A trading cryptocurrency guide must provide reviews of all the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This BarterDEX review comprises About Barter DEX Decentralized exchange, Why to use BarterDEX?, BarterDEX trading view, How it works?, How to Swap?, Steps to install BarterDEX?, BarterDEX fees
Traders can no longer download BarterDEX from Komodo platform or Github as the repository is deprecated, and no longer supported. Apparently Komodo is working on MM2 version as per Github.
About BarterDEX decentralized exchange
BarterDex decentralized exchange is a secure DEX built with atomic-swaps capability and has 105,951 atomic swaps complete on their register. With atomic swaps, traders can execute trades across multiple (and different) blockchain networks directly from their wallets.
The crypto exchange is a project of the Komodo, a public blockchain that has a token called KMD. Komodo team is already popular in cryptocurrency industry.
Advantages of using BarterDex
Apart from atomic swaps capability to trade on different blockchain networks, BaterDex decentralized exchange uses Electrum servers. Therefore, we do not need to download blockchain to use the exchange.
Electrum is a Simple Payment Verification (SPV) service on server which verifies transactions of the selected coin network without exposing the private key of a customer.
With it, users can multiply liquidity by placing simultaneous multiple orders for different coins using the same funds. It is much better than having to manually download the wallet of your coin and then synchronizing the blockchain. However, it is faster and more stable to trade with native wallets than using Electrum. We recommend liquidity providers to use native and not Electrum.
Additionally, the DEX exchange supports more than 100 coins and continues to add more.
BarterDEX Trading View:
BarterDEX trading view is not accessible through a web platform. Traders have to download the repository from Github or Komodo platform before being able to access the interface. This exchange is not for amateurs. You will need some technical expertise before starting to trade through the BarterDEX-tool.
How it works?
It works like many other DEX exchanges. The decentralized crypto exchange connects users for peer-to-peer trades on the orderbook. They say their order book is an “analogue of a full relay node and a node that doesn’t relay.”
Additionally, on loading the app, it gives a twelve-word mnemonic phrase which you should copy like any other private wallet seed. You then get to access, through a popup window displayed after writing the phrase, a portfolio data and recently visited markets.
Another popup window also shows trade history, a debug menu and a settings section where you can change theme and language.
How to swap?
To swap, choose the currency you want to trade and the digital asset. Deposit the coin to a smart address in order to give an offer to peers on the network.
Once the deposit is confirmed, click the Exchange button to go to trading page. Additionally, you can peruse the list of coins to offer a trade or look for peers by populating the list of offers.
You provide the maximum price that you want to pay for the cryptocurrency and the maximum amount of that crypto that you want to buy.
You can use Zcredits to zero confirmation swaps where you swap 2 coins in about 30 seconds instead of waiting for confirmations on the blockchain. To get Zcredits, you deposit KMD and lock it for an X amount of weeks. 10 KMD equals 10 Zcredits. Trades up to KMD are eligible for Zero confirmation irrespective of the coin in question. The DEX checks the value of the trade equivalent in KMD to check if a zero confirmation swap is possible. To do this, a price is set for the coin/KMD pair.
Because BarterDex decentralized exchange trades UTXOs or Unspent Transaction Output (1 UTXO is exchanged for 1 other UTXO) and not balances, you need to have certain sizes to be eligible for a trade. You need to make at least 3 transactions (with sizes X, X * 1.2 and X * 0.1.) to your smart address to trade.
Another thing, atomic swaps need you to keep running the BarterDex all the time in order to execute transactions because it requires transactions to be signed with your private key.
How to install BarterDex?
Installation defers for Windows, Mac, and Ubuntu platforms.
You simply download files for Windows platform, extract and install, and then start the DEX. From there, you can start trading as said above.
BarterDEX Trading fees
This exchange has a taker/maker fee system. At BarterDEX, takers charges are 0.15%. Makers on the other hand, do not have Maker charges.
BarterDEX Withdrawal fees
We have not been able to find any information on withdrawal fees. Accordingly, we urge you to analyse the withdrawal fees before depositing any funds there.
BarterDEX does not accept any deposits of fiat currency. So to purchase your first cryptocurrencies, you need a so called entry-level exchange accepting deposits of fiat currency.
BarterDEX takes a more integrated approach to work with larger centralized exchanges. This means while BarterDEX may offer more liquidity and choice as its partnerships come through, it isn’t a DEX that addresses issues around coin listing prices and potentially unfair advantages for high-level traders. We hope that this BarterDEX Review is beneficial for you.
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