de | cn | ru

WAVES Platform (DEX) Review - is it scam or safe?

WAVES Platform (DEX) Review - Is wavesplatform.com scam or safe cryptocurrency exchange?

RATING: 4.3 / 2 REVIEWS ForexBrokerz WAVES Platform (DEX)

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1 0.003 WAVES 0.003 WAVES CC: around 27%*, Crypto:free

*this may not be accurate, due to market volatility


Waves is a very interesting project, which aims to create a comprehensive cryptocurrency environment. In essence, the end result will be similar to the Ethereum network, but even more user friendly. This review will focus on the current iteration of the Waves trading platform (DEX) which is only one of the elements involved. The capability of launching your own token will not be touched, despite it probably being the most unique aspect of the project. As always we will take the perspective of a not that experienced enthusiast, who is willing to try out crypto.


WAVES Platform (DEX) Advantages


Decentralized exchange – the most obvious advantage of trading on the Waves Platform, as opposed to another exchange is the fact they are decentralized. This means your coins can’t be accessed (or stolen) from the people running the company. Additionally the infrastructure itself makes hacking practically impossible. Still there are a few things you must know before trading at such a venue, like the lack of ability to restore your password. Waves informs you about them, when creating an account:



Charting by TradingView – the actual trading platform provided by the current iteration of waves is very intuitive. Furthermore, it features one of the best charting packages available. Here is a preview



The current Waves DEX web-based platform. Click to zoom


Low and fixed fees – another rather unique feature of this exchange is the way trading fees are structured. There is a fixed fee of 0.003 WAVES on all orders. With the current price of a single token being around 7.45, this is slightly more than 2 cents per trade. This will be very beneficial for bigger traders.


Potentially all coins supported
– the Waves platform will (hopefully) be able to support all the cryptocurrencies you can think about in the future, once the appropriate gateways are implemented. Currently the majors BTC, LTC and ETH as well as quite a few less popular altcoins are integrated. Fiat currencies are represented by the EUR, USD and TRY tokens.


>>Where else can you buy crypto with a Credit Card?<<


Fiat payments accepted – the Waves DEX accepts Bank Transfers and Credit card deposits. While this is nice, the markups we witnessed when testing the platform were very high.


Easier than other DEX – we have reviewed quite a few other decentralized exchanges and we have to say this is the most intuitive one we encountered.


WAVES Platform (DEX) Disadvantages


Very high markup on Credit Card Transfers– when playing around with the platform, we wanted to see if it’s viable to get WAVES tokens directly through the platform. The short answer is no, due to the high markup. The developers have partnered with third party providers in order to facilitate these payments and this has resulted in an absurd fee for credit card deposits. Here is an illustration (click to zoom-in):



We were about to get 10.52 WAVES for $100 (or $9.50 per coin), when the current price of a token was around $7.45. No matter what the expected market volatility is, this is expensive.


>>Where else can you get WAVES?<<


Volumes on some coins are low – at the time of writing there still isn’t that much trading activity on the platform. This may change in the future, especially if the fees stay this low and more assets are added. Other than the WAVES token itself, ETH, LTC and Wagger(WGR) are the most popular instruments, for now.


Tokenized environment – we must mention the entire Waves eco system features tokens. In other words, the tokens, which represent fiat currencies may not be that viable in the long term. We feel the need to mention this, given the controversy surrounding USD Tether, which many experts agree may cause massive chaos in the cryptocurrency space.


No margin trading – this is one of the functionalities which even the centralized exchanges rarely provide, so a DEX not offering it isn’t surprising. Those of you who are only interested in cryptocurrencies for the volatility and want to trade in the short term, should give forex brokers a look.


>>Trade crypto with leverage<<


It has to be said, that these companies offer CFD trading. This is very different from buying the actual coins in question. Read all the details here.


Conclusion


Waves, as whole is an impressive endeavor, which if successful will be a crucial part of the entire cryptocurrency universe. This review focused on the current capabilities of the Waves DEX, which is rather impressive, despite being in an early stage. The fixed and low trading fees should drive forward the popularity of the platform, as more assets are added. That being said, the markup for credit card payments is simply unacceptable. 


Still, one of the biggest risk involved with this project is the tokenized fiat currency environment, which may eventually fall apart. If you are an active trader, who is looking to speculate with crypto in the safest possible way, a well-regulated forex broker mat be better than all exchanges.


>>Regulated cryptocurrency forex brokers<<


Here are the pros and cons of the current version of the WAVES DEX:

Pros Cons
Decentralized exchange Very high markup on Credit Card Transfers
Charting by TradingView Volumes on some coins are low
Low and fixed fees Tokenized environment
Potentially all coins supported No margin trading
Fiat payments allegedly accepted   
Easier than other DEX  

 

Latest news about WAVES Platform (DEX)
No news about WAVES Platform (DEX). Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website
UK, Cyprus, Dubai FCA, CySEC, DFSA MT4, MT5, Web,
PrimeTrader
$100 Review Website

Traders` reviews for WAVES Platform (DEX)

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

WAVES dex review

Since the beginning of this year i have been using WAVES DEX to test it and see if such exchanges will really be the future or have any livelihood at all. I do have some experience in trading in general also not only on crypto but in other markets too. I would like to share with you my user experience today.

1) Somehow they now only offer the "beta" version of the DEX. This beta version is still in development and full of bugs. The problem is that it is used for real trading, but when something is wrong then WAVES would just tell you that its the beta therefor not their problem. Which seems like they are not really behind the their own product.
Some of the list of bugs i noticed; Client start using all cpu power of a strong laptop after a while; Sending and updating orders can take a while; order screen for making orders completely missing; hard to find your own open orders; unable to cancel orders; client closing down and re-asking for the seed (this happens regularly, so you need the seed very close by).

2) Their api isn't really working, or at least useful. The api shows asset-pairs in different ways, so it is hard to guess which would be first; the data is incorrect, the api may show 8 decimals and instead the asset-price itself is showing 14 decimals (or 8-10-12 whatever)

3) They do have a fiat gateway, although that is a plus point the gateway provider they use (coinomat) is a bit of a sketchy one. The transaction time from sending it from your waves account to the bank can take up to three weeks. Sometimes you even need to email this provider as it seem they just lost the transaction (after the email you get the funds in some working days, so i think the transaction really just was "forgotten"); They say they charge 1% but in reality its between 1.1% and 1.3% and both WAVES nor Coinomat can explain really why (i gave up asking for it as they blame my bank but that is impossible as they structure fees and transactions separately); who charges 1+% per sepa transaction!? Such transactions cost only 15 cents maximum.

4) Trading itself is not really easy for a beginner, but it is manageable as long as they just stay with the "big" coins. The liquidity is very poor so often it cost traders a lot to make trades. (So transactions can be very cheap but in reality you are way worse off than at a normal exchange).

Conclusion is that DEX seems interesting in reality it might be a better idea to stay at other places for now.

Of course i addressed my problems/concerns/bugs with the WAVES DEX staff but i often got a rather desatisfying answer (very quick response time though) which didn't really give any solution. Often the response was like: we don't know, it will be in the future, tech is working on it, it's a beta client so it is not our problem, ask Coinomat or ask at the developers forums.

antonie 07/04/2018
de | cn | ru