This entry is part 3 of 9 in the series Overview of EOS Exchanges

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:

Transaction time

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.

Token Issues

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.

Conclusion

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:

https://trybe.one/overview-of-eos-exchanges-trading-eos-airdrop-tokens-on-the-eos-network/
https://trybe.one/overview-of-eos-exchanges-trading-eos-airdrop-tokens-on-the-eos-network-part-2/

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.

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Responses

  1. rillita

    Thanks for sharing!

    The mainnet issue that mentioned in Newdex announcement does truly exist. Recent major centralized exchanges like Huobi Pro and Bithumb disabled the service of withdraw during the issue period, stating the reason as ‘part of withdraw data distribution not on chain yet’, which is the same problem as it occurred on Newdex. Gratifyingly, they solved the problem right after I submitted a request. From my personal point of view, I think this exchange is incredible. I like its quoted depth and exchange experience.

    (4)
    1. BitcoinQuest Post author

      Thank you for giving us a different perspective on the exchange. I have to admit that I also like the functionality but had bad experiences that I wanted to share. Everybody needs to judge for himself/herself if they want to trade there. I also mentioned that the support is acting fast once contacted. Still, a lot of complaints remain.

      (0)
    1. Atti

      Hello Tom, nowdays I recognized wordpress-232441-710587.cloudwaysapps.com drop me out many times and when I try to log in again I could not. Have you got any information what would be the problem?

      (0)
  2. SugarFix

    I was on Newdex today and yesterday and had no problems at all. My account has a fair bit of RAM and I’ve manually reset my network to be the closest to me. Might make a different.

    Not heard of Southex before. Doesn’t have the full list of coins but I saw that it is waiving its trading fee til 30th Sept. it’s also handing out freebie coins if you make a trade. Will have to give it a try

    (1)
  3. SugarFix

    Incidentally Newdex currently does the most trading, by far, of all the new EOS exchanges. It is more than all the others combined (including Chaince). Any problems will show up here first. If you need to look up any details of how much RAM, CPU, bandwidth or any transactions you can do so here. https://eosflare.io/account/newdexpocket. Their treasury EOS account is called newdexpocket. It appears to be the most transparent of the DEXes to date.

    (1)
  4. Coley

    There were some problems with network speed. I trade at any time throughout the day, almost every day. I’ve never experienced the drastic drag lately. Even DexEOS is running slower than normal. Like mentioned earlier, Central exchanges weren’t transferring EOS out. Big.one and Chaince both withdrawal incredibly fast, and depending on price differences, I’ve frequently used them in conjunction with the DEXs. Chaince did well, but I’m staying away from Big.one for a bit. I missed out on 150%+ because they took 6 hours for 2 early morning withdrawals, and the withdrawal I made at 10 in the morning just arrived in my account around 2 this morning. That’s ridiculous. As for Newdex, they covered thousands in lost EOS after getting hit with a pretty good scheme. Not only did they cover any losses, they rectified the situation in less than an hour. There’s something wrong with the network right now, so please don’t blame the dapps. They’re the reason EOS is going to be the most efficient and fastest blockchain yet.

    (1)
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  65. Marcel

    When i read your staking Problems with horus i was thinking about the possibility to “fake” the coinname
    I Dont Know where But i read about that on an Others Site but in that Case they called their coin EOS and IT worked once , so anyone Heard Something about this?

    (0)