Token Store Review explained by professional Forex trading experts the “ForexSQ” FX trading team.
Token Store Review
Token Store is a decentralized exchange that offers trading in mostly ERC-20 tokens against Ethereum. Fiat currencies are not supported on this exchange and it does not provide any leveraged trading.
Its developers admit Token Store is built on smart contracts in a very similar way to EtherDelta with some minor additions.
Token Store Advantages
A decentralized exchange is an exchange that does not rely on a third party to hold customers’ funds. Instead, decentralized exchanges facilitate trades that occur directly between customers, on a peer to peer basis. Because decentralized exchanges do not store coins, funds, private keys or any other user information on centralized servers, it is much more difficult for hackers to compromise sensitive information.
A lot of tokens offered
Token Store offers many Etheereum (ERC-20) tokens for trade, as well as Tether USD and Tether EUR (cryptocurrencies, backed by US dollars, and Euros, respectively). Its list of supported altcoins currently features more than 15 tokens, including OmiseGo, Tether USD, Tether EUR, SALT, Tron, Verify, BountyOx and more. The most heavily traded ones at the time of writing of this review are CRED/ETH, and BNTY/ETH.
Besides, if you have participated in an ICO, you can try to get it listed on Token Store.
Token Store Disadvantages
Trading only against ETH
While trading in quite a lot altcoins is available at Token Store, this only happens against ETH. Additionally, some popular non-ETH coins, are not supported – there is no Bitcoin, Litecoin, Bitcoin, Gold, Ripple, etc.
Dependent on the Ethereum network
If there is serious backlog on the Ethereum network, the this will slow down trading at Token Store, as it is done solely against Ethereum.
No information about the company
This exchange has shared absolutely no information about the company that owns it. We don’t know its name, headquarters, etc, which does not speak well for Token Store.
Fiat not accepted
This exchange does not accepts cash payments (USD, EUR, CNY, etc.) via bank wire, credit cards or other convenient payment methods, which makes it not that beginner friendly.
Market makers (the people who add liquidity to the exchange) do not pay fees at Token Store. On the other hand, market takers (those who take away liquidity, by “hitting” one of the orders) have to pay a 0.30% fee. This is very slightly above the average in the crypto market, however Ethereum gas fees also apply.
These are fees charged by the Ethereum network, which are paid to miners They include include the following:
-Deposit ETH, withdraw ETH, withdraw token, cancel order: ~0.00015 ETH
-Deposit token: ~0.00035 ETH (approve + deposit)
-Trade: ~0.0004 ETH
Trading platform with no charting
Token Store provides a simple platform resembles the EtherDelta’s trading interface, arranged in a different (actually, more user friendly) manner. It has an order book and a trade history window and basically that’s it. There is no charting, no technical analysis tools, nor a chat box or market depth window..
No margin trading
As we mostly review forex brokerages, we are used to them offering margin trading. Most crypto-exchanges, however, don’t do that, partly because digital assets tend to be more volatile. If you need some leverage, you can check out exchanges like bitFlyer, or Kraken. Of course, forex brokers are also an option, as some of them offer margin trading in Ethereum CFDs.
An Ethereum exchange similar to EtherDelta, Token Store has in fact very few advantages: first, it is decentralized; and second, there is a decent amount of altcoins offered for trade.
Its weak sides, on the other hand, seem too many. First, he exchange has not provided any information about the company that operates it, which makes us wonder whether it is safe to invest with it. While most crypto-exchanges are not regulated, which involves certain risks, almost all of them share with the public at least the name of the company owning them. If you would rather trade in cryptocurrencies with a properly licensed firm, you can check out the link below.
Second, trading at Token Store is rather limited: its is done solely against ETH (which makes it dependent on the Ethereum network), it does not support fiat currencies, and you cannot use this platform to trade in Bitcoin or other popular cryptocurrencies. Besides, its trading fees are above the average, its platform is too simple and lacking advanced features.
Token Store Review Conclusion
For more information about cryptocurrency trading brokers visit TopForexBrokers.com crypto brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about Token Store Review.