The zero-trading fee ECX crypto trading platform
by Tom Nyarunda
Cryptocurrency trade and investment are becoming popular among new and experienced investors globally. With the growing numbers come tons of brokers and crypto exchanges to cash in on the frenzy. This guide dissects the ECX zero-fee decentralized exchange to help you understand how it works.
What is ECX?
ECX is a decentralized cryptocurrency exchange (DEX) famous for its zero per cent trading fees. The platform promotes a simple business model – zero trading fees for each order.
The DEX facilitates peer-to-peer (P2P) trading, where users can trade ERC-20 tokens directly from their wallets. Since it's a non-custodial platform, it doesn't store users' private keys, meaning there's less risk of losing user information.
To ensure no third parties are involved anywhere and to eliminate any chance they can execute a fraudulent trade between peers, the platform uses a smart contract-based trading method that only approves orders signed by a private key secured by the matching engine.
To exchange tokens with another user, a user must have at least 100 ECX tokens in their wallet. As a result, this system eliminates the possibility of using software bots, thereby eliminating unfair trade practices on the exchange.
The entity was founded in 2018 by CEO and founder Sergio Alves, a known entrepreneur and ardent crypto evangelist known for his passion for digital assets, blockchain design, and architecture.
He partnered with his lead developer and co-founder, Henrique Santana, another known blockchain enthusiast with significant experience in system development. The duo worked with several other international blockchain technology experts with biases in marketing and digital influence to create the DEX.
## The rationale behind its creation
The cryptocurrency market's growth and novelty have brought myriad challenges and increasing concerns, with security being the greatest of them all. While giant exchanges are monopolizing the market, most have had a poor reputation by scoring very low on security matters besides being slow and not easy to use.
Traditional banks and governments may still be sceptical of cryptocurrencies. However, there is still a concentrated growth of platforms everywhere to satisfy users' hunger.
Unfortunately, most of the newer exchanges still lack proper security measures that don't encourage investor confidence. Despite the existing drawbacks, the allure of crypto trades still excites millions of people globally, meaning there's an ever-present need to create a platform that will close the current gaps and address the serious security concerns, and that's where the ECX platform comes in.
How it works
According to its whitepaper, ECX operates an off-chain system meaning users can order books to help facilitate the market. The platform currently supports three languages – English, Portuguese, and Spanish - with plans to support more languages in the future.
The platform takes the issue of user-funds security seriously and provides tight protocols.
In a market mainly controlled by giant exchanges, ECX aims to distinguish itself as a secure platform offering solutions to the most common problems facing cryptocurrency exchanges.
By choosing a non-custodial operation model, ECX will never experience a hacking incident since it doesn't hold any user private keys, as hackers can't attempt stealing that which isn't there in the first place.
The ECX token
The platform’s native E-commerce exchange token – ECX – is an ERC-20 token built on Ethereum blockchain and aims to serve enterprises and promote business development projects.
The token leverages the Ethereum network technology and is designed to build a smart economy enabling the adoption and widespread use of cryptocurrencies in real business projects and eventually making tangible assets acceptable in the crypto sphere.
According to the promoters, ECX aims to create a trust-free and distributed business environment. Moreover, the platform will strive to lower the entry levels to help real estate investors enhance transparency and liquidity in the market.
The smart economy that the platform hopes to build is meant to accelerate cryptocurrency adoption.
E-commerce exchange token coin data
According to CoinMarketCap, ECX is currently valued at $0.001100 with a market cap of $1.17T and a total liquidity of $19,044.21.
The token has a circulating supply of 50,000,000 ECX coins out of a total supply of 50,000,000 ECX. If you plan to buy, sell or trade the token, you must locate an actively selling exchange. The token is designed with the potential to become a traditional payment method on the blockchain. It is backed by a basket of fiat currency-backed stablecoins backed algorithmically by the existing ECX reserve.
What’s the future of the platform and the token?
It's an open secret that non-custodial decentralized exchanges hold the crypto trade's future and represent the blockchain's absolute dream.
ECX exists to address some of the most significant challenges facing the crypto sphere, and that's through their simple working formula of a nun-custodial model and zero fees on trading, which should lead to immense customer satisfaction.
Once it attracts the correct number of trade volumes, the platform could eventually cause a greater appreciation for the ECX token.
Tom is a freelance writer with over 15-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. He is a philosophical figurehead who believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.