC45JH537XZD4DY4WTV5PCUJL4KPOIE4WMGX5OP5KSPS2OLGRUOVVIGD

Thankfully it was only small amount, tx here: https://stellarchain.io/tx/43ee84103db7cdbb46b83ce9f812d065868969cdbced9c1fdc0e44907a2d3344

This is really mysterious: https://stellar.expert/explorer/public/account/GC45JH537XZD4DY4WTV5PCUJL4KPOIE4WMGX5OP5KSPS2OLGRUOVVIGD?filter=payments

Gudjon 11/24/2019
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