What is CryptoBridge?
The platform operates using the BitShares network, which features a processing capacity of 100,000 transactions per second and does not store the private keys of their user’s funds. The exchange does not rely on a single BitShares gateway, however, it implements a federated distributed network of multiple gateways which functions at a global level. This system removes the possibility of any single point of failure.
CryptoBridge has close ties to BridgeCoin, as this scrypt-mineable coin was developed to gather investments for the development of CryptoBridge back in July 2017. Those that hold BridgeCoin can stake their coins in order to receive half of all profits made by CryptoBridge.
CryptoBridge can be accessed either via the web interface or through a desktop client which supports Windows, Mac and Linux operating systems.
CryptoBridge offers its services on a global scale, to users from all countries, even those from America.
Accepted payment methods
Cryptocurrency deposits are the only payment method supported. This does not make it a good option for those looking to make deposits in fiat currencies.
CryptoBridge supports a wide variety of coins and tokens including BTC, BCH, DASH, XVG RVN, LTC, ALQO, LCC, ECA, SMART, POLIS, BCO, COLX, IC, XP, BWK, HTML, QBIC, ZNY, DOGE, VSX, and 150+ options.
CryptoBridge charges different types of fees depending on the operation that you want to perform:
Trading fee: a trading fee of 0.2% is charged upon making a trade with any coin on the platform.
Staking fee: This fee is used to pay for the cost of creating a stake on the BitShares blockchain if you want to stake your BCO coins. The fee varies depending on the BitShares Committee.
Gateway withdrawal fee. When making a withdrawal, a fee is charged by the CryptoBridge exchange which is used for processing the transaction on the destination blockchain.
*No fees are required for users who make deposits in crypto coins into their account.
Decentralized exchanges have a major advantage over conformist centralized exchanges because, from a security point of view, they lack a central point of failure. By not having a single point of failure, decentralized platforms are more protected against hacking, hardware issues, and regional laws.
CryptoBridge provides the transparent storage of all deposits, withdrawals and order books by recording them on the blockchain.
The account creation process involves generating a 45-character password which is composed of numbers and letters (lower and uppercase). The only person that has access to your funds is you, as the exchange does not store any private keys, enabling the user to have full control.
Users are able to contact the exchange’s support team via Discord for their questions or issues regarding trading or account matters. Support is also offered in the form of an emailing system, and social media is also used, as clients can also post their inquiries on Facebook or Twitter.
Pros and cons
- Decentralized exchange
- Complete control of private keys
- Low trading fees
- Vast selection of cryptocurrencies
- BridgeCoin (BCO) staking rewards holders with 50% of all trading profits
- Web and desktop versions
- Processing capacity of up to 100,000 transactions per second
- Fast confirmation times which average around 3 seconds
- Slow response times have been reported regarding customer support
- Does not accept fiat currency deposits
- Little company information
- No 2-factor authentication
- Low trading volume
CryptoBridge is a rather new decentralized exchange, and although there have been no major incidents reported so far, it’s best to be cautious, as there is little additional information about this platform.