Top 3 compelling features for New Exchange??

Supercrypt

legendary

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Quote from: Noa_Amable on March 13, 2019, 06:07:01 AM

I would choose low fees, fast execution and cross-pairs

Your choice is perfectly the best and this is what will continue to make Binance exchange have more edge over all other exchanges available in the market, I really wonder why majority of people have so much phobia for KYC requirement when it is believed that the system works on a full decentralized technology.

KYC known as Know your Customer as the name implies is just a way for the exchanges to have a little knowledge about their customer for a personal reason and not for public consumption no matter what the case maybe.

Noa_Amable

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I would choose low fees, fast execution and cross-pairs

Wind_FURY

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Quote from: tradeWind on March 12, 2019, 06:59:38 PM

Quote from: semobo on March 12, 2019, 08:18:57 AM

If you are building a decentralized wxchange then why is there need of KYC?

It is rare that DEX were asking for KYC,since it is mostly created for the purpose of trading anonymously.

This is a common question I'm seeing, and I've responded to it previously, but I will will respond to it again to add more details. The situation of KYC requirement is still evolving legally. The legal obligations of DEX is not clear, and DEX's like EtherDelta has been sued personally. Furthermore, even big DEX's like IDEX has moved toward requiring KYC.

As the legal landscape continues to evolve, I think it is important to acknowledge that the status of KYC requirement is not settled, and to be transparent about it. There is no point in ignoring the legal pressure that governments can apply. For us, we're following the Airswap model where KYC is optional and I think it is a balanced compromise, but if the situation change we will inform our community.

Then EtherDelta, and IDEX are NOT true decentralized exchanges if they have a single point of failure, can be censored, or can be stopped or be ordered to shutdown.

BISQ is the only example of a truly decentralized exchange.

tradeWind

newbie

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Quote from: semobo on March 12, 2019, 08:18:57 AM

If you are building a decentralized wxchange then why is there need of KYC?

It is rare that DEX were asking for KYC,since it is mostly created for the purpose of trading anonymously.

This is a common question I'm seeing, and I've responded to it previously, but I will will respond to it again to add more details. The situation of KYC requirement is still evolving legally. The legal obligations of DEX is not clear, and DEX's like EtherDelta has been sued personally. Furthermore, even big DEX's like IDEX has moved toward requiring KYC.

As the legal landscape continues to evolve, I think it is important to acknowledge that the status of KYC requirement is not settled, and to be transparent about it. There is no point in ignoring the legal pressure that governments can apply. For us, we're following the Airswap model where KYC is optional and I think it is a balanced compromise, but if the situation change we will inform our community.

tradeWind

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Quote from: Wind_FURY on March 12, 2019, 05:18:44 AM

Quote from: tradeWind on March 11, 2019, 08:37:30 PM

Quote from: joniboini on February 27, 2019, 11:41:08 PM

Just submitted my vote. Still doesn't understand what do you mean by 1 second trading speed though. Can you add more details or clarify about it? I initially thought it means the speed to place buy/sell order, but that seems can be done in most current dexes,

Thanks for voting, joniboini. Current DEX's have transaction speed mostly around 3 seconds, mainly because they use smart contracts to settle trades, which create a speed bottleneck. They might be able to match orders quicker, but if they use smart contracts to settle then this will slow them down. I hope that clarifies.

What "DEXs" are you talking about? A small warning, some DEX that claim to be "decentralized" are not actually decentralized.

The only truly decntralized exchange that I know is BISQ, https://bisq.network

When it comes to DEX's, there's definitely a lot of variations in architectures. DEX's that use smart contracts to settle include the largest one, IDEX, as well as any exchange that uses 0x protocol. Full decentralization is a long road, and there is no DEX that is fully decentralized in the purest sense of the word. You can read one perspective on it here: https://medium.com/aurora-dao/pragmatic-decentralization-how-idex-will-approach-industry-regulations-8b109212128a

MakeMoneyBtc

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Quote from: semobo on March 12, 2019, 08:18:57 AM

If you are building a decentralized wxchange then why is there need of KYC?

It is rare that DEX were asking for KYC,since it is mostly created for the purpose of trading anonymously.

That's right, a cryptocurrency exchange should never ask for KYC and that's because the main feature of bitcoin is the anonymity that it offers. So what is the point of using bitcoin or cryptocurrencies if you have to show an ID in order to use them(because before you can use them you have to buy them and you identify would instantly be discovered by tracking bitcoin sent from the exchanger).

tradeWind

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Quote from: bison on March 12, 2019, 02:22:38 AM

Quote from: tradeWind on March 11, 2019, 11:20:15 PM

Quote from: Ispep on March 03, 2019, 02:29:30 AM

I'll go with no KYC and definitely low fees.
KYC is always an issue, and most traders have one or two problems with it, it's either they're not comfortable giving away private information, or most times some exchanges have frustrating KYC procedure/process.
Low fees is the most important, high transaction fee is an issue and everyone looks out for that which is less expensive and more affordable as long as its secure as well.

Thanks for giving your votes. I've structured our fees to be the lowest in the market, and it is lower than Binance. For example, taker fee is only 0.07% vs. 0.075% on Binance, and makers can make a net profit of 0.03% if they are a large volume market maker.

well, there are still many benefits that you can get besides the cost of a very cheap taker, you can also use a discounted fee when you have a balance in the form of coin bnb and have a very high trading volume each month which will provide a low cost for you.

Thanks for sharing your thoughts on this. Yes, encouraging traders to hold coins issued by the exchange, such as what Binance does, is one way to give lower fees to traders. For me, I'm going to try build an exchange that is a straight forward as possible for traders. Low fees are available as long as you trade, and there's no additional requirement on what kind of coins you hold.

semobo

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If you are building a decentralized wxchange then why is there need of KYC?

It is rare that DEX were asking for KYC,since it is mostly created for the purpose of trading anonymously.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: tradeWind on March 11, 2019, 08:37:30 PM

Quote from: joniboini on February 27, 2019, 11:41:08 PM

Just submitted my vote. Still doesn't understand what do you mean by 1 second trading speed though. Can you add more details or clarify about it? I initially thought it means the speed to place buy/sell order, but that seems can be done in most current dexes,

Thanks for voting, joniboini. Current DEX's have transaction speed mostly around 3 seconds, mainly because they use smart contracts to settle trades, which create a speed bottleneck. They might be able to match orders quicker, but if they use smart contracts to settle then this will slow them down. I hope that clarifies.

What "DEXs" are you talking about? A small warning, some DEX that claim to be "decentralized" are not actually decentralized.

The only truly decntralized exchange that I know is BISQ, https://bisq.network

Sanitough

hero member

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I guess voting is already over, but I like this one "No KYC requirement" because that is the purpose why it's called decentralized exchange.
For centralized KYC is necessary but not everyone would allow themselves to comply because maybe they can save on taxes if they can hide their income or they can launder their money, whatever their purpose is as long as it will gain traders in the market, it's good for us.

bison

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SmartFi - EARN, LEND & TRADE

Quote from: tradeWind on March 11, 2019, 11:20:15 PM

Quote from: Ispep on March 03, 2019, 02:29:30 AM

I'll go with no KYC and definitely low fees.
KYC is always an issue, and most traders have one or two problems with it, it's either they're not comfortable giving away private information, or most times some exchanges have frustrating KYC procedure/process.
Low fees is the most important, high transaction fee is an issue and everyone looks out for that which is less expensive and more affordable as long as its secure as well.

Thanks for giving your votes. I've structured our fees to be the lowest in the market, and it is lower than Binance. For example, taker fee is only 0.07% vs. 0.075% on Binance, and makers can make a net profit of 0.03% if they are a large volume market maker.

well, there are still many benefits that you can get besides the cost of a very cheap taker, you can also use a discounted fee when you have a balance in the form of coin bnb and have a very high trading volume each month which will provide a low cost for you.

tradeWind

newbie

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Quote from: BitcoinTurk on March 03, 2019, 05:27:00 AM

Quote from: tradeWind on February 27, 2019, 07:13:43 PM

Hi everyone! I'm building a new DEX to serve the trading community, and I have a bunch of features that are great but would like to know which one I should emphasize the most! Can you please let me know your thoughts, and help build a great product for everyone? Thank you. Cheesy

Each service has to recognize its own customer, and because of the regulations made in some countries, it should also be informed about the location of its users and the country in which they are citizens. But there is also a case that no one will want to give their credentials to a new market. Therefore, the fact that KYC documents are not requested in the first stage will be the right movement to win the user and the investor. On the other hand, having fast servers and being the fastest, safest and most efficient way to perform transactions will certainly be a huge advantage. The fact that all these transactions are carried out with very low commissions and that no commission fees are charged in certain processes or certain options will further advance a market that has started a new service a few steps ahead.

Hey, thanks for the small encouragement. We're going to launch with a simple product with a solid user experience, and grow in features from there. Out of the gate, we're focusing on bulding a DEX with low fees, secured token custody, and speed. It will be the first DEX that let you trade BTC on-chain (no need to use wrappers or pegged tokens), so it's exciting to us.

tradeWind

newbie

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Quote from: TobiasVR on March 03, 2019, 04:42:41 AM

Quote from: tradeWind on February 27, 2019, 07:13:43 PM

Hi everyone! I'm building a new DEX to serve the trading community, and I have a bunch of features that are great but would like to know which one I should emphasize the most! Can you please let me know your thoughts, and help build a great product for everyone? Thank you. Cheesy

for me, the requirements without cyc are more chosen by many people. and it has become the dream of many people, I see a lot of cases of kyc that are made as one of cheating and that makes the concern of many people,

Thank you for letting me know your thoughts. The situation with KYC is evolving, and I see arguments for both ways. We're building a trader-centric DEX that put traders first, so we're striving for policies that balance between protecting privacy as well as protecting against potential bad actors.

tradeWind

newbie

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Quote from: Ispep on March 03, 2019, 02:29:30 AM

I'll go with no KYC and definitely low fees.
KYC is always an issue, and most traders have one or two problems with it, it's either they're not comfortable giving away private information, or most times some exchanges have frustrating KYC procedure/process.
Low fees is the most important, high transaction fee is an issue and everyone looks out for that which is less expensive and more affordable as long as its secure as well.

Thanks for giving your votes. I've structured our fees to be the lowest in the market, and it is lower than Binance. For example, taker fee is only 0.07% vs. 0.075% on Binance, and makers can make a net profit of 0.03% if they are a large volume market maker.

Harlot

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I wouldn't even trade in a cryptocurrency exchange that doesn't ask KYC for their users. If their business isn't compliant to have KYC then it only means that they don'toperate legally uunder the government regulation. Exchanges must always have them as they can always be a tool for money laundering and other criminal activities which will use their services. I doubt that there is even one trusted exchange now that doesn't require KYC for its clients, I mean even ShapeShift has been asking KYC now.

tradeWind

newbie

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Quote from: danherbias07 on March 03, 2019, 01:47:51 AM

Speed, low fees and no KYC's. I think those should not be questions anymore when it comes to creating a DEX.
Specially KYC. Only private keys will be provided and we can do the trade already.
No limits too for new users. Let them have it.
Withdrawal and deposit limits should not be there. Example is binance with 2 bitcoins only if you are a new user.

If you are finished with your projects please let us know so we can provide some feedback for a better dex.

Thanks for sharing your thoughts. Yes, I agree that new users should not have limits, so there's no limit on our DEX. There's also no withrawal/deposit limits or fees.

Thanks for being willing to give feedbacks. I'll post more details when we launch and get more of your feedbacks to make sure we're serving the community well.

tradeWind

newbie

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Quote from: richmcrich on March 02, 2019, 03:24:43 PM

Quote from: tradeWind on February 27, 2019, 07:13:43 PM

Hi everyone! I'm building a new DEX to serve the trading community, and I have a bunch of features that are great but would like to know which one I should emphasize the most! Can you please let me know your thoughts, and help build a great product for everyone? Thank you. Cheesy

For me I will choose the option of High speed trading which is the 1 second trading speed and if possible develop the platform to be half second trading speed, the world of high frequency trading is beginning to grow and I have seen a video of the half second trading speed and you can apply yours too.

High trading speed provided makes orders flow more smoothly by providing liquidity to the market and this will in turn make virtually all traders rich by lowering trading cost.

Thanks for your inputs! =)

tradeWind

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Quote from: Herbert2020 on March 03, 2019, 01:27:43 AM

Quote from: sana54210 on March 03, 2019, 12:37:12 AM

KYC still plays a great role and should be enforce on those traders or investors that wishes to trade crypto currency in large amount but considering the fact that the author is just developing the platform with lots of competitors without KYC registration, he should exclude that part temporarily.

KYC should not have anything to do with the amount. in fact KYC is only enforced when fiat and banks are involved because that is why you need to know the identity of your customer otherwise there is no reason to ask for it. then some exchanges (since they are centralized) are being forced by the government to ask for KYC even if there is no fiat or banks involved like altcoins exchanges.

in any case if you are developing a decentralized exchange you CAN NOT have KYC involved and if you do then you are NOT developing a DECENTRALIZED exchange!

For our exchange, we don't see it as a binary choice between requiring everyone to do KYC and having no requirement for KYC. We're launching with an op-in model, where traders don't need KYC if they only want to trade with other non-verified traders. However, they will have access to more liquidity if they are verified, because they can trade with verified traders as well. This opt-in model is what Airswap uses, for example.

tradeWind

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Quote from: Pursuer on February 28, 2019, 03:50:21 AM

there are certain things in your poll that don't make much sense. for example KYC should not even be mentioned because it is one of those factors that if it exists then it means the exchange in question is "centralized" not "decentralized". or the other thing is about fees, fees should not depend on the DEX itself, they should be determined based on the blockchains that are being used meaning only "on-chain fees" for transactions that traders do should be the only fees that are involved in the decentralized exchange, IF there is some entity (the owner) that receives additional fees from traders because of using the DEX then it is not decentralized in my opinion.

Thank you,

I list KYC here because it's an evolving situation with DEX's. For example, IDEX is the leading DEX and they originally did not require KYC, but recently announced that they are moving toward requiring KYC.

For the exchagne I'm working on, the tokenomics is set up so that fees pay not only for block producers putting transactions on chain, but they also pay for ecosystem rewards such as referral fees and market-maker rebates. A healthy trading ecosystem need fees to do more than just pay for transactions costs; they also need to help incentive ecosystem growth.

The DEX is operated by a not-for-profit foundation. Anyone can be part of the foundation by purchasing QDEX tokens and share in the growth of the ecoystem. However, this is not required for trading. I hope this clarify your questions.

tradeWind

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Quote from: mk4 on February 28, 2019, 01:48:14 AM

Quote from: tradeWind on February 27, 2019, 07:13:43 PM

Shared liquidity with Binance via market-maker bot

Though market-maker bots sure does help a lot in terms of liquidity, how are you going to achieve being an actual "decentralized" exchange if you're going to use one though? Or do you mean more of a non-custodial exchange like the Binance "DEX"?

Thanks for the question, mjglqw. We are still a decentralized exchange, even though we share liquidity with big centralized exchanges like Binance, because tokens will be brought in via our cross-chain and be turned into decentralized on-chain assets in our trading ecosystem.

Topic: Top 3 compelling features for New Exchange?? (Read 601 times)