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 EtherMium consists of four parts: general information, fees, deposit methods and security.
EtherMium is a brand new decentralized exchange with a lot of interesting features. Among other things, it is the first decentralized exchange to offer stop-limit and market order types.
EtherMium supports trading in essentially all ERC20-tokens. On its website, they state they support trading in 1,103 tokens. Also, EtherMium enables fully anonymous trading and instant listing of new tokens.
US-investors can trade here as well.
According to information on EtherMium’s website, it will shortly launch a leveraged trading function. This means that you can receive a higher exposure towards a certain cryptocurrency’s price increase or decrease, without having the assets necessary. You do this by “leveraging” your trade, which in simple terms essentially means that you borrow from the exchange to bet more. We will update our review here as soon as the leveraged trading has launched.
General information on DEXs
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 spread out across the globe leading to a lower risk of server downtime.
- They are essentially immune to hacker attacks.
However, decentralized exchanges normally have an order book with lower liquidity than their centralized counterparts and if you lose your password, it is probably lost forever.
But, as mentioned above, they are definitely gaining market shares against their centralized counterparts. You have probably heard of at least one of the following exchanges that are all decentralized exchanges: EtherDelta, Bibox, Bitshares Asset Exchange, Waves DEX, Bancor Network, OpenLedger DEX, IDEX, Token Store, Bisq, Nxt Asset Exchange, Counterparty DEX, Burst Asset Exchange, OmniDEX, AirSwap.io, Fcoin Exchange, Barter DEX, Switcheo Network, or DEx.top. Right?
EtherMium 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 EtherMium:
EtherMium Trading fees
Trading fees are extremely important. The fee levels might seem insignificant at a first glance but in the long run they can add up to substantial amounts.
EtherMium charges takers 0.20%, which is slightly below the global industry average. Makers, however, don’t have to pay anything at all. The exchange gives them a 0.20%-discount meaning that their fee is 0.00% (it’s free). Letting makers trade for free promotes the liquidity at the exchange to the benefit of all traders at the exchange.
EtherMium Withdrawal fees
What about the withdrawal fees then? Withdrawal fees vary dependent upon which crypto asset you are withdrawing, but they are normally a fixed amout of the relevant crypto asset, and not percentage based as the trading fees. The industry average BTC-withdrawal fee is 0.0006 BTC according to Cryptowisser.com's empirical studies.
Here, at Ethermium, you only pay the gas fees. On the date of last updating this review (29 December 2020), the gas fee for a standard ETH-transaction was roughly USD 5.07 USD (which corresponded to 0.007 ETH at the time). This is a competitive withdrawal fee system.
EtherMium does not – like all (or at least close to all) other decentralized exchanges – accept any deposits of fiat currency. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade at this trading platform. 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 are normally spread out. 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 centralized exchange can therefore be hacked and your funds held at such exchange can be stolen. This is not the case with respect to decentralized exchanges.
All in all, EtherMium offers trading in an extremely wide selection of cryptocurrencies, it has low trading fees, and a strong security. Great work, EtherMium!