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HoneySwap Exchange Review
What is Honeyswap?
HoneySwap Exchange is a decentralised exchange deployed on the xDai chain. It also supports Polygon protocol and is in plans to integrate with the Arbitrum chain. The exchange is built using liquidity pool contracts using different chains compatible with EVM (Ethereum Virtual Machine). Most of these chains sport a similar/common interface, which is managed by the 1Hive community.
General Information on DEXs
DEXs 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 transact directly with whoever wants to buy or sell your coins.
- They normally do not require you to give out personal info. 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, DEXs normally have an order book with lower liquidity than their centralized counterparts.
HoneySwap Exchange Compatible Wallets
In order to use HoneySwap, you need to have one of the following wallets. The platform is only possible to use if you connect your wallet to the platform.
Honeyswap Exchange Liquidity
In Honeyswap Exchange, users can pool together two tokens in equal parts, which are already part of the exchange pool. Use who provide liquidity will be eligible to get a fraction of the trading rewards. It is audited in a similar fashion to the Uniswap system. Liquidity providers will have to buy both the tokens through their wallet, set the trade parameters and confirm the swap. Once the trade is executed, users can supply liquidity through the Pool module on the exchange.
Why do so many exchanges prohibit services to US citizens? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
Decentralized exchanges are different beings than the abovementioned examples. They never have custody of any user assets. They normally don't accept any fiat currency. As such, they are less scary for regulating authorities and the same reasons to prohibit citizens from certain countries to use them can't be applied. Accordingly, we have marked HoneySwap Exchange as "allowing US-investors" in our database.
Honeyswap Exchange Trading Interface
Every trading platform has a trading interface. The trading interface is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what is its current price. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the swap interface at HoneySwap Exchange (with no wallet connected though):
It is up to you – and only you – to decide if the above swap interface is suitable for you. Finally, there are usually many different ways in which you can change the settings to tailor the trading interface after your very own preferences.
Honeyswap Exchange Fees
Honeyswap Exchange Trading fees
When it comes to centralized exchanges, many of them charge what we call taker fees, from the takers, and what we call maker fees, from the makers. Takers are the people removing liquidity from the order book by accepting already placed orders, and makers are the ones placing those orders. The main alternative to this is to simply charge “flat” fees. Flat fees mean that the exchange charges the taker and the maker the same fee.
When it comes to decentralized exchanges, many of them don't charge any trading fees at all. This is in fact one of the big arguments that DEX-supporters use to explain why centralized exchanges are on their way out.
HoneySwap is not one of the "no fee" exchanges. They charge 0.25% per transaction regardless of whether you are a maker or a taker. These transaction fees are not related to the network fees. They call this a liquidity fee of each trade, paid to the liquidity provider as a protocol incentive. These fees are subjected to change by community governance.
Swap fees are 0.30% of the transaction value. In case of fees on swap trades, liquidity providers facilitating the swap receive 5/6th of the amount of the fees and the balance is split between the native tokens — Honey and Comb, in equal portions.
Regardless of whether you compare to DEXs or centralized exchanges, these fees are at par with the industry average.
Honeyswap Exchange Withdrawal fees
To our understanding, HoneySwap Exchange does - like most decentralized exchanges - not charge any transfer fees or withdrawal fees other than the network fees. Since 1 xDai equals 1USD, setting the gas price to 1 GWEI on your wallet could generally attract a transaction fee less than USD 0.01. The network fees are fees paid to the miners of the relevant crypto/blockchain and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure.
Generally speaking, to only have to pay the network fees should be considered as below the global industry average when it comes to fee levels for crypto withdrawals (if you include all exchanges, both DEXs and CEXs in the data set).
HoneySwap does not – like all (or at least close to all) other DEXs – accept any deposits of fiat currency. However, this does not mean that crypto investors without any previous crypto holdings can’t trade at this trading platform. The exchange has integrated an xDai ramp to facilitate xDai purchases through Euros and deposit the cryptos directly in the MetaMask wallet. Alternatively, in order to purchase your first cryptos, users can also rely on any so-called entry-level exchange, which accepts fiat currency deposits. Find one by using our Exchange Filters!
Honeyswap Exchange Security
The servers of DEXs 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 DEXs are virtually immune to attacks. This is because if you take out one of the servers, it has little to no impact on the full network. 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 DEX, 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 you generally hold the assets at that exchange. But this 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, like HoneySwap. HoneySwap’s contracts were audited by the security assessors CertiK and the audit report (dated April 2021) is available here.