CryptoBridge decentralized cryptocurrency exchange – October 2021 review
Buy and sell a huge range of digital currencies on a secure decentralized exchange.
But is it the right exchange for you? Let’s take a closer look at its pros and cons to help you find out.
CryptoBridge shutting down
CryptoBridge has announced that it is shutting down, and all its services will be terminated on 15 December 2019.
All user funds should be withdrawn before then. Note that verification is required for withdrawal, which may take several days. As such, all users with funds on the exchange are encouraged to begin the withdrawal process as soon as possible.
The reason for the shutdown is a combination of “market conditions, increasing regulation, inability to fund further development and maintain operations,” CryptoBridge says.
Compare decentralized exchanges to find an alternative.
What is CryptoBridge?
Launched in July 2017, CryptoBridge is a decentralized cryptocurrency exchange that allows you to trade bitcoin and more than 150 other altcoins. The platform runs on top of the BitShares network, which can process up to 100,000 transactions per second and allows users to always retain control of the private keys to their funds. Rather than relying on one BitShares gateway, CryptoBridge uses a federated distributed network of gateways which operates worldwide to remove the risk of any single point of failure.
The development of CryptoBridge is closely linked to BridgeCoin, a scrypt mineable coin that was created in July 2017 to fund the development of CryptoBridge. BridgeCoin holders can “stake” their coins to receive 50% of all CryptoBridge profits.
CryptoBridge is available as a web-based platform or as a desktop download for Windows, Mac and Linux operating systems.For a full list of supported currencies, visit the CryptoBridge website.
CryptoBridge is a global decentralized exchange accessible from countries all around the world, including Canada.
Which payment methods are accepted?
CryptoBridge only accepts cryptocurrency deposits. Fiat currency transfers are not available, so you’ll need to look elsewhere if you want to buy any cryptocurrency using Canadian dollars (CAD).
How much will it cost me to use CryptoBridge?
There are a few fees you should be aware of before placing any trades with CryptoBridge:
- Trading fee: The trading fee is 0.2%, and it is charged when you make a trade on the decentralized exchange.
- Staking fee: This fee varies and covers the cost of creating a stake on the BitShares blockchain if you want to stake your BCO holdings. The fee amount is determined by the BitShares Committee, but as of January 2018, it was approximately 61 BTS.
- Gateway withdrawal fee. This fee is charged when you want to make a withdrawal from the decentralized exchange and to ensure that your transaction is processed on the destination blockchain.
However, there are no fees payable when you deposit crypto assets into your account.
Is it safe to use CryptoBridge?
Decentralized exchanges are widely regarded to offer a key security advantage over conventional centralized exchanges because they don’t offer a central point of failure. This helps decentralized exchanges overcome risks like hacking, regulatory restrictions and hardware failures.
With CryptoBridge, all deposits, withdrawals and order books are transparently stored on the blockchain. When you sign up for an account, CryptoBridge generates a 45-character password consisting of numbers and upper- and lower-case letters. All users of the exchange retain control of their private keys and CryptoBridge never has access to your funds.
If you ever have a problem with a trade or a question about your account, you can contact the CryptoBridge support team via Discord. Email support is also available, or you can get in touch with the team via Facebook or Twitter.
Pros and cons
- Decentralized exchange
- You control your private keys
- Competitive trading fees
- Offers a huge selection of crypto coins and tokens
- BridgeCoin (BCO) holders can stake their coins to receive their share of 50% of trading profits
- Web and desktop interfaces available
- Capable of processing up to 100,000 transactions per second and has an average confirmation time of just 3 seconds
- Some users have criticized slow response times from customer support
- Can’t deposit fiat currencies
- May be a little intimidating for users who are new to cryptocurrency
- No two-factor authentication
- Low trading volume compared to many centralized exchanges