Silex App: Crypto Exchange Aggregator App For Trading Coins?
What Is Silex App?
Silex is an app that allows users to trade on their favorite exchanges on a single platform and without the need to store their API keys on any central server. This cool app allows traders to aggregate all their exchanges and wallets in one interface. Users do not have to go through the log in 2/FA steps to access their crypto exchanges.
The app makes API calls directly to the exchanges without the need to go through a centralized server. Security of the API keys is guaranteed since users do not have to upload their API keys to 3rd party servers. The keys are encrypted on the user’s hard drive such that there is no need to log in for this app, all a user needs is a pin code.
Users also are able to transparently access their crypto exchanges. The visually appealing dashboard allows traders to view all the major exchanges in one trading platform. Using only one integrated terminal users can monitor, trade, and invest in virtual coins. The app also helps users review their balances on a single table and transfer currencies from one exchange to another.
Users do not need to copy and paste the addresses as the app does all this. This is a convenient solution that saves traders time. It is ideal for those who do not want to make mistakes while trying to log in to all the supported exchanges. Currently, the app supports some of the major exchanges including Binance, Gdax, Bittrex, Gemini, Kraken, and BitsStamp among many others.
How The PIN Code Encryption Works On Silex App
The Silex app gives full control to the traders so that their funds are never accessed directly by third parties. The API keys are encrypted on the trader’s laptop such that a user only need a PIN code to access the exchanges. The PIN code provides enhanced security to user’s funds. Even if someone steals their laptop, they will not gain access to the trader’s funds.
The PIN code is sent to the Silex server and hashed with SALT. The hash is checked against a hash stored in the database. In case the hash is a wrong one then the retry count is decreased. In case the user enters 5 wrong pins the account is cancelled. The system does not offer a pin reset process.
In case the entry is correct, the hash is sent back to the client and used as an encryption key for the storage of account information. Thus, the attacker will have to attack the database and hack the laptop to gain access to the funds. This solution guarantees security to the user’s funds.
Advantages Of The Silex App
Some of the benefits the app provides for traders include:
- A real-time feed that allows traders to view markets on different exchanges
- Allows traders to view their cryptocurrency balances on different exchanges or in aggregated form in a single interface
- A unified interface that provides user-friendly trading
- Traders can make deposits, withdrawals, or transfer cryptocurrencies between exchanges
- Traders can also see their order history or cancel orders from one interface