Stellarport Exchange Review
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As cryptocurrency traders have often realized, no crypto exchange is perfect. Nearly half of the top 20 largest exchanges have all been hacked at least once. When it happens, crypto traders lose all their funds. Apart from getting hacked, crypto exchanges are marred with mismanagement and fraud claims.
Experienced crypto traders are increasingly joining more than one crypto exchange to spread the risks of using centralized trading platforms. Conventionally, most traders have to purchase bitcoin or ether with fiat on one exchange and use these coins to trade altcoins on other exchanges.
There are lots of cryptocurrency exchanges most of which have similar features. However, a growing development in the crypto world is decentralized exchanges that offer traders better security and more convenience.
One of the up and coming exchanges is Stellarport. A crypto to crypto exchange that boasts of leaving private keys to their customers, read our detailed Stellarport review below.
What is StellarPort?
Stellarport is a decentralized cryptocurrency exchange centered on the Stellar blockchain. As a decentralized trading platform, Stellaport allows traders to manage their Stellar wallets conveniently by storing their individual private keys. The exchange was launched in January 2018 by Stellarport LLC, a company that says nothing more about its management.
Decentralized exchanges allow traders to buy and sell coins from one another in a peer to peer way. Like any P2P platform, traders on Stellarport make offers for a particular cryptocurrency and wait for willing buyers to bid or accept the offer. However, traders are not identified by name on Stellarport. Instead, each trader is identified with their public key.
Stellarport does not limit anyone to join the exchange and traders from all countries around the world are accepted.
Unsurprisingly, the base crypto for trading coins on the Stellarport is Stellar coins. However, there are eight more cryptocurrencies on the exchange, including popular coins like Ethereum, Litecoin, and Ripple.
Trading on Stellarport
Stellarport is a crypto to crypto trading platform. You can’t use cash to buy cryptocurrencies on the exchange. However, with stellar coins, you can buy any altcoin on the exchange with low minimum limits. Different coins have different buying limits. Here is a summary of major coins:
|Cryptocurrency||Min Buying Limit||Maximum Buying Limit|
Unlike many centralized exchanges where you have to trade with a minimum of $10, different coins have different buying limits. However, you must use any of the coins above to purchase Stellar coins before you start trading on the exchange.
When it comes to selling, there is no maximum amount of coins you can sell on Stellarport. However, decentralized exchanges are not yet as popular as centralized exchanges. There is low liquidity on exchanges like Stellarport. To be exact, Stellarport has a daily trading volume of only $110,000, as at the time of writing.
Bitcoin has a daily trading volume of less $100. One of the most exchanged coins on Stellarport is Cryptonite which has liquidity of around $60,000 per day. If you want to trade popular coins in high amounts, Stellarport may not be the exchange for you at the moment.
There are more than 20 cryptocurrencies traded on the Stellarport exchange. Most of them are coins developed on the Stellar network as decentralized applications. However, major coins like Bitcoin are also supported on the exchange:
- Repo Coin
There is only one type of fee paid by traders on Stellarport, taker’s fee. If you visit Stellarport exchange to buy a coin like Ethereum, you will be taking the coin from the market’s liquidity. The taker’s fee for every transaction is 0.15%.
Market Makers, the people selling coins on Stellarport, are not charged to trade on the exchange. There are also no deposit fees for any coin in the exchange. Here is a summary of Stellaport fees.
|Stellarport fees||Deposit Fees||Maker Fees||Taker Fees||Withdrawal Fees|
There is no verification required to trade on the Stellarport trading platform. This is one benefit that cuts across most decentralized exchanges. You also don’t need an email address or a national ID to create an account on the exchange.
The only form of verification needed to trade on the exchange is your login password.
Is Stellarport Safe?
Perhaps because of their complex interfaces, most traders doubt the legitimacy of decentralized exchanges. So, is Stellarport legit?
Stellarport is still a new exchange. Barely six months since the exchange was launched, it’s yet to attract a substantial amount of traders. The exchange’s small community, however, has high hopes and trust on the management. The exchange’s daily trading volume may be low but it has also been improving in the last five months.
There has also been no report of any kind of misconduct by Stellarport; only outpouring support. In general, the exchange’s community trust is positive. The only people with doubts about the trading website are traders who don’t know how decentralized exchanges work.
Stellarport is built on the Stellar blockchain network. Blockchains are decentralized by design. Computer nodes distributed around the world secure the network and the only way they could be compromised is if a hacker hacked 51% of the nodes.
The Stellarport website is encrypted with SLL for protection against malware and viruses. To keep your account safe, the exchange requires that you create an account with a password of at least 10 characters.
Additionally, crypto assets are held in an escrow account while you trade to ensure that every trade must go through. If one trader does not send their coins, the escrow refunds your assets. Overall, Stellarport is more secure than decentralized exchanges based on how it operates. Every trade has to go through the blockchain network and the exchange does not hold any coins.
Like most cryptocurrency exchanges, Stellarport’s staff can be contacted using a ticket system. The contact page is a simple form where you describe your issues, attach a file if necessary and submit without leaving the exchange.
So far, there have been no complaints about Stellarport on popular crypto forums. It shows most traders have a positive experience on Stellarport. Additionally, you can reach the company’s staff through their Telegram, twitter, and Facebook channels.
Most decentralized exchanges tend to have low handling speeds. Every transaction has to go through a blockchain for confirmation. Bitcoin, for example, takes between 10 minutes and one hour to be verified. Ethereum takes an average of 15 minutes to complete.
When trading on Stellarport, your transaction has to go through the blockchain and so is the transaction made by other traders. Depending on the coins being traded, the handling speed on Stellarport varies between a few seconds and hours for bitcoin. However, if like most traders on Stellarport you want to trade coins built on the Stellar network using Stellar coins, expect a handling speed of fewer than 5 seconds for every transaction.
How To Use Stellarport?
Step 1: Create an Account
Visit Stellarport.io and click on ‘Sign Up’ to create an account. The exchange has a simple signup process that requires no email address or phone contact. Instead, you are asked to download a file with you Stellarport account’s private keys. You must give the file a name.
After you download this file, you are required to create a password with at least 10 characters. After that, Stellarport takes you to a login page where you use your password and the file you just downloaded to gain access to your account. Stellarport doesn’t require you to use a name on the exchange and you are identified through your public address.
Step 2: Deposit Funds
All the trading icons on Stellarport are easily visible on the topmost part of the website. Click ‘Deposit,’ and the exchange will ask you to choose a specific coin to fund. Click ‘Next,’ and you will find instructions on how to complete the transaction.
Keep in mind that there is a minimum deposit for every coin on Stellarport. For example, you must send 0.05 Ethereum. Litecoin payments have a minimum deposit of 0.1 LTC while Bitcoin attracts a minimum deposit of 0.01 BTC.
Step 3: Make a Trade
Click ‘Exchange’ on the topmost part of the website. On the left side, select the coin you want to trade with stellar coins. There are more than 20 coins listed but note that most of them have trading volumes of less than $10.
Select the amount of Stellar coins you want to trade and the exchange will calculate and show you the amount of coins you will receive in exchange based on estimated market prices. However, the exchange also has a trading chart where you can view offers made by market takers.
If you like a particular trader’s selling price for Mobius, for example, click on the offer and place a ‘Buy Order.’ Stellarport will hold your coins in an escrow account until the other trader accepts to complete the trade with you.
Step 4: Withdraw Funds
To withdraw your assets from the exchange, click ‘Withdraw,’ and select the asset with funds available. Enter the amount you want to withdraw and complete the process.
Stellarport Review Summary
Stellarport is a decentralized cryptocurrency exchange built on the Stellar blockchain network. It’s not owned by the company behind the blockchain and it offers a suitable platform for trading tokens built on the Stellar blockchain. The most-traded coins on the exchange are actually tokens built on the Stellar network.
However, you can find up to 30 coins on the exchange, including popular cryptos like Bitcoin, Ripple, and Ethereum.
- Beginner friendly user interface.
- Quick signup process.
- Extremely low fees.
- Traders keep their wallets’ private keys.
- Offers a platform for trading coins built on the Stellar network.
- Low liquidity.
- Few coins available for trading.
Who should use Stellarport? With daily trading volumes of less than $150,000, the exchange is certainly not the place for high rollers. However, if you are interested in an exchange where you can trade coins built on the Stellar blockchain, Stellarport is a recommendable exchange.
Day traders may also not like Stellarport as transactions take a while to go through. In general, the exchange is a great trading platform for low volume traders who target coins built on the Stellar blockchain.
Thank you for reading our Stellarport exchange review above. If you liked it, welcome to our website for more reviews and guides.