Review on Newdex by Digital Convict
The versatile DEX for EOS
This DEX, from Cayman Islands was incorporated during 2018.
It currently has 71 currencies and 138 pairs; Among them its NDX token, the main utility is to reduce the initial 0.2% fee on transactions.
The Fee is reduced by staking the Newdex Token on the platform. By doing so, you become a VIP member (There are at least 10 levels).
Depending on the blocked amount, in addition to the fee discount, you also can receive other benefits, such as:
The amount ranges from 10,000 Tokens for VIP1, up to 500,000K for VIP10.
Another way to reduce the Fee is consuming NDX monthly; 200 for VIP1 up to 5000000 for VIP10. The benefits received by Consuming or Staking are the same.
I should clarify that Newdex reserves the right to make adjustments to the membership rules.
If you are a passing user, you can only make 20 transactions per day.
So you must be cautious when placing your orders.
In the exchange you can exchange different assets for EOS, TLOS, WAX and USDT. You can also use USN and USD.
Something to keep in mind before sending or withdrawing your USDT is that TRC-20; Do not use ERC-20, because you will lose it! If you are not familiar with the TRC-20 and that is inconvenient for you to try. For your convenience you can swap some EOS on the same exchange.
They also have a pool
for EOS & USDT to add liquidity,
all you have to do is join a pool and voila!
In my opinion, this is the exchange with the largest assortment of Tokens for the EOS Blockchain; Although its design can be improved to become more attractive to view and navigation; It can become more intuitive if you add shadow to the buttons or the mouse pointer changes when hovering over them.
In appearance it looks flat, although with use you become familiar with the platform, it is easy to lose the first few times.
That aside, this exchange is well built. It is a website3, to use it you only need to connect your compatible wallet, it can be Wombat, Scatter, TokenPoket... to mention some.
If you don't have a compatible portfolio, but want to trade here. There are 13 possible assets to deposit, some native to Ethereum and also the always accepted BTC; Although I do not recommend that you deposit these coins, the reason is that they do not have as much movement, if you are in a hurry you will end up placing an order below the market price. The assets are the same for withdrawals, plus USDT (Don't forget what I said before about ERC and TRC 20).
Newdex refers to itself as The World's Leading Decentralized Exchange, it has an app that you can download directly from its official site. If you're interested.
I hope the information is useful, have a good time!
Pros
- Multiple assets
- You receive airdorps for having NDX tokens, it is something similar to PoS.
- The utility token to reduce fee
Cons
- It is a good site, but they could have a better design to become more intuitive and pleasing to the eye.
- The initial Fee*
- The NDX token is not very popular yet.
