According to Finance Magnates, DX, which is set to begin next month, is the first cryptocurrency exchange supported by technology offered by the Nasdaq exchange in the United States. The news follows claims that NYSE’s parent company, ICE, is preparing a bitcoin exchange, showing that prominent stock exchanges are more interested in capturing a piece of the cryptocurrency sector.
DX describes itself as a full solution for the cryptocurrency community, which includes both institutions and people that trade or invest in virtual assets. It will let participants to purchase and sell cryptocurrencies using fiat money as well as swap one cryptocurrency token for another. Furthermore, the exchange provides members with the ability to store their cryptocoins and provides wallet services.
The DX platform claims to have the potential to become the premier cryptocurrency marketplace by using the technical experience of Nasdaq trading engines and combining it with in-house technologies. It plans to begin its services in June with the six most prominent cryptocurrencies: bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), and litecoin (LTC).Many more cryptocoins, including smaller tokens, are planned to be introduced in the future.
One Low Standard Monthly Fee
“We believe in blockchain technology.” And one way we can assist this ecosystem grow is by verifying the tokens and promoting the good ones. We will not include coins just because they pay us. Those that are deserving will be mentioned,” stated Daniel Skowronski, co-founder and CEO of DX. He formerly worked as the CEO and Managing Director of OANDA (Europe and America), a prominent supplier of currency data, forex and CFD trading that provides companies and investors with leveraged trading, payment, and data services.
The platform offers a unique pricing scheme in which the customer will not be charged a trading fee for engaging in cryptocurrency transactions. They will instead be compelled to pay a normal monthly cost of roughly 10 euros.
The exchange promises to be linked to a financial news network, providing consumers with immediate access to bitcoin news and data streams. The platform also includes a secure chat system via which users may quickly engage and discuss ideas in a safe atmosphere. DX will provide basic cryptocurrency information, such as access to an official whitepaper.
Not Currently for USCustomers
DX provides sophisticated trading capabilities such as algorithmic trading. The trading strategies in the charting suite may be customized using the accessible Nasdaq APIs. With an easy-to-use interactive interface, the platform provides smooth access even on mobile phones.
“The benefits of this collaboration are threefold: the brand name, the technology, and the rules,” Skowronski said.
DX cryptocurrency exchange services are now unavailable to consumers in the United States. However, the exchange is said to be in negotiations with US officials about obtaining a federal license to service US clients.
DX, based in Tallinn, Estonia, asserts on its website that it is regulated by the Estonia Financial Supervision Authority under license number FVR00051 for services involving the exchange of virtual money for fiat currency, and under license number FRK000039 for E-wallet services. (Also see: Nasdaq Could Become a Crypto Exchange.)
Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and neither Investopedia nor the author suggest that you do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns no cryptocurrencies as of the day this post was published.
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