Header banner
Revain logoHome Page
Danh Huỳnh Ngọc Công photo
Vietnam
1 Level
167 Review
416.5 Karma

Review on Paradex by Danh Huỳnh Ngọc Công

Revainrating 5 out of 5

Paradex for 5 out of 5 points

Paradex is an outstanding decentralized exchange platform whose design and operation are almost similar to a centralized exchange. Most of everything about it is so clean that I highly satisfying with it. The acquisition of Coinbase can hopefully bring more ultrasound improvement to the performance of the platform.




Pros
  • - Paradex is a decentralized exchange on Ethereum blockchain so the transactions are verified and authenticated by thousand of nodes; therefore, the exchange is less likely to be hacked by like the centralized exchanges
  • - There is no need to sign up or verify identities when users want to trade on this exchange. The private and sensitive information of traders will not be exposed to the public
  • - It is an open-sourced project with its source code published on Github. By this, the community regard it as a transparent product which can be trusted and can be developed further
  • - This decentralized exchange has the most professional user interface among DEXs that I have used. It does look like a centralized exchange rather than a decentralized one
  • - Trading on Paradex is quite simple as you just need to transfer your funds to the smart contract and start your trading. There will be no deposit fees or withdrawal fees. No verification is needed to withdraw assets and you can withdraw any amounts you want. Also, users can track transaction history on the exchange or between the exchange and the wallets anytime they want. This DEX is so similar to a CEX that I have to check it many times
  • - They provide an always-on FAQ bubble on the right of the screen so it is convenient for anyone who has some problems with interacting with the exchange
  • - A shred of obvious evidence for the quality of Paradex is that it is acquired by Coinbase and will be introduced to non-US customers of Coinbase first and US customers later
Cons
  • - As it is operating on Ethereum blockchain, transaction time and fees heavily rely on the status of the network. Transactions may not be cost-efficient if congestion happens
  • - Although deposit and withdrawal fees are not necessary, there are some functions that require a number of transaction fees
  • - There are not many tokens available on Paradex; however, more will be integrated as per the official announcement from Coinbase