Next-generation platforms

Since being launched less than a decade ago, cryptocurrencies have become one of the most disruptive creations of the internet age. This once niche pursuit is slowly, but surely, becoming noticed and adopted by key players in the global financial ecosystem, leading to more widespread use. Yet, much has changed in the crypto space over the last few years, especially in terms of what traders expect from cryptocurrency exchanges.

Now that a number of cryptocurrencies are worth a great deal when converted to traditional fiat money, improving security is becoming an increasingly important consideration across the industry. From Indian crypto exchange Coinsecure losing more than $3.5 million after a theft, to a Japanese cryptocurrency platform called Coincheck falling victim to a hack that saw over $500-million-worth of digital currency stolen, the consequences of inadequate protections are clear.

Platforms operating outside the regulatory system are likely to face challenges going forward. Traditional financial institutions will not be able to work closely with unregulated firms, as exchanges that hope to work inside the global financial ecosystem will require a robust regulatory framework. Equally, in such an unregulated crypto space, companies with strong and untarnished reputations will be highly attractive to traders.

Cryptocurrency exchange DX.Exchange is one of the next generation of crypto platforms that wants to empower users to trade on a regulated and secure platform, with no trading fees

Cryptocurrency exchange DX.Exchange is one of the next generation of crypto platforms that wants to empower users to trade on a regulated and secure platform, with no trading fees. DX partnered with a world-class matching engine, which will prevent double-counting and fake volumes, at the same time as offering traders cutting-edge technology.

“Crypto enthusiasts shouldn’t have to pay more than a minimal membership charge to trade with their peers and they shouldn’t have to trade in an unregulated, unsecure environment. The DX.Exchange interface is one that will create a one-of-a-kind, fair trading experience that puts the traders first,” says Daniel Skowronski, chief executive of DX.

Mr Skowronski stresses the importance of regulation, explaining that regulation has always been on the side of the trader and the industry must fully embrace legal frameworks if it is to mature. In the absence of regulatory structures guiding companies, it’s difficult to see a sustainable future in the volatile area of digital currencies.

By focusing on the complex needs of traders, advanced cryptocurrency exchanges such as DX hope to become a one-stop shop for cryptocurrency enthusiasts all over the world. “Crypto fans are a very social crowd. Word of mouth is the best form of advertisement in the crypto space and I hope DX will live up to their expectations,” says Mr Skowronski.

Unclear fees for transactions and trading on exchanges can quickly hurt a trader’s profit. Users who are new to cryptocurrencies or want to invest relatively low amounts may also find the price breakdown difficult to work out and understand exactly how much certain purchases or sales will cost.

“Cryptocurrency traders don’t want to pay fees on every trade. What they do want is transparency; ‘what you see is what you get’,” says Mr Skowronski. With this in mind, DX’s model is purely peer to peer where users can trade for a monthly membership fee of €10, with professional traders who invest more than €50,000 paying competitive trading fees.

After a straightforward registration on DX, when customers are asked to provide some basic information, users can deposit either traditional fiat currency or cryptocurrency into their account and start trading. Unlike competitors in the industry, DX pairs the robust functionality and unified operation with an Estonian EFSA licence and a license from Cypriot regulator CySEC, allowing traders to feel secure when buying, selling or storing cryptocurrency, even when high volumes of trades are happening.

“We want the excitement around DX to continue. That’s why our team will never compromise on security, the no-trading-fee principle and providing the best technology-driven user experience,” Mr Skowronski concludes.

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First-time buyers of cryptocurrency may find trading platforms more complicated and unnecessary for their simple buy and sell needs. In response to customer demand for an easy buy-sell exchange, where no actual trading between cryptocurrencies takes place, the team behind DX.Exchange have created Coins.Exchange (CX). Coins.Exchange was designed to take the best aspects of user experience and combine them with top-level
security technology.

This new platform focuses on simplicity, security and ease of use. Cryptocurrencies can be easily bought and sold using a traditional fiat currency, credit or debit card, making the process uncomplicated for customers who have no previous holding of digital currency and want to ensure the entire purchasing experience is protected from risks normally associated with
the industry.

“Based on the customer’s choice, cryptocurrencies can be automatically transferred to their e-wallet and, if they do not have one, they can download the Coins.Exchange single-use wallet,” says Daniel Skowronski, chief executive of DX.