INTRODUCING BankDex: centralized plus decentralized crypto exchanges minus their challenges.

By EbriDan | EbriDan | 23 Jun 2019

BankDex, is a user-friendly fully decentralized exchange, it ensures fiat trading coupled with fast withdrawals at an extremely low transaction cost. BankDex introduces itself as the first decentralised exchange that has solutions for the transaction problem of cross chain transfers that is mandatory between the different blockchain accounts in a distributed ledger network. All of these on a single decentralized platform, this is simply amazing.

Traders on BankDex will be able to trade Bitcoin, SAM, Ethereum and other erc20 compatible tokens, the native token is (SAM). The BankDex protocol allows for millions of transactions per second which is faster than any other DEX in use as at the time of writing this article.

A survey was carried out and the concluding result revealed that all popular centralized exchanges, Binance and it's likes were used more by traders than decentralized exchanges, result showed that the six major centralized exchanges, the survey revealed that the winning CEXs were more stable and had more upgrades than the available DEXs, and although the popular DEXs has more to offer in terms of security, they had developed a new set of concerns like any new venture.

BankDex is the solution for such problems like, markets that are inaccurate and fragmented, has no scalability, does not support fiat currencies for quick swaps, inability to work with the different blockchains. With BankDex we move into a new Era and next level of exchanges, setting a new standard for both centralized and decentralized exchanges.

How BankDex solves the challenges for both types of exchanges

-BankDex will connect and link the different blockchains into a single platform, where a user can do all he wishes without thinking of using three different exchanges to achieve one goal.

-Enables both Cross-chain and intra-chain transactions on a fast swap feature. BankDex will integrates with any private, consortium and private chains easily without slowing down.

-Enabling token exchange privacy of the users choosing, at an extremely low cost.

What Are the Benefits of BankDex

* A Multi-currency Wallet

Trader’s assets are absolutely safe as they don’t need to deposit into a central wallet. Your wallet will support all kind of hardware and software wallets, one single BankDex secure wallet to store and transfer lots of cryptocurrencies. The first of it's kind because DEX do not support fiat. You can connect with metamask as you will be in total control of your private keys.

*The BankDex Gateways

The are Gateways on the BankDex platform that allow trading crypto and fiat currencies as long as they remain on the BankDex platform. In the initial phase of development, BankDex users could trade US Dollar/Euro along with upto fifty cryptocurrency tokens. It's scalability will allow for more than 500 coins in future, and much more if need be.

* Simulator Exchange, and low cost of transactions

BankDex includes simulator exchange that helps to improve trading without risking real money, here new traders can learn to trade giving users a risk free environment for trial and errors. free trading is available with zero fees for the first 3 months from date of registration. After the 3 months period, a nominal fee of 0.003USD will be charged.

*Free Cancelation of orders

Make and cancel all types of trade orders freely without penalties, as long as they are still pending.

*Unlimited withdrawals

Unlike most Centralized and some Decentralized exchanges, there is no limit to number of times or amount you want to withdraw, all your tokens can be withdrawn however you prefer.

*No KYC procedure required

The hassles of filling forms, waiting for identification confirmation and such will not be necessary. Maintain your privacy, no need for identity confirmation, truly decentralized.

*Lost Account recovery

In case of a lost account, BankDex has the built-in provision, so users can recover their account. I'll love to try this one and give feedback on it.

*Full Transparency and Marginal Trades

All the details of transactions are stored visible to everyone on the blockchain. BankDex Platform uses DAG, this makes it impossible to alter, change, replace or tamper with trading transaction history in any way. BankDex as an added advantage also enables margin trading for all users.

The Advantages of holding BankDex native token (SAM)

Holders of SAM will get rewards for their holdings, by percentages. Users who keep SAM tokens in their accounts from five to twelve months, will accumulate interest on them. A minimum balance of 1000 USD worth of SAM for five months would give the holder about 0.75%, for a year 1%, and 1.17% for 1 year and 6 months. Holders will also benefit via transaction fee discounts. To transact from SAM to other tokens and vice versa, a lesser fee will be incurred.

And holders can transact for free on the platform, for example If i aim to transact from BTC to ETH, i can first change BTC to SAM then to ETH, as long as its equivalent is more than $100, my transaction will be free of charge.