Bank Dex Decentralized Exchange - The Road towards a better Decentralized Exchange

If you are familiar with the cryptocurrency ecosystem, you will observe that most of the successful exchanges are centralized. This presents a fundamental problem since cryptocurrencies are designed not to rely on third-parties in order to establish trust, just direct transactions, peer-to-peer, between the participants within the network. Many of the centralized exchanges have been subject of security breaches, even the most reputable ones such as binance. Centralization of crypto-exchanges poses a security challenge (among others challenges) and can represent arguably be one of the most important point of failure to cryptocurrencies. Subject to Government shutdowns in some locations, exit scams/exchange liquidation (Bitsane, Qudrigo, Mt Gox etc)with billions of dollars loss. There are many decentralized exchanges currently,but they are not able to meet current challenges hence the recent clamor for more effective decentralized exchanges

In this article, we will consider briefly three main points : the challenges of the current decentralized exchanges, What BankDex is and why BankDex is different from others,Finally; why you should support the development of BankDex.

The Challenges of Current Decentralized Exchanges

Inspite of the many advantages of decentralized exchanges over the centralized ones, they are often not an option for many traders because of the myriad of problems that plague most of the current decentralized exchanges.Some of these challenges are enumerated below

1. Low Liquidity : This is a direct consequence of low patronage especially when compared to their centralized counter-parts. The resultant effect is that there is always a huge spread between buy and sell orders.
2. Terrible User-Interface : Try introducing a newbie to using a decentralized exchange, they are likely to get confused.The UI are often not friendly.
3. Limited Wallet Support: Many decentralized exchanges are often based on a single blockchain (e.g Ethereum Network, EOS Network) and there is limited support for tokens of other blockchains.
Limited Speed of Transactions: This often results in delays in executing trade orders or incorrect or outdated information being displayed on the trader dashboard.Such lags are very undesirable for especially for a professional traders where every seconds is critical to making a trade profit.
4. High Fees : High transaction and withdrawal fees make many decentralized exchanges undesirable for trading especially for smaller volumes.
5. Security : While security challenge is more prevalent in centralized exchanges, decentralized exchanges are not totally immune to this, there can be vulnerability in the code base that can pose a challenge to users.
6. Lack of Fiat Exchange : This is a more significant problem for users who would want to exchange their tokens directly into cash.
7. Limited Features : There are limited tools available to traders available to traders

If decentralized exchanges are to be more accessible to all, there is need to improve on the current state of things. This is one of the main thrust of the BankDex team, towards a better decentralized exchange. Now we take a look at what BankDex is proposing

BankDex- What is it about?

BankDex is a decentralized cryptocurrency exchange built on the unique technology that allows inter-chain transfer of cryptoassets. BankDex makes it possible to make transactions across different blockchains.It therefore attains an advanced niche among decentralized exchanges. BankDex employs the use of Smart contracts to execute every of it operations and is built around the core principles of :

1. Security
2. Simplicity
3. Speed

Here is something new, users can now trade cash, bitcoins as well as other blockchains like EOS, Tron, EOS etc on the same platform, something that was exclusive only to centralized exchanges. BankDex is leveraging on some of the best features of centralized and decentralized exchanges into its platform.

Why BankDex is different?

BankDex is building something innovative that will make it standout from the myriads of decentralized exchanges already in existence and possibly drive a new wave of traders towards using decentralized exchanges. While the project is still in development, here are a number of features I find very amazing with BankDex and I think you should consider to

1. Allows for Cross Chain Transaction: This is about the most compelling features that puts BankDex on a higher pedestals. Cross-chain transactions will remove the need for traders to trade a wide variety of tokens. For perhaps the first time, we will have something that mirrors a centralized exchange while still retaining users control of the private keys to their assets.You get to trade across blockchains, exchange your bitcoins , EOS, Ethereum etc for other tokens of your choice.
2. Allows for Direct Exchange to Fiat: BankDex allows peer-to-peer exchange of both crypto-to-crypto and cash-to-crypto exchange. This avails users cash to transactions off the blockchain. And as with other decentralized exchanges, transactions do not require third-parties
3. User- Friendly Interface and Additional Trade Feature : A more interactive and user-friendly interface is essential for traders both professionals and newbies. One of the core focus of BankDex is in the provision of a much simpler UI for an amazing experience .
4. Multi - Wallet Support: BankDex allows for multi-wallet support with owners in possession of the private keys and as such in full control of their funds
5. Low Transaction Fee: BankDex is offering traders low transaction fees and is therefore suitable even for small traders. As added incentive, there is a 90- day free trading for users and a mere 0.003$ fee per trade after the expiration
6. High Speed Transactions:

Bank Dex is therefore leveraging on the strength of the current available Decentralized exchanges and improving greatly on the current challenges to make them much more appealing to all. Bank Dex is taking Decentralized exchange a step further and will make them much more useful. The future of exchanges is Decentralized.

You can check out more about Bank Dex below ;

The Official site: https://www.bankdex.io

Github : https://github.com/bankdex