What is CryptoBridge?
Launched in July 2017, CryptoBridge is a decentralised 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.
CryptoBridge is a global decentralised exchange accessible from countries all around the world, including Ireland.
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 EUR.
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 decentralised 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 decentralised 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?
Decentralised exchanges are widely regarded to offer a key security advantage over conventional centralised exchanges because they don’t offer a central point of failure. This helps decentralised 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
- Decentralised 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 criticised 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 centralised exchanges