Detailed review of Stellarterm exchange

Detailed review of Stellarterm exchange

By Answerly app | Answerly | 8 Feb 2021


What are DEXs?

Decentralized exchanges are better than centralized exchanges. We are not even inviting you to change our mind, it is hardly arguable! However, we do understand that not all of you are familiar with the reasons which form the basis for this popularity. So, before we talk about StellarTerm exchange, let us brief you about these facts about DEX which will serve as a preamble to the main topic. Firstly, no third party is needed to store funds, the term decentralized implies it is the user who is in control of coins and transactions made using them. Then, making an account is super easy as well since the users don’t have to provide any personal information. And since decentralized exchanges are managed via servers spread across the globe, server response times are excellent as well. 

Welcome to StellarTerm exchange

The background information that we have just provided is relevant because StellarTerm exchange is an open-source trading client that allows users to access the Stellar DEX as well. It is built with a focus on XLM, which is great news for the Stellar Lumens community since all of the trading pairs taking place on this platform are against XLM. There are two ways in which this platform can be used. Either, the platform can be accessed online, or as a desktop client. Don’t worry about the OS compatibility, the latter version works fine with almost every major OS like Windows, Mac, and Linux, etc. 

StellarTerm exchange features

In this section of this short discussion, we are going to highlight the key features of StellarTerm. The most notable features of StellarTerm include local key storage, direct access to SDEX, and a modern/innovative interface. What is more, the exchange features ledger support and supports federation access. Also, the advanced charts make life much easier for new users, as well as for pros who are already making the most of StellarTerm.  

Depositary methods

Please note, no fiat. That is right, unlike decentralized exchanges, StellarTerm doesn’t accept fiat money. So, if you are a crypto investor with no crypto in your wallet, we are sorry to report that you will not be able to trade on this trading platform. But hey, if you do want to purchase crypto, you can easily do that using your Master Card. A couple of key points to consider here, one is that you can purchase Lumens only, and secondly, this purchase is not made via the StellarTerm but via a third party i.e. Lobstr. 

Worrying about fees?

Took us some time to figure out this one, you can take our word on this one! This has more to do with a lack of information on the trading fees by the platform itself than anything else. But we crunched some numbers, to come up with a number for the mark-up/down charged by the platform. It is somewhere around 1%, which is a little higher than what we had in mind. We await more information on the withdrawal fees from the platform, only then we will be in a position to talk with more certainty on the subject.  

StellarTerm exchange security 

One of the key factors that determine the overall repute of any platform is the level of security. Well, since StellarTerm is one step ahead in its security. This is primarily courtesy of the fact that DEXs have their servers spread across the entire globe. As a consequence, risks like server downtime and hacker attacks are automatically minimized. What is more, the platform doesn’t have access to your assets, which is why StellarTerm exchange gets full marks from us on the security side of things. 

Goals set for StellarTerm exchange 

There are several goals set to be achieved in the future by StellarTerm. Some of these goals include improvements for management (multi-sig), redesigning of send flow, and establishment of a regular release schedule for desktop builds to name a few. Also, there is a need to work on the real-time notifications as well. One of the key integrations that are set in the future goals is Pathpayment integration. We also think that a major improvement in the trading interface of StellarTerm is also in order. So, all in all, there is plenty of work still needed to be done, if StellarTerm has to become an exemplary open-source option for the Stellar community. 

Well, folks that would be all from this mini brief about StellarTerm exchange. As you can guess from the future goals set for StellarTerm exchange, there are plenty of exciting developments happening in the background. And to stay updated on them, keep visiting this place! 

 

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