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 Escodex consists of four parts: general information, fees, deposit methods and security.
UPDATE 15 October 2019: Escodex has shut down. They announced this on Twitter in a post that we no longer have access to.
Escodex is a decentralized cryptocurrency exchange from Estonia. Estonia is actually the only country in the Baltics that has cryptocurrency exchanges. But there are more than one: Kripomat.io, BTCbear, Jubiter and Crex24 all come from Estonia.
We will make sure that the above supported cryptocurrencies are also reflected on this page when we have added them to our own page.
Escodex also supports masternode coins (ERC20, zerocoin protocol, cryptonight/cryptonite lite/cryptonite classic, omnicore coins), which is not that common among decentralized exchanges. Another advantage against many of the decentralized exchanges on the market is that Escodex supports trading in many BTC-trading pairs. The available trading pairs at the trading platform are the following: BTC/ETH, BTS/BTC, BTC/USDT, BTS/ETH, ETH/USDT, BTS/ESCO, ESCO/BTC, ESCO/USDT, ESCO/ETH, BTS/USDT, BTC/USDT, BTC/EOS and BTC/BCH.
On the date of last updating this review (12 July 2019), the 24 hour trading volume was only USD 22,572. This trading volume is definitely in need of an improvement. If you are a prospective trader and you’re looking for a trading platform with a deep order book, this is not (currently) a place for you.
To our knowledge, US-investors may use the Escodex-platform. They are at least not explicitly prohibited from doing so. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
Escodex 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 Escodex:
General information on Decentralized Exchanges
Escodex is a decentralized exchange, that’s what “dex” in its name comes from. Decentralized exchanges are becoming increasingly more popular, mostly due to the following factors:
- They do not require a third party to store your funds, instead, you are always directly in control of your coins and you conduct transactions directly with whoever wants to buy or sell your coins.
- They normally do not require you to give out personal information. This makes it possible to create an account and right away be able to start trading.
- Their servers are localized in many different places across the globe leading to a lower risk of server downtime.
- They are essentially immune to hacker attacks.
As mentioned above, DEXs are becoming very popular. You have probably heard of at least one of the following exchanges (all are decentralized): Binance DEX, EtherDelta, Bibox, Bitshares Asset Exchange, Waves DEX, Bancor Network, OpenLedger DEX, IDEX, Token Store, Bisq, Counterparty DEX, Burst Asset Exchange, DDEX, AirSwap.io, Fcoin Exchange, Barter DEX, Switcheo Network, DEx.top, Ethermium.
Escodex Trading fees
This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. Their flat fee is 0.10%, meaning that both takers and makers pay 0.10% after a trade has been executed.
As you surely know, 0.10% is way below the global industry average. The global industry average is arguably around 0.25%.
Escodex Withdrawal fees
When you withdraw assets from a cryptocurrency exchange, the exchange normally charges withdrawal fees. The withdrawal fee is normally a fixed amount of the type of cryptocurrency withdrawn. Escodex only charges the network fees when you withdraw cryptocurrency assets. This is a competitive fee model indeed.
Escodex is a BitShares-based platform. As such, their withdrawal fees are in line with the BitShares fee protocol. The transfer fee in such protocol is 0.104 BTS, which is roughly 0.000014 Bitcoin. This is extremely low, seeing that 0.0008 BTC is the global industry average BTC-withdrawal fee.
This exchange does not accept any deposits of fiat currency. This means that the 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!
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).
We hope you have enjoyed reading the above review. We also recommend checking out the following cryptocurrency exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: