The need for the cross-chain decentralized exchange was always there in the crypto-market and Atomex Exchange filled that gap in 2020. While dex is great for trading and swapping cryptocurrencies but there was a need for direct trading which has been brought to the traders by this cross-chain decentralized exchange.
So, here you will get to know about the Atomex Exchange, how you can trade directly without any custodian, third-party on this platform.
Table of contents
|Legal Name||Atomex Exchange|
|Founder/s||Igor Matcak (co-founder)|
|Year Founded||May 2020|
|Fees||Deposit Fee is Nil, Withdrawal Fees is Nil and nominal Miner fees|
|Supported Cryptos||Bitcoin, Ethereum, Litecoin, Tezos, and others|
|Trading Options||Crypto Trading, Swapping, Staking|
What is Atomex Exchange?
Atomex Exchange is a hybrid decentralized finance exchange that is developed with the underlying process of Atomic swap. On this exchange, the trader can do cross-chain deals that are where no third party is involved. The currencies can be traded directly amongst the different Blockchains. There is no need to peg any coins as well.
It is believed that cross-chain decentralization will bring more comfort to the crypto traders. It can be a great alternative to the centralized exchanges as it clubs certain aspects of them along with the ones of decentralized ones.
In Atomex, the order book is created by the liquidity providers at a different place. However, the execution of the order is completely decentralized. The fund is directly transferred to the smart contracts or the Hash Time locked contracts from the wallets for the execution of the Atomic swap.
Atomex Exchange Features
The features of Atomex Exchange that makes it different from all other crypto-exchanges are as follows –
- Full Control: You are having total control of your transactions, wallets, and funds in it. All are protected by private keys which only you have access to. All the transactions are carried using the atomic swaps so no safety issues.
- Going Incognito: You can just start using this exchange and the wallet without any registration process. However, you need to keep in mind that all the addresses of the devices you are using are checked. This is done to keep the security intact of the exchange and so there suspicious transactions or activity.
- No fees for your money: The money you deposit or withdraw is your money and there is no need to pay any fee for the same. The only fee which is required to be paid by the traders is the commission of the miner. It is the same for both regular as well as cross-chain transactions.
- Websocket APIs: The exchange has Websocket APIs for the market makers as well as for the wallets. You need to integrate the same for your use.
- Liquidity providers: The counterparty, with whom you will trade is not just a trader but a market maker and he makes the market by providing liquidity. This is how the Atomex Exchange runs.
- Extra Income: If you want to earn some extra income, then you can stake your Tezos coins on Atomex Exchange. Tezos tokens are developed by this exchange only.
Atomex Exchange Fees and Limits
The fees are negligible as you only need to pay for the commission of the miners on this exchange. There is no fee for the deposit and withdrawal of currencies/tokens/coins.
Currencies supported by Atomex Exchange
How to start trading on Atomex Exchange?
To start trading on Atomex Exchange, you need to –
- First, download the software or the application
- Then you need to create the wallet
- Once your wallet is created then you have to fill the wallet with coins.
- You can choose between mainnet and testnet coins.
- Then you can start trading your favorite cryptocurrency.
How to create Wallet on Atomex Exchange?
To create the wallet you need to follow these steps –
- First, you need to select the network. It is advisable to use the TestNet network.
- Give a name to your wallet
- Generate seeds and write down the same after clicking on ‘Generate’ the length of the seed.
- You can set the mnemonic password though it is an option. However, it can be useful for restoring your wallet.
- To unlock the wallet you would need to set a password. This is a local password and a mandatory one that you need to set.
- Now you are all set for Atomic swaps.
Atomex Pros and Cons
- Inbuilt wallet with exchange
- Supports multiple cryptocurrencies
- No extra fees
- High security
- Hierarchical deterministic
- No 2-factor authentication
- No multi-signature feature
To conclude, we can say that Atomex is bridging the gap between centralized and decentralized finance platforms. It has the best of both worlds and thus provides a unique experience to the users.
You can delegate Tezos funds from your tz-address directly.
Atomic Swap is based on Blockchain implementation and cryptographic primitives and thus it is highly secure.
It uses Hashed timelock smart contracts.
On Atomex, private keys are stored on your device only. Thus, it is fully secure and you even need to use the password to unlock your wallet for using the keys.
The minimum can be a few minutes while the maximum time is six hours for an atomic swap. It completely depends on the chosen pairs.