The decentralized anonymous exchange says it does not require KYC checks, which means users can start trading as soon as the wallet is created.
DMEX claims to be able to operate without KYC due to the way it operates under a smart contract and has positioned itself as a compelling alternative to BitMEX.
Most decentralized exchanges use simultaneous trading versions, which means that users have to wait for the last trade to be recorded on the blockchain before they can execute a new one. DMEX solves this problem by using a state-of-the-art matching engine that tracks account balances during verification so that multiple transactions can be performed simultaneously. This helps provide an experience that crypto enthusiasts can get used to on more centralized platforms.
Withdrawals from DMEX can be made by simply registering transactions on the blockchain – and the platform notes that confirmations usually take no more than 30 seconds.
Stand out from the crowd
DMEX says it offers permanent contracts on all trading pairs with leverage of up to 100x, and offers standard funding rates and trading commissions that can be as high as 0.05% depending on order size.
Unlike other decentralized exchanges, DMEX also claims to allow Bitcoin to be used as a marginal currency. This was achieved by incorporating the pTokens bridge directly into its smart contract. Users who choose BTC as their margin currency receive a deposit address and all funds sent to it are coded and deposited in DMEX. It is important to note that users still hold their Bitcoin in full.
More information from DMEX here
ETH is also supported as a margin currency alongside DAI, which is a 1: 1 ratio pegged dollar peg, which can help provide protection against price volatility.
According to DMEX, decentralized price flows from trusted exchanges, including Bitstamp and Binance, expire and are settled using liquidation, which means the team has no way to manipulate the prices of user positions.
Reaching out to reputable liquidity providers also helps ensure high levels of liquidity at all times along with extremely sharp spreads, which reduces the risk of slippage.
To help users gain access to the DMEX interface, demo trading accounts are available where strategies can be implemented step-by-step using testing tools.
DMEX, which was first launched in June 2019, stated that it is now in the fifth interaction between its smart contract infrastructure and adds that no money has been lost due to bugs or hacks during this period.
The team behind this previously decentralized exchange has run a large central exchange that specializes in Bitcoin trading and has given them first-hand experience in the improvements that need to be made to centralized platforms to ensure a stable and secure trading environment.
DMEX says the demand for BitMEX drama has grown significantly.
In early October, the derivatives exchange was accused of using an unregistered trading platform and violating anti-money laundering rules.
Although BitMEX co-founder and former chief technology officer Samuel Reed signed an unsecured $ 5 million bond loan to secure the issue, the other three executives “remain at large.”
DMEX says that since BitMEX introduced mandatory KYC, the number of users has increased 10-fold – and as Cointelegraph reports, in recent months, Bitcoin stocks on the central exchange have been devastated by the public drama.