With the rise in popularity of tokens and cryptocurrencies, it’s no surprise that there is a high demand for exchange to facilitate the trading of these coins. Without an exchange or platform to trade these tokens and give them market value, those cryptocurrencies are essentially worthless. This is where TOKEX comes in. This is a token trading platform that focuses on listing tokens that haven’t been listed on other exchanges yet. TOKEX allows ICOs to list their token with no unnecessary delay and get to trading right away.
Usually, it can take up to three months after an ICO is finished for the tokens to be listed on an exchange. By that time, the hype is all dead and when the ICO tokens finally start trading volume and interest is low. By getting listed in a short period of time, it creates an opportunity for these projects to keep participants interested.
To get started with trading on the platform is extremely simply. Just register an account with a name and email and you are ready to go. Unlike regular exchanges, there are no order books. You simply select an ERC20 token that you would like to sell for BTC, select the amount of tokens you want to sell, send the tokens to the exchange and you will have a BTC balance after TOKEX receives the token. Currently there is no way to buy ERC20 tokens with BTC, one can only sell them.
We tested out TOKEX by selling 1 OMG token for BTC. At the time of writing, looking on Binance, 1 OMG went for 0.000316 BTC, however, TOKEX was able to offer a much higher price of 0.000653 BTC per 1 OMG token.
We tested out the offer by creating a sell order on TOKEX for 1 OMG and were after sending the token to the exchange’s address we did indeed get credited with 0.000653 BTC. Unfortunately, it did take us over 6 hours to get the BTC in exchange for the tokens. When we reached out to TOKEX about why they are offering such high prices for the tokens along with how long it will to get credited BTC after the sale order we got the following response:
“We are able to offer higher price because we trust crypto currency on long term. We know that price will raise even more than we can offer. TOKEX has huge reserve of FIAT from the end of 2017 and the beginning 2018. We came here to show people that they not lost money after Tokens prices goes down. They still can get higher price here (of course not 10x or 100x). We believe that people will start trust crypto currency again. At the moment almost 80% of crypto investors are tired, don’t believe that something will change soon. TOKEX came here to help each other, to build trust again.”
Overall we give this exchange a 4/5 stars. The design of the platform is a huge plus, however the delay in receiving the BTC along takes away a star from the platform. Furthermore, it’s important to highlight that the team behind the project is anonymous.
Disclaimer: The Merkle Hash is not affiliated with TOKEX. Please do your own research before using any platform or exchange. The Merkle Hash is not responsible for any funds which might be lost as a result of using the platform.
Source: The Merkle
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