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 OasisDEX consists of four parts: general information, fees, deposit methods and security.
UPDATE 26 February 2019: This exchange has closed down its operations. This was announced to the public through the following message:
OasisDEX is a “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 are always directly in control of 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 either. This makes it possible to create an account and right away be able to start trading. The servers of decentralized exchanges spread out across the globe leading to a lower risk of server downtime. However, decentralized exchanges as opposed to regular top crypto exchanges normally have an order book with lower liquidity than the regular top crypto exchanges.
As OasisDEX is a decentralized exchange, it does not list US-investors as prohibited from trading. However, US-investors should still do their own independent assessment of any problems arising from their residency or citizenship.
OasisDEX Trading fees
We have not been able to find OasisDEX’s trading fees. This is potentially a risk for you as an investor (if they are not informed of anywhere we believe there is a higher risk that they are high). However, it is not uncommon that fees are not clearly presented on decentralized exchanges due to the way they are structured. Accordingly, we urge you to make your own analysis of the trading fees at OasisDEX before depositing any funds there and before concluding that it is the best cryptocurrency exchange site for you.
OasisDEX Withdrawal fees
As above regarding the trading fees, we have not found any information on any withdrawal fees. This could mean that there are none at all, but it can’t be guaranteed.
Due to its character as a decentralized exchange, OasisDEX does not accept any other deposit method than cryptocurrencies. Accordingly, new crypto investors can’t trade here. If you don’t have any crypto but want to start trading here, you will first have to purchase cryptocurrencies from another exchange and then, as a second step, deposit them at here. Don’t worry though, you can find your first exchange to purchase cryptocurrency at by using our Exchange Finder. It’s very easy.
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: