DDEX is an application for trading cryptocurrencies on the exchange of the same name. It was the first project based on the open Hydro protocol (the developers themselves call Hydro a “fork” of 0x). DDEX has an established asset trading venue and two smartphone applications for iOS and Android.
DDEX is designed to ensure the liquidity of Ether and ERC-20 tokens directly from user wallets, such as MetaMask, Ledger, and Brave. In addition, the application collaborates with wallet projects such as Cipher, Toshi, Trust, and Dapp Browser. Therefore, users can sign up with one of the already existing wallets.
In the case of creating a new account in the DDEX application, users need to come up with a wallet nickname of Latin letters and numbers. After that, a seed phrase of 12 random words will be generated, which will help restore access to the exchange in various emergency cases. This phrase must be kept in a protected place so that no one but the user has access to it. To complete the registration, which also serves as the verification of user data, it is necessary to enter words from a previously generated set.
It is important to note that if a user works on the exchange through the DDEX application, then all the data is stored on the device, and not on the exchanger itself. Users must also confirm that a backup copy of the recovery phrase has been made. The user is also informed that if the application is removed, all wallets will be deleted as well. This is done for protection and preventing theft of funds.
The DDEX application itself will be accessed via the Touch ID. Therefore, when creating an account, the user must put the finger on the scanning device on the smartphone.
The decentralized exchange DDEX exists at the expense of a commission for the processed transactions. The Wrapped Ethereum token was created for this, or WETH for short. To get WETH, users must exchange Ether for the coin. After that, it will be possible to trade on the DDEX exchange.
After entering the DDEX application, the “Markets” section opens, where the available trading pairs are presented. For each asset, if users click on it, it provides information on buying and selling and transaction history. In this section, users can place an order and assign a commission.
In the “Orders” section, users will see the history of orders, and in the “Activity” section, users can see the status of transactions. The “Wallet” section shows account information and current balance in the ETH and U.S. dollars. With Wrap ETH and Unwrap WETH, the trader exchanges WETH tokens. On the top right, users can see the wallet address and change it if necessary.
The “Settings” section provides information about the DDEX application. Two languages are available: English and Chinese. Users can select four fiat currencies: the U.S. dollar, the Chinese yuan, the Australian dollar, and the Japanese yen. Also here are links to frequently asked questions, customer support, and community chat in Telegram.
DDEX offers its users a referral program, where each invited friend grants $5 in WETH (0.5 ETH) tokens that can be used for trading.
DDEX: Review Summary
The DDEX application has a convenient user interface for trading the ERC-20 standard tokens. Users can immediately transfer popular pairs of tokens and exchange ERC-20 tokens directly from wallet to wallet. The developers of the exchange guarantee that no fraudster will be able to steal the user’s coins if the latter follows the DDEX security guidelines.