Token Store 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 Token Store consists of four parts: general information, fees, deposit methods and security.
Token Store is a decentralized cryptocurrency exchange launched in July 2017. As such, it doesn’t have a specific “home country”. Decentralized exchanges are becoming increasingly more popular. They are definitely gaining market shares against their centralized counterparts.
This exchange’s main function is to enable purchasing and selling ERC20-tokens. What Token Store has done more specifically is to plug into several other decentralized exchanges and thus create more liquidity at the exchange. In spite of this, the liquidity is still quite low (around USD 130,000 on a daily basis).
Token Store does not explicitly state that US-investors are prohibited from trading. Accordingly, we do believe that 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.
As a downside with this exchange, it only offers trading against Ethereum. If the Ethereum-network would be overloaded somehow, this would of course impact this exchange and the trading at this exchange negatively.
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. These 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 normally 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. The latter thing is – as mentioned above – something Token Store tries to overcome by plugging in several other decentralized exchanges to their platform.
Token Store Fees
Token Store Trading fees
This decentralized exchange’s trading fees for takers are 0.30%. This fee is roughly in line with the industry average. The industry average is arguably around 0.25%. For makers, however, Token Store doesn’t charge any fees at all. This is of course a strong competitive edge if you’re usually the maker in your deals.
Token Store Withdrawal fees
The exchange does not charge any withdrawal fees at all. This is indeed very competitve in the cryptocurrency markets. They do however suggest that the users keep at least pay 0.01 ETH in their personal wallet in order to cover the gas fees.
Token Store does not accept any other deposit method than cryptocurrencies, so 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 here. In order to find an “entry-level exchange” where you can buy your first crypto with regular money, please use our Exchange Finder.
Token Store Security
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.
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:
- Counterparty DEX
- Fcoin Exchange
- Switcheo Network