Waves Exchange Review 2021

The innovative blockchain technology has been implemented in various crypto projects but only a handful of projects have managed to strike a proper balance between usability, accessibility, and features. Waves is one such exception that has been able fully to utilize the user-friendly blockchain network built to power the future of Web 3 applications. In this review, all important aspects of the exchange and its native currency have been discussed in detail to help traders understand its usability and make the right choice. 

Waves Exchange Summary

Headquarters Moscow, Russia
Found in 2016
Native Token Yes
Listed Cryptocurrency 17
Trading Pairs 50
Supported Fiat Currencies USD and EUR
Supported Countries WorldWide
Minimum Deposit N/A
Deposit Fees Free
Transaction Fees 0.001 to 0.004 WAVES
Withdrawal Fees It Varies among Different Currency
Application Yes
Customer Support Yes via Mail, FAQs, & Support Center Support

Quick Overview of Waves Exchange

  • Waves is a blockchain-based cryptocurrency exchange built for launching smart assets and smart contracts.
  • The Neutrino Protocol and the Waves Exchange are two successful platforms built on the Waves blockchain.

What Is Waves Exchange?

The Waves Exchange (or the Waves DEX as it is more commonly known) is a fast, secure and reliable decentralized trading platform focused on Waves-based assets and other supported digital assets, like Bitcoin (BTC) and Litecoin (LTC). The platform also includes a range of Neutrino-powered fiat stablecoins, like EUR Neutrino (EURN) and GBP Neutrino (GBPN). Waves was established in 2017 by Sasha Ivanov with an aim to foster a “cryptocurrency environment” for traders. Waves primarily focuses on creating custom crypto tokens, called smart assets, and launching smart contracts to power a wide range of web 3.0 decentralized applications (dapps). The platform is built on its own blockchain network, which differentiates it from other leading decentralized exchanges; it has also established a completely different trading platform of its own, by modifying the most common traditional features offered by any cryptocurrency exchange so that it can create a very unique Waves experience for its customers. The Waves platform is not only used as a cryptocurrency exchange but is also used for crowdfunding through ICOs (initial coin offering).

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How Does Waves Exchange Work?

Like most other cryptocurrency exchanges, the Waves Exchange also operates on a decentralized ledger called a blockchain network. The only difference is that it has built its own blockchain network that is secured by a novel consensus mechanism called LPoS or the Leased Proof of Stake. The LPoS is the modified version of PoS or the proof-of-stake (PoS). It allows lite wallet users to participate in the block validation process of the network by leasing their WAVES tokens to lite mining nodes. This can help users to earn a fraction of the block reward if their chosen mining node is selected as its validator.

The Waves.Exchange mainly derives its power from its Smart Assets that have additional functionalities due to their robust asset scripts. These scripts endow the Smart Assets with an intriguing range of characteristics like non-transferability once it reaches a particular address like burned or freezing, or once the Waves blockchain reaches a specific block height. Creating a Smart Asset on the Waves platform is as simple and straightforward as using its ‘Issue Transaction’ feature, which can be completed by only setting a few basic parameters, and paying a ‘1 WAVES’ fee to launch the token from the user accounts.

History of Waves Exchange

The Waves.Exchange was founded in 2017 by a theoretical physicist named Sasha Ivanov, whose appreciation for gravitational waves inspired the exchange’s name. The project derived its technical and philosophical roots from the Nxt Blockchain project. It had robust features that urged Ivanov to build a decentralized business called Coinomat on it. Coinomat was launched in 2013. However, soon Ivanov pointed out some serious limitations on the Nxtblockchain and it was then that he decided to create a totally independent decentralized blockchain network, the Waves platform, to serve the needs of businesses and decentralized applications better.

Is Waves Exchange Regulated?

No as of now, WavesDEX is not a regulated exchange under any financial or regulatory agency. 

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Waves Exchange Review: Pros and Cons

Pros Cons
User-friendly platform. Does not support fiat currency withdrawals.
Low and competitive fee structure. Low liquidity.
Wide range of digital assets available to trade. Still in its stages of infancy.
Decentralized exchange built on the innovative blockchain technology.  

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Waves Exchange Fees

The Waves decentralized exchange does not discriminate fees between the takers and the makers. The Waves fee model is rather flat; it charges a flat fee of 0.003 Waves per transaction( Waves is the native currency of the exchange). Thus, the Waves trading fee is low and competitive. Withdrawals are charged at a low fixed fee of 0.003 Waves per transaction.

Waves Exchange Deposit and Withdrawal Method

Every registered user on the WavesDEX platform is required to download the “Waves Lite Client Wallet” on their smartphones or laptop to make deposits and withdrawals on the Waves Exchange. The user’s funds are stored in this Lite wallet until a trade is executed on the platform.

The Waves lite wallet accepts deposits and processes withdrawals in various other cryptos and tokens, apart from the Waves cryptocurrency. Moreover, Waves users can also deposit fiat currencies through various fiat gateways executed by compliant crypto operators. These fiat gateways operate like instant payment providers that allow the fiat currencies to be digitized in a 1:1 ratio. Users are allowed to transfer the digitized fiat currencies on the blockchain network for trading against other crypto assets via the WavesDEX platform. Likewise, users can also withdraw their digitized fiat currency for real-life fiat currencies.

Waves (WAVES) Token Details

The Waves token is the custom native token of the Waves decentralized exchange. The Waves platform allows users to create and trade crypto tokens without any extensive smart contract programming. Rather, tokens can be effectively created and managed through crypto scripts that operate in client accounts on the Waves blockchain.

How to Buy Waves Token?

If users are looking to expand their list of portfolios beyond Bitcoin and other leading cryptocurrencies, they can try investing in the Waves token. There are a number of ways to buy Waves: through a traditional centralized cryptocurrency exchange, through the Waves decentralized exchange (DEX), or even from the Waves client using any supported fiat money, cryptocurrencies, and credit card via the exchange’s (Waves) partnerships with third parties. This Waves Exchange review will help users to purchase their first Waves tokens, store them safely, and decide the best time to sell them.

As it is always advisable to install a wallet from the project website, to eliminate compatibility and security issues, this review will tell users how to install a Waves wallet and begin trading on the WavesDEX.

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Wallet Creation

For creating a Waves wallet, users need to download Online Client (Beta version) from the official website of Waves, visit the page and select the “Get Waves” tab at the top right-hand corner of the homepage. Users will now be required to acknowledge liability, in the event of loss of SEEDs or funds which lie with the wallet holder and not with the servers of the Waves Platform.

The next step is to click on the ‘Get Started’ tab in case users wish to create a new account, where they will be required to first select their address and then enter an 8-character password. Once users are done with selecting the address and entering and reconfirming the password, they will be given an option to back up their details immediately or later. It is recommended to select the “back up now” before proceeding to the next step.

The backup involves a 15-word phrase (SEED words) being auto-created and saved, and the users would be required to re-enter the 15-word SEED phrase to confirm that it has been saved correctly. It is the wallet holder’s responsibility to keep the SEED phase safe by writing it somewhere because it will be needed to recover and restore the wallet if it is lost. Losing the backup phrase means losing all the accumulated Waves coins (or other coins) or fiat money held in the Waves wallet. Thus, users are given the option to click on the “I’ve written it down” option, and then they will be prompted to confirm the SEED phrase. The final step is to click on the “Confirm” button after making some further agreements and acknowledgments in three boxes and then clicking on the ‘Confirm and Begin’ tab.

Buy Waves

After the Waves wallet has been created, users get a number of options to buy Waves coins. Users who intend to buy Waves coins on the Waves DEX can buy them either with fiat currencies like U.S Dollar, EUR, or CNY or with various leading cryptocurrencies.

Before buying Waves coins, users need to first fund their Waves account with their preferred source of funds – for making the deposit with a cryptocurrency, users are given a wallet address that they need to copy so that they can transfer the coins from the wallet where they are held. However, for depositing fiat money, users need to go through a rapid verification process through SEPA. They need to select the ‘Get verified’ tab and enter all the required personal information after which the account will be funded and users can use the credit amount to buy Waves Coins. 

Waves Exchange Bonus and Promotions

The Waves decentralized exchange does not feature any bonuses or promotions to users for signing up or for using the platform. However, the Waves cryptocurrency holders can lease their Waves tokens to generate a passive income. Leasing the Waves token can be completed or stopped instantly.

Waves Exchange Accepted Payment Method

Waves Exchange accepts deposits by both wire transfers and credit cards. Thus, it is very helpful for new crypto investors who do not have previous crypto holdings. It also accepts leading cryptocurrencies other than its own native Waves tokens.

Waves Exchange Supported Currencies & Countries

The Waves trading platform is entirely web-based and thus is accessible to users across the world. Anyone can create an account on the Waves.Exchange and stay completely anonymous while engaging in peer-to-peer trading. Waves supports all leading cryptocurrencies like Bitcoin, Litecoin, Ethereum, Tether, Swop, Neutrino, Monero, Curve DAO, ZCash, etc.

Waves Exchange Security

Since Waves is a decentralized exchange, its servers are spread all across the globe which leads to a lower risk of server downtime and also makes the servers virtually immune to cyberattacks. Moreover, at Waves, as the trading takes place directly between two users, the platform does not verify identification or users addresses because it does not participate in any transaction. Nor does the platform store any personal information of the users; users are solely responsible for the security and control of their assets and the funds remain in the user’s wallet and cannot be frozen.

Thus, if hackers manage to take out one of the servers, it will hardly make any difference to the overall network, and the hackers would not be able to access users’ funds. All these security features make Waves the most secure cryptocurrency exchange. This is not possible in a centralized exchange, as users hold assets at a centralized exchange until they withdraw them to their private wallets. Thus, a hacker can easily hack a centralized exchange and steal clients’ funds held there. Waves DEX safeguards clients from such fraudulent activities.

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Waves Exchange Customer Support

According to the various Waves Exchange reviews, customer support does not appear to be as competitive. This may be because the exchange is still in the nascent stages and thus, the exchange emphasizes more on its initial development. However, customers can reach out to the support representatives via email at [email protected], as well as through the various social media channels of WavesDEX like Facebook, Telegram, and Twitter. Besides, WavesDEX also has an active community of cryptocurrency enthusiasts who help each other by posting helpful information and answering each other’s queries. The Waves website also has a dedicated FAQ page where users can find ready answers to their questions.

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Waves Exchange Review: Conclusion

Thus, Waves provides an excellent decentralized trading platform for crypto enthusiasts and is one of the most developed DEX’s in the crypto industry that is gaining huge momentum every passing day. The platform offers an intuitive and easy-to-use trading platform that runs on a very safe and secure blockchain technology thereby protecting the users’ funds and also reducing the transaction fees. In a way, WavesDEX is revolutionizing the crypto trading industry with its attractive core offerings.

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FAQs

How Do I Withdraw Money From Waves Exchange?

Withdrawals of funds from WavesDEX is quite simple and straightforward. Withdrawals can be requested in both cryptocurrencies and digitized fiat currencies that will be converted into real fiat currencies.

Does Waves Exchange Require KYC?

No, the Waves.Exchange does not require KYC compliance. However, to open an account, traders only need to download the Waves Client Wallet to store their Waves tokens along with other digital assets and currencies.

How Secure Is Waves Exchange?

Waves Exchange is a 100% secure platform to trade cryptocurrencies.

Where Is Waves Exchange Based?

WavesDEX is a decentralized cryptocurrency environment based in Moscow, Russia.

What Is WavesDEX Leverage?

The maximum leverage offered on the WavesDEX platform is 1:1.

How Do I Deposit to Waves Exchange?

WavesDEX accepts both cryptocurrencies like Bitcoin, Litecoin, Ethereum, etc, and fiat currencies like EUR and USD. The fiat currencies can be deposited through a compliant fiat payment provider ‘Waves Lite’ and once money is deposited (in any denomination), they become digitized fiat tokens like USD or EUR.

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