In the world of cryptocurrencies, cryptocurrency exchange holds immense power as they are the backbone of this market. For every tradable asset to trade requires a market where it can take place. This is exactly what an exchange does.
Most of the cryptocurrency trading is done through a centralized cryptocurrency exchange. A few of the popular examples are Binance, Coinbase, and Bittrex. This is one type of exchange where it manages an individual’s capital along with his/her private keys and then performs trading.
Centralized exchanges are easy to use, easy to access and they provide advanced trading functionalities like margin trading and others. However, there has been numerous high profile scams and hacks that resulted in the loss of billions of money. The increased complexity of the hardware and software only make these centralized exchanges more vulnerable. For example, in 2014, Mt. Gox announced that approximately 850,000 bitcoins belonging to customers and the company were missing and likely stolen, at today’s value, that would be $7.2 billion. Mt. Gox never recovered from the attack and filed for bankruptcy. Other major Exchanges like Bitfinex remain under threat, which is a security concern, too.
So how can we exchange our coins without entrusting them to a third party service? The answer lies with decentralized exchanges.
Decentralized Exchange or DEX is a new technology in the cryptocurrency sphere that has no central controlling server. It basically facilitates the cryptocurrency trading on a distributing ledger. Hence, you don’t need a third party intermediary to hold your funds when making an exchange transaction. With a decentralized exchange there is no need to trust any single authority – it is a trustless service.
The most obvious benefit to using a decentralized exchange over a centralized one is their "trustless" nature. You are not required to trust the security or honesty of the exchange since the funds are held by you in your personal wallet and not by a third party.
Another advantage to the decentralized model is the privacy it provides. Users are not required to disclose their personal details to anyone, except if the exchange method involves bank transfers, in which case your identity is revealed only to the person that is selling or buying from you.
Furthermore, the hosting of decentralized exchanges is distributed through nodes meaning that there is no risk of server downtime.
Extoke, found online at https://www.extoke.com/, is a free and decentralized exchange that has been designed to fill an existing niche in the crypto trading sector. The aim is to eradicate fees, which will benefit both the developers and traders. Extoke has set out to solve all of the problems associated with modern day centralized cryptocurrency exchanges, while also improving on the decentralized exchange concept.
Extoke's DEX solution offers complete security via XTO smart contract. XTO smart contract safely and instantly carries out trades with no fees. Extoke make no commission from your trades. You have complete control of your assets. It is revolutionary for Ledger users - trade without your assets ever leaving your storage.
By using Extoke, traders do not have to pay any fees to use the exchange. Thus, they do not have to worry about losses due to the fees. As a result, they can engage in numerous short-term trading strategies without pesky fees being a hindrance. Another benefit is that there is support offered 24/7 for Extoke traders. This will ensure the trading experience is as smooth as possible.
While, for the developers, Extoke ensures that all marketing of each token launch will be announced via multiple social media channels and mobile notifications. To achieve this, the project will utilize the ExToke Mobile Trading App. All the projects will be listed on the exchange’s website and on social medium to ensure a wide reach.
Finally, Extoke Decentralized Exchanges is the best solution for the traders who suffers and meets lot of inconveniences with existing centralized exchanges. It helps to secured their digital assets without sharing to any third party wallet. With its free-fees features, Extoke DEX gives traders the opportunity to use multiple short term trading strategies without worrying about taking losses due to fees.
For more information about Extoke, you can visit online at https://www.extoke.com/ or visit the its whitepaper available at https://www.extoke.com/white-paper.pdf.
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