Ethex Trade Wallet: Sign Up, Integral Features, and More
Overview of the Ethex Trade Wallet
On November 20th, we launched Ethex Trade Wallet, a mobile application that is now available on iOS and Android. Here’s how it compares to other mobile wallets on the market. Ethex Trade Wallet serves as an Ethereum wallet that supports ETH and all ERC20 tokens. Unlike other mobile wallets that only allow you to store cryptocurrency, the Ethex Trade Wallet also gives you the ability to easily buy and sell useful tokens that are listed on Ethex’s decentralized exchange.
To get a better understanding of the app, let’s go over some of its important features. We’ll do this by comparing Ethex Trade Wallet to competitors in this space and by explaining how to get started using the app. Second, we’ll go over a few reasons why Ethex, in general, provides a viable and unique option for cryptocurrency traders.
Simple Sign Up
The process of signing up for the Ethex Trade Wallet mobile app is similar to signing up as a user at the Ethex website. To create a new account via the mobile app, you’ll want to write down the 12-word seed phrase given to you when you sign up. This can be used to recover your account if necessary. If you already have an Ethex account registered via the website, you can import your account to the mobile app by entering your 12-word seed phrase.
Another cool feature of Ethex Trade Wallet is the ability to create multiple Ethex accounts within the app. For users who want to separate various ETH and ERC20 funds, the app allows you to easily accomplish this without having to log out.
Faster Transaction Completion Times
Sending ETH funds to the Ethex Trade Wallet is a simple process. Regardless if you’re sending funds from another exchange or another wallet, you’ll likely find that the Ethex Trade Wallet completes these transactions relatively quickly. This is due to the fact that Ethex only requires 1 confirmation, making it much faster than most other exchanges and wallets. For instance, you’ll need 50 confirmations in order to send funds to a Coinbase wallet. More importantly, Ethex is able to maintain a high level of security even with a lower number of required confirmations.
As I have found through my experiences using exchange wallets in the past, sending ETH to an account could take several minutes or even a few hours to complete during normal usage times. In comparison, I was able to successfully send ETH funds from my MetaMask wallet to Ethex Trade Wallet in 1 minute 35 seconds. Yes, as with all Ethereum blockchain transactions, completion times with Ethex Trade Wallet vary depending on gas and network traffic. When I made my transaction, though, I only used MetaMask’s standard gas price to send ETH to my Ethex Trade Wallet account.
iOS Security Features
Many of today’s most popular cryptocurrency mobile apps for both exchanges and wallets rely on SMS for security. While two-factor authentication via SMS can provide better security than a single login, it’s not necessarily the best solution available in many cases. Think about a scenario in which a user’s mobile phone is stolen. While there are some instances where a user already have a passcode or Touch ID enabled on their mobile phone, there is still the possibility that the phone has already been unlocked.
If the thief wants to access a cryptocurrency exchange and drain funds to another account, this task becomes very easy to do if the initial password for the wallet or exchange is auto-saved on the user’s phone. This is one of the reasons why the Ethex team decided NOT to use an ordinary login system with SMS two-factor authentication. Instead, Ethex Trade Wallet provides enhanced account security on iOS devices by utilizing Apple’s Touch ID feature. By implementing this as a requirement for login to the app, the process of accessing funds becomes much easier for the legitimate fund owner and much more difficult for potential thieves. You might find that the Ethex Trade Wallet asks you to enter Touch ID details multiple times. Again, this step is easy for the true fund owner to complete identity confirmation and keep funds secure without having to go through multiple steps.
Mobile App UI/UX Design
While many popular exchanges today do have decent UI/UX design, very few exchange mobile apps offer the same quality experience as their desktop versions deliver. Furthermore, there are even fewer mobile apps from decentralized exchanges that have a sleek layout and an easy-to-use interface. For the most part, users have to choose a combination of mobility, security, and usability. Up to this point, it has been rare to find all three together.
What we have continuously heard from the blockchain and crypto community for many years now is a massive lack of emphasis on UI/UX design. While it’s important to also focus on issues like Ethereum scalability and ongoing technical challenges, it’s also essential to develop applications that non-technical people like to use. Ethex Trade Wallet accomplishes this. When comparing Ethex Trade Wallet and other trading apps side-by-side, the difference is evident.
Non-Custodial Exchange
Now let’s look at a few reasons why Ethex provides a unique role as an exchange in general. These factors apply to both trading on the Ethex Trade Wallet mobile app and the website.
Because Ethex is a decentralized, non-custodial exchange, you always have access to your own funds. Accessibility continues to become a larger issue with centralized, custodial exchanges. In times of crisis, a lot of exchanges have chosen to freeze user funds. This has made it impossible for many exchange users to liquidate crypto funds. Ethex doesn’t control user funds and can’t lock any user out of an account.
Useful Tokens
Finally, Ethex only lists ERC20 tokens that have launched on the Ethereum mainnet. Oftentimes, exchanges will list projects that haven’t proven their ability to demonstrate a viable use case or even a working technology. The goal of Ethex is to raise the standard for blockchain projects, emphasizing usability of tokens in the real world. All of the tokens you trade with Ethex can be used in a DApp, protocol, or networks. Tokens listed on Ethex can be used for everything from ad-free web browsing, to cloud-based computing, to organizational governance, and much more.
More Questions About Ethex or Ethex Trade Wallet?
If you have specific questions about how to use Ethex, you can read our website FAQ guide. You can also watch a Youtube video about how to use the Ethex exchange.
