CryptoBridge DEX 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 CryptoBridge DEX consists of four parts: general information, fees, deposit methods and security.
UPDATE 3 December 2019: This exchange has shut down. The platform announced the news through this message on its website.
CryptoBridge DEX is a so called decentralized exchange. Decentralized exchanges are becoming increasingly more popular. They are definitely gaining market shares against their centralized counterparts.
CryptoBridge’s target audience are altcoin traders trading on centralized cryptocurrency exchanges which are riddled with performance problems and can be subject to thefts, manipulation, hacking incidents or government takedowns. These problems are, according to CryptoBridge, solved by the decentralized blockchain based order book and the multi-signature federated gateway network.
There is no central point of failure. All deposits, withdrawals and all order books are transparently stored on the blockchain.
The client will still be able to deposit, withdraw and trade coins even in the event CryptoBridge goes out of business. Each client holds the private keys to their coins. CryptoBridge has no access to the client’s funds on the exchange.
As the main benefits of using this trading platform, Cryptobridge highlights that the user accounts are secure, that all trading is decentralized, that they have a wide variety of supported cryptocurrencies and – finally – that the blockchain behind the decentralized exchange, graphene, apparently can process up to 100,000 transactions/second and has an average confirmation time of only 3 seconds.
CryptoBridge Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at CryptoBridge:
CryptoBridge DEX Fees
CryptoBridge DEX Trading fees
Fees are inevitably very important.
This decentralized exchange offers a flat trading fee of 0.20%. CryptoBridge DEX does accordingly not distinguish between takers and makers.
CryptoBridge DEX Withdrawal fees
We have not been able to find information on CryptoBridge DEX’s withdrawal fees, but this is not necessarily a risk. But, this is potentially a risk for you as an investor. If the exchange does not inform about the withdrawal fees it is a higher risk that they are high. Accordingly, we urge you to make your own analysis of the withdrawal fees at CryptoBridge DEX before depositing any funds there and before concluding that it is the best cryptocurrency exchange site for you.
Cryptobridge DEX does not accept any deposits of fiat currency. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
CryptoBridge DEX Security
The servers of decentralized exchanges normally spread out across the globe. This is different from centralized exchanges that normally have their servers more concentrated. This spread-out of servers leads to a lower risk of server downtime. It also means that decentralized exchanges are virtually immune to attacks. This is because if you take out one of the servers, it makes little to no difference for the network of servers in its entirety. However, if you manage to get into a server at a centralized exchange, you can do a lot more harm.
Also, if you make a trade at a decentralized exchange, the exchange itself never touches your assets. Accordingly, even if a hacker would somehow be able to hack the exchange (in spite of the above), the hacker can not access your assets. If you make a trade at a centralized exchange, however, you normally hold assets at that exchange until you withdraw them to your private wallet. A hacker can therefore hack a centralized exchange and steal your funds held at such exchange.
As this exchange is a decentralized exchange, we feel that it is appropriate to award it a security score of A+ (regardless of its score in the Mozilla Observatory-test).
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: