REVIEW OF ETHFINEX EXCHANGE
Ethfinex is a spin off from the Bitfinex exchange. Bitfinex is well known for the best charts, the fastest speeds and least downtime out of all the mainstream cryptocurrency exchanges. Ethfinex is run via Ethereum smart contracts and works up to three times faster than the Bitfinex platform.
It is a community driven platform. The Ethfinex native token is called 'Nectar' . The more one trades on Ethfinex, the more Nectar they generate. Eventually, the entire platform will be owned by the nectar token holders, making the platform completely decentralised and community run.
The DEX, or decentralised exchanges will come to play a key role in the cryptosphere. In recent weeks we have seen all kinds of hype and market movements in response to regulatory talk coming out of Korea. The Korean government mentioned banning crypto trading.
We often hear politicians such as Theresa May in the United Kingdom speaking out demanding bitcoin to be banned immediately. Any experienced crypto trader or investor knows these calls are simply outlandish. In reality if bitcoin was banned, people would continue to use it anyway, a bit like cannabis. However, it would be possible for a government or regulatory body to attack the exchanges, making it difficult to move fiat in and out of the cryptosphere and to execute cross chain exchanges. This is where the role of the DEX comes in. Even if crypto trading was banned globally, as long as the Ethereum network is up, it would be impossible to stop people trading on Ethfinex. That is why I am investing in the Nectar token. I want to be part owner of a decentralised exchange because I have seen its future value. In a regulatory climate, the exchanges are the weak link.
The platform features cool looking 'night mode' graphics, making the whole thing seem impressively futuristic. The platform was clearly developed with user experience as a priority. I was literally loosing money before I opened an account with Bitfinex. I tried trading on Binance, Cryptopia and Kraken before I discovered Bitfinex and Ethfinex. The quality of the charts are so high on the latter that I immediately started to increase my trade profits by being able to better analyse the market and execute trades with speed. I was able to log on every time whereas the servers at Kraken and Livecoin were often down at busy times on the crypto markets. Not being able to log on to an exchange right in the midst of a volatile markets in one of the most infuriating experiences ever. Thankfully I was never subject to that experience of the Ethfinex platform.
Ethfinex was started by the Bitfinex team who are also behind Tether coin traded as USDT. Although there were some concerns about the auditing and transparency of the USDT treasury, the problems were not enough for me to worry about holding currency on the exchange. At least when Ethfinex is entirely owned by the Nectar token holders, it can never be regulated or shut down. As a semi professional crypto trader and steem blogger, I plan to re locate to either Switzerland or Estonia as safe havens in the current crypto trading regulatory climate. I shall continue to execute most of my trades over the Bitfinex and especially Ethfinex platforms.
Because Ethfinex is powered by Ethereum only Ethereum based tokens are listed. It really is a community driven platform though. The community of traders gets a say in what tokens are listed next. There are other decentralised exchanges out there such as Ether Delta and of course the Waves platforms but for professional level trading, I am going to stick with Ethfinex.