Decentralized crypto exchanges (DEX) are the champions of the crypto industry. They enable traders to swap cryptocurrencies between one another without a middleman, meaning there are further savings to be made when using a DEX. Interstellar has pushed its new DEX from beta to full live mode, meaning anyone looking to trade cryptos can now use its platform.
Dubbed StellarX, the DEX has a sleek and clean user interface and boasts zero fees. Yes – you heard that right – StellarX charges no fees at all – not on deposit, trade, or withdrawal. This makes StellarX truly one of a kind in the crypto world, something that’s hard to come by these days. In a blog post announcing the news, Interstellar explained that it isn’t here for a cut, it simply wants to redefine how digital assets are moved around the world.
What is quite possibly a first for any DEX, StellarX boasts a fiat on-ramp for all customers. It manages to achieve this by instantly converting deposited fiat cash into a stablecoin that is pegged to that fiat currency. Currently, it supports fiat deposits in US Dollars, Euros, Philippine Pesos, Nigerian Naira, Chinese Yuan, Hong Kong Dollar, and the British Pound, but it is working on adding more as soon as the stablecoins meet its rigorous standards.
More Cryptos Coming Soon
Currently StellarX lists 50 cryptocurrencies, including some of the biggest – such as Bitcoin, Ethereum, Ripple, and Litecoin. While the list is fairly large as is, StellarX has plans to add a large number of others. It hasn’t specified a timeframe, but it has said that it’s actively working on it.
In order to compete with some of the larger exchanges out there, StellarX needs to increase its user base and liquidity. StellarX’s 24 hour trade volume of Bitcoin stands at a little over $20,000. When you compare that to trading behemoth Binance’s massive volume of $171 million it’s just a drop in the ocean.
Possible Scams Already Listed
For StellarX to gain a good reputation within the crypto trading community it will need to weed out the scam coins. The majority of coins currently listed on it use the network – the network StellarX is built using – and many of these coins seem somewhat questionable. Currently the listing process for new coins is a little loose.
Any coin that uses the Stellar network will essentially be added to the platform, but those who adhere to additional rules will get more exposure. This is most likely how a number of dodgy coins are listed on the platform, but no doubt it will be working on removing those soon.
More to Come
StellarX isn’t happy with just crypto trading. It has grand plans to take over the entire digital asset trading world. It has outlined plans and goals to have bonds, stocks, real estate, and commodities available to trade on the platform. When these features go live, StellarX would essentially become the go-to platform to trade any digital asset.
While StellarX’s plans are very ambitious, it needs to take baby steps in order to compete with the big players in the market. Totally free trading is a very unique selling point and its fiat on-ramps are also a big draw to the platform – especially for people who prefer decentralized exchanges. It still has a bit of work to do, but in the future we will likely see StellarX competing with some of the biggest names in crypto trading.