Topic: eXch - instant exchange BTC / LN / XMR / LTC / ETH / ERC20 - page 58. (Read 30738 times)

Hey @eXch.cc, according to what's said on your website. Your service is Cloudflare free. Definitely one of your biggest selling points for someone who is in search of some level of privacy when exchanging their coins.

But then you use Cloudflare DNS according to whois. Now I am not too informed about how websites work, maybe I may learn a thing or two here. Can't a Domain Name Server be used by Cloudflare to gain access to your website's traffic there by compromising client's privacy?

Icopress invited me to review eXch if I have time to review it. It's been a week now and I think I should.

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This is my review

I wanted to use exch service in the afternoon but the site was not working excellently. I wanted to exchange some coins, I inputted the amount and clicked on exchange. There was nothing but my browser keep on showing the process but no result. I tried again 30 minutes later and it was working perfectly, but I waited until nighttime because I was later busy in the afternoon. I tried it in the night, it was working perfectly. I have clicked on the exchange before many times and it was working perfectly. So that after was a coincidence.

Finally in the night, I exchange some coins and it worked excellently. Immediately I noticed that the coin has been confirmed onchain, it indicated on the exchange that the amount I sent to the address they displayed to pay to as been received. I used Dynamic rate which might be the reason for a little delay in the transaction. I think using flat rate would make the exchange faster. Immediately the exchange indicated that it has processed the transaction, I open my wallet and saw the coin.

As you are about to make payment, you can download a letter of guarantee that contain proof of the exchange order which contain the time you created the transaction to send coin to the address provided on the exchange, it also has the refund address. In general, it is a bitcoin signed message that consists of the information I mentioned.

After the exchange has received the coins that you sent, you can also download letter of guarantee which consist of proof of order and contain other information like the site (exch) which I used for the coin that I exchanged into another coin. It also contain the date of the order, the time, refund address, the amount they have received, the amount sent and their txids and the exchange rate used for the calculation. All these mentioned are also in a message which was signed with a legacy address private key (just the address shown, no private key shown, the address is also not funded). So it includes a bitcoin signature.

The address used to sign the message is a legacy address that ends with exch. I wonder the amount of computational power that would have been used to generate that uncompressed address.


Suggestions

What I will suggest is that the site should look more attracting, although it is very simple to use.

More coins should be supported. For now, it is supporting bitcoin, ether, litecoin, dash and three ERC20 tokens which are USDT, USDC and DAI.

Another suggestion is that if someone input the amount of coin he wants to exchange, the exchange should automatically display the person the amount of coins that the person will receive. I mean if the person input the amount of bitcoin he wants to send to receive moner as an example, the exchange should deduct the fee and automatically display the amount of monero the person will receive. Also the person can instead, input the amount of monero he wants to receive and the exchange will display the amount of bitcoin to send.





Although, it is not automated, but it can be manually done. After you input the amount of bitcoin that you want to send, or the amount of monero that you want to receive and you click on calculate, the amount you will receive will be displayed:





About refunded address

I intentionally did not include refunded address which I know it is for the purpose of error and inability to process an exchange successfully, the coin would be sent back to the owner. On the bitcoin signed message, the address I used to send the coin is the refund address. But I think because of privacy reason, users are allowed to provide a refund address which can be different from the address they use to send the coin. If no address is provided, the address you used to send the coin is the refund address. I think this is nice.


Supported bitcoin addresses
I tried other address type like multisig and pay-to-taproot addresses and all were accepted.


Do not try this, use the correct address
I edited the address to input different characters to make each addresses have exactly the same number of characters of their address types. Secondly, I later added more characters. Third, I removed some characters. The three brought up the same error:



I think that is good, but people should not send to a wrong address. Wrong but valid bitcoin addresses would be successful and your money will be lost forever.

This works the way you'd expect it to work The Letter of Guarantee doesn't mention anything about an amount, and the transaction page shows this:

So when I have set to exchange to 0.01 BTC to ETH, is there I have to send the amount of 0.01 BTC exactly?
What happens if I send it less or more for example I send 0.009 or 0.012? Will it be received according to what we sent?.

On the order set, I read that if I send 0.01 BTC I will receive 0.160154138151151 ETH (Network fee included). I think this exchange offered a very low fee and simpler transaction than the conventional exchange I tried. I think this is a big breakthrough in the future if they continue to maintain their service.

That's a good question I didn't have to wait long so can't say. If it's fixed or dynamic fees they've got to have time limits. It doesn't make sense for swaps staying open forever. We don't know so OP should answer it.

Yes if the reserve is empty you cannot receive XMR from eXch, you can only swap XMR for another coin, you're correct that there are no third party liquidity providers and eXch do not also refill the balance in the reserves themselves, the reserves only gets refilled when customers send those coins to them for swapping.
And it will also get refilled quicker because they are swapping one coin for another, and the coin they are swapping adds to the reserves.

They have some limited reserves for a few crypto and XMR wallets just seem to fill up slowly. As you can see below the screenshot, the current XMR reserves are zero, however  the last 24 hour volume for XMR was only 310. Also i can see only 1.4 LTC in reserve at the moment. If many people will use this exchange, I think the wallets will get emptied a lot quicker.

You need to be online and refresh the site to see if the XMR wallet loads up and you can make an exchange.

What's the deal with exchanging to XMR? I see that currently there is 0 reserves so I assume this isn't possible at present if there are no third party liquidity providers?

I created an order to see what would happen and I get the following:


Obviously there's something not quite right with that calculation if the maximum I can send is 0, but the minimum is 0.00000055.

Don't send BTC with a purging or low priority fee rate because it'll surely get stuck except the mempool drops. It is better if you pay a reasonable amount in fees so the transaction wouldn't stay unconfirmed for days, and it is easy to do by just checking the mempool before making your tx. Nevertheless i have gone through this thread and i don't think i've seen any time limit for orders, but only 1 confirmation is required to start the exchange, so you either pay an appropriate fee or bump the tx if it is stuck for too long.

They don't talk about any time limit for the order, which means you could wait for as long as your transactions gets the required confirmations. I bet the reason for the refund address is also for such situations where, by the time the order is confirmed, the coin you need in exchange is not available in the reserve.

I have also tested the service and really like their service. i have also bookmarked the site, in case i would be needing to swap the coins, i will prefer eXch.

However, there is one question in my mind after my recent bitcoin to XMR swap. I send the bitcoin to the eXch.cx address and it took a few blocks until my transaction was confirmed. (These days the mempool fees are quite high) and my order was executed.

In case, we send Bitcoin to them with less fee, how long the order will remain active and wait for the confirmations? Is there any limit to this or the order will remain active to receive confirmation of the transaction even if it takes few days?

I've used the service for small swapping to test it. It's convenient service I wouldn't hesitate swapping larger amount if I had it. You can downloaded a letter of guarantee. They've processed swaps fast with good rates. They won't ask for KYC so users don't have to worry about getting funds suspended.

Everything works fine on my end, but I would always suggest using onion link with Tor browser for better privacy, instead of clearnet.
Just make sure to use and bookmark eXch official onion link only.

You would need some knowledge in programming languages to be able to interpret the code, but open source code is usually available in platforms like Github or Gitlabs. Most services that are open source share the link to their source codes within their websites.

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It works for me. Maybe it was a temporary downtime

Alternatively, you can also use their Tor mirror if you find that the clearnet is not connecting: http://hszyoqwrcp7cxlxnqmovp6vjvmnwj33g4wviuxqzq47emieaxjaperyd.onion/

Is there some issue with the host? Unable to connect to the site right now.

I tested this exchanger, I did not find any technical problems. Everything works very fast. The interface is also understandable, for me this is a big plus, since not all projects pay attention to this issue, and then they present intuitively incomprehensible sites. I really liked the low commissions, in my opinion, the lowest that I have seen. The only thing is that the rate is noticeably different from the rate on major exchanges, for example. But, I think, this is a price for anonymity and change speed.

I accomplish that maybe because I consider that Monero have more privacy than Bitcoin, so there are my assumptions, everyone including the exchange does not who I am. but your explanation explains it all, thanks. So, If I still used Cex where I must KYC, whatever coin I deposit, they still know who I am.

Thanks, Even if the site is open or close source, I also don't understand how to check the code.

My intuition tells me that this business will evolve into more of a crypto mixer, also handling various altcoins as an alternative. Up to now, I haven't encountered any reliable altcoin mixers. Perhaps you could become the first to gain trustworthiness, meeting the expectations of the Bitcoin community here.

As some other members have mentioned, your homework appears to involve improving your username on this forum to prevent misunderstandings and misuse of a domain for a website. Considering that this is a business related to digital assets, your reputation is certainly at stake here.
The distinction between .cc and .cx needs to be clarified as soon as possible to avoid potential issues in the future.

Used 2 times so far, pretty fast and it feels secure, it's good to know that random KYC popup won't appear.

It makes no sense if you are going to anonymize your transactions through eXch only to send the coins right back to a CEX, but yeah, you can use any address as a deposit address. Maybe the tricky one would be Ethereum, where most services don't accept smart contract addresses.

It's not listed anywhere on their website, and they are close-sourced.