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OmniDEX

1 from 1 vote
Decentralized

Fees

Taker fee

0.05%

Maker fee

0%

Withdrawal fee

Funding methods

Wire transfer

Credit card

Other crypto

US investors permitted


OmniDEX Review

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 OmniDEX consists of four parts: general information, fees, deposit methods and security.

General Information

OmniDEX is a so called “decentralized exchange”. It has not yet fully launched but a beta version is currently up and running. Decentralized exchanges are becoming increasingly more popular. They are definitely gaining market shares against their centralized counterparts. One decentralized exchange that has grown very big lately and that you should also check out is Mercatox.

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 OmniDEX 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.

OmniDEX Fees

OmniDEX Trading fees

The trading fees for takers at this decentralized exchange are apparently 0.05%. This fee is incredibly low and also far below the industry average which is around 0.25%. It thus constitutes a strong competitive advantage and relates primarily to OmniDEX’s structure as a decentralized exchange.

Also, OmniDEX does not charge any fees for makers, thus promoting the liquidity at the exchange.

OmniDEX Withdrawal fees

We have not been able to find OmniDEX’s withdrawal 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). In this specific case however, it is more likely due to this exchange’s status as a decentralized exchange.

Deposit Methods

OmniDEX does not accept any other deposit method than cryptocurrencies, so of you are a new crypto investor you can’t trade here. If you don’t have any crypto but want to start trading at this exchange, you will first have to purchase cryptocurrencies from another exchange and then, as a second step, deposit them here. To find another exchange where you can purchase your first crypto, use our Exchange Finder and we’ll guide you to the right place for you.

OmniDEX Security

The security score received by this exchange is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.

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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:

  1. Mercatox
  2. DDEX
  3. Ethermium
  4. Cryptobridge
  5. Counterparty DEX
  6. Bibox
  7. EtherDelta
  8. AirSwap.io
  9. Fcoin Exchange
  10. Switcheo Network
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