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 XBTS.io consists of four parts: general information, fees, deposit methods and security.
XBTS.io is a so called decentralized exchange, operating on top of the BitShares Network. Decentralized exchanges are becoming increasingly more popular. They are definitely gaining market shares against their centralized counterparts.
Many exchanges present 3-4 advantages with their respective platforms on their websites. Not XBTS.io. They present nine advantages. Out of these advantages, we would say that low cost trading, high liquidity and the security aspects are the most important ones. But we’ll let you decide for yourself:
General information 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.
- Their servers spread out across the globe leading to a lower risk of server downtime.
- They are essentially immune to hacker attacks.
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.
But, as mentioned above, they are definitely gaining market shares against their centralized counterparts. You have probably heard of at least one of the following exchanges that are all decentralized exchanges: EtherDelta, Bibox, Bitshares Asset Exchange, Waves DEX, Bancor Network, OpenLedger DEX, Stellar DEX, IDEX, Token Store, Bisq, Nxt Asset Exchange, Counterparty DEX, Burst Asset Exchange, OmniDEX, CryptoDerivatives, AirSwap.io, Fcoin Exchange, Barter DEX, Switcheo Network, DEx.top, Ethermium.
XBTS.io 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 XBTS.io:
XBTS.io Trading fees
Trading fees are normally set as a percentage of an order value. This means that if you make a trade for USD 1,000, and the trading fee is 0.25%, you would pay the equivalent of USD 2.50 in trading fees. At this exchange, however, trading fees are instead fixed fees payable in Bitshares (BTS) or any other cryptocurrency. This is quite different. But overall, the fixed BTS-fees becomes very competitive. The below is a print screen from part of the fee structure at XBTS.io:
XBTS.io Withdrawal fees
The withdrawal fees are also important to consider. Different from the trading fees at most exchanges, withdrawal fees are almost always fixed. Just as the trading fees at XBTS.io. So that they are fixed here is not very different from how it is in the rest of the cryptocurrency exchange world. The withdrawal fees here is on the date of writing this review (4 March 2019), 0.45468 BTS. On the date hereof, 0.45468 BTS equals 0.0000052 BTC. The global industry average BTC-withdrawal fee is 0.000812 BTC. This means that the BTS-withdrawal fee at XBTS.io is more than 100 times lower than the industry average withdrawal fee. However, it should be noted that it is not entirely fair to compare BTS-withdrawals against BTC-withdrawals as different cryptocurrencies have different pressure on their respective networks.
In any event, what we can conclude with certainty is that the withdrawal fees here are not high but rather very competitive.
XBTS.io does not accept any deposits of fiat currency. This 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. It 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: