DueDEX Guide & Review: Use Dummy Coins To Test The Platform
DueDEX is a Belize-based exchange that offers crypto derivatives trading services. Some of its main products include Bitcoin futures and perpetual contracts.
Through partnerships with blue-chip liquidity suppliers and an order matching machine with a capacity of completing 100,000 orders in a second, the exchange has earned a slot among the top-notch derivatives marketplaces in the industry. Additionally, it allows the leveraging of its trades to a multiplier rising up to 100x.
Unlike major exchanges like Coinbase and Binance, DueDEX allows its users to remain anonymous and does not subject them to "know-your-customer" (KYC) restrictions. Though it's an international marketplace, it's not supported in countries like the United States due to government regulations. Let's now examine the exchange.
Enrolment on DueDEX
To register on the platform, you need to go to their registration page. You can register with your phone number or email, accompanied by a strong password.
If you have a referral code, you can enter it in the slot after the password, although it is optional.
Once you click "register," a new window with a slot for the verification code pops up. Observe that the code is sent to your email or SMS inbox but expires in 60 seconds. After entering the code, the exchange ushers you onto its homepage.
The DueDEX enrolment process should take you less than five minutes since the system will not require any personal identification information to accept your application.
The DueDEX referral scheme offers the referrer an impressive lifetime reward of 30% on the trading charges earned by their invitees on the exchange.
Deposits Procedure 💳
To add funds to your wallet, hover your cursor on the user profile icon on the top right area and click on "Account." It displays a menu that looks like this.
Now choose the currency you wish to load your account with. The only available choices are BTC and USDT. Subsequently, hit the blue "Deposit" button.
Once the wallet address is displayed, copy it carefully and use it on the personal wallet you want to transfer funds from.
It's crucial to note that you cannot make deposits using fiat currency. However, you can buy Bitcoin on an exchange that supports fiat and then transfer it using the deposit option.
Withdrawals Procedure 💵
Getting funds out of your DueDEX account is done by tapping on the blue "Withdrawal" button.
Subsequently, you need to enter the address of the personal wallet to which you are transferring the funds to. The approval team validates the requests manually, and only three withdrawals are allowed per account per 24 hours.
The Trading Menu 📈
The user taps on the "Start Trading" icon on the top static bar to open the buying and selling menu.
Impressively, the trading interface uses the "TradingView" leverage chart that is easy and perfectly refined for the eyes.
The left area hosts the price charts with the "live order book" and "order forms" occupying the window's right area.
The bottom lower part of the array has everything you need to know about your trading activity on DueDEX. Icons for "Positions," "Active Orders," "Conditional," "Order History," and "Trade History" are neatly arranged one after the other.
The modular DueDEX charts help traders conduct an in-depth survey of shifts, indicators, and the ability to assess the level of liquidity.
Additionally, you can maximize the view of the charts for a precise interpretation and projection of trends.
DueDEX has a dummy trading set-up for prospective traders who would wish to test the system before vesting their funds on the exchange. Here, users can use the dummy coins for their experiments.
Analyzing the Trading Fees 💸
Before examining the applicable fees, it's vital to understand the contributions of the two parties involved in a trade on the platform.
Makers pump liquidity into the exchange, but takers take away this liquidity by making similar counter orders to those of the makers.
Takers incur trading fees of 0.075%, whereas the makers get rewarded at a rate of 0.025%. The former is income to DueDEX, but the latter is income to the makers. However, interacting with the LINK/USDT pair attracts zero trading fees for makers and takers.
DueDEX does not impose charges on deposits nor withdrawals. However, the latter incurs a small network levy for the miners who validate the entries. The magnitude of the network charges depends on the number of transactions on individual blockchains.
How Secure Is DueDEX? 🔐
DueDEX is not left behind in terms of the industry's standard practices on matters of security. To protect customer funds, it uses cold storage where the coins are kept in an offline wallet.
Transfer of funds from the cold storage to the DueDEX platform follows a multi-signature process involving human approvals.
Once the funds are in the hot storage, the customer withdrawal requests are further subjected to manual approvals. Although this slows the withdrawal process, it adds a layer of protection to the funds.
Under "Account Security," users can also activate the two-factor verification to boost their account's safety.
DueDEX users with an issue that requires the support staff's attention need to raise a ticket on the "Submit a request" menu under the "Help" section.
Moreover, they can hasten the responses to their ticket(s) by reaching DueDEX on Twitter and Telegram. The service is available 24/7, and the user should expect a response within an hour or two.
Their customer support email is [email protected] DueDEX has no telephone line nor live-chat function.
PROS & CONS
- No KYC restrictions
- Cold storage solution for customer funds
- Robust order matching system with a speed of 100,000 entries per second
- The exchange doesn't charge deposit fees
- Secure SSL encrypted website
- 100x leverage index
- Fiat deposits are not supported on DueDEX
- The exchange is not available in the USA
In a nutshell, DueDEX is a fairly outstanding derivatives marketplace. With sufficient leverage, security, and a swift system that can complete millions of entries in seconds, it has the wherewithal to compete with the best in the industry.
Besides offering perpetual contracts and futures for Bitcoin, it should consider incorporating other trading pairs involving significant cryptocurrencies.
Ultimately DueDEX's development of a mobile app went a long way to match its preparedness with its competitors!
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