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What is Everbloom?
Everbloom is a decentralized cryptocurrency exchange from the United States that has been active since 2018.
Everbloom lists the following things as the main advantages with the platform: it has low fees, it is non custodial, it is built on the Ethereum blockchain and it has aggregated liquidity from several other exchanges.
You need to have a specific wallet to be able to use the platform. Any one of Cipher, MetaMask, Ledger Nano S and Coinbase Wallet works.
Even though the DEX is from the US, there might be state laws prohibiting US-investors from certain states from trading here. Accordingly, each US-investor should still do their own independent assessment of any problems arising from their residency or citizenship.
General information on decentralized exchanges
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. This is something that Everbloom has tried to conquer by having aggregated liquidity. We’ll have to wait and see if they succeed in that mission.
Everbloom 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 Everbloom:
Everbloom Trading fees
The one thing we can’t stress enough is that you must always ascertain the trading fees at any exchange you are interested in. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers make the liquidity in a market and takers remove this liquidity by matching makers’ orders with their own.
The trading fees for takers at Everbloom are 0.03%. This fee is way below the industry average (arguably 0.25%). In addition to this, the exchange has an amazing offer to makers, who don’t have to pay any trading fees at all (0.00%). Great work on the trading fees from Everbloom indeed.
Everbloom Withdrawal fees
Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency. The global industry average withdrawal fee is 0.000812 BTC when you withdraw BTC. Here, at Everbloom, you pay no withdrawal fees at all. Zero. This is very impressive indeed and there’s only 30 something exchanges in the whole world that offer zero-fee withdrawals.
Everbloom does not accept any deposits of fiat currency. You can only deposit cryptocurrency here. This means that the new cryptocurrency investors (i.e., the investors without any previous holdings of cryptocurrency) can’t trade here. In order to purchase your first cryptocurrency assets, 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. That is, 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.