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Bancor Network

4.7 from 26 votes
Decentralized

Fees

Taker fee

Maker fee

Withdrawal fee

Funding methods

Wire transfer

Limit(s):

information

Credit card

Limit(s):

information

Other crypto

Limit(s):

information

US investors permitted


Bancor Network Review

A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Bancor Network consists of four parts: general information, fees, deposit methods and security.

General Information

Bancor Protocol is a standard for a new generation of cryptocurrencies that are called Smart Tokens. Bancor Network is a decentralized exchange that allows you to hold any token and convert it to any other token in the network. This is done with no counter party, but at an automatically calculated price. Decentralized exchanges are becoming increasingly more popular. They are definitely gaining market shares against their centralized counterparts. One decentralized exchange that has grown very big lately and that you should also check out is Mercatox.

How should you know if this decentralized exchange is the best cryptocurrency exchange site for you? Well, continue reading. We will guide you through it.

Decentralized exchanges do not require a third party to store your funds. Instead, you always directly control your coins and you conduct transactions directly with whoever wants to buy or sell your coins. Decentralized exchanges normally do not require you to give out personal information either, which makes it possible to create an account and right away be able to start trading. The servers of decentralized exchanges are spread out leading to a lower risk of server downtime. However, decentralized exchanges as opposed to regular top crypto exchanges normally have an order book with lower liquidity than the regular top crypto exchanges.

Bancor Network does not explicitly prohibit US-investors from trading. In any event, all US-investors should still perform their own analysis of the legality of their trading. Worst case, US-investors may not trade at Bancor Network. If so, they must find another site that will be the best cryptocurrency exchange site for them.

Bancor Network Fees

It is very important to consider the fees at any exchange. Bancor Network does not clearly state the trading fees and withdrawal fees anywhere. That troubles us. This is potential risk for you as an investor. Accordingly, we strongly urge you to make your own analysis of the trading fees at Bancor Network before depositing any funds there and before concluding that it is the best cryptocurrency exchange site for you.

Deposit Methods

Bancor Network does not accept any other deposit method than cryptocurrencies. That prohibits new crypto investors from trading at Bancor Network. Are you a new crypto investor that wants to start trading at Bancor Network? Well, then you will have to purchase cryptos from another exchange first and then deposit them at Bancor Network.

Bancor Network Security

Bancor Network has a security score of C+, which is in line with industry average when it comes to top crypto exchanges.

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Finally, as mentioned above, this is a decentralized exchange. Decentralized exchanges are still a minority on the cryptocurrency exchange market, with the centralized exchanges still dominating the field (mostly due to better liquidity). In any event, if you’re looking for a decentralized exchange, you could also check out the following quite popular ones:

  1. Mercatox
  2. DDEX
  3. Ethermium
  4. Cryptobridge
  5. Counterparty DEX
  6. Bibox
  7. EtherDelta
  8. Airswap.io
  9. Fcoin Exchange
  10. Switcheo Network
Bancor Network compared with other cryptocurrency exchanges