Why StellarX made the headlines?

On the face of it, you might think of StellarX exchange as just another decentralized system in the crypto world. And while that is true for most of the features of this DEX, there are a couple of distinguishing features that put StellarX ahead of many others in this race. We will talk about these elements of prominence a bit later in this discussion, but for starters, we are going to reveal the biggest plus that users get with StellarX DEX. This platform allows trade-in tokens of more than one blockchain! Sounds unbelievably amazing, right? 

StellarX exchange 101

We have revealed the X-factor of StellarX in the opening lines of this short discussion, but there is plenty more that you should know about this fascinating DEX. For starters, the platform was acquired by Coinsquare in 2019, but then Lobstr realized its worth and acquired it in 2020. It has all the features that a DEX should have. It allows users to retain custody of their funds, without any interference from the platform itself. That, by the way, is the least a DEX should be doing for you! When we say are impressed by the features of StellarX exchange, we are talking about specs like trade execution against other users, non-native crypto trading, and fiat money deposits. An exclusive set of features that you will be challenged hard to find in other decentralized exchanges. It might sound like an exaggeration to some, but feature-wise, StellarX is the clear winner for us in the race of decentralized exchanges. 

Using StellarX for the first time

We are not sure if you have realized the magnificence of the fact that how easily you can switch between different currencies on StellarX yet. We are moving on though, got plenty more to discuss in the upcoming lines! Now, we are going to discuss the user experience of StellarX for newbies, so pay attention if you have let your focus loll around a bit so far. 

In the first step, a newcomer is asked to register by submitting an email ID and setting a secure password. We say secure because the platform features an inbuilt password strength evaluator, which lets the newcomers know how unlikely their password is to be breached. In the next step, the users are asked to create a private key for the Stellar wallet. This wallet is tied to the user’s trading account. It sounds as if StellarX is exactly like any other DEX leading up to this point, right? But from here onwards, magic happens! In the next step, users get their first glimpse of the user interface, which beats all the existing DEX interfaces comfortably. 

But even more interesting than the StellarX interface’s uniqueness is how it makes cross coin transactions possible. While many are befuddled by this marvelous leap of technology in the crypto world and are at a loss to explain the reason for this, we are going to explain it in a super-easy way for your understanding. Look, say you purchased BTC on StellarX. Now on the face of it, it is Bitcoins that you bought. But what you bought, amigos is a Stellar issued token specific for a specific currency. In this case, that currency is BTC. These tokens are listed as fiat tether/crypto tethers on Stellar and are tradable and exchangeable. Sounds incredibly simple, but that’s what it is.

Addresses & fess

Are there any charges? None is the answer, which we can bet none of you were expecting! The platform goes as far as to claim that it even refunds the blockchain transaction fee as well. Quite outstanding! Folks, these are some important aspects, the worth of which will make more sense to you only when you start using StellarX. Another cool thing to like about StellarX is that this platform features human-readable addresses. How does it achieve that? Well, StellarX.com is added to the email address with which a user signs into StellarX. If you are a privacy geek and don’t want your ID to be publicly disclosed, you can simply opt for the option of non-identifiable public keys. 

Summary

Well, folks that would be all from this discussion. There is plenty more that we wish we could have talked about StellarX on this platform. For example, how cool it is that you can filter your assets listed on StellarX using different metrics like volume, price, and issuer? Certainly, something that needs more talking about! But unfortunately, we have run out of space and time we had for this discussion. Nevertheless, we are sure that that’s one more DEX off your list of unknowns, and on that optimistic note, we will bid you farewell from this discussion.