On Monday (30 July 2018), DCEX, a San Francisco-based startup, announced that its digital asset exchange, which is the first in the world to exclusively use XRP as the base currency, is open for client registration, with trading to start "in the coming weeks." DCEX is powered by exchange technology from Distributed Ledger Technology (DLT) solution provider AlphaPoint.
DCEX says that being an XRP-based marketplace allows it to settle transactions in under four seconds, "which provides a speed advantage over other money movement options."
DCEX allows trading XRP against fiat (USD) and the following 15 cryptocurrencies: Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Ethereum classic (ETC), OmiseGo (OMG), EOS (EOS), DASH (DASH), Tron (TRX), Monero (XMR), VeChain (VEN), IOTA (IOTA), ZCash (ZEC), and stable-coin TrueUSD (TUSD). This means it offers the following trading pairs:
DCEX says it plans to add Neo (NEO), Cardano (ADA), and more pairs in the coming months.
Although customer can customers are able to register now at https://dcex.com/, the exchange is not quite ready to allow trading yet; however, the following image should give you a rough idea what the trading interface will look like:
DCEX features include:
- "Arbitrage among currency pairs on different exchanges: XRP as a base currency allows for seamless, high-speed transfers between exchanges to take advantage of price inefficiencies."
- "Faster execution times with lower latency: As a U.S. based marketplace built for speed, the DCEX platform allows for a very rapid transaction volume with a network designed to facilitate up to one million transactions per second. Additionally, XRP blockchain transactions typically settle in under four seconds, allowing for faster multi-exchange strategies and providing a speed advantage over other money movement options."
- "High frequency crypto trading: Advanced participants can easily connect to APIs to facilitate high frequency crypto trading strategies."
- "Increase of overall liquidity in cryptocurrency space, using the XRP protocol: Availability of novel currency pairs allows for new conversion pathways for market participants and gives traders easy ways to access many of the top cryptocurrencies."
- "Lower transaction fees: Market participants will be able to rapidly move XRP between DCEX and other marketplaces at a low network transaction cost as XRP protocol withdrawals allow for lower costs."
- "Margin trading: Traders can increase returns when leveraging their investment to take advantage of trading opportunities as they arise."
As for fees, the trading fees, "maker" fees are 0% and "taker" fees are 0.2%. For withdrawals, XRP withdrawals are free, whilst there is a "standard network fee" (depends on blockchain activity) for other crptocurrencies. Crypto deposits are free.
Featured Image Credit: Image Courtesy of DCEX