⭐ Merited by Pmalek (2)
Welcome to the forum!
Like several other users, I am also hoping to see the Tor version of your exchange.
I think you should mention the fees in your OP. They are the same as eXch used to have.
I have noticed several instant exchanges calling themselves and their services as non-custodial. You have the same claim in your OP. So I have to ask: how is the swap process non-custodial? If I begin a swap and you give me a BTC address to deposit my bitcoin to, do I have the keys to this address? If you refuse my exchange, the website crashes, or something else happens, how do I get my coins out without your help? Your TOS mentions transmitting private keys to customers. Can you tell us a bit more about that?
I am reading your T&Cs.
You apply higher service fees for amounts exceeding certain amounts. For instance, >"1 BTC - 0.5%, >2 BTC - 1%". Why is that? Shouldn't users be awarded with lower fees for swapping bigger sums instead of paying more?
Like several other users, I am also hoping to see the Tor version of your exchange.
I think you should mention the fees in your OP. They are the same as eXch used to have.
I have noticed several instant exchanges calling themselves and their services as non-custodial. You have the same claim in your OP. So I have to ask: how is the swap process non-custodial? If I begin a swap and you give me a BTC address to deposit my bitcoin to, do I have the keys to this address? If you refuse my exchange, the website crashes, or something else happens, how do I get my coins out without your help? Your TOS mentions transmitting private keys to customers. Can you tell us a bit more about that?
I am reading your T&Cs.
You apply higher service fees for amounts exceeding certain amounts. For instance, >"1 BTC - 0.5%, >2 BTC - 1%". Why is that? Shouldn't users be awarded with lower fees for swapping bigger sums instead of paying more?
Thank you for the welcome!
Addressing your questions:
1. "Non-custodial" - This term is used as a contrast to the process of regular CEX exchanges where users deposit their funds into a custodial wallet owned by the exchange, perform the swap in the exchange, and have the output currency in a wallet owned by the exchange, before they're able to withdraw into their own wallet (if they even do that).
2. "If you refuse my exchange, the website crashes, or something else happens, how do I get my coins out without your help?" - You're correct in that you'll have to trust us for a few minutes when we process and perform the exchange. We acknowledge this and we are ready to earn users' trust with time.
3. "Transmitting private keys to customers" - Currently this is only when we refund DAI -> X exchanges. If for some reason we are unable to perform the requested DAI -> X exchange, we would just transmit the private key of the receiving DAI address to the user (To simplify the process, so we would not have to 1. ask users for their refund address 2. send eth to the receiving address and 3. send the DAI to the refund address).
Also thank you for the feedback. Tor is coming soon
