DeversiFi Review 2021

DeversiFi is a newborn cryptocurrency exchange with a team of ambitious developers. The platform is easy to use and accessible to all traders around the world. It helps in managing the DeFi portfolio all under one roof with above-par privacy and security. It is suitable for all types of traders, and the platform already has thousands of traders sending and swapping DVF tokens with AMM and lending pools coming very soon. 

Deversifi Summary

Headquarters HongKong
Found in 2017
Native Token Yes
Listed Cryptocurrency BTC, ETH, USDT, UST, EUT
Trading Pairs Yes
Supported Fiat Currencies USD, EUR, GBP, JPY
Supported Countries Worldwide with few exceptions
Minimum Deposit Depends on Currency & Payment Methods
Deposit Fees Depends on Currency & Payment Methods
Transaction Fees Depends on Currency & Payment Methods
Withdrawal Fees Depends on Currency & Payment Methods
Application No
Customer Support Email, FAQs and Live Chat

What Is DeversiFi?

DeversiFi, formerly known as Ethfinex Trustless, was developed in 2017 as an Ethereum-based DEX, decentralized exchange. In 2019, it was relaunched by Bitfinex Exchange and became entirely independent. Currently, the platform offers several features like 13 crypto trading pairs and supports spot trading in over eight coins. It has more than $1million daily trading volume and has gained tremendous attention with its latest iteration of DeversiFi 2.0. This upgrade includes integrating zkStark 2-layer scaling technology by StarkWare, enabling the platform to process more than 9,000 transactions every second without hindering the platform’s liquidity, competitive fees, and privacy in a non-custodial system. The platform is undoubtedly one of the crypto community’s leading DeFi (decentralized finance) token trading exchanges. This essential DeversiFi exchange review will look at the platform’s key features, pros and cons, fees, upgrades, supported crypto assets, trading interface, accepted payment methods, and many more.

DeversiFi Platform InterfaceDeversiFi Platform Interface

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How Does DeversiFi Work?

DeversiFi allows traders to buy, sell and trade various cryptocurrencies at competitive fees. To know more about how the platform works, read the following:-

Self-custodial

Compared to other crypto exchanges, users send their digital assets to the exchange, taking full responsibility for the funds. At the same time, DeversiFi is a non-custodial wallet. This means that cryptos deposited on the platform are held or stored on the Ethereum blockchain in smart contracts. The smart contracts are a set of open-source codes that are community reviewed and audited. These codes only allow the deposits to be withdrawn or moved with specific permission. 

Exchange

DeversiFi is an order book platform where all the orders are placed by the investors and are available on the order books. Since investors can view their buying and selling orders, they also get an insight into the market depth and price discovery. The platform also provides the traders with a deep liquidity pool that is connected to external liquidity providers. 

High-speed

Since smart contracts on DeversiFi locks all the funds in one place, the trades can be connected instantly and executed on-chain with 100% assurance that it will be settled. High speed allows the platform to match the orders now and create balance immediately for the following trades.

History of DeversiFi

Bitfinex is a Hong-Kong based crypto exchange known for being the world’s most advanced and largest crypto exchange. It is popularly known as the go-to exchange most for the BTC/USD trading pair. It accounts for over 20% of the trading volume since it provides deep liquidity in the crypto market. Bitfinex has become a popular peer-to-peer financing facility for maintaining liquidity. It is innovative and value-enhanced in the sense that it minimizes trading volatility through its financed approach. However, despite its tremendous popularity and growing platform, the exchange received its first blow in 2017 due to a security breach where it lost over 119756 Bitcoin from several accounts.

Features of DeversiFi

DeversiFi is famous for its unique and advanced trade features that cater to the needs of all kinds of cryptocurrency traders. Among the multiplicity of features, here are a few excellent ones:-

Self-Custodial

With DeversiFi, investors can gain complete control over their private keys while trading. They can execute their orders straight away from the private crypto wallet.

Competitive Fees

Trading fees on DeversiFi range from 0%-0.2%. The platform offers low trading fees because they batch individual transactions for immediate settlement, reducing the blockchain fees for every trade. These fees are at par with the major centralized exchanges, but they are substantially lower than other self-custodial trading exchanges.

Instant Execution and Fast Speed

DeversiFi exchange allows traders to enjoy fast trading with instant performance and fast-moving order books. This is possible because of the off-chain order books to settle trades on the Ethereum blockchain. This is a 2-layer system through which investors can manage their cryptos at all times.

DeversiFi FeaturesDeversiFi Features

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DeversiFi Review: Pros and Cons

Pros Cons
No registration or sign-up is required. A complicated user interface leads to confusion and hence, money losses.
Trade directly from an external wallet. Supports very few cryptocurrencies and pairs.
High liquidity.
Instant execution, real-time management.
Super-fast order matching.

Creating an Account With DeversiFi

The best thing about DeversiFi is that it does not need any KYC or sign-up process. Users can just connect their external wallets to the exchange and start trading. Currently, the platform supports the following wallets:-

  • Ledger
  • MetaMask
  • Keystore
  • Authereum

To start trading on the DeversiFi platform, all users need to do is:-

  • Go to the official website and click on Get Started.
  • A drop-down menu will appear on the top right.
  • Select the preferred cryptocurrency wallet and follow the steps accordingly to connect the wallet to the exchange.

Note that users may have to verify their email addresses on the platform. A link will be sent to the registered email address for confirmation, and all users have to do is open the link and confirm.

Get Started With DeversiFiGet Started With DeversiFi

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DeversiFi Fees

Though there are no hidden charges on DeversiFi, the exchange platform charges different types of fees for trading, buying, and selling Bitcoin and other major cryptocurrencies.

Trading Fees

The trading fees vary from 0 to 0.2% on DeversiFi, and these rates are very competitive compared to other centralized and non-custodial crypto exchanges. Users can also get trading fee discounts depending on their 30-day historical trading volume. The platform has different maker fees and taker fees, and they are as follows:-

  • Taker fees are paid when users remove liquidity from the platform’s order book through trading. The taker fees start at 0.15%, which is at par which the global industry average, and as the trading volume increases, this rate falls.
  • Maker fees are paid when users provide liquidity to the platform’s order book through limit orders. The maker fees start at 0.20%, and it falls as the trading volume increases. 

Swap & Transfer Fees

Swap fees on DeversiFi follow a flat fee model, fixed at 0.30%. Note that the platform charges a small fee for transferring funds from one user to another, known as transfer fees. The rate is based on the token standard being transferred, and they keep changing regularly.

DeversiFi Deposit and Withdrawal Methods

As per the reviews, unlike other decentralized exchanges, DeversiFi does not accept deposits in fiat currencies. This implies that crypto traders who do not have crypto holding cannot trade on this exchange. To buy the first crypto, users need an entry-level exchange that accepts deposits in fiat currency.

The withdrawal process is speedy, and the funds are directly sent to the Ethereum address once you press Withdrawal. Users are not required to pay gas for withdrawing cryptos, but the platform does charge a withdrawal fee that covers the gas fee. Users must note that the withdrawal pool size is limited, which means there is a definite limit on the withdrawal of funds. 

DeversiFi Accepted Payment Methods

The platform offers the following payment options:-

  • Wire transfer
  • Cryptocurrency

DeversiFi Supported Currencies and Countries

The platform supports the following type of cryptocurrencies:-

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether USD (USDT)
  • Ultra Salescloud (UST)
  • Ether Utility Token (EUT)

Supported fiat currencies on the exchange are:-

  • USD 
  • EUR
  • GBP
  • JPY

DeversiFi exchange is available to trades across the world except for the following countries:-

  • Cuba
  • North Korea
  • Iran
  • Ukraine
  • Pakistan
  • Syria
  • Ethiopia
  • Iraq
  • Serbia
  • Sri Lanka
  • Yemen
  • Trinidad
  • Venezuela
  • Vanuatu
  • Tobago

Earn at DeversiFi

Whether a DeversiFi trader stakes DVF and earns protocol fees or gets DVF as a reward for providing AMM (Automated Market Maker) liquidity, earning yields is always a great incentive to trade more on the platform. Users have two fundamental mechanisms to earn yields involving DVF tokens, and they are:-

DVF as a Protocol Fee-sharing System

DVF holders on the exchange can earn latent protocol fees through DVF staking and thereby receive xDVF coins. Specific protocol fees in DVF forms govern the module. This means that over time, xDVF coins become more than 1 DVF coin when unstacked. The fees are split between the AMM liquidity providers, xDVF holders, and the operator (Labs).

DVF as Rewards for Amm Liquidity Mining

For bootstrapping market creation and deep liquidity, DVF tokens are used as rewards for the AMM LPs or the automated market maker liquidity providers. The providers earn a proportion of the AMM fees and a share of DVF issued and adjusted continuously and periodically by the Governance. 

DeversiFi Token Details (DVF)

DeversiFi trading platform has upped its level to launch its governance token, DVF. This protocol token is transferable and allows holders to earn rewards through trading. Since they are transferable, DVF holders can adjust various parameters relating to the Layer-2 DeversiFi protocol, including the split fees between the Layer-2 operators and token holders.

The DVF tokens allow holders to stake their tokens and receive xDVF tokens that give them the power to vote on the major governance decisions while earning a substantial share of the platform fees. Holders can govern both the DVF treasury through a governance module and the DeversiFi protocol. This gives them a voice in the minor and significant governance decisions.

DeversiFi Token (DVF)DeversiFi Token (DVF)

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DeversiFi Liquidity

DeversiFi offers high-level liquidity properties on the platform. DeversiFi combines liquidity from both self-custodial and centralized sources. This enables traders to capitalize at best prices, low slippage, and tight bid offers. Tokens on the exchange need to be staked to obtain voting weight and to be qualified for a share of trading fees. The fees collected are split between the liquidity providers, L2 operator, and the token holders, and this split ratio is fixed through voting. The fee structure for trading and transfers is also set by voting. Liquidity mining distribution and incentives rate for every pool is set by voting. Additionally, the DVF tokens are distributed through a long-term program specially designed to bootstrap automated market maker’s (AMM) liquidity. 

DeversiFi Compatible Wallets

To start trading on the DeversiFi cryptocurrency exchange, traders need to connect their external wallets to the platform. The compatible wallets are:-

  • MetaMask
  • Ledger
  • Authereum
  • Keystore/Local

DeversiFi OTC Trading

According to the reviews, the OTC (Over-the-Counter) feature is relatively new on the DeversiFi exchange. It unlocked a brand-new way of trading tokens and offered additional flexibility while working on the exchange. All orders made through the platform’s OTC have the advantage of being private on the regular order book. The OTC generates a special taker URL that can be shared with trading partners. This allows a trader to become an exclusive taker of the trader. Additionally, the OTC platform enables users to swap ERC-20 tokens, including those not listed on the platform, with 0.02% low fees.

DeversiFi OTC TradingDeversiFi OTC Trading

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DeversiFi Exchange Partners

DeversiFi cryptocurrency platform has a few key cryptocurrency heavyweight partners, and they are:-

  • Ledger
  • StarkWare
  • WBTC
  • INFURA
  • Bitfinex

DeversiFi Security and Privacy

We have already discussed that DeversiFi does not have any KYC or signup process for cryptocurrency traders. As per the reviews, Traders can simply connect their external cryptocurrency wallet to the exchange and start trading. DeversiFi is one of the safest and most secure DeFi exchanges where audited smart contracts trade funds. These smart contracts are cryptographically secure and transparent. Nevertheless, if DeversiFi ever goes offline or busted, traders can safely retrieve their crypto assets hassle-free. This is possible only because of the platform’s Data Availability Committee. This trusted group holds the users’ balance data and signs the commitments that update the blockchain’s state.

Moreover, the exchange maintains an insurance fund that gives traders an extra security layer and confidence. The platform is most likely to increase this insurance coverage. They are constantly working to ensure that traders can buy and sell crypto assets privately without ruining trust or speed of execution.

DeversiFi Customer Support

As per the reviews, the customer support team provides the best services traders can get, along with extensive articles and a wide range of FAQs answering the frequently asked questions of their clients. Customers can reach out to the developer’s team via email or Live Chat with the team on the platform.

DeversiFi Customer SupportDeversiFi Customer Support

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DeversiFi Review: Conclusion

To sum up this DeversiFi review, the exchange is deniably one of the best cryptocurrency trading platforms even though it is relatively newer and smaller based on the trade volume. It also has few advanced trading functions as it offers spot trading only. However, the reliable cryptocurrency exchange platform has robust attributes like super-fast transaction speed, above-par security, and competitive fees. There is no record of hacks, and to protect the deposits, the platform offers an insurance fund. 

FAQs

Is DeversiFi Safe & Legit?

Yes, DeversiFi prioritizes user’s funds and their safety. The deposits are secured by audited smart contracts that are cryptographically secure and transparent. Even if the platform goes bust, users can retrieve their promises from the platform without any hindrance.

Is DeversiFi Regulated?

Yes, DeversiFi is a regulated decentralized exchange that caters to the needs of individual and institutional traders. Ethfinex, an Ethereum-based Bitfinex spinoff, rebranded the platform.

How Does DeversiFi Differ From Kyber or Uniswap?

Protocols like Uniswap and Kyber function completely on Ethereum blockchains. An order book is broadcast on-chain, and the traders take orders by submitting their transactions. The tokens are automatically swapped which means they are both sent and received at the same time. DeversiFi is different from other DEX protocols in the following ways:-

  • It cannot be censored or shut down.
  • It does not require permissions which means anyone with an Ethereum wallet is allowed to participate.
  • It is easy to use as trades require only one transaction.
  • The system supports any ERC-20 tokens, and so any token can be added.

Note – DeversiFi Reviews are not to be considered as an endorsement or investment advice of any kind. Investors are requested to seek financial advice from experts before making trading decisions on digital platforms.

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