Waves is a decentralized exchange that has its own blockchain and native digital assets. The platform mainly focuses on the creation of custom tokens, which are called smart assets. It is the users who decide which tokens are added to the exchange and which are not. So the power is in the hands of the people.
Waves has an entire ecosystem for those who want to enter the world of decentralized finance with low commissions, transparency and speed. It is not only designed to trade bitcoin and tokens, but also to earn passive income, either through staking or by providing liquidity.
How do I sign up for Waves Exchange?
Waves Exchange offers you several alternatives to register, which adds points. You can do it with a email, a Ledger or Weeper Wallet device, or with the seed phrase. If you decide to use email, you’ll be happy to know that the registration process is one of the easiest. The platform only asks for your email address and that you set a password.
After creating an account on the exchange, no KYC verification required, which is refreshing considering that more and more exchanges are requesting identity verifications. If for security reasons you feel more comfortable operating in exchanges where KYC is a requirement, you have alternatives such as Gate.io, KuCoin or Kraken.
How it works Waves Exchange
It’s nice how simple the design of the Waves platform is. Depositing or withdrawing cryptocurrencies is easy and convenient. Regarding deposits, you have a wide variety of assets to choose from, as well as several blockchains. It is striking about this exchange that it has its own blockchain, Waves, through which you can send or receive funds, apart from a native token, WX.
One of the main features of Waves, which distinguishes it from other exchanges, is that allows its users to create tokens. Yes, anyone can create one. But, for it to be verified, it must go through a voting process in which the community will make the final decision. Being a decentralized platform, users have the power.
In the exchange you can buy with credit or debit card cryptocurrencies such as bitcoin (BTC), USD neutrino (USDN), WAVES, and waves ducks (EGG). The purchase is made with a third-party payment platform, in this case it is AdvCash. Now, AdvCash may require some form of identity verification to use its services.
Regarding the liquidity of Waves, it varies from one asset to another. According to CoinMarketCapthe average liquidity for the BTC/USDN pair is 392/1,000, which is a low number when compared to other exchanges like KuCoinwhich averages 650/1,000 for the BTC/USDT pair.
Others wave services include liquidity pools, exchanges for stablecoins and staking
Waves payment methods
Waves has more than 30 cryptocurrencies and tokens for you to trade on their platform, including bitcoin (BTC), ether (ETH), litecoin (LTC), tether (USDT), BNB, binance USD (BUSD), DAI, zcash (ZEC), and monero (XMR).
As mentioned above, you can buy some cryptocurrencies with a debit or credit card using AdvCash. One downside of this exchange is that there are no fiat currency withdrawals, only digital assets. To operate on the platform, you must first deposit your funds in the Waves wallet.
About Waves commissions and fees
Unlike exchanges like Binance and KuCoin, which have a maker-taker model for their trading fees, Waves charges the same commission for all parties involved in the trade. For the most liquid pairs, this commission is 0.1%, the same as in Binance and KuCoin. For other pairs with less liquidity, the fee is 0.01 WAVESwhich at the time of writing is equivalent to USD 0.0813.
The latter is a fairly low fee, so you will be able to trade on Waves without having to worry about excessively high commissions wiping out your profits. The platform offers a 50% discount to those users who pay commissions with the WX token.
Regarding deposit and withdrawal fees, there are no deposit fees. Withdrawal fees vary according to the cryptocurrency and the status of the Waves network. For example, for bitcoin it is 0.001 BTC, while for ether it is 0.02 ETH. In the exchange website you will find the complete list of assets with their withdrawal rates, minimum and maximum limits.
Testing the Waves mobile app
The design of the Waves mobile app is pleasing to the eye, a more simplified version of the web and with which you can operate from anywhere.
It has the same functions, whether it is exchanging cryptocurrencies, creating tokens, staking, providing liquidity or others. The app is available for both iOS and Android devices.
How is Waves Exchange customer support?
Waves has a chat controlled by a bot in which you can choose the reason for your query. If none of the options displayed in the chat are what you need, a help Center with more information, but only in English or Russian at the moment. To contact a representative of the exchange, there is an email [email protected], as well as social networks such as Telegram Y Twitter.
Something positive about Waves is that, beyond an exchange, it is an entire ecosystem. And one of the parts that make up that ecosystem is waves schoolan free online course on cryptocurrencies and decentralized finance that will be launched soon. The course will be available in Spanish and in 19 other languages.
How secure is the Waves decentralized exchange?
Waves Exchange security measures include two-factor authentication. Being a decentralized platform, users are responsible for the security and control and use of their funds. Waves does not ask for personal information, which means that in the event of a hack, attackers will not have access to this data from your customers.
Furthermore, Waves servers are located in various parts of the world and not in one place, which makes it difficult for cyber attacks. Please note that trades are made directly between users, so you must be careful not to get scammed by your counterparty.
Conclusion: Is it a good idea to invest in Waves Exchange?
Waves is a decentralized exchange where you can trade all major cryptocurrencies and tokens with low fees. Something interesting about the platform is that offers you the possibility to create your own tokens and let the community decide if it will be a verified asset. Thus the exchange does justice to decentralization, by returning power to users.
If you are one of those who value your privacy, you will be happy to know that in Waves there is no mandatory KYC verification, although if you want to buy cryptocurrencies with a credit or debit card, you will have to verify your identity in the payment platform that the exchange works with.
There are some downsides to be aware of, such as the few payment methods available and the inability to withdraw in fiat currency. On the other hand, Waves liquidity is low when compared to other exchanges like KuCoin or Huobi. However, Waves is a good option for trading cryptocurrencies.
Items to evaluate
- KYC Verification: No.
- Payment methods: debit or credit card, cryptocurrencies.
- Self-custody: No.
- Number of cryptocurrencies: more than 30.
- Commissions: 0.1% for pairs with more liquidity.
- Interface complexity: Medium.
The Review
Waves Exchange
PROS
- No KYC verification required.
- Low trading commissions.
- You can create your own token.
- Interface with advanced tools.
- Governance by users.
- Low liquidity.
- Few payment methods.