Waves DEX 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 Waves DEX consists of four parts: general information, fees, deposit methods and security.
Waves DEX is a decentralized cryptocurrency exchange that launched in June 2016.
This trading platform highlights a few things as advantages with choosing their specific platform. Two such advantages are that it’s suitable for tarding bots and is compatible with the hardware wallet Ledger Nano S. Another is the low fees, and a fourth is that you can trade the biggest cryptos here via gateways.
General info on DEXs
Decentralized exchanges have popped up like mushrooms in the forest over the last few years and many argue that they are a better choice for traders than regular centralized cryptocurrency exchanges.
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. Furthermore, the 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. This is the case also for the Waves platform. At the day of writing this review, the Waves platform had a daily trading volume of USD 240,000. This is peanuts compared to most exchanges out there and doesn’t even place Waves among the 150 biggest exchanges.
Waves DEX 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 Waves DEX:
Waves DEX Fees
Waves DEX Trading fees
This decentralized exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. Waves charge 0.003 Waves per transaction. This is approximately 0.44 cents (USD 0.004412) on the date of last updating this review, being 20 July 2019. Accordingly, trading fees are extremely low and competitive.
Waves DEX Withdrawal fees
To our understanding, also withdrawals are charged with the extremely low fixed “0.003 Waves per transaction”-fee.
All in all, the fees here are so low that they should almost be deemed as non-existent.
At this particular exchange, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors. According to our testers, however, when purchasing Waves by credit card, the mark-up is insane. One of our testers reported having to pay 26% more than the current market price. These deposit fees are indeed scary.
Waves DEX 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.
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: