Review on Ethfinex by Praise Olagbadun

Name: Ethfinex
Item: Ethfinex
Rating: 1

March 30, 2021

I Feel Ethfinex Exchange Platform Should Have Continued

Have you ever thought of what would happen when an exchange platform focuses on a single group of cryptocurrencies? I guess it would be a bit better and this is proven by the existence of an Ethereum focusing exchange platform known as Ethfinex. The name of the exchange platform alone tells us that Ethereum is involved. This exchange platform is one that is registered in the British Virgin Island, leaving it as a centralized exchange platform. They tend to shift their focus mainly to Ethereum and other Ethereum based tokens out there, making it capable of supporting hundreds of cryptocurrencies. The exchange platform doesn't just stop there as they also accept fiats trading and deposits, I guess this is mainly for the purpose of mass adoption and ease of use. The exchange platform also boasts of experience in the industry as the parent company of this exchange platform is the one behind Bitfinex.
As one would have expected, the exchange platform provides high liquidity for ERC-20 tokens and Ethereum, this is majorly because they have no other business with Trading Bitcoins and the rest of them. One might wonder how they had survived without the most popular cryptocurrency, Bitcoin, on it. Well with the look of things, most new cryptocurrencies and tokens are built on the Ethereum network thereby making it a large one. Trading on this platform is possible but goes with a fee as usual. The Ethfinex charges the two trading parties differently. This means they don't charge a flat fee at all. It is proven by the fact that Takers pay 0.2% while Makers pay 0.1%, looking at these fees, I think they are kind of moderate. 
With all these features, I started wondering or imagining how this exchange platform would have looked like if it was still in existence. Shocked right? Well yeah, the Ethfinex exchange platform is closed down now, but this time around not completely as they have rebranded with Bitfinex. The fact that the Bitfinex exchange platform is opened to all types of cryptocurrencies and tokens unlike Ethfinex that accepts just ERC-20 tokens makes it completely different. The purpose of closing down the Ethfinex exchange platform and turning it to Bitfinex still remains a mystery to me as I feel Ethfinex would have achieved great Landmarks if left to stay. 
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