Imagine the fear of losing all your cryptocurrency due to a hack or scam, just like what happened with Mt Gox, FTX, and other exchanges. This is the very fear that keeps the founder of DTX Exchange up at night. It is also one of the main reasons why they decided to create a decentralized trading platform, where crypto owners have full control over their assets stored in their own wallets.
The recent repayments made by Mt Gox have also had an impact on the prices of BTC and ETH. The exchange has transferred $2.7 billion worth of BTC to popular exchanges like Binance, Coinbase, and Kraken, presumably in preparation to finally repay their creditors. When combined with the news of governments selling BTC and ETH, it’s no surprise that both cryptocurrencies have experienced a 10-15% drop in value over the past week.
However, respected traders such as Willy Woo, the founder of Woo exchange, believe that the news about Mt Gox is already factored into the market. In fact, they argue that the selling pressure is likely being exaggerated. Their rationale is that those who bought BTC 10-14 years ago, when Mt Gox was still active, have continued to hold onto their investments and are unlikely to sell large amounts of Bitcoin as they are already in profit.
So, is DTX the solution to the problem of hacked exchanges and the scattered functionality of various trading platforms? According to one expert, the answer is yes.
DTX Exchange aims to address the issues faced by exchanges like Binance, Coinbase, and Robinhood through its hybrid exchange model. The saying “Not your keys, not your crypto” rings true for those who have never encountered a 12 or 24-word seed phrase or a private key. If you store your crypto with an exchange or broker like Binance or Coinbase, you are vulnerable to hacks, just like what happened with Mt Gox and FTX.
While Mt Gox repayments are expected to be made soon, it has been a long wait of over ten years for many people, and they won’t receive the full amount of Bitcoin they lost. In contrast, DTX Exchange aims to bridge the gap between traditional assets and cryptocurrencies by allowing holders and traders to keep their crypto in self-custodial wallets.
The decentralized exchange offers the best of both worlds: an order book for enhanced liquidity, lightning-fast execution speeds of 0.04 seconds, and a wide range of trading products including stocks, forex, bonds, indices, CFDs, and of course, cryptocurrencies. Additionally, DTX Exchange offers leverage of up to 1000x, something that platforms like Binance, Coinbase, and other centralized finance (CeFi) platforms cannot provide.
One of DTX’s biggest competitors is Robinhood, as they also offer trading of both crypto and stocks. However, being a centralized platform, they face the same problems mentioned earlier and cannot offer as many products or as much leverage due to regulatory constraints.
DTX Exchange also aims to reward its users by offering 0% commission and cashback for high-volume traders.
Now, let’s consider the potential of DTX Exchange as a competitor to existing exchanges like Coinbase. Presales always come with risks, but they also have the potential for significant rewards.
To understand DTX Exchange’s potential, we can look at Binance’s BNB presale, which started at $0.15 and now trades at $479 per coin, representing a gain of around 32,500%.
Additionally, the Robinhood app has over 11 million active accounts and reached its peak popularity in 2021 when many crypto traders participated in the GameStop stock short squeeze saga. Furthermore, the trading market is valued at $2.2 trillion.
All these factors lead us to believe that DTX has the potential to grow and become the decentralized solution for all types of trading, bridging the gap between cryptocurrencies and traditional assets.
Analyst Kamal Gupta expressed his bullish sentiment towards the DTX presale, stating that he has never been so confident in a presale before. The crypto community seems to share his optimism, as an additional $100,000 has been raised for DTX in the past two days.
“While the crypto market may be experiencing a downturn, DTX is just beginning its ascent,” Gupta said. “CEXs like Binance and Coinbase are struggling to innovate and comply with regulations, and the Mt Gox hack proves how unsafe CeFi can be. However, DTX has the solutions ready to be implemented.”
To learn more about the DTX Exchange presale, visit their website.
