A cryptocurrency exchange review article should have detailed info and must provide reviews of all cryptocurrency exchanges. We at Coinpedia bring forth the different cryptocurrency reviews for traders to choose the best-suited one. Today we are reviewing Radar Relay exchange. This radar relay review consists – basic radar dex information, trading, fees, and deposits.
Radar Relay DEX Review
QUICK NAVIGATION :
- What is Radar Relay DEX?
- Key features of Radar Relay DEX
- Radar Relay Trade View
- Trade and Orders
- Radar Relay Fees
- Security at radar Relay DEX
- Customer Support
What is Radar Relay DEX?
Radar DEX is a cryptocurrency exchange from the USA that works on decentralized principals and uses the Ox protocol. The protocol transmits orders off-chain reducing gas costs and bloat. Relayers collect fees anytime they facilitate trade and anyone can build a relayer.
Radar Relay exchange was founded by CEO Alain Curtis. It is based in Fort Collins, Colorado, in the United States. The year 2017 saw the beta version of the Radar Relay App which further developed based on customer inputs. It currently has a 24-hour trading volume of Ƀ56.32 from 18 coins and 21 trading pairs. The most active trading pair on the Radar Relay exchange is USDC/DAI.
Key features of Radar Relay DEX
Traders do not need to register in this exchange as it is a decentralized exchange. They just have to connect their wallet with the Radar DEX app and start trading.
Easy Wallet Integration.
Radar Relay exchange’s official website gives a step-by-step instruction tutorial as how to connect the wallet and exchange platform.
Since traders connect external wallets to the radar app, they have full custody of their tokens. Also, it reduces transaction time and fees.
ERC20 Token transfers
Radar Relay works on Ox protocol. Ox protocol allows the trading of ERC20 compliant tokens on the Ethereum blockchain.
Currently, Radar Relay supports Ledger Nano, Trezor, Fortmatic and MetaMask. It allows you to buy, sell, market orders, limit orders and share an order.
Radar Relay Trade View
Till this point, the Radar Relay review focuses on the introduction and its features. Let us now look at its trading part.
API access allows users to connect Radar DEX to other wallets and use tools like trading bots. As of now, there is no mobile app for Radar Relay. The team hopes to build one in the future. But the exchange is optimized to be used in mobile. This gives a great mobility experience to traders.
Radar DEX supports Ledger Nano, Trezor, Fortmatic and MetaMask. In this review, we will be showing MetaMask connection.
Once the wallets have ETH, they can then send to any other account from their wallets. They are required to give smart contracts the permissions to automatically move tokens out of the wallets simply by flipping the toggle.
Those trading Ethereum tokens will need to wrap Eth (WETH) to trade it with other tokens.
- Buyers need to first enable WETH (Wrapped ETH) before buying tokens.
- On the Ethereum Main page, you can choose whether to use Metamask or Leder by simply ticking against any.
- To use Ledger, first, connect the device to the computer and enter a PIN to unlock and then open Ethereum App on the Ledger.
- Open the wallet drawer and locate the Ledger Radio button at the top of the drawer. Select the button. Instructions will pop up.
- Set address using a drop-down. Your token balances appear in the wallet drawer. Your transactions will be confirmed on the Ledger device.
Making trades and limiting orders
Making trades is as easy as Abc. Simply select a buy or sell order from the inside of the order book. You get to view the order this way. You can edit the amount of token you are buying or selling. Place the order by clicking on the “place order” and sign the transaction.
You can also market orders by selecting “Market Order” tab on the order handler. It will batch orders on the book into one transaction. Choose to buy or sell and enter the desired amount. Select buy or sell to complete a transaction.
To limit orders, select the limit order tab on the order handler and choose to buy or sell. You then enter the desired amount, set the price desired, and click on the “place order” and sign the transaction.
Radar Relay Fees
As of now, the exchange does not ask for any fees. Traders only have to pay the fees for the Gas consumed during a token transaction. There are several instances for gas payment including
- Wrapping ETH
- Unwrapping ETH
- Enabling a token allowance
- Filling an existing order
- Canceling an order
- Sending tokens or ETH from your wallet
Although the platform may apply Radar Relay fees on transactions in the future, Radar claims that the fees will be competitive with other forms of exchange in the crypto space.
Security at Radar Relay
Radar Relay facilitates wallet to wallet trading and never takes custody of user tokens. In the case of a mishap, tokens stay accessible in user wallets, and there are no escrows or access restrictions. Users can trade via their Metamask or Trezor and Ledger wallets and aren’t required to create accounts, share personal information, or make deposits. The use of secure wallets and smart contracts helps to significantly reduce the number of failure points, and strengthen the platform’s resilience to malicious actors and hackers.
Customer Support :
A support team is available to deal with any queries or issues, and users can submit support tickets on the Support. The support section also has a detailed selection of FAQs and the team also provides a Learn resource page with links to more detailed explanations. The Radar Relay DEX team can also be contacted via their Twitter account and Telegram group. In addition, there is also a good amount of information on the project contained in the 0x Reddit page.
13 Sep 2018: Radar Relay DEX has moved to the 0x Protocol version 2. This migration allows for new features to be added to Radar and will require action on the part of users.
Jun 19, 2018: The exchange launched v1 of Radar Relay and came out of beta. The beta version was live for almost a year and v1 version of app was developed based on User inputs.
May 2018: Radar adds tokens like AST(AirSwap token), CDT(CoinDash Token), and many more to its network. Traders have a wide variety of token to choose from.
Basically, Radar Relay is intended for advanced crypto traders who are keen on Ethereum and the other ERC-20 tokens. You cannot deposit any fiat currency on this platform, nor buy Bitcoin or Ripple on this exchange. Since Radar Relay Fees are 0, it is very popular ERC20 token trading platform.
Still, wallet-to-wallet trading is an incredible innovation, and we’ll continue to monitor this project closely.