DDEX cryptocurrency exchange – October 2021 review
Is this decentralised exchange for Ethereum ERC20 tokens the right platform for you?
Decentralised exchanges, which offer peer-to-peer crypto trading and key security benefits, are currently experiencing a rise in popularity. DDEX is a decentralised exchange for Ethereum-based ERC20 tokens where users can buy and sell more than 70 digital currencies without having to part with any personal information.
To help you decide whether DDEX is the right exchange for your crypto trading needs, we’ve compiled this comprehensive review of the features it has to offer.
|Product Name||DDEX Cryptocurrency Exchange|
|Cryptocurrencies||EOS, XYO, NPXS, HOT, CNN, ZRX, KIN, NCT, BAX, ZCO, NBAI, POLY, POE, TFD, REN, LBA, & 25+ more|
What is DDEX?
DDEX is a decentralised exchange for ERC20 tokens. A decentralised application (dapp) on the Ethereum network, it uses Hydro Protocol technology to offer instant order matching and on-chain settlement of transactions.
Through the use of Ethereum’s smart contracts and the 0x Protocol, DDEX users can trade through the platform simply by linking their wallet. This means you can trade wallet-to-wallet and that there’s no need to trust any third party with deposited funds.
Which cryptocurrencies can I buy/sell?
DDEX lists more than 70 ERC20 tokens in trading pairs alongside ether (ETH). Supported currencies include:
- PolicyPal Network (PAL)
- Rate3 (RTE)
- XMax (XMX)
- Devery (EVE)
- TRON (TRX)
- Nexo (NEXO)
- Metronome (MET)
- Dai (DAI)
- Polymath (POLY)
- XYO Network (XYO)
- Hydro Protocol (HOT)
- 0x (ZRX)
- Decentraland (MANA)
- Theta Token (THETA)
- Aelf (ELF)
- Credits (CS)
- Rentberry (BERRY)
- Cortex (CTXC)
- Sentinel Protocol (UPP)
- QuarkChain (QKC)
- OmiseGO (OMG)
- QuantStamp (QSP)
- Request Network (REQ)
- IOStoken (IOST)
- Raiden Network Token (RDN)
DDEX is a global exchange that offers its services to users around the world, including India.
Which payment methods are accepted?
As DDEX allows wallet-to-wallet trading, you never have to deposit any funds into an account you hold with the exchange.
However, it’s worth pointing out that DDEX only supports crypto-to-crypto trading and doesn’t allow you to buy digital coins and tokens with fiat currency.
How much will it cost me to use DDEX?
DDEX does not charge any deposit or withdrawal fees, but keep in mind that you will need to pay for gas to power your transactions on the Ethereum network.
A flat 0.1% fee applies to all trades placed through DDEX.
How fast will my funds be available?
As you retain control of your funds, there’s no need to consider deposit and withdrawal times when using DDEX.
Are there any transfer limits?
No. DDEX does not list any transfer limits.
Is it safe to use DDEX?
As a decentralised exchange, DDEX inherently offers some key security advantages over centralised platforms. There’s no central point of failure for hackers to target, and you don’t have to worry about surrendering control of your funds or your wallet private keys to the exchange. Instead, the cryptos you trade are exchanged from your wallet to the wallet of the person on the other end of the transaction.
To get started on DDEX you will need the following:
- A computer or laptop running the desktop version of one of the following browsers: Chrome, Firefox, Opera or Brave
- A MetaMask digital wallet or a Ledger Nano S hardware wallet
- ETH or any other ERC20 token
If you have a question about your account or about how to use the platform, DDEX offers an online support centre with answers to a small selection of frequently asked questions. There are also guides to help you start trading, or you can submit a support ticket through the centre if you need specialised assistance.
Pros and cons
- Security benefits offered by decentralisation
- Quick and easy to start trading
- No need to share your name, address or personal details
- Supports the Ledger Nano S hardware wallet
- Competitive trading fees and no deposit or withdrawal fees
- Supports more than 70 different tokens
- User interface is not suitable for beginners
- Limited liquidity
- Only offers ERC20 tokens and they can only be traded against ETH
- As it’s built on Ethereum, network congestion on Ethereum could slow DDEX down
- Mobile trading app not yet available at time of writing