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 RuDEX consists of four parts: general information, fees, deposit methods and security.
RuDEX is a decentralized exchange based in Mother Russia. It launched in April 2017. Russia has a fair share of coin exchanges. The list includes YoBit, Tidex, Cash2PM, Cryptex24, Imexchanger, Simex, Graviex and – of course – this exchange.
We assume that the name of the exchange comes from “Ru” as in “Russia”, and DEX as in “Decentralized Exchange”.
The exchange lists five advantages with the platform on its website. Interestingly enough, three of the advantages relates to the platform being located in Russia and catering to Russian clients. So if you don’t feel that those things are an advantage, the only two real advantages promoted by the exchange for you is that it is a fiat gateway (i.e., an “entry-level exchange”) and that it has mutually beneficial crowd-marketing solutions. We’re not even sure what the latter means, but that’s what they say.
General info 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. RuDEX also states on their website that you can be anonymous here.
- Their servers spread out across the globe leading to a lower risk of server downtime.
- They are essentially immune to hacker attacks.
Another advantage with the RuDEX exchange is that you can execute the trades you make instantly, within 3 seconds according to information on the website.
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. The lower liquidity issue is prevalent also for this exchange. On the date of first writing this review (5 November 2018), the 24 hour trading volume was USD 28 (twenty eight dollars) according to Coinmarketcap… On the date of last updating this review (23 March 2020, right in the middle of the crisis with COVID-19), the 24 hour trading volume was higher (then USD 7,208), but this is still very low and a big disadvantage with this platform.
As far as we can tell based upon the information we have obtained, US-investors can trade here. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
RuDEX 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 RuDEX:
RuDEX Trading fees
The trading fees here are very low (0.05% for BTC, ETH, DGB, PPC and GRC and 0.00% + Bitshare-fees for all other cryptocurrencies). This is extremely competitive seeing as the global industry average is 0.25%. This means that RuDEX’s trading fees are (at worst) five times lower than the global industry average.
RuDEX Withdrawal fees
Certain exchanges have low trading fees and get their profit through high withdrawal fees instead. Not RuDEX, though. RuDEX only charges 0.0005 BTC when you withdraw BTC. While this is not a market-record, it is almost 40% lower than the global industry average (being 0.0008 BTC). Good work, RuDEX!
Fiat currency deposits are not allowed here, so if you’re looking for an exchange where you can deposit fiat currency, this is not the one. This also means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. 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 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).
Low trading fees are indeed very important for any prospective cryptocurrency investor. All of the following exchanges also – like the above exchange – have very low trading fees (some of them don’t even charge trading fees at all):