Decentralized Crypto Exchanges are on a rise. This kind of crypto exchange allows you to trade cryptocurrencies without middlemen and offer higher security and transparency as compared to centralized exchanges. However, one should know that not all decentralized exchanges are alike and might differ greatly from one another based on the unique features and advantages they offer.
PurpleX, a very popular and leading decentralized exchange for cryptocurrencies, offers many great benefits to its investors. In this article, we will discuss some of these PurpleX advantages for users in detail.
PurpleX — Advantages & Benefits
Wondering what makes PurpleX one of the best DEXs for trading the latest cryptocurrencies? Here are some of the benefits you get when trading with PurpleX.
Protection from hacking
As a 100% decentralized exchange, PurpleX uses smart contracts on an immutable ledger technology called blockchain, which is almost impossible to hack. So, the user data and funds on the PurpleX DEX are extremely secure from internet threats.
100% and 24x7 online
The exchange is always online. You can trade whenever and at any time you want. No geographical or any other restrictions. There are no hidden fees. All transfers are between users, and the contract balance is always zero, which means the contract never keeps your money.
Instant earnings
All profits and amounts are instantly credited to users’ wallets. At no time users are required to deposit money to smart contracts or on the platform. They are always in control of their funds. As soon as a transaction is confirmed, which typically takes a few milliseconds, the funds are processed instantly.
Transparency and anonymity
Blockchain offers 100% transparency to its users and in all transactions. All records are stored on a public blockchain and can be easily verified in case of a dispute. Also, users’ personal information is fully secured as no personal details are required in order to trade on PurpleX.
Instant transactions
Because there are no intermediaries on the PurpleX DEX, all transactions are direct between users and processed nearly instantly. This applies to all transactions, including international buy-sell orders.
Immutability of conditions
Conditions once set and programs once written in the PurpleX smart contract are immutable, which means no one can alter the smart contract once it is live. This will ensure the users’ interests are well protected and are not controlled by a centralized entity because there is no owner on PurpleX.
Fully automated
PurpleX is fully automated and run by smart contracts, which are computer programs set to execute automatically upon the fulfilment of underlying conditions. The benefit of using smart contracts is that no middlemen are required in order to manually validate and process every transaction. Also, this removes the need to trust a third party with your funds and sensitive information.
Zero human factor
Because PurpleX is a decentralized exchange (DEX), it operates without humans. And because there are no intermediaries, the probability of human-generated errors in transactions is also nil. This also reduces the cost of crypto trading and increases security.
To know more about PurpleX and how you can benefit from it, visit https://purplx.io/
