- Overview of EOS Exchanges – trading EOS airdrop tokens on the EOS network (updated!)
- Overview of EOS Exchanges – trading EOS airdrop tokens on the EOS network (Part 2)
- NewDex, not a DEX? Trade issues, token issues and massive transfer times
- Overview of EOS Exchanges, updates and new arrivals
- EOS Exchanges, Update on SouthEX, FINDEX and BTEX
- EOS Exchanges – EOSDAQ, the newcomer
- EOS Exchanges – Findex Update and first Test of Desktop version
- EOS Exchanges – New Arrival WhaleEX
- EOS Exchanges – Bancor the Liquidity “Token-Swap-Station”
Many of you read my articles comparing the current Exchanges focussed on EOS and the many airdrop tokens available.
I have done some further trading exercises and have to say that I experienced some critical issues.
NewDex claims that there are issues with the overall EOS network on their own website but I have done trading on DEXEOS and SouthEX without issues within the same timeframe I have been waiting for tokens on NewDex.
Here is what they state on their support site:
My personal experiences are as following:
While DEXEOS tokens are instantly transferred or removed from my account with the known EOS network speed, this takes forever on NewDex as of now. In the inofficial Telegram group there are various complaints about half to full day transfer times.
Not a DEX?
Just lately a reddit post appeared that claims that NewDex is, as opposed to their marketing, not a DEX at all. I personally lack the technical understanding if this is indeed the case but it would explain the massive transfer times and lag and reveal a massive security issue for all funds running through the exchange. As the post claims, all funds are actually handled by ONE EOS account address and predicting that Scatter is used to access funds.
I have linked the post here in case you want to read it.
Cancellation and Refunds
Same as the purchase transactions also order cancellations and refunds take very long. While the support team is really fast in responding, the timing of refunds is very slow.
In addition to speed issues, I had a very strange instance where I purchased HORUSPAY tokens of NewDex which did not work with any other exchange, additionally, I was not even able to Stake the tokens using EOStoolkit. An error message was created, indicating that the token name was not correct.
I contacted the HORUSPAY team which had their developers validating the issues. They were not able to explain what happened even spending some hours.
Finally, I was able to sell Horus back at NewDex (with a loss) but it still remains unclear what the reason was.
Following this instance, HORUSPAY recommended their users not to trade on NewDex for the time being.
Friends, I personally can not recommend trading on NewDex at this point of time. It is up to you to decide but I am not feeling safe with the setup here.
Though it seems that, by now, all funds re-appeared over time, there seem to be some issues with this exchange. Trying to perform some arbitrage trading will definitely not work, so please be careful!
Based on the latest findings, I have revised my earlier post on Newdex.
What do you think? Do you have similar experiences?
In case you missed the two posts, I linked them here for you:
I appreciate your upvotes and comments!
This is my personal opinion based on own experience and research, trading always incorporates a high risk.
By the way, there is still an airdrop campaign running for the Tokenia ICO, if you wish to participate you may wish to use the following link (Affiliate Link) to support me.