Bamboo Relay Review – Is Bamboo Relay Scam or Legit?
Bamboo Relay Review
The advent of cryptocurrency has changed the finance market forever since its introduction. Although it hasn’t replaced fiat currency, it has provided another medium for the storage of monetary value. The crypto industry is currently worth trillions of dollars and this has generated a wave of financial revolution globally. As humans are consistent with changes and upgrades, the crypto world also has seen its fair share of updates. Bamboo Relay Exchange is a decentralized exchange in which crypto tokens are traded daily. It is one of the numerous decentralized finance platforms available to crypto lovers all over the world.
Decentralized finance or DeFi is a shift from the initial centralized system and is currently a trend in the finance market. It encompasses a variety of tools and projects built on blockchain technologies that have transformed the outlook of the financial market. All financial applications which are established on the blockchain network and utilize smart contracts come under the decentralized exchange. As they are powered by smart contracts which are automated authorizations that can be assessed by anyone with an internet connection, such platforms often are straightforward. These smart contracts are enforceable and there is no need for intermediary involvement.
Most DEXs employ peer to peer protocol which allows for the lending, trading or borrowing of financial instruments. The Ethereum network is also a popular platform on which several exchanges are housed while other public networks still exist. DeFi has evolved into a wide ecosystem of protocols and tools that offer value to millions of users. It is now preferred by millions of crypto lovers all over the world who are gradually opting out of the centralized cryptosystem.
Bamboo Relay adds to the list of decentralized industries where users can navigate the cryptocurrency market with ease and enthusiasm. This platform which was initiated in 2017 has become a familiar figure to several crypto investors globally. Within the context of this review, several important details about the Bamboo Relay Exchange will be passed across. Right from its inception to this present day, Bamboo Relay has proven to be an efficient exchange where crypto business can be conducted successfully.
Exchange platform | Bamboo Relay |
Website | bamboorelay.com |
Variety Crypto | 823 |
Account needed | Yes |
Verification | None |
Verification levels | None |
Trading platform | Web-based |
Payments | Wallets such as Bitski, Coinbase, TrustWallet, Credit cards |
Customer support | Email, Twitter, Facebook, Live chat, Telegram and Discord |
What is Bamboo Relay Exchange?
Introduced in 2017 by Bamboo Relay is a DEX that acts as a relayer for decentralized protocols. This means that individual orders are taken by this platform and organized into order categories to facilitate the transaction experience of users. It is the brainchild of Joshua Richardson and the second tier of peer networks associated with DEXSs. Bamboo Relay like other similar exchanges doesn’t rely on any external institution to hold tokens. Users are granted ownership of crypto tokens and offered a platform to determine how trade is conducted.
It is an exchange housed on the Ethereum network and 0x Trading oversees its performance. Users of this platform are introduced to a large floor of trading options as Bamboo Relay offers about eight hundred and nineteen currency pairings. For crypto enthusiasts, this vast pool of token pairs available provides an edge in the cryptocurrency market. Its possession of certain features resonates with its distinctive nature in the world of DEXs much to the benefit of users which consists of both expert and novice crypto investors. The relayer also stands out as it’s the first of its kind to possess capacities for stop-loss functions by integrating price reference contracts to provide maximum price feeds.
It is headquartered in Australia with no native tokens to its name. On this platform, users are exposed to diverse options of crypto tokens for trading as over eight hundred cryptocurrencies are listed there. The exchange offers users the opportunity to trade the right tokens at the right price at every point in time. For novices and amateurs in the crypto world, the platform introduces them to a variety of tokens from which they can choose.
The goal of Bamboo Relay is to allow users to control their fortunes, tokens and how it flows. It achieves this by cancelling the barriers of intermediaries and middlemen and allowing a more interconnected trading experience. Like most decentralized networks, it supports peer to peer trading transactions thereby eliminating the involvement of third parties.
Bamboo Relay trading services
Although the exchange specializes in the trading of ERC-20 tokens, it is not restricted as users can trade any listed currency or trading pair. For trade to take place on this platform, few things are required. Firstly, a non-personal account containing the name and email of the user would be required. The second and final requirement is the ownership of a wallet from which payments would be made during trading. The wallet is connected to the exchange platform and the ready to perform desired transactions. Other procedures like security verification and KYC requirements are exempted on this platform.
Bamboo Relay is one exchange platform that offers several products or services in addition to the trading opportunity offered. One such service is the DXdao which is a protocol that collectively governs service development and other decentralized products within the exchange. This governing system is run as a reputation based one which infers that voting powers cannot be transferred nor purchased. The exchange also provides a prediction market known as Omen which utilizes Gnosis in its performance. Gnosis is a token protocol that allows individuals to establish a prediction market in several fields like crypto and politics.
Another product of this exchange is the AirSwap which is a token exchange that allows for peer to peer trading. This product ensures that trading stays between the parties involved and prevents intrusion of a counterparty. In trading tokens, the product also allows users to determine the pricing proposals of a currency concerning its market price. Ring transactions that would maximize liquidity are also featured on this platform through Mesa. With an open-source interface attributed to Gnosis, Mesa makes the exchange a more viable option for trade success.
Bamboo Relay also offers a distinct trade option which is the stop-loss functionality that accords users ultimate control over tokens irrespective of market prices. Users can now limit the sale or purchase of a specific amount of tokens at a given spot price. Once a stop-loss order is created, Bamboo Relay would set in placement following the specifications included in the order. This helps many users regulate their profits and losses while trading. The platform also allows users the opportunity to borrow funds with which they can trade. This way, there is no restriction to your ability and desire to trade cryptocurrency.
Bamboo Relay withdrawal and deposit fees
Every trading platform charges fees, the only difference is that some demand higher than others. Every trade in Bamboo Relay involves two parties: one party who sets the order and the other who places the order in the order book. They are known as makers and takers respectively. The trading fee for the maker differs from that of the taker.
On this platform, the maker in trade is charged 0.1% while the taker pays 0.2%. These fees are low thus depicting the exchange’s willingness to encourage crypto trading advancement.
There is also no demand for withdrawal fees on this platform, except in the case of Ethereum or 0x transactions whose orders attract a regular network charge. Interestingly, deposits from credit cards are accepted on this platform, unlike several decentralized exchanges.
Payments of fiat currency through credit cards are allowed and made possible through a partnership with Carbon. This feature qualifies the platform as an entry-level exchange. Crypto newbies and novice investors would find this aspect very comforting as it saves them the stress of making payments in tokens while they increase their crypto knowledge.
Bamboo Relay Exchange API
With an API that is highly compatible and supports easy trading, this decentralized exchange gives users confidence while doing business in the crypto market. 0x Trading is responsible for the development of the design. The API model also allows for the option of coordinated trading thereby supporting the performance of ring transactions. An extension of this model permits soft cancellations of orders which can come in handy in the wake of uncertainty. This is arguably one factor that has contributed to the continued use of the exchange.
The model also supports loan servicing, lending and borrowing of cryptocurrencies. As with most loan services, interests are required at the time of repayment. Bamboo Relay however does not have a mobile app, unlike most exchanges that currently have. The platform sticks to the more reliable desktop interface much to the delight of its users. This fact has consistently increased the confidence and credibility of the exchange to its users.
The API model is also very effective and fast in producing market results and ensuring that trades are conducted successfully. Bamboo Relay strives to assure users of a high standard and to expose users to the numerous gains hidden within the crypto market and this also is depicted in the API it utilizes.
How to trade on Bamboo Relay
Decentralized exchanges that are easy to trade on quickly become favourites of the crypto world. While most exchanges are focused on the technicalities that are involved in crypto trading, Bamboo Relay provides for an easy understanding of the cryptocurrency. Trading on this exchange begins with creating a simple account devoid of formalities. Once email confirmation has been issued, the user is ready for a crypto adventure.
This platform focuses on transactions involving ERC-20 tokens but is however not limited to them. It is important to note that ETH cannot be traded directly on the exchange so there will be a need for conversion.
To place a trade, the connection of a wallet is necessary and several wallets are supported by this platform. Once the link between the wallet and the exchange has been established, trade transactions can begin to take place. There are modes of operations to which transactions on this platform are subjected to. When orders are filed off-chain and are open to takers on-chain, this is known as the open order book mode. The cancellation of such orders only occurs by filing a transaction and making the payment of gas fees.
Soft cancellation is however included in the coordinated order which is carried out by a server component and coordinator contracts. When orders have thirty seconds to terminate, they are hidden on the platform’s front end. This is to guarantee that users commit to orders with a high chance of success. Transactions on this exchange can occur between currencies or trading pairs. Trading is also performed through the means of a peer network so there’s more guarantee of safety. The simplicity offered by this platform is geared at making the crypto trading experience a satisfactory one.
Bamboo Relay security
For DEXs like Bamboo Relay, security is taken to a whole new level. Unlike CEXs which operate with more concentrated servers, DEXs have multiple servers spread across the world functioning at a standard speed. The loss of a single server would have no impact on a decentralized platform as multiple servers are in place globally in such a way that continued performance is guaranteed. Due to the distribution of its servers, it is less susceptible to cyber-attacks and hackers’ activities thus making the platform completely secure.
The ownership and safety of individual tokens are also guaranteed as there is no involvement of a third party. This indicates that transactions within the peer network are secured as users retain ownership of tokens until the trade is complete.
Furthermore, agreements of Bamboo Relay are governed by legal bindings and ordinances which are also subject to legal judgement. Customers’ data and privacy is also protected as data sharing to an external source are prohibited and strictly enforced by the platform. Therefore, users of this platform can trade successfully rest assured that all their information is in safe hands.
Bamboo Relay interface
The gain of every crypto trading platform is a user-friendly website that is easily accessible. When users find an exchange easy to navigate, it keeps them coming back for more this making their trading experience a comforting one. Each user’s experience is a big deal for Bamboo Relay, it has an interface that reflects that fact. The platform’s homepage is designed in a way that users can quickly locate their desired tokens or services. This is achieved through the utility of simple and short crypto terms for easy comprehension.
The conduct of trade is also outlined in reasonable terms which most crypto investors can relate with. To this end, there is no limit to the volume of withdrawals or deposits to further encourage users to explore the exchange. However, the interface is better viewed on a computer system to fully capture it in its entirety. Trading with the desktop interface in view is poised to offer users the best experience. A mobile phone can also be used to access this platform but a mobile user would experience certain constraints somewhat dissuading. Therefore to obtain maximum satisfaction from the exchange’s interface, a desktop computer is an advisable tool for trading.
Contact support
The cryptocurrency demand is a dynamic one sometimes tricky for both new and existing users. Even expert crypto traders experience certain difficulties using some platforms. This is why most users trade on exchanges which they can easily reach out to. Bamboo Relay is one of such protocols that allow for users’ concerns to be handled and resolved in the best possible way. To achieve this, the platform has adopted different means to create awareness about its services, attend to users’ questions and resolve both technical and human errors.
- Live chat
The website has a live chat box where questions are answered by other users. This way new users are sensitized to the simple ways to navigate through the platform and conduct transactions successfully. Although there is no official support available on the chat, it has been helpful to thousands of users globally.
Information about recent developments and announcements are made on the Facebook page of the exchange. Thus, making it easy for users to participate in the progress of the platform.
For users conversant with this social media, Bamboo Relay has an official page where relevant updates are shared keeping users notified of current happenings. New projects and partnerships are made public this way.
Complaints and grievances can be forwarded to the mail of the platform where they are treated and attended in the quickest possible time. Thus providing reassurance and responsibility as a platform.
Conclusion
Even though the number of DEXs existing are numerous and still on the increase, Bamboo Relay has successfully been able to stand out. The services provided by this platform is second to one and is rarely seen in similar platforms. With features that guarantee a safe experience when trading, thousands of individuals have over time opted for its use.
With this platform, crypto trading is made easy as the hurdles experienced in centralized exchanges are eliminated successfully while enhancing the users’ experience.
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