OnePageX — One Page Cryptocurrency Exchange
Blockchain is a concept which moved from concept to market making in a very short time. With Bitcoin being introduced in 2008 to the crypto market being worth USD 220 billion in 2018, all happened within a decade. Today, we have more than 1500 coins being traded over 200 crypto-exchanges worldwide. The number of ICOs are only set to increase from here and we can see at least 100 coins being added every year. But let’s look at one of the important points — only 200 crypto-exchanges supporting the 220 billion market.
200 crypto-exchanges supporting USD 220 billion market means only one thing that the market is under-supported. Statistically speaking, each crypto-exchange is supporting USD 1.1 bn worth of transactions. And it is not difficult to see that the smaller exchanges may not be supporting many transactions at all due to outages and bandwidth issues. In other words, many of the exchanges would be almost defunct. So, the 200 number may not be exact and the number of active exchanges would be even lesser than estimated.
Now, let’s add one more dimension to the mix. The aspect of unavailability of most coins at the exchange which a user would want to trade. My personal example would help to understand this point better. One of the popular exchanges in my country of origin supports “Steem”, a cryptocurrency you earn by writing on Steemit platform. The same platform also provides another cryptocurrency known as “SBD”. However, my native exchange does not support SBD. This means I have to look at other exchanges elsewhere to trade SBD. Two coins from the same source having to be traded at two different exchanges. This is just one example with two coins, now extend this challenge to 1500 coins to be traded over 200 exchanges and suddenly the number seems too large. I mean the permutation and combination for the trading population would be huge. A user will have to keep on finding new exchanges to trade cryptos of his or her choice and if the coin is a newly introduced one then the challenge is even more. So, the need of the hour is to have an exchange with maximum cryptos listed in it for trading.
Last of the dimensions of the trading challenge is the paper-work or documentation expected by the exchange. Let’s just take my example from over the previous paragraph. Both of the mentioned had tedious documentation and a huge wait time post the documentation. One of the exchanges required 15 days (can you imagine) while my native exchange required 3 days. So, from the time I wanted to trade, I had to wait at least 72 hours to get a chance to trade. Now, those who understand volatility in the crypto-world would realize that my chance to trade could be non-existent once the right moment passes. So, that’s the biggest challenge. The sad part is that I have actually done paperwork for registering on a few other exchanges that I will probably never use it again. Why? Because I just got some coins of an airdrop and all I wanted was to get rid of them. See my point? All the effort I went through only to exchange the airdrop coin and never see that particular exchange again brings us to the last point. Too much paperwork (or documentation) for too little returns is just an over-kill!!
Let’s summarize the key points discussed so far. Lack of enough exchanges, limitation of coins listed on an exchange and too much paperwork for no reason are in a way stifling the growth of the crypto market. Can we imagine the situation of the fence-sitters who would have attempted to try out crypto-trading only to go through my kind of experience? What do we think they will do? Simple, they will go back into the cocoon and avoid the crypto-world. So crypto-world keeps losing potential customers!
This is not an enormous issue which cannot be resolved. The need of the hour is an exchange with a longer list of cryptocurrencies available for trading and, if possible, less or zero paper-work. Do we have such an exchange?
Turns out we do!
We are talking about OnePageX
OnePageX comes as a solution to few of the challenges that we saw in the previous section. In fact, the solution is so simple that most of the trading by the interested party can be done on just one page and in a matter of minutes. How cool is that? So, no more toggling, no more trying to figure out where is what, and no more waiting to get started. The name “OnePageX” denotes the operational nature of the exchange which is a “One Page Exchange (X)”.
In their own words, OnePageX is spoken of on Steemit as follows:
OnePageX is an online cryptocurrency to cryptocurrency converter. With a recently launched beta, we are excited to bring a simpler alternative to the cryptocurrency community. We offer the largest selection of cryptocurrencies online and aim to keep expanding our offering.
As we speak OnePageX has a listing of 150 cryptos which is nearly 10% of all the available cryptos in the market. This is, by far, one of the largest listings of coins on an exchange. And OnePageX team claim that they will be adding more coins and our very own Steem will also find its way to the Exchange. So, next time Steemians need to exchange their cryptocurrencies in a non-intrusive and easy manner they know where to head. OnePageX is the place to visit!
What are the Features of OnePageX?
OnePageX certainly is different from the other exchanges in the way they approach the crypto trading space. What is the difference?
Let’s take a look.
[A] Nearly 150 Currencies Traded on OnePageX
As discussed earlier, the access page of OnePageX Exchange is all that users will have to know about. All possible functionalities of Exchange between cryptocurrencies are provided on the first page itself. We can see the listing of all the currencies in alphabetical order making it easier for users to search. At the moment, the conversion is with BTC but soon more functionalities will be added.
[B] Getting Started — No Registration
Now that we have seen the number of cryptocurrencies available for exchange, the even better news is that there is no registration at all. That means users do not have to wait endlessly to get started.
The importance of this functionality would be understood better if we got a sense of the segment of users who would be happy to try out OnePageX. These segments would be in addition to the regular traders who would see the obvious benefits way before the others. Let’s look at these segment of users.
1. Airdrop Winners
There are a lot of users (potential investors) who have won airdrops but do not know what to do with the tokens beyond the way to get them in their wallets. These are not the trading kind and would refrain from the effort of getting their tokens exchanged for well-known tokens like BTC or ETH. For such potential players, OnePageX proves to be an easy to use solution and encourages them to continue trading.
2. Traders wishing Privacy
Let’s be honest, exchanges have been known to use traders’ information in nefarious ways and not to mention, the information being leaked out. In fact, there were many exchanges which closed down, so what really happened to all the customer information? Does anybody have any idea? I guess not. This is what keeps potential traders who value their privacy from coming over to crypt-trading. But the very fact that OnePageX does not require registration encourages such fence-sitters to try out trading.
3. “Let Me Try it Once” kind of Investors
These are by far the biggest chunk of potential investors and potentially covers almost the entire world (barring those already trading). Well, of course, not the entire world will trade but even if 1/7th of the world population would want to try that would still make it 1 billion people. Okay, let’s trim down further, let’s just take 10% of this number and we are still looking at 100 million people. How big is that? But for such individuals who are not the Warren Buffet’s of the crypto-world a lot takes for them to get going. And when they do get going documentation is definitely a hindrance. In short, they will drop the effort if too much time and details are involved. OnePageX gives such potential players an avenue too.
So, in effect, OnePageX stands to attract and create a new variety of investors, who had so far stayed away from crypto trading. Like I said before, this is in addition to the regular traders. Regular traders do not need much convincing because they would see the advantages almost immediately.
[C] OnePageX Transactions
Transactions are kept simple just like it is mentioned on their opening page. Choose the cryptocurrency, enter withdrawal address, and start the exchange. Done!! It is as simple as that.
Also, the transactions are added in the form of cards that the users can come back to and use any time. The transactions follow three steps and they are automatic. Let’s say we are talking about a BTC to ETH transaction. The following steps will be followed:
1. Fresh Transaction Initiation
2. Bitcoin Sent
3. Initiating Withdrawal (ETH in this case)
4. Withdrawal Complete
Can OnePageX perform multiple transactions from one page? What are the benefits of such a functionality?
The benefit of performing multiple exchanges from one page is the awesome user experience that follows. If we look at transactions from any other exchange, traders or investor will have to keep on toggling between windows. And in multiple trades, speed is of essence which is hindered by the additional “tabs” created on the webpage. Not only that, but there is a moment of slippage in the remembering of a trade and the trader can go back to it only when he or she is visually reminded. This is what OnePageX do. It allows a visual reminder to the trades done or trades in progress. Isn’t that a great functionality? You bet, it is.
With OnePageX all the transactions are available on the same page as cards and give the user the ease of toggling between trades without losing sight of the other trades. This, therefore, leads to an exceptional user experience!
[D] OnePageX Widget
This is one of the coolest features of OnePageX which is OneBox OR OnePageX widget. It can be easily added to a website by just copy pasting the snippet shown in the image below. And you are ready to use OnePageX!
There are numerous functionalities of the widget that can be thought of and the ones coming to mind are the following:
1. Cryptocurrency Writers
Such writers can add the widget to their site and therefore provide their reader base additional functionalities of converting their cryptocurrencies. In fact, the websites of cryptocurrency writers would be one of the best places for the OnePageX widgets. A particular coin could be discussed and the writer could direct the readers to exchange their coins, if so desired, on the widget on their webpage. How’s that?
2. Website Owners wanting Engagement
This is the reverse of the above example. There are many good writers with minimal engagement. Readership exists but not engagement. Such website owners can add the OnePageX widget and attract readers to use the site and those that will be happy with the experience (which will be most), will bookmark and come back to the site. Now, that’s engagement!
There are many more possibilities out of which we have discussed just two. So, the widget function is definitely an advantage and the best part is that it will function like the OnePageX exchange but within the widget.
Case 1: Bitcoin Trader Experiences OnePageX
This particular case has been made in video form by me. It can be seen here:
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Case 2: Distress Sell
Jim owed Michael USD 20,000 and he has to repay Michael soon. Jim does not have FIAT money, however, being a nerd he used to collect Bitcoins in his early days. The current value of Bitcoin is 10,000 USD and Jim was happy to give Michael two of his coins. Michael, however, had an Ether wallet which his friend had made for him. Neither Michael nor Jim are traders and are stuck in resolving the payment part. Besides, both are aware of the time-consuming nature of registering on any exchange now and wait for a few days to complete the transaction. Michael is in a hurry!
Thankfully, their common friend tells them about OnePageX and Jim immediately gets on the site and starts with the trade. He takes the Ether wallet address from Michael and trades the Bitcoin for Ethereum and has them deposited into Michael’s wallet. In just a matter of minutes, the entire operation is completed.
Both Michael and Jim are happy and interestingly, get attracted to the OnePageX Exchange because of its relative ease of use. This was their first trade in cryptocurrencies but chances are that this won’t be their last!
Please note these FAQs are reproduced from OnePageX website and can be found here.
At a time when the crypto world needed an approachable method to trade, OnePageX rises to the challenge and presents itself as a worthy candidate. It can not only enable trade as most other exchanges do but also make it easy for users to access and initiate.
The ease with which a user can get started will surely encourage new segments of users to try out the crypto world. In doing so, OnePageX manages to convince traders as well as novices that crypto world trading is not as tough as it appears to be!
It is also recommended that readers understand more about OnePageX through any of the following informative resources.
Image Courtesy: Pixabay and OnePageX Resources