UPDATE 1 May 2020: We have not been able to access the website of this exchange lately. Usually when this happens, without any preceding information on system maintenance or upgrades, it is because the exchange has closed down. But it could also be for other reasons. In any event, pending contrary information, we have marked this exchange as "dead" and moved it to our Exchange Graveyard.
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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 CryptoDerivatives consists of four parts: general information, fees, deposit methods and security.
CryptoDerivatives is a so called “decentralized exchange”. Decentralized exchanges are becoming increasingly more popular. They are definitely gaining market shares against their centralized counterparts.
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. However, decentralized exchanges as opposed to regular top crypto exchanges normally have an order book with lower liquidity than the regular top crypto exchanges.
US-investors are not permitted here. So if you’re a US-investor and you’re looking for a cryptocurrency exchange to trade at, you will need to go elsewhere. Our Exchange Finder is designed for the purpose of helping people in these types of situations. Use it now!
CryptoDerivatives 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 somewhat unusual trading view at CryptoDerivatives:
The fees at CryptoDerivatives are a bit complex to calculate. This is because they charge different fees for different actions. The fees are most clearly set out in this table, obtained from the exchange's website on 18 March 2020:
These fees should be considered as competitive.
The withdrawal fees are also set out in the above table, at least with respect to withdrawing ETH from Contract. 0.0006 ETH is competitive.
CryptoDerivatives does not accept any other deposit method than cryptocurrencies. It is not really a good place to start for a new crypto investor. If you regardless would like your first crypto trading experience to be at CryptoDerivatives, you will first have to purchase cryptocurrencies from another exchange and then, as a second step, deposit them here.
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 and 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: