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Cryptocurrency trading is quickly becoming famous for people to cash in on digital coins. Today, more than just the regular whales take part in trading.
One of the most significant elements of crypto trading is having a reliable exchange. Although successful trading requires more than just an excellent exchange, having one is a step in the right direction.
Several exchanges exist today to cater to different needs. If you have no idea where to start, the numerous options available may give you a rough time. It helps to have some minor information on the exchanges you are considering.
SIBEX is one such platform that makes crypto trading more comfortable. This review will analyze the platform, its features, and its benefits. Hopefully, by the time you finish reading, you can decide on the platform more comfortably. That said, let’s get into it.
What is SIBEX?
SIBEX is a Swiss peer-to-peer decentralized marketplace and the world’s first global OTC (Over the Counter) marketplace. The platform allows its users to trade their digital assets without the intervention of any third party.
SIBEX is the only fully decentralized swap platform allowing transactions between Bitcoin and Ethereum networks. With SIBEX, users can quickly and easily create, deploy, and validate complex transactions to enforce blockchain-based smart contracts.
One of the most significant selling points for SIBEX is that the platform is non-custodial. This means you are in complete control of your assets and trading data at any given time and the pricing and order book displayed are real quotes from real traders. In addition, the platform helps its users propose and enter into business agreements with peers on the net without third parties.
How Does SIBEX Work?
Because the exchange does not need a central authority, the simplicity allows for an efficient market where traders of all sizes can comfortably participate.
Traders enter their orders on the SIBEX platform, which is then added to the decentralized network. The seller then chooses a SWAP and posts a time-lock with the underlying digital assets. The exchange then determines all participating orders, depending on the triggered events.
The buyer and the seller are mutually settled through the SIBEX smart contract.
SIBEX allows for decentralized P2P exchange of assets, and the prices on the platform represent actual trades. This means that the prices will vary from those on other exchanges, giving rise to arbitrage opportunities for SIBEX users.
Key Features of SIBEX
Control over your private keys
One thing that SIBEX is passionate about is giving its users complete control over their digital assets. The platform offers its users private keys that are only available to them. Users will always have control over these private keys.
Lower transaction fees
By using SIBEX, users can get rid of additional costs from third parties. As such, SIBEX transactions will only attract miner fees, given that the transactions happen on-chain and in real time. However, using the SIBEX software will attract additional charges, usually estimated to be slightly higher than the Bitcoin dust threshold.
P2P trading systems often come with several unique features. SIBEX takes things to a different level and lets users control the data on the blockchain. With the SIBEX GUI, you can set conditional offers on the network. Say, for example, you are selling a considerable amount of ETC coins and don’t want to affect the crypto price. SIBEX lets you choose whether or not to report the trade price on the P2P network.
This is one of the bonus points for SIBEX. We’ve already mentioned that SIBEX aims to give its users complete control over their assets. One of the ways they achieve this is by creating personal servers for every user. This way, you have better control of your assets and don’t have to worry about the exchange trading against you or disappearing with your money overnight. You’ll also have complete control of your trading strategies and private keys and will never have redemption issues.
How to Start Trading on SIBEX
If the benefits of this P2P exchange have you convinced, it’s time to start trading. So, how do you go about it?
Like most crypto exchanges, SIBEX requires you to complete a KYC check before starting trading. You’ll find all the information and links here.
Once KYC is done, you will receive a unique license key from SIBEX by email or directly on your portal.
SIBEX insists on issuing license keys to ensure that all users have a hassle-free trading experience. Before the exchange issues the license key, users undergo a thorough verification process to ensure they are not on sanctions.
Once you receive your license key, you can set up your server. Setting the server up should take about 3 minutes, and an additional 15 minutes for syncing. Again, you can find the information here.
You can start trading from your browser when your server is set up.
If you prefer, you may also choose to download SIBEX. However, to avoid malicious attempts, be careful to download SIBEX from the official repository. The exchange also cautions users against clicking on any links sent via email.
The crypto world is continually changing, and there are bound to be some updates to the exchange.
Although the exchange will always email you valuable information, be careful not to open any links that you may receive in your inbox.
Although SIBEX is a relatively new exchange, the platform offers an accurate, unique DeFi technology that creates excellent arbitrage opportunities for traders and transparent access to liquidity. In addition, the exchange recently announced a partnership with Paxos for its gold-backed coin. Given that the exchange offers several lucrative solutions, we can only wait to see how much impact it will have in crypto.