No Regulation

Score

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/10

SYNTHETIX EXCHANGE

China

|

2-5 years

Suspicious Regulatory License|

Medium potential risk|

https://synthetix.exchange/

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Influence

C

Influence Index NO.1

China 2.31

Better than 90.88% exchange(s)

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C

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No effective regulatory information has been founded yet, please pay attention to the risks!

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SYNTHETIX EXCHANGE
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Previous Detection 2024-03-29

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

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amirshariff24
By allowing users to trade and invest in a wide range of assets without direct ownership, Synthetix opens up new possibilities for financial inclusion, risk management, and access to global markets.
2023-10-14 00:37
3
0
Aspect Information
Company Name SYNTHETIX EXCHANGE
Registered Country/Area Australia
Founded year 2018
Regulatory Authority Unregulated
Numbers of Cryptocurrencies Available 36+
Fees Taker Fee 0.30% • Maker Fee 0.30%
Payment Methods Debit/Credit card,bank transfer
Customer Support Email, Live Chat, Phone

Overview of SYNTHETIX EXCHANGE

Synthetix Exchange is a decentralized trading platform that came into existence in 2018. Hailing from Australia, the team behind the exchange has been dedicated to providing a seamless trading experience. As a Decentralized Exchange (DEX), Synthetix takes pride in offering a platform where users have direct control over their assets without the intervention of a third party.

This design means users can conduct transactions directly with their counterpart without the platform holding onto their assets. Over recent years, DEXs like Synthetix have garnered attention to their heightened security features, global server distribution, and emphasis on user privacy. However, a noted difference between DEXs and their centralized counterparts is the liquidity in their order books, with DEXs often having lower liquidity.

Overview

Pros and cons

Pros Cons
User Control and Privacy Lower Liquidity
Enhanced Security Higher Trading Fees
No Asset Holding by Exchange No Fiat Currency Deposits
Open to US-investors Fluctuating Trading Volume

Pros of Synthetix Exchange:

  • User Control and Privacy: As a decentralized exchange, Synthetix allows users to retain control over their assets. Moreover, there's typically no need to provide personal information, enabling swift account creation and immediate trading.

  • Enhanced Security: Distributed server architecture means Synthetix, like other DEXs, has a reduced risk of server downtime and is largely immune to large-scale hacker attacks.

  • No Asset Holding by Exchange: Unlike centralized exchanges, DEXs like Synthetix don't hold onto users' assets. This means even if the platform is compromised, user assets remain secure.

  • Open to US-investors: The decentralized nature of Synthetix means it is accessible to traders from the United States, emphasizing its global approach.

  • Cons of Synthetix Exchange:

    • Lower Liquidity: Compared to centralized exchanges, Synthetix might experience lower liquidity in its order book, which can impact the speed and ease of trading for users.

    • Higher Trading Fees: Synthetix charges both takers and makers a fee of 0.30%, which is above the industry average, making it slightly more expensive for traders.

    • No Fiat Currency Deposits: Synthetix, like many DEXs, does not accept fiat currency deposits, which can be a barrier for those without existing crypto assets.

    • Fluctuating Trading Volume: The trading volume on Synthetix has shown fluctuations, which could be a concern for traders looking for consistent and robust trading activity.

    • Regulatory Authority

      Synthetix Exchange operates as an unregulated platform. Being unregulated means that Synthetix doesn't fall under the supervision of any specific financial authority or regulatory body. This is not uncommon for decentralized exchanges (DEXs) as they fundamentally differ from centralized counterparts. Unlike centralized exchanges, DEXs don't hold users' funds and operate on distributed server networks, ensuring direct peer-to-peer transactions. While unregulated status grants greater freedom and autonomy, it also means users need to exercise caution and conduct due diligence when trading on the platform. The absence of regulatory oversight can be seen as a double-edged sword: on one hand, it provides more privacy and control to the users; on the other, it may present certain risks associated with the lack of standardized controls and protections commonly found on regulated platforms.

      Security

      Synthetix Exchange Prioritizes User Security Through Comprehensive Protective Measures:

      • Decentralized Control: Unlike traditional platforms where funds are pooled, Synthetix operates on a decentralized model, ensuring that users have direct control over their assets at all times. This eliminates the risk of the exchange misusing the funds for its own purposes.

      • Advanced Encryption Standards: The Synthetix Exchange platform employs robust encryption techniques, ensuring that all user data and transaction details remain secure and confidential. Every data transmission occurring between the trader and the exchange is encrypted to prevent unauthorized access.

      • Peer-to-Peer Transactions: Synthetix enables direct wallet-to-wallet trading. This not only ensures an extra layer of security but also minimizes the chances of external breaches, as there's no central point of failure.

      • Resilient Server Infrastructure: By distributing its servers globally, Synthetix mitigates the risks associated with server downtime and ensures consistent operational efficiency. This distributed nature also makes the platform less vulnerable to targeted hacker attacks.

      • Cryptocurrencies Available

        Synthetix Exchange stands out as a decentralized platform that caters to a wide range of crypto enthusiasts. Key players like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) are presumably at the forefront of their offerings. Additionally, being synonymous with its name, Synthetix probably offers a range of synthetic assets (Synths) that mirror the value of real-world assets, be it fiat currencies, other cryptos, or commodities. To ensure accurate and up-to-date details, potential traders should refer to the Synthetix Exchange's official platform or relevant documentation.

        Cryptocurrencies Available

        How to open an account?

        The registration process on SYNTHETIX is straightforward and can be completed in just a few simple steps.

        • Navigate to the Platform: Visit the official Synthetix Exchange website.

        • Connect Your Wallet: On the platform, click on the “Sign in” button. This step replaces traditional registration, as DEXs typically utilize direct wallet connections.

        • Select Wallet Type: Choose from the list of compatible wallets and grant the necessary permissions when prompted by your wallet.

        • Ready for Trading: Once connected, your wallet's public address is your “account” on the exchange. You can start peer-to-peer trading immediately.

        • Prioritize Security: Never disclose your wallet's private key and ensure regular backups. Your assets remain in your wallet until traded, giving you complete control.

        • How to open an account

          Fees

          Makers:

          • Role in the Market: Makers play a critical role in enhancing the liquidity of any exchange. They do so by creating orders that don't execute immediately. Instead, these orders remain on the order book, waiting for a corresponding match. Their patience often ensures there's depth in the market, meaning there are sufficient orders at different price levels.

          • Fee Structure for Makers at Synthetix: On the Synthetix Exchange, makers are levied a fee of 0.30% based on the total value of their order. This fee is a charge for using the platform's services and infrastructure to provide liquidity.

          Takers:

          • Role in the Market: Takers, on the other hand, are the market participants who fulfill or 'take' the orders placed by makers. They actively seek out orders on the order book to match with, thus consuming the liquidity provided by makers.

          • Fee Structure for Takers at Synthetix: Takers at Synthetix Exchange are also subject to a 0.30% fee, identical to that of the makers. This uniform fee structure, while transparent and straightforward, is marginally higher than the historical average fee in the cryptocurrency trading industry. The reason for such a fee can be attributed to various factors, including the premium for trading on a decentralized platform, operational costs, or even the increased security measures the exchange might have in place.

          Fees Taker fee Maker fee
          0.3% 0.3%

          Payment Methods

          Synthetix Exchange, as a decentralized exchange (DEX), operates distinctly from centralized platforms when it comes to payment methods. The primary method of “payment” or trading on the platform is through a direct wallet-to-wallet transaction. Here's how it generally works:

          Wallet-to-Wallet Transactions:

          • Nature: On Synthetix Exchange, all trades occur directly between the wallets of participants. This means there is no intermediary wallet owned by the exchange itself.

          • Procedure: Users need to connect their personal cryptocurrency wallets, whether it's a software-based wallet, hardware wallet, or a web3 enabled browser wallet, to the platform. Once connected, they can directly initiate trades, and the assets are exchanged between the wallets of the two parties involved in the trade.

          • Fiat Deposits: Synthetix Exchange, like most DEXs, does not accept fiat currency deposits. This means traders cannot deposit traditional currencies like USD, EUR, or GBP to purchase cryptocurrencies. If users want to acquire cryptocurrencies using fiat, they would typically need to first use a centralized or entry-level exchange that accepts fiat deposits and then transfer their acquired cryptocurrencies to their personal wallets to trade on Synthetix.

          In summary, the primary payment method on Synthetix Exchange is through direct cryptocurrency transactions from one user's wallet to another. This system upholds the decentralized ethos of the platform, ensuring users have full control over their assets at all times.

        • Deposit&Withdrawal fees

          • Withdrawal Fees:

            • At Synthetix Exchange, the trading method is wallet-to-wallet. This means there's no traditional withdrawal process, and thus, no withdrawal fees to consider.

            • Deposit Fees:

              • Synthetix Exchange, being a decentralized exchange, doesn't accept deposits of fiat currency. Hence, there are no deposit fees in the traditional sense. All transactions and trades are conducted using cryptocurrencies directly from the users' connected wallets.

              • Customer Support

                Synthetix Exchange, with its foundation rooted in Australia, emphasizes robust customer support for its decentralized trading platform. While the platform does not provide a direct phone line for immediate communication, they encourage users to visit their official website, https://synthetix.exchange/, for any queries, resources, or guidance. Additionally, for real-time updates, announcements, or to engage in community discussions, traders and interested individuals can follow and reach out to them on their official Twitter handle, @synthetix_io. The exchange's commitment to accessibility and communication ensures a user-centric approach, accommodating the evolving needs of its global clientele.

                Customer support

                Is SYNTHETIX EXCHANGE a Good Exchange for You?

                SYNTHETIX is a versatile virtual currency exchange that caters to a wide range of traders with different trading preferences and experience levels.

                • Cryptocurrency Enthusiasts Valuing Decentralization:

                  Traders who place a high value on the principles of decentralization are prime candidates for Synthetix Exchange. These individuals prioritize platforms where their assets are never held in a centralized entity, ensuring that they retain full control of their funds. The decentralized nature of Synthetix also provides enhanced security measures, making it attractive to these traders.

                • Privacy-focused Traders:

                  For individuals concerned about their privacy, Synthetix Exchange is appealing. Given that most DEXs, including Synthetix, typically don't require extensive personal information or rigorous KYC procedures, traders who want to maintain their anonymity or simply prefer not to share personal details find such platforms especially attractive.

                • Experienced Crypto Traders Seeking Diverse Assets:

                  Given the unique synthetic assets that Synthetix Exchange offers, it attracts traders who are not just content with standard cryptocurrency pairs. These traders are often looking for platforms where they can diversify their portfolio, hedging with synthetic assets or seeking exposure to non-traditional forms of value within the cryptocurrency ecosystem.

                • Conclusion

                  Synthetix Exchange stands out as a decentralized trading platform, offering its users a distinct set of advantages inherent to DEXs, such as enhanced security and direct control over assets. Originating from Australia and introduced in 2018, its trading volume has seen fluctuations, reflecting the volatile nature of the crypto world and external factors like global events. While its trading fees might seem slightly above the newer industry average, its decentralized nature and security measures compensate for it. Additionally, the lack of a need for fiat currency deposits and withdrawal fees demonstrates its commitment to the ethos of decentralized finance. However, as with any trading platform, potential users should always conduct thorough research and consider their trading needs before engaging.

                  FAQs

                  Q: How are the trading fees structured at Synthetix Exchange?

                  A:Both makers and takers are charged a fee of 0.30% of the transaction's value. This rate is slightly above the historical industry average, suggesting a trend towards slightly higher trading fees in the market.

                  Q: Does Synthetix Exchange accept fiat currency deposits?

                  A: No, Synthetix Exchange, like most decentralized exchanges, does not accept fiat currency deposits. Crypto investors without prior holdings of cryptocurrency can't directly start trading on this platform. They need to first purchase cryptos through an entry-level exchange that accepts fiat.

                  Q: How does Synthetix Exchange ensure the security of its users?

                  A: Being a decentralized exchange, Synthetix servers are distributed worldwide, reducing the risk of server downtime and making them nearly immune to hacker attacks. The platform itself never interacts with user assets, meaning even if a breach occurred, hackers couldn't access individual assets as they can on centralized exchanges.

                  Q: Can US investors trade on Synthetix Exchange?

                  A: Yes, as Synthetix Exchange is a decentralized platform, it's open to users from the United States. The exchange doesn't hold users' assets, so citizenship or residency is less relevant compared to centralized platforms.

                  Q: What sets Synthetix Exchange apart from other platforms?

                  A: Synthetix Exchange is a decentralized exchange (DEX) that was launched in 2018 with its primary operations team based in Australia. As a DEX, it offers a unique trading experience where users maintain full control of their funds, facilitating wallet-to-wallet transactions without the need for a middleman.

                  FAQs

                  User Review

                  User 1: SYNTHETIX EXCHANGE has a great selection of cryptocurrencies available for trading, which is a big plus for me. The interface is user-friendly and easy to navigate, making it convenient to execute trades. However, I did have some concerns about the security and regulation aspects. It would be helpful if they provided more information about their security measures and regulatory compliance. The customer support was responsive and helpful in addressing my inquiries, which was a positive experience. Overall, I found the trading fees to be reasonable and the deposit and withdrawal speed to be satisfactory.

                  User 2: I was impressed with the liquidity on SYNTHETIX EXCHANGE, as I was able to execute trades quickly and efficiently. The interface is visually appealing and intuitive, which enhanced my overall trading experience. However, I had some reservations about the lack of transparency regarding security measures and regulatory compliance. It would be reassuring to have more information in these areas. The customer support team was prompt in their responses and provided me with the assistance I needed. In terms of trading fees, I found them to be competitive, and the deposit and withdrawal speed was satisfactory. Overall, I had a positive experience in terms of liquidity and customer support, but the platform could improve in terms of security and regulation transparency.

                  Risk Warning

                  Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

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