The world is digitalized, and many people pay for goods and services with digital assets. Cryptocurrency is among the leading digital assets, and the medium for their trading is Exchanges. Through Exchange, there is a market for cryptocurrencies using fiat currency or P2P transactions.
Exchanges are many, and traders prefer each as their trading platform for special reasons such as security, charges, or portfolio. One of the most famous exchanges worldwide for its amazing security perks is Redot Crypto Derivatives Exchange. This guide will provide an honest Redot Crypto Derivatives Exchange review.
Who is Behind Redot?
A group of professionals in the crypto industry came together in May 2019 to launch an Exchange known as Redot Crypto Derivatives Exchange. They aim to create an exchange that will provide a platform for traders to buy and sell digital assets quickly at a low commission. Redot Exchange is EU-licensed, thus, making it impossible for traders from the United States to trade on it.
The API connectivity of Redot has been of good use to the traders in the crypto industry since its establishment. It is compatible with desktop and mobile devices with easy accessibility. It aids the execution of different high-level forms of transactions and handling of oddities.
Cold storage is where it stores most of its assets with the best security measures such as universal 2nd factor and two factor authentication measures. The launching of repurchase agreement will soon take place at Redot Exchange for all caliber of traders.
Redot Key Features
Many features made Redot Crypto Exchange distinct from others in the crypto community, such as:
Professional Grade Exchange
Exchanges need to stick with the necessity of the cryptocurrency institutions, which is what Redot platform is based on. It uses advanced technologies and resources such as Adjustable UI widgets, FIX, API connectivity, and HFT to conceptualize the platform.
Redot platform enables trading of multiple and reliable cryptocurrencies such as USDT, ETH, and BTC. Traders have many digital assets to select and trade on the Exchange.
It ensures the effective execution of trades, and the commission received for trading is among the lowest in the industry.
It possesses a license as a company in Estonia which is a member of the European Union; thus, making the Redot Derivatives Exchange subjected to its law and full adherence to the crypto community guidelines.
The safety of the tokens on Redot Exchange is guaranteed as strict measures are put in place. Redot exchange allows U2F and 2FA authorities to secure the digital assets after storing them in cold and hot wallets. Redot Exchange audits its accounts every month and sets up withdrawal protection protocols.
In the case of failover protection, Redot Crypto Exchange can withstand high-volume trading. Its infrastructure and architecture are large, and based on micro services.
There is a support team whose availability is 24/7 at Redot Exchange, and traders can supply them with questions and inquiries to which they will respond quickly.
Staking on ETH 2.0
The transition to PoS in ETH 2.0 from PoW in the main ETH by the ETH community makes traders pose questions to the support staff of Redot Exchange. They want to know how to stake their Ethereum quickly while preventing them from being punished for not properly configuring validator nodes.
Although trading of crypto between chains is not allowed on ETH 2.0, Redox Crypto Exchange provides traders with a means of trading on the system at any time without the need for concerns.
Traders using Redot platform do not need to host infrastructure or, according to the protocol, meet the over 32 ETH requirements before generating a staking yield. Through network incentives, it was able to provide an automatic means for the generation of staking yield. Also, there is a self-hosting of a Blockchain explorer for ETH 2.0 main network by Redot Crypto Exchange for the traders.
Tradable Products on Redox
The following are the products investors can trade on Redot platform:
- Futures: As the name implies, it involves predetermining the future date and price for an asset, and on that date, it is a must to either sell or buy based on the type of trader that sets the order. When the date is due, the asset’s market price does not hamper the obligated selling or buying of the assets.
- Options: The underlying securities the investor holds will determine if buying or selling options will occur. Unlike futures with predetermined dates, the trader is not obligated to sell or buy options.
- Spot Market: When traders want to trade financial instruments instantly, the spot Market is where to go and involves exchanging cash for commodities or securities.
Redot Account Types and Limits
Opening Redot Account
Traders can use Redot Derivatives Exchange to trade after opening an account which involves providing of email address, a pin, and sticking with its T’s and C’s. Check the T’s and C’s section of the trading platform for more information.
Redot Account KYC
Redot Exchange protects traders’ accounts from an online fraudsters through the Know Your Customer (KYC) process. It is a verification process in which the traders will need to provide their information to become recognized on the Exchange. KYC is legal, and many exchanges use it for protection against external threats.
Redot Exchange supports many coins, and local currencies are unacceptable regardless of the trader or jurisdictions. Below are the supported Coins:
The firm authorizes European Union members and Estonia’s best cryptocurrency exchange.
Depositing and Withdrawing
The following tokens are acceptable as deposits at Redot Exchange
Repurchase agreement interest and crypto staking are means through which traders can make profits by getting high-margin income and making a withdrawal request. In response to the request of the traders, there is a validation and generation of an exchange by the local trading.
Finalization of the earning credits takes place after the approval of the Service Level Agreement (SLA) in agreement with Redot M or N signatures. The final step for withdrawing the earnings involved verifying the trader’s request.
Redot Transaction Charges
When ranking cryptocurrency exchanges with the lowest transaction fees, Redot Exchange is among them. Traders can exchange their tokens successfully without any difficulty. 0.05% is the fee the Exchange charges owners of the Exchange crypto pairs, whereas 0.15% is the charge for the collectors.
However, the network conditions will determine the charges deducted for a withdrawal request. When depositing any of the coins supported by the Exchange, Redot will not deduct any fee. The charges for Crypto tokens like UVAS and KARTA are controlled by the one-time exchange charge for safe listing KARTA/UVAS, which is 0.01.
The official website of the Redox Exchange, https://redot.com/ , contains more information on the structure of its fees.
Redot vs. Alternative
As stated earlier, traders prefer different exchanges for trading based on their unique features. When looking for the best crypto exchange with the lowest commission and good security, Redot Exchange top the list. However, the Exchange does not accept traders from the United States, thus requiring an alternative Exchange.
Binance is one of the most popular Exchanges known for allowing US traders. Other Exchanges traders can use include Kucoin, eToro, Coinbase, and Bittrex.
How Suitable is Redot Derivatives Exchange for Beginners?
Newbies in the crypto industry can easily use Redot platform as the interface is made to suit all caliber of traders. Also, navigating through the site is simple, with an amazing support team ready to help beginners and experts in case of any problem.
Regardless of the jurisdiction of the traders, whenever there is a problem or difficulty with using the Redot Exchange, a team of support is available to provide solutions to those travails. They are usually available around the clock and at the beck and call of the traders.
How Secure Is Redot?
One of the reasons investors prefer using Redot Exchange to trade their cryptocurrencies is its secure network. The safety of the assets on the platform is guaranteed as the change uses multi-sig cold wallets to store the assets. The Exchange is licensed under the European Union and therefore liable to its regulatory measures.
Monthly auditing of the firm usually takes place, and there are U2F and 2FA put in place to ensure the safety of the wallets. The Exchange also offers private keys used in performing transactions digitally.
According to the review, many amazing offers are available to traders on Redot Crypto Exchange. European Union is responsible for its regulation, therefore making it safe to trade. There are many special features traders can benefit from in the Exchange, such as its support system, Multi-Currency, and ETH2 Staking.