Ethen, found online at Ethen.market, is a new decentralized cryptocurrency exchange launched in April 2018. Find out how it works today in our review.
What Is Ethen?
Ethen is a brand new cryptocurrency exchange announced on April 4 and scheduled to launch on April 5, 2018.
Ethen is a decentralized trading platform. That means users retain full control of their cryptocurrencies during each transaction. There’s no need to deposit cryptocurrencies into a centralized account – like you need to do with traditional exchanges. Instead, you hold your own private keys in your own wallet.
“Our main goal in developing Ethen was to make decentralized exchanges more accessible to a wide range of users, not just to professional traders, while incorporating as many convenient features as possible from centralized exchanges,” explained Ethen’s founding team in an initial press release. “We brought on top-level developers with experience building high load systems to create the most stable system available on the Internet. Our decentralized algorithms for carrying out transactions with cryptocurrency of completely different volumes help to create an unparalleled trading experience for our users. The smart contracts at the trading core of the platform makes our system completely transparent and practically invulnerable.”
Traders pay a fee of 0.25% (taker fee), but do not pay a maker fee.
Obviously, there are hundreds of large and small cryptocurrency exchanges available today. Aside from being a decentralized exchange, what else does Ethen offer users? What kinds of unique features does it have? Here are some of Ethen’s advantages:
- Decentralized exchange where transactions are controlled by Ethereum smart contracts
- Double signature verification for transactions
- No user accounts, and the exchange has no access to user wallets
- An intuitive and user-friendly interface
- Trade recommendations
- 24/7 online support
- Filters for quick searching of orders
- Low commissions
- Wide range of tokens
- Group and partial closing of orders, which means Ethen will determine the best offers available in the buy and sell offers pool (the trade blotter) and present the most profitable trades
How Does Ethen Work?
Ethen, like other decentralized exchanges, will allow users to connect wallets like MetaMask or a Ledger Nano wallet to the platform. You can trade cryptocurrencies directly from your existing wallet while retaining control of your private key throughout the trade.
When you visit the website with a cryptocurrency wallet extension installed, Ethen will automatically detect the presence of the wallet. You can then spend funds directly from the wallet without depositing cryptocurrency into Ethen.
Ethen specifically recommends using MetaMask or a Ledger Nano S for the best trading experience. However, you can trade on Ethen using any Ethereum wallet.
Each trade will automatically close after 5 minutes. After 5 minutes, the trade will automatically be canceled.
Right now, Ethen appears to only offer ETH / EOS trading.
Another unique feature is that Ethen users can check various transaction information using Ethen’s built-in algorithm. Clients can customize and verify transaction information before completing a trade for example, then mark each transaction with their own private key. The marked request is sent to the server, which adds its own mark prior to confirmation. If both clients are found to have adequate funds to complete the transaction, then Ethen will complete the transaction.
There’s a minimum order size of 0.001 ETH, with no maximum order size.
Ethen Trading Fees
Ethen will charge the following fees on trades:
- Maker fee: 0%
- Taker fee: 0.25%
Ethen will not charge any other fee. You’ll only pay a fee when executing buy/sell orders. This is another advantage of decentralized exchanges: since you don’t deposit or withdraw money, you don’t pay costly deposit or withdrawal fees.
Ethen was announced on April 4, 2018. The platform is scheduled to launch on April 5. To learn more about the brand new decentralized cryptocurrency exchange and how it works, visit online today at Ethen.market.