Review on Exrates by Fanuel PORPORTY
Although Extrates is a site that offers exchanges with altcoins that you will not find anywhere else, it still seems a bit sketchy.
Exrates is a growing cryptocurrency exchange, founded in 2016. Currently, more than 450 trading pairs are available on Exrates with a total trading volume of $ 100 million per day. The goal is to make trading accessible to everyone and to provide all the necessary tools.
The main distinguishing characteristic of Exrates is a processing speed of up to 10,000 transactions per second and 1,000,000 TCP connections. Exrates offers the possibility to exchange not only Top 100 coins, but also many new altcoins in prospect as well as fiat currencies. The trading interface uses a single page application in order to function properly. More than 95% of the active ingredients are kept in a cold room. Finally, you can trade more than 600 trading pairs here. This is much more than the number of trading pairs you will find on other trading platforms.
Pros
- This platform’s trading interface is simple, intuitive and it seems to have what a normal trader requires.
- This exchange has also launched a so called “Prediction Service”, designed to faciliate trading. The Prediction Services function is aimed at predicting upcoming pumps and dumps.
- Exrates' trading fee for takers is 0.20%. Makers enjoy a slight discount on the trading fee and pay 0.15% in trading fees.
- At this exchange, you can deposit through both wire transfer and credit cards. That is, as long as you have an account at Perfect Money, Advcash Money, LiqPay, NixMoney, Privat24, Interkassa, Payeer or QIWI. The fiat currencies possible to deposit through those services are USD,EUR, UAH and RUB.
- When trading on Exrates, you’ll encounter what the platform refers to as a “flat fee model.”
- Exrates does offer a mobile application, which you can download on both the Android and iOS platforms.
Cons
- There is little or no information on the exchange or the company that manages it. It is difficult to find precise data on deposit and withdrawal fees and other relevant business information. Unfortunately, this is all too common in the world of cryptocurrency.
- Exrates provides trading for a large number of altcoins, however, the site does not allow for margin trading. Many of the more popular exchange offer this type of trading to their users.
- The site lacks legitimate security features. When creating an account, no KYC information is requested. Upon account completion, Exrates never recommends that its users enact two-factor authentication to better protect their digital assets. This is a huge red flag when it comes to using the Exrates exchange.
