In 2020 decentralized exchanges (dex) have grown quite mature compared to just a few years ago. One specific dex gathering a lot of steam this year in the defi world is Uniswap, a trading platform that held $1.3 billion locked in value and dominated most defi applications by over 18% Friday evening. The following review is a detailed explainer of what Co-dex is and how to leverage the dex using a Cosmos wallet
Co-Dex is easy to use: User Friendly Interface
Whether you are a retail investor or a day trader, you always want your trading platform to be fast and very easy to use and interact with. Co-dex offers a simple yet very powerful to use. At present there are many crypto exchanges which are offering such great services but they all are built on centralised technology. However Co-Dex is a Defi platform, a DEX (Decentralised Crypto Exchange) built on Cosmos Blockchain to facilitate 100% decentralization and security. Thus, this currency-neutral exchange will let the users develop connectivity with different cryptocurrencies and trade in a hassle-free manner by using this platform.
USP’s of Co-Dex
Imagine trading without any Transaction Fee, Yes this comes true with Co-dex now. Co-dex offers a “NO FEE” policy which is best among the users/traders’ interests. The presence of the smart contract facilitates direct trading among the users, therefore, it is quite evident by now why a decentralized crypto exchange Co-Dex will become the first choice for every trading.
As you deal with the securities and want to earn more efficiently, an ideal trading platform is the first need. The third-parties connected with most of the sites really make every instant more troublesome and inconvenient. However, this product of the Codex Foundation srl is invented only to support more traders in successful trading. The DeFi platform is an example of a terrific future ahead. Co-Dex will provide you with the highest level of security and will give you complete assurance regarding transparency. Along with the Ethereum tokens, you will also get the golden chance to use the innovative features of the cross-blockchain. The user-friendly approach of Co-Dex will make more enthusiasts join online trading.
Features to Leverage with Co-dex Defi Trading Platform
Here we list the main beneficial features that a trader will definitely be interested in trying it out. They are;-
- Yield Farming Concept (YFC similar to Uniswap)
- Decentralized Crypto Exchange built on Cosmos (just like IDEX build on Ethereum)
- No Fee Defi Marketplace
- Liquidity pools
- Non-custodial Fund
Once again, the non-custodial nature of Co-DEXs means that funds are under your own control, and no central authorities can freeze or lose your access to them. If the exchange goes down tomorrow, your funds will be unaffected as you’ve retained possession of them.
Co-dex initiative is to protect the interests of all these investors and make them aware of the benefits of Decentralized exchanges. As Co-Dex is a zero fees platform, you can invest in a stress-free manner in a completely secured framework. You can be well-acquainted with Ledger and Metamask in your daily trading activities. However, your professional and innovative platform has all the integrated and compatible features of both of them. Thus, a user can avail of all the required benefits by making appropriate applications of this outstanding framework.
Centralized exchanges are classed as money service providers (MSPs) in many jurisdictions, meaning that customers are required to undergo mandatory know-your-customer (KYC) and anti-money laundering (AML) checks. In many cases, however, people are reluctant to provide their private information to third party entities, because they have no control over what happens with their data and to which authorities — domestic or foreign — gain insight.
Decentralized exchanges like Co-Dex, on the other hand, aren’t under any central control; therefore, there are often no registration requirements for using the exchange beyond having a wallet address.
Co-Dex offers a way for individuals in any location to trade cryptocurrencies, as they aren’t run by a centralized authority that can be subjected to a shutdown order. Investors can invest as little as they want to benefit from trading activities, and the peer-to-peer transaction costs are much lower than those on traditional exchanges.
The concept of the DEX is still gaining traction, as the cryptocurrency community recognizes their benefits amid ongoing hacks and incidents involving centralized exchanges. However, overall, the DEX is a closer fit with the decentralized ideology of cryptocurrency and blockchain. Perhaps it’s only a matter of time before the rise of the DEX consigns centralized exchanges to the history books.