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The WavesDEX is a decentralized cryptocurrency exchange built on the waves open source blockchain platform. The WavesDEX differs from most other cryptocurrency exchanges because it is built on a blockchain and is used not only for the exchange of digital assets but for crowdfunding through ICOs as well. The Waves platform was developed in 2016 by Sasha Ivanov and has since become the only working decentralized exchange built on blockchain technology. The exchange is still in its early stages and will not be fully realized for it’s potential until further along in the project.
- Trading Platforms
- Trade Types/Instruments
- Account Types
- Commissions and Spreads
- Deposits and Withdrawals Options
- Bonus and Promotions
- Customer Support
- Pros and Cons
As with most cryptocurrency exchanges, the WavesDEX is not a regulated exchange. Especially since the WavesDEX is a decentralized cryptocurrency exchange operating on the Waves blockchain, the exchange is unlikely to become regulated anytime soon.
Thus far the WavesDEX has proven itself to be a reliable exchange for trading cryptocurrencies. Traders funds are considered to be safer than on regular cryptocurrency exchanges because the funds are held in personal cryptocurrency wallets, rather than on a centralized exchange database. As well, the platform functions smoothly without problems.
The platform used for the Waves decentralized exchange was developed from the ground up by the Waves community developers. The trading platform is entirely web-based and is accessible to anyone from around the world. Anyone can create an account with Waves and stay completely anonymous while participating in peer to peer trading. The platform interface is very well designed and looks similar to industry leading exchanges. As well, the trading platform features real-time order matching and utilizes secure blockchain settlements for security.
WavesDEX Mobile Trading
The WavesDEX is fully compatible with mobile devices through the web-based interface. All the same, features are utilized in the mobile version and the interface looks and feels the same. There is also a downloadable Waves wallet application that can be used to store your Waves cryptocurrency and other Cryptocurrencies.
The WavesDEX is used explicitly for the trading of cryptocurrency assets. Various cryptocurrencies can be traded on the exchange including the most popular ones and many others, including cryptocurrencies that can be created by you or anyone else.
As for the trade types, they are very basic buy and sell orders. The exchange does not support advanced order types such as setting stop losses, limit orders, or trading on margin at this time. One unique aspect of the WavesDEX is that users can create their very own cryptocurrency tokens and trade them on the exchange.
The WavesDEX cryptocurrency exchange only offers trades one type of trading account. Upon signing up to the exchange, all traders are subject to the same permissions and limitations of the exchange. There are no limits as to how much a trader can deposit, withdrawal, or trade. As well, users of the exchange can remain anonymous as no identity verification information is required to open an account. The only requirement for opening an account on the WavesDEX is that traders download the Waves Client Wallet to store their Waves cryptocurrency among other digital currencies and assets.
Commissions and Spreads
One of the most attractive and notable features of the WavesDEX is the very low transaction fees and low latency. There is only a very small fixed commission on each order, unlike variable commissions and spreads like on most other cryptocurrency exchanges. As well, traders store and hold the cryptocurrencies they trade in their own personal Waves Client wallet. Therefore, traders are not subject to hefty deposit and withdrawal fees that are common on other cryptocurrency exchanges. With the cryptocurrencies stored in the trader’s personal wallet, their funds are also much safer than they would be on a centralized exchange.
Deposits and Withdrawals Options
Every single user of the WavesDEX must download the “Waves Lite Client Wallet” onto their laptop or smartphone. This digital cryptocurrency wallet is what’s used for deposits and withdrawals on the WavesDEX, and all the user’s funds are stored in this wallet at all times until a trade is made. Therefore, the user’s funds are much more secure than they would be on a centralized cryptocurrency exchange.
The Waves wallet accepts deposits and withdrawals of various cryptocurrencies and tokens, not just the Waves cryptocurrency. As well, users can even deposit fiat currencies through fiat gateways run by compliant operators. These fiat gateways operate much like payment providers and allow the fiat currency to be digitized at a 1:1 ratio. For example, $10 USD deposited will become $10 USD in the Waves wallet. Users can then transfer this digitized fiat currency on the blockchain for trading against other cryptocurrencies via the WavesDEX. Users can also withdrawal their digitized fiat currency for real fiat currency as well.
Bonus and Promotions
Waves do not feature any bonuses or promotions for signing up and using the exchange. However, users who hold the Waves cryptocurrency can lease their Waves tokens to generate an income. Leasing the Waves token can be completed or stopped in an instant and is a great way for users with many Waves tokens to generate passive income.
The WavesDEX does not offer the best customer support as the project is still in its infancy and focuses more on development. However, support representatives can be reached via email at firstname.lastname@example.org. As well, traders and users can find support through the WavesDEX social media channels such as Facebook, Reddit, Telegram, and Twitter. The WavesDEX has an active community of cryptocurrency enthusiasts who often post helpful information and answer a variety of questions people have. Also, tons of helpful information can be found on the Waves Platform website, including guides, an informative FAQ page, and more.
Pros and Cons
- Low and competitive fees
- Decentralized exchange running on blockchain technology
- Various digital assets to trade
- No fiat currency withdrawals
- Low liquidity
- Still in early stages of development
Is WavesDEX regulated?
No. WavesDEX is not a regulated cryptocurrency exchange under any financial regulatory agency.
Where is WavesDEX based?
WavesDEX is a decentralized cryptocurrency exchange which is based in Moscow, Russia.
How does WavesDEX make money?
WavesDEX makes its money by charging their clients’ small transaction fees.
How do I deposit in WavesDEX account?
WavesDEX accepts cryptocurrency deposits as well as fiat currencies such as USD and EUR. The fiat currencies can be deposited via a compliant fiat payment provider and once deposited they become digitized fiat tokens such as USD or EUR.
How do I withdraw money from WavesDEX?
Withdrawals of funds from WavesDEX can be made with cryptocurrencies and the digitized fiat currencies can be withdrawn as real fiat currency.
How do I open an account with WavesDEX?
To open an account at WavesDEX, simply provide an email address and password to set up an account. You will also be required to download and set up Waves Client cryptocurrency wallet.
Is WavesDEX reliable?
Yes, WavesDEX is reliable and trusted project by many people in the cryptocurrency community.
Does WavesDEX use MetaTrader?
No. WavesDEX utilizes their very own proprietary web-based trading platform.
What is WavesDEX leverage?
The maximum leverage offered by WavesDEX is 1:1 leverage.
Is WavesDEX a scam?
No. WavesDEX is not a scam even though it is not regulated.
How safe is WavesDEX?
WavesDEX is a safe cryptocurrency exchange as they operate on very secure blockchain technology. However, the exchange is still in its early stages and only time will tell how safe the WavesDEX actually is.
The WavesDEX is an excellent decentralized exchange in the cryptocurrency space. The exchange is one of the most developed DEX’s in the industry and is gaining more and more adoption as time goes on. The exchange offers an intuitive and well-designed trading platform and is running on very safe and secure blockchain technology which keeps users funds safe and reduces transaction fees. The WavesDEX is revolutionizing the cryptocurrency trading industry and is a very interesting project to be apart of today.
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- United Kingdom
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- Burkina Faso
- Russian Federation
- Saint Lucia
- South Sudan
- Virgin Islands, British
- South Korea
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- Czech Republic
- United Arab Emirates
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Central African Republic
- San Marino
- Costa Rica
- El Salvador
- South Africa
- Isle of Man
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