Bamboo Relay Review 2023
When looking for the crypto exchange guide, users come across multiple options getting complete insight on different exchanges. Having a comprehensive exchange review with in-depth information will help in trading quickly on the right platform. The same goes with the Bamboo Relay. This Bamboo Relay review will allow investors to know about the trading volume, coins available for various exchanges, wallet, network fees, trading overview, currencies used for exchange, trading fees, other aspects, and issues.
Knowing beforehand will help users decide whether Bamboo Relay is the right platform for crypto investors to exchange and earn. You can compare different Bamboo Relay reviews and see how much experts rank it compared to other exchanges. This crypto exchange guide on Bamboo Relay will help users with the same.
Bamboo Relay Summary
|Listed Cryptocurrency||816 Coins & tokens|
|Supported Fiat Currencies||Yes|
|Supported Countries||Most of All|
|Deposit Fees||Depends on Currency|
|Transaction Fees||For Website |
Maker fee – 0.1% / Taker fee – 0.2%
Maker fee – 0.0% / Taker fee – 0.2%
|Withdrawal Fees||Depends on Currency|
|Customer Support||Live chat, Mail, Social Media, & Contact us page|
What Is Bamboo Relay?
Bamboo Relay is a decentralized exchange (DEX) launched in 2017 by Joshua Richardson. It is a “relayer for decentralized protocols.” It is built on the ETH Blockchain, the world’s most popular innovative contract platform. These exchanges are run by 0x Trading, and to trade on the website, the user must first connect a wallet (such as MetaMask). The Ethereum Blockchain is used to power the platform. Bamboo Relay does not rely on a third party to hold users’ coins or cryptos; instead, users have complete ownership over coins and may interact with anybody who wants to purchase or sell them. Users using Bamboo Relay can trade up to 819 virtual currency pairings. It appears to be a huge floor.
The exchange’s total trading volume in the last 24 hours was 0 USD, placing it 353rd out of 470 active Cryptocurrency exchanges. Occasionally, a large number of tiny brokers are formed purely for trading, speculating, and manipulating a few of their currencies. It has witnessed steady growth as a decentralized exchange (DEX) platform. The good part is that Bamboo Relay is the first exchange platform supporting stop-loss functions through integration with Price Reference Contracts to offer high-quality price feeds. Bamboo Relay is the first 0x relayer to include stop-loss capabilities in the 0x ecosystem. Users are usually not required to provide any personal information. As a result, it is easy to open an account and begin trading straight immediately. Their servers are distributed throughout the world, reducing the chance of server outage. They are almost unaffected by hacker assaults.
How Does Bamboo Relay Work?
Bamboo Relay is a 0x Protocol-based trading application that specializes in ERC-20 tokens. Currently, any user may link their wallet to Bamboo Relay and trade between any currencies or trading pair combination. There are two modes of operation for the Bamboo Relay connector: open order book and coordinated order book. For maximum order exposure and network syndication, the available order book mode is enabled by default.
Open Order Book
Off-chain orders can be filed in open order book mode, and any taker can fill them on-chain. Users can cancel the order only by filing a transaction and paying gas network fees. Available charges are syndicated and sent directly to the 0x API via the 0x Mesh Network.
Coordinated Order Book
The coordinated order book adds the option to soft-cancel orders. A selective delay on order fills the open order book mode while retaining network and contract fillable liquidity. The process is performed by using a coordinator server component and brilliant coordinator contracts.
Orders with less than 30 seconds to expire are not displayed in the Bamboo Relay front-end UI. It ensures that users only try to fulfill orders with a reasonable probability of success.
Is Bamboo Relay Regulated?
Yes, Bamboo Relay’s terms and conditions are governed by the laws of South Australia and fall under the jurisdiction of courts in the same state. These parties’ Privacy Policies apply to the information you provide them, and it may also be subject to regulatory or compliance procedures. Moreover, the website takes the security of currencies on the website and users’ data very seriously. No data is shared with the third party for any beneficial purpose.
Features of Bamboo Relay
Bamboo Relay has some exciting features for users to use for trading purposes. These features allow investors to trade coins to get better reviews.
As mentioned above, Bamboo Relay is a 0x relayer, which is a decentralized exchange (DEX) with its UI and set of features that leverage the 0x protocol on the backend to allow wallet-to-wallet trade of any ERC-20 token. The 0x protocol is an innovative contract system that uses a mesh network of Relayer to communicate and share liquidity. There are two types of stop-loss functions:-
Sell Stop Restrict: The user instructs Bamboo Relay to limit the sale of a certain amount of tokens at a given spot price if the price falls inside a specified range.
Example: Place a limit sell order for 10 ETH that can only be filled at the spot price of $150 ETH/DAI when the cost of ETH/DAI is between $145 and $150.
Buy Stop Limit: If the price increases, the user instructs Bamboo Relay to restrict buying a certain amount of tokens at a particular spot price.
Example: Put a limit purchase order for 10 ETH that can only be filled at the spot price of $170 ETH/DAI when the cost of ETH/DAI is between $170 and $165.
Stop-Loss Order Liquidations
While creating stop-loss orders, users choose a price and a trigger price, and the difference between these two numbers is the premium paid to liquidators. Liquidators are rewarded for matching stop-loss orders and executing transactions with this premium. Liquidators need to pay for the transaction and gas exchanges for a modest profit from the difference between the stop-order and market prices.
Services Offered by Bamboo Relay
Bamboo Relay is not a big exchange platform where users get multiple services or products while trading cryptos. One of the products from Bamboo Relay is the DXdao. DXdao governs decentralized product and service development collectively. DXdao is governed by a reputation-based system, which means that voting power is non-transferable and cannot be purchased. Some of these products are:-
A prediction market is a product from the exchange. Omen makes use of the Gnosis conditional token architecture to allow anybody to establish a prediction market, whether it’s in the world of crypto, sports, politics, or entertainment.
A governance-enabled AMM by the trade exchange, based on the Swap protocol whitepaper, AirSwap is a decentralized token exchange. AirSwap is a peer-to-peer trading platform allowing decentralized trade. In a peer-to-peer trading environment, the concept handles two problems: counterparty discovery and pricing proposals.
A front-running resistant DEX, Mesa is an open-source interface for the Gnosis Protocol, a permissionless decentralized exchange that allows for ring transactions to maximize liquidity.
Bamboo Relay Review: Pros and Cons
|Any user can connect with the best cryptocurrency wallet.||No information on total cryptocurrencies to trade.|
|No Withdrawal or deposit fees.||Has taker fees and maker fees.|
|Powered by Ox trading.|
How to Get Started With Bamboo Relay?
Create an Account
To trade on this Blockchain website, the user will need to create an account, which is relatively easy for anyone. Once the confirmation email is received, trading is easy to start. Users can trade ETH Blockchain with other ERC20 using Wrapped Ethereum or WETH. However, one cannot trade ETH directly on the website since it is not compatible with the ERC-20 standard. So it is vital to transform ETH into an ERC-20 token. To get started with the Bamboo Relay, the user first needs to connect with the wallet and choose the wallet type to communicate from the tab.
Connecting with the MetaMask
Although there are various types of wallets to use on the platform, users can choose MetaMask. Once the exchange platform gets access to Metamask, the MetaMask logo will show on the site’s main screen, along with the address of the linked wallet.
On “My Profile,” the user will get the summary of balances. Once the user has ETH in the wallet, converting it to WETH using the “Wrap” button becomes easy. Set the price of gas and convert ETH to WETH.
Buying & Selling BTSG
The user will need to set the price in WETH willing to pay for each BTSG token by clicking within the “Buy Price” box. Then specify the buying price and the number of BTSG users who wish to buy to the right. The system will automatically compute the value of your order after these two parameters have been supplied. Click on “Create Buy Order” to sign the transaction via MetaMask. The order is registered in the order book.
The user can also use some amount of BTSG by taking the Orderbook. Once the price range is found that best fits, the user needs to click on that order, select/change the number of tokens, and then click “Fill Matched Order,” sign the transaction with MetaMask, and set the gas.
Bamboo Relay Trading Platform
Different crypto exchanges have different trading views. There is also nothing like the “this trading view is the best” perspective. Users need to decide which trading view is ideal to trade. The order book or at least a portion of the order book, a price chart of the chosen coin, and order history are all standard features of the views. Before trading on this platform, it is vital to look at the trading overview to check if it is correct.
Bamboo Relay Fees
It is vital to know the trading fee charged for the process. Every trade in the exchange platform involves two parties: the maker, who sets the order that matches (or “takes”) the maker’s order on the order book before the trade, and the taker, who places the order that matches (or “takes”) the maker’s order on the order book.
Makers are named from the fact that their orders create liquidity in a market. Takers reduce this liquidity by matching manufacturers’ orders with their own. The trading fee or the taker fee in Relay is 0.2%, while the maker fee is 0.1%. These fees are lower than 0.25 percent but are currently edging closer to 0.10 percent -0.15 percent. Similarly, in API, there are no maker fees but 0.2% for the taker fee.
Bamboo Relay Withdrawal Fees
Except for Ethereum and 0x, Bamboo Relay does not charge any withdrawal fees; these orders are subject to regular network fees. If accurate, this is a substantial competitive benefit in the market cap, and it certainly sets this exchange apart from the rest.
Bamboo Relay Deposit Methods
Bamboo Relay accepts credit cards for deposits of fiat currencies. The majority of other DEXs do not allow any fiat currency deposits at all. This exchange’s credit card deposits are made possible through the cooperation with the company Carbon. Bamboo Relay qualifies as an “entry-level exchange” with the credit card deposit method, allowing new crypto investors to take their first exciting steps into the fascinating crypto world for benefit.
Bamboo Relay API
The interface or the API of Bamboo Relay is user-friendly. There are different interfaces for desktop and app versions. Some of these are:-
- REST API
- 0x Standard Relayer API v3
- 0x Standard Coordinator API v2
- bZx Standard Relayer API v1
Bamboo Relay Mobile App
In most secure cryptocurrency exchange, users can trade or lend using the mobile app, making the trading process handy. Bamboo Relay still has not jumped into the bandwagon to more crypto trading audiences.
Bamboo Relay Security Measures
DEXs’ servers often work at an average speed around the world. It differs from centralized exchanges, which often have more concentrated servers, facing more minor attacks. Because of the distributed nature of the servers, there is a decreased chance of server outage or attacks, and DEXs are essentially resistant to assaults. When a user trades on a DEX platform like Bamboo Relay, assets are never touched by the exchange. Overall, the Bamboo Relay site is entirely safe to trade, lend and has no issue of virus attacks.
Bamboo Relay Customer Support
The customer support service of Bamboo Relay is pretty good. Users can connect with executives with their queries through live chat, email, or social media pages like Facebook, regarding trading fees, security, deposit methods, margin trading. Users can also contact the support team by filling up the form on the contact us page.
Bamboo Relay Review: Conclusion
Overall, from easy deposit methods to no withdrawal fees or network fees and easy trading, Bamboo Relay is an easy crypto exchange guide platform to trade.
Is Bamboo Relay Safe and Legit?
Yes, Bamboo Relay is entirely safe and legit to trade.
What Is the Minimum Amount to Withdraw From Bamboo Relay?
There is no minimum amount to withdraw from Bamboo Relay.
What Is the Minimum Amount to Deposit From Bamboo Relay?
There is no minimum deposit amount from Bamboo Relay.