Today, the total market value of all cryptocurrencies has exceeded 280 billion USD with 60 cryptocurrencies accounting for average daily trading volume of 10 million USD. Cryptocurrency trading has been actively giving high ROI (return on investment), the reason why more trading exchanges emerge daily but in one way or the other, several exchanges today face certain issues that affect users and their funds, not leaving out top exchanges.
We have two types of crypto trading exchanges - centralized and decentralized form of exchanges with each having its own pros and cons. While centralized exchanges offer more tradable currencies and fiat pairs but vulnerable to hackers, decentralized exchanges give users full control over their finds and in sole possession of their wallet private key but lack adequate liquidity.
Other challenges are:
- Low market liquidity- Some exchanges even have to aggregate liquidity from other exchanges which result into hiked transaction fees.
- Security- Several exchanges in the past have experienced security breach. This has made users lose confidence in centralized exchanges.
- Poor technical architecture- Programmers that design the software of most exchanges often choose the simplest approach which initially seem up and running but as more users register and make use of the exchange, the system will not be able to handle the traffic which makes it vulnerable to hackers.
- Lack of fiat bases exchanges- As much as new cryptocurrency exchange emerge daily, there is no fiat channel to buy digital currencies directly with fiat or cash out assets into fiat.
- Some exchanges lack functional customer service, others respond late to users' complaints. Traders concerns and their problems must be attended to asides feedback in order to ensure the smooth running of the platform.
ABOUT AXNET
AXNET (Asset Exchange Network) is a liscensed cryptocurrency to fiat exchange with a cryptocurrency wallet platform based in Estonia. Looking at the advantages and disadvantages of centralized and decentralized exchanges, traders tend to make a choice between the two, whichever suit them. Seeing this, AXNET team decided to create the world's first hybrid exchange that allows a trader switch between the two types of exchanges, all in one exchange. AXNET offers a fiat- based exchange for users to turn their asset into fiat easily and vice-versa. Some of the fiat available on AXNET portal are USD, EUR, through their licence and banking networks. TUSD pairs will also be launched to give a stable coin trading experience. Other fiat currencies will be added in the future.
AXNET exchange is built on a PCI compliant standard, audited and goes through frequent penetration tests. A dedicated Axnet support team has been put in place with a guarantee of response in 1 day. Axnet partners with institutional investors and large traders before launch to ensure the exchange has higher liquidity.
Some of the other features that will bring a suitable trading experience for traders:
- EOS decentralized exchange: The EOS mainnet has been launched and there are plans to launch a decentralized EOS token because AXNET believe in the future of EOS tokenization.
- AXNET Labs: Strategic partners will be allowed to launch their ICO through AXNET using their ICO incubator that will be built into the exchange. All escrow, regulatory and other services will be handled by AXNET.
Advantages of AXNET exchange include:
- System level and operation level security
- Efficient support system
- Hardware-accelerated and highly-efficient memory machine engine
- Financial safety by multiple security checks
- Supports multiple cryptocurrencies and fiat based pairs
- Operation strategies by the team
AXNET TOKEN
AXN is the token of the platform which is an utility token. When paying trading fees with AXN token, a trader is guaranteed 50% discount. This is available on the settings page.
In September 2018, the exchange platform was launched and there are plans of iOS and Android mobile apps to be released by October 2018. By December, major trading pairs and fiat pairs will be activated by January 2019. AXNET is looking out to launch EOS decentralized exchange by June 2019.
There are plans to buy back AXNET tokens with 20% net profit obtained every quarter and the buy-back tokens will be burned until 500million tokens are destroyed. Information about the whole process will be available to the public via blockchain explorer. This shows the transparent level of the platform.
To find out more about this project, here are some related links:
Website
Whitepaper
Telegram
Facebook
Twitter
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