Codex Review

Codex Review

2019-07-04 20:44:37

CODEX exchange is a fully licensed trading platform for trading digital assets and cryptocurrencies. It was launched in December 2018 by Atticlab, a very experienced team in dealing with cryptocurrencies as they are a block producer for EOS.

Trading on CODEX
Trading is very cost effective on CODEX as it has no deposit fees and the trading fees can be up to 0.05% only, it has a 24-hour trading volume of $2.86 Million USD from 25 currencies (2 of them are fiat) with 32 trading pairs.

Reward System
CODEX has one of the best rewarding systems for the traders and has the concept of trade mining where you get paid $CDX tokens just for trading there. 1,000,000 tokens are proportionally distributed daily to all traders.
Also, holders can get lower commissions with CDX and get bigger referral bonuses

Security
The security system is of high caliber as they use EdDSA cryptography and don't store any API secrets only storing API public keys
CODEX has its own internal anti-fraud system whereupon identification of unusual behaviors like large withdrawals and if the system indicates fraud then the CODEX team will investigate the matter
Furthermore they have been audited by Hacken and also undergone an internal security audit along with a bug bounty program
As CODEX is moving towards hybrid exchange, it has implemented EOS wallet login via SimpleWallet Protocol with passwordless authentication adding extra security against unauthorized access
Another feather in the cap is that very recently they obtained Proof-of-Funds certificate from CER audit; CER by Hacken is CoinMarketCap's partner

CDX Token
CDX token which is EOS based is designed to support and serve the platform users by various programs such as trade mining and lower commission features
The total supply is 2 billion CDX with 15% allocated to investors, 9% to team, 25% reserve and 51% for cash back as trademining for traders
The 49% tokens are premined and are locked up for a period of 1 year which will help stabilize the token's price

Affiliate program
There is also an affiliate program where one can earn a commission of up to 40% of trading fees from each referral

Roadmap
CODEX has planned for more community-oriented features such as to increase fiat gateways allowing credit and debit card purchases, adding more stablecoins and improving security which is absolutely paramount in crypto space

Conclusion
Codex is a relatively new exchange and has a huge scope of growth
While the volume is still low and fiat pairs only available in few countries they also have a strong security system and trading fees incentives which will attract new users