It is no secret that all popular cryptocurrency exchanges today are centralized. For good performance and speed, traders are willing to put up with the fact that the funds in their accounts do not belong to them, and the work of the platform remains non-transparent.
On centralized exchanges (CEX), users regularly face such a “pleasant” phenomenon as hidden fees, which may be charged for the most unexpected actions. In addition, even those commissions about which the exchange speaks openly are not formed in public and it is unclear how their size was determined.
If we also recall the extremely complex interaction with support (even on the best exchanges, it takes several days to wait for the answer), then it becomes clear where the cryptocurrency exchanges have such an ambiguous reputation.
Alas, the use of decentralized exchanges (DEX) does not solve the problem completely. The ability to control your funds and protection from the intervention of the management of the exchange is very important. But performance problems and the inability to process a large number of transactions quickly have led to the fact that DEX is practically unsuitable for trading during abrupt changes in the market (that is, at the most profitable moments for trading). In addition, frequent technical failures and the same inaccessibility of support exacerbate problems.
The way to solve the problem
Bistox is the first cryptocurrency exchange which offers a truly effective solution to these problems. The use of the NEM blockchain, characterized by the highest scalability and speed, atomic swaps and the combination of centralized and decentralized architecture will allow Bistox to combine the best features of CEX and DEX.
Bistox performance is at the level of the best centralized exchanges – it is capable of processing 2 million transactions per second. So, there is no risk of loss for Bistox clients due to the fact that the “exchange did not have enough time”.
The decentralized part of the exchange will ensure its full transparency. All funds in the clients’ accounts are under their complete control – the management of the exchange has no opportunity to steal them and walk off into the sunset or pull any fraudulent scheme off.
User control and audit
First of all, Bistox adheres to the policy of full transparency of the commissions. Any user at any time can view the full list of commissions charged by the platform. Information on how they are calculated and under what conditions are charged is also available in the public domain. And the use of the NEM blockchain completely eliminates the possibility of hidden commissions or a “quiet” change in their size. So, there are no unpleasant surprises and sudden withdrawals.
Secondly, an exchange audit will be held every six months, the results of which will also be published in public. Moreover, the audit will not be conducted by employees of Bistox, but by one of the four largest companies in this field (KPMG, PwC, Ernst and Young, Deloitte). Furthermore, one company will not conduct an audit twice in a row.
As you can see, it is difficult to find another cryptocurrency (and not only cryptocurrency) exchange on the modern market, which would go so far in ensuring its own transparency. Users will know every action of Bistox, and the blockchain will eliminate the possibility of any manipulations.
What if a trader has any problems?
Great attention will be paid to customer service. The measures taken to ensure its high quality are quite traditional: 24/7 support, a sufficient number of professional operators, and a convenient ticket system for warning about problems. But Bistox has an important advantage – due to the use of fast and reliable NEM blockchain, as well as the full transparency of the exchange, the load on the support service will be significantly reduced. So, the causes of many problems are nipped in the bud.
Bistox is the first exchange on the cryptocurrency market, which does not try to take control of customers’ funds, provides full transparency of its work, but is suitable for trading even during the rush in the market. In the future, of course, there will be more such platforms, but it is foolish to miss the opportunity to use the exchange of the future today.