Today we will review a new cryptocurrency exchange called CoinChangeX. Read our review to understand how to use and get an insight about how good this company is.
How Does CoinChangeX Work?
CoinChangeX, as stated on its site, is a fork from the popular Etherdelta exchange. It uses the Ethereum network as a way to create a decentralized exchange because it simply does not rely on a centralized network to make the trades between tokens, which are made using smart contracts, the most popular technology of the Ethereum blockchain.
The company already has more than 80 different altcoins listed. If you have an altcoin that you wanted to be listed on the site, you can contact it and list it for free.
In the near future, the company promises some new developments like a brand new user interface that will be easier to use, a customized withdrawal address, support for BTC and fiat currency (at the moment, it only supports ETH) and enhanced order book function.
How To Use CoinChangeX Crypto Exchange?
You do not even need to register to use this decentralized crypto exchange, you only need to have an Ethereum wallet. Simply link your wallet to the company’s site by using either MetaMask or Ledger and you will be able to start trading using ETH.
After that, you just need to use the deposit window to deposit the amount of ETH that you want to trade and you will be able to buy or sell any of the altcoins that are listed on the site. The process for withdrawing the funds is basically the same.
The speed of the whole process depends only on the Ethereum network, so it may take more or less time depending on how busy the network is at a determined time. Normally, the transactions do not take more than 5 minutes but they can take more time in some cases.
You will be able to select any ERC20 token that the company has on their site to trade, you just have to place an order for buy or sell a certain token and wait until the order is finished. You will be able to cancel any remaining order while they were still not finished but you cannot undo any order that has already been processed. Every order has a 0.1% transaction fee.
You will be able to see many stats about the market on the main page of the site. These stats and charts can help you to make more informed decision before you decide to invest in a certain token.
The CoinChangeX Trading Experience Verdict
This looks like a fairly average Ethereum-based decentralized exchange. One of its main disadvantages is that it cannot currently hold BTC transactions, but the company has already stated that it intends to change this in the future, so this is definitely good news.
As far as we see, this exchange does not have anything really special about it but at least it does not seem to have any big problem, either, and it is very simple to use.