The CryptoBridge DEX exchange has ceased its operations since Nov 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.
Cryptocurrencys have evolved a lot over the past few years. Especially, after bitcoin reached a record-breaking price in January 2017. Similarly, the exchanges too developed and offered new functions and features. But, to offer better security and safe exchanges, a new type of exchanges came to light known as DEXs or Decentralized Exchanges. CryptoBridge DEX is one of those DEXs which allows one to trade cryptocurrencies without ever providing access to your coins to a third party. Let us delve into this CryptoBridge DEX review to understand the exchange.
CryptoBridge DEX Review
QUICK NAVIGATION :
- Introduction to CryptoBridge DEX
- How CryptoBridge DEX works
- CryptoBridge DEX Trade
- CryptoBridge DEX Fees
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 provide 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 Now it has changed to cryptobridge.org
Currently, BCO’s market cap is at $13,009,435 USD with price $0.481831 USD(11.16% growth). When it comes to the platform, the trading volume is a little weak compared to some of the bigger players. At the time of writing the platform 24-hour volume is only at $385,883.
Also, 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 shows 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 is 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 with 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.
Sep 9, 2019: CryptoBridge discontinued Market Maker Program
Jun 21, 2019: CryptoBridge revamped their UI with clean interface and mobile accessibility.
21 May 2019: Grace periods given to US users with staked $BCO for reimbursment.
21 May 2019: Create staking positions. Receive a cut of our revenue in $BTC, $ETH and more $BCO.
16 May 2019: Improved Deposit and withdrawal capabilities on two fronts this week: security and speed. Multiple workers can process transactions in parallel, which paves the way for the gateway to becoming scalable.
To summarise this CryptoBridge DEX review, the exchange is good and due to the idea by recent demands for these “decentralized” exchanges, there have been a lot of competitions. As of now, we cannot say that they are completely safe to compare to their earlier predecessors. But CryptoBridge looks promising considering the upcoming crypto market.
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.