Unbeknownst to many crypto traders, the Stellar (XLM) decentralized exchange – StellarX – was launched back in July this year. The exchange offers multiple cryptocurrencies from different blockchains as well as having XLM as a base currency. All transactions are on a peer-to-peer level with no middlemen or intermediaries. The Stellar Decentralized exchange allows you to trade from your own wallet and keep total control of your keys and digital assets.
Stellar X is built on Stellar’s universal order book that further allows all transactions to be fast and free. The exchange goes on to state the following:
Transactions settle in seconds, and trading on StellarX costs nothing. We refund your network fees and we even return Stellar’s automatic 1% APR inflation to our users, keeping none of the weekly airdrops for ourselves.
StellaX will also pay out 100,000 XLM to the exchange’s top market makers each week.
How to Sign Up
Users who want to sign up at the platform, need only provide an email and password. The platform has a unique feature that lets you know if your password is strong enough. It does this by informing the user know how long it would take to crack the password. Once you sign up, a verification email is sent to the user’s inbox.
Once you click on the verification link in your email, you are asked to enter your password after which you are asked for your preferred currency to track values on the exchange. The platform then provides a passphrase for you to either memorize or store. This passphrase will be used to recover your account if your password is lost.
More Features to Come:
The team at StellarX has promised to integrated the following features in the near future:
- Night mode
- A mobile site, for great justice
- Continued improvement to signup, onboarding, and visual design
- Improved token stats and info
- Portfolio performance reporting & summaries
- Improved charting library
- Fungible path-payment support (i.e. allowing a sender to send token A and specify that the recipient receives it as token B)
- A market maker rewards program
- Multi-sig support
- SEP 0007 support for airdrops, etc.
- Non-XLM markets support
- In-app deposit/withdrawal support for all tokens via SEP 0006
- Universal (optional) KYC via SEP 0009 & 0010
- Self-serve platform for issuers to submit more token detail
- Bitcoin.tax support for Stellar trades
What do you think of the new Stellar Decentralized exchange? Will it take over the world of crypto trading? Please let us know in the comment section below.