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Exchange again!
O yes!
"Well, with the numerous exchanges already in use, do we really need more of them?" You might ask.
Absolutely!
It is a fact that new projects spring up on the blockchain every passing day. At present, there are over 1500 coins in coin market. All these coins/tokens need exchanges to trade on. There's need for even distribution among several exchanges to avoid a case of overload due to many users trying to trade on few exchanges at a time.
Thus, COOPEX comes as a new addition to the fast growing list of blockchain exchanges.
But what is COOPEX?
COOPEX is a shortened form for Cooperative Exchange. It is an exchange with a major aim of addressing the ill treatments and difficulties new blockchain projects endure in having their coins listed on exchanges; and also the unrightful charges these exchanges make on users on their platforms.
For most of us cryptocurrency traders who have had trading experiences in many different exchanges, we know we'll of the fact that a large number of those exchanges are not transperant or are onesided. The mode of transactions In these exchanges often one way or the other trigger dissatisfaction from users and at time from coin owners who might be mandated to u ergo some tedious and at times unnecessary procedures to have their coins listed on such exchanges.
Normally, new blockchain startups aspire to list their tokens in renown exchanges in a I'd to give moremore value to their tokens. Unfortunately however, the process of listing these tokens can be somewhat daunting. The new projects are often charged exorbitant fees which runs into thousands of dollars just to have their tokens on those exchanges. New startups in most cases are unable to meet up with such fees and that creates a serious fix for their projects. To worsen the ordeal, these tokens are not listed once the exchanges receive the payment. Rather, the are subjected to a long procedure of review that might take months at times before they are finally listed for trades. This kind of delay often do no augur well for new startups, being still in their very early phase of development. In some cases, the new startups are denied the listing altogether even after paying the stipulated fee.
This might create a lot of negative impact on the project's as well as it's investors
- it can make the investors bankrupt
- It can ruin the credibility of the project in spite of its merit
- Also affects the permeability of a project despite its userbase
Furthermore, most exchanges make inappropriate charges on their users/traders. They charge for every single activity undertaken on the exchange - deposits, withdrawals, trading. These charges in some cases, are justifiable - such as withdrawal fees - while in most cases they bear bold question marks. In some exchanges, the trading fees are really significant such that it can scare traders from them. What more? The users never know how such fees are spent coz it is not made k own by the exchange in question. All they know is that the exchange has taken part of their funds. Of course fees are normally charged on users by exchanges to cover operational costs, for maintenance, and at times for programs that would benefit such exchanges such as buy back of their tokens. These notwithstanding, so. e charges in exchanged are quite unreasonable, amounting in excess of revenues generated. All of which are hoard by the exchanges.
So in a sense, most exchanges are fraught with non-transparency and illegalities. Amy of the exchanged do not keep their users in the knkw as to how the several fees charged on them are managed. And this poses the big question of credibility of those exchanges.
COOPEX aims to resolve this issues by offering a friendly and fair platform where token owners can list their tokens without unnecessary stress and disappointments. The exchange will charge zero listing fee for tokens that are built on popular blockchains like ethereum, NEO, and EOS. Tokens built on these blockchains will be listed on COOPEX exchange by votes. Other tokens on the other hand which are complex and difficult to configure would be charged certain rates to get listed.
COOPEX will be a decentralized exchange. This implies the the platform would be transperant as much as possible as possible as all transactions would be open for all to view. Also the exchange will have low transaction fees. The revenue generated the reform will be used for a buyback program and to reward active and loyal users(traders) for their contribution to the platform.
COOPEX will be fully launched sometime this month, August, 2018.
You can learn more about the project by visiting their website here: https://coopex.market/
And read their whitepaper here: https://coopex.market/Coopex_Whitepaper.pdf
Follow them on
facebook: https://www.facebook.com/coopexmarket/
Twitter: https://twitter.com/coopexmarket
Join their telegram: https://t.me/coopexmarket
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