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DueDEX.com Review 2021 – Pros & Cons Of Trading At DueDEX
Now for New Accounts: $10 to $70 Deposit Bonus
- High leverage
- Advanced order types
- Easy to use trading platform
- Quick sign up, No KYC
- High performance trading engine
- Very high withdrawal limit
- 24/7 multi-lingual support
- Limited order types
- USA excluded
- No live chat support
- Rather not for beginners
About The Company
DueDEX was established in January, 2019 with a global team based in Hongkong, Beijing, Cyprus and Philippines. The CEO of DueDEX is Bo Wang, who is an early investor of cryptocurrency and serial entrepreneur in blockchain industry. His previous projects include Factom, a public blockchain for proof of existence, Wanglu tech, solution providers of a blockchain-based supply chain finance system and Dephy, a prediction decentralized application based on Ethereum blockchain.
DueDEX is registered in Belize and is currently available in most countries expect USA, Hong Kong, Iran and others. Currently, no Know Your Customer (KYC) is required on the trading site.
Sign Up & Getting Started
The registration process at DueDEX.om is fairly easy and straightforward. Just click “Register” on the homepage and choose whether you want to sign up with your mobile phone number or just with email.
Deposit And Withdrawal
As of now, deposits can only be made in Bitcoin (BTC), but as far as we’ve heard they are planning to accept some other coins for deposits in the near future. With a successful signup, users are able to claim a $10 Sign Up Bonus (in BTC). There are even higher bonuses, depending on the amount of your first deposit. Bonuses go up to $70 for deposits of 0.2 BTC minimum.
After login, you can head to the deposit section right away, since no verification is needed. On the top your find your “Account” where the “Deposit” button is located as well. Depositing is simple and works just like on any other trading site as well – Choose the token, in this case it’s BTC, then copy your unique BTC address to which you’ll send your coins from your home wallet or from wherever you send them.
Alternatively you can use the QR to read the wallet address. Make sure not to send any other cryptocurrency than BTC to this trading account wallet address, otherwise your altcoins will get lost.
Based on their website, all the deposited asset is stored in multi-signature addresses protected by hardware wallets.
On DueDEX, Google Authenticator is required to be setup as 2-Factor Authentication to be able to withdraw. This additional security measure is industry standard since it is known to be the savest way to secure user accounts there is. All sensitive account operations such as generating API keys, loggin in or withdrawals are secured by 2FA. So nobody will be able to perform one of those operations without being in possession of your computer AND your mobile phone.
Users can learn how to setup Google Authenticator and the following withdrawal processes with the following link: https://duedex.zendesk.com/hc/en-us/articles/360034039933-DueDEX-Guide-for-New-Users
One thing to mention here is that DueDEX will deal with users’ withdrawal request three times a day at 0:00, 8:00, 16:00 (UTC). Which means that users will have more freedom to choose a proper time to make a withdrawal.
How To Place An Order At DueDEX
DueDEX offers a powerful trading engine with all important professional order types, so experienced traders can use advanced order settings as usual. This include stop orders, limit as well as market and settings such as “Post Only”, “Reduce Only” and “Time In Force” Settings such as GoodTillCancelled, ImmediateOrCancel and FillOrKill.
As mentioned, DueDEX is an absolutely professional trading site which means they support Stop Order – this is the most effective way to limit the risk of your positions and it is the way to avoid liquidations.
DueDEX offers two types of Stop Orders:
Stop Market Order: As soon as the market reaches the Stop Price, a Market Order will immediately be placed.
Stop Limit Order: As soon as the market reached the Stop Price, a Limit Order will be placed. In other words, the order will enter into the order book.
Users can check the detailed guide here: https://duedex.zendesk.com/hc/en-us/articles/360036234974-Stop-Order
Other than BitMEX, DueDEX works with cross leverage by default. This means that your entire account balance will be used to avoid position liquidations, not only a predefined amount (which would be the case with isolated margin / leverage). Cross leverage has upsides AND downsides. So the advantage is, that you don’t get liquidated too easily, in case your entire account balance offers extra margin to top up the margin of your trade (this can be required when price runs too far in the wrong direction). However, cross leverage can lead to total bankruptcy of your account since a single trade can access all of your stake if more margin is needed. This is why it is especially important to use stop loss orders. Keep this principle in mind.
Key Features of DueDEX
- 1. Security: DueDEX uses multi-signature cold wallet addresses to store all users’ assets with no exposure to the internet. The login and withdrawal processes are protected by 2FA verifications.
- 2. Due = Fairness. DueDEX promises not to setup any internal trading desk and offers no exchange token that is subject to manipulation.
- 3. High availability and no downtime. DueDEX is capable of high throughput with over 100,000 TPS and low latency of less than 10ms.
- 4. 24/7 support: DueDEX provides 24/7 live multi-lingual and multi-channel customer service.
DueDEX is one of the youngest trading sites we know of, still they are already quite popular due to a very professional setup. They have a strong trading engine without downtime, a simple to use website, everything works smooth and customer support is very helpful and fast. So far we see nothing to complain about and the platform is definitely worth a try.