- Stellar X is the world’s first free cryptocurrency exchange.
- The exchange uses a consensus mechanism to ensure it doesn’t need users’ capital.
- They have plans to trade stocks, real estate on the platform as well.
A brand new cryptocurrency exchange, StellarX, has just opened up for business. The announcement was made via its website.
Stellar X, from its Co-founder Christian’s Medium post, is a very ambitious project and hopes to one day become ‘the most popular place to trade in the world.’
Some interesting details have already come to light about StellarX.
For starters, it is completely free to trade on the platform, which is practically unheard of in the cryptocurrency world as most places charge a fee.
Most platforms, if they do not take a commission on each trade, profit from the users dormant funds. The free nature of StellarX will probably sit well a good number of investors.
On top of this, StellarX will also refund the network cost to its users. While this is very generous, it does bring up the question of how they can turn a profit while being this generous.
According to them, it all boils down to the right tech. StellarX does not make use of relays or smart contacts but will use only their own technology, something which is “native” to trades and orders.
Their consensus mechanism also ensures that they don’t need user capital to function.
Ease of Use
Another interesting fact about the new exchange is that onramp fiat, meaning users can deposit funds using ACH directly from their U.S Dollar bank accounts.
This will remove all the various hoops that users would have had to go through in the past to make deposits.
Tokens can be shown for a number of currencies including Euros, Philippine Pesos, Nigerian Naira, Chinese Yuan, Hong Kong Dollar, and the British Pound and eventually, will be able to deposit and withdraw these currencies as well.
StellarX has already listed the most popular currencies in the market such as bitcoin and Ethereum and plans to add more soon.
StellarX has plans in the works to begin trading beyond cryptocurrency, with stocks, bonds and real estate to be added to the platform in the near future.
According to their co-founder, the X in their name represents the algebraic x, meaning anything, anyone, at any time is welcome on their platform.
There are also plans for night mode, a mobile app and other changes in the coming months.