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The CryptoBridge DEX exchange has ceased its operations since Dec 15, 2019. The exchange posted an announcement on its website intimating the users.
The company claims market conditions, increasingly strict regulation and lack of funds as reasons for its decision to close and not pursue further development.
Let us see in brief what is CryptoBridge and what made it stand out among other exchanges.
CryptoBridge DEX is one of those Decentralized Exchanges which allows one to trade cryptocurrencies without ever providing access to your coins to a third party.
Crypto Bridge was Launched in November of 2017 and based out of Florida, CryptoBridge has its own cryptocurrency known as BridgeCoin (BCO). Almost 50% of all profits of the exchange are provided to BCO, which increases demand and the price of the token. BridgeCoin came into existence four months prior to CryptoBridge back in July 2017.
The website was cryptobridge.info. Then it changed to cryptobridge.org. However, now the website has completely shutdown.
the fact that CryptoBridge is a decentralized exchange means there will be no central point of failure. Even if CryptoBridge goes low tomorrow still the customer funds will not be lost. This feature is the reason for the exchange to gain an extra point in our review.
How it works and benefits
It works in a very simple way, with a quick sign up that allows easy and quick generation of username and a cryptographic password that you must store safely.
The platform uses Graphene, which can process up to 100.000 transactions per second for very quick transactions. The fact that it runs on BitShares/Graphene does not mean it is a fork of BitShares/Graphene. It also differs from other BitShares Exchanges in a number of ways.
First, unlike a BTS Gateway which is a central point of failure because the user depends on the gateway run by the company to deposit/withdraw funds, CriptoBridge uses a federated distributed network of gateways that communicate to each other. After you’re logged in an account you will be then redirected to the website main page where the top markets are shown
In the “Top Markets” page, you can see the available top markets. This page serves as an official list of the website as well as a shortcut to the markets that you want to participate in. Click on any of the available markets and you will be taken to their exchange market.
Trade View –
The active pair is on the upper left-hand side of the exchange platform. Buying and Purchasing crypto requires little more work compared to other websites since it does not have the auto-fill-up feature and you need to click the sell orders if you want to buy or click buy orders if you want to sell.
On the right side, there are markets that list their current price and positions in the market against BTC or BTS. Apart, from the BTC and BTS markets, the exchange also offers other pairs which you can access by clicking the “Others” tab on the right-side panel.
CryptoBridge DEX Fees
This decentralized exchange offers a flat trading fee of 0.20%. CryptoBridge DEX does not distinguish between takers and makers. There is no information about Withdrawal fees on the platform.
Conclusion – CryptoBridge DEX review
The exchange had updated its KYC verification as of October 2019. Traders had high expectations from Cryptobridge DEX. The DEX had seemingly slipped further and further away from the principle of decentralization. Months after introducing your customer (KYC) requirements, the exchange shut down completely.
However, users were disappointed with the abrupt closure of this CryptoBridge decentralized exchange.
The exchange offers a flat trading fee of 0.20%. It does not distinguish between Taker and Maker.
Cryptobridge does not allow the trading of fiat currencies.
The exchange has shut down its operations since Nov 15th, 2019.