One Million Clients in a Year, The XDEX Forecast

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One Million Clients in a Year, The XDEX Forecast

By Trassos Vidalous
October 15th, 2018

The acclaimed cryptocurrency exchange of the greatest Brazilian broker, XP Investimentos, the XDEXwas finally released and with it the bold goal of winning a million customers on the first year of operation. Although other cryptocurrencies are being studied, the exchange will begin negotiations only through BTC, negotiated without brokerage fees, and ETH, with 0.25% rates.

Regarding the interface and user experience, little has been said. We know solely that there will be the order book, trades history and a sophisticated range of orders. Nothing was said about charts or integration/routing with platforms like Metatrader.

The good news that it is that on the plans of XDEX to launch an application so that customers can buy and sell directly by mobile app.

Trading Cryptocurrencies?

Despite the propaganda, some things remain unclear. For example, what actually is being negotiated? The primary sources allege that all cryptocurrencies managed by XDEX will be on coldwallets and the platform will only allow cash deposits and withdrawals.

Does this mean that the relationship between the traded assets and cryptocurrencies in custody is maintained artificially by XDEX? Otherwise, what is the reserve policy?

Regardless of these responses, we will not be able to check such policies as the coldwallets will not be shown to the market, according to CEO of XDEX, Celina Ma.

Brazilian BitMEX?

As noted by Allex Ferreira, another sensitive and confusing issue is that you can "buy, sell and store Digital Assets." It is confusing because clients will have no access to their crypto, nor to hardforks, not even airdrops, so this probably means they will be buying and selling contracts.

With regard to such a system and taking into account the part of "store" these contracts, the most similar service in the industry would be BitMEX, in which the deposits are summarily converted into a perpetual contract that can be traded against cryptocurrencies on the platform.

In addition, it is clear that the aim for the business structure is to please investors who want to get exposure to crypto volatility, so there will probably be leverage. But this is only speculation since XDEX is, so far, only accepting applications.