Finance

REDOT Exchange Real review: Pros & Cons

Owning and trading digital assets in today’s economy has never been this easy, all thanks to the multitude of cryptocurrency exchanges in the world. One of such exchanges is Redot exchange, an Estonia-based crypto exchange established with the statutory financial laws of the European Union.

Redot crypto exchange is run by a group of experienced professionals, determined to provide a safe space for cryptocurrency traders to do business as well as stake their currencies. Redot is built on the foundation of trust and transparency. Its glut of amazing features, which we will discuss at length later in this piece, makes it one of the very best exchanges on the internet.

ABOUT REDOT EXCHANGE

Redot exchange is a cryptocurrency exchange platform designed to give traders and investors a safe space to trade and stake their digital currencies. The platform provides a plethora of add-on services for traders and investors, so much so that when compared to what is obtainable online, the Redot exchange stands out as one of the best.

Ranked as #260 on the rankings of crypto exchanges, Redot provides traders and investors with world-class asset safety technologies. The recent series of bad news that has flooded the cryptocurrency space where hackers have gained access to investors’ and traders’ digital assets are impossible with Redot. The platform places the security of assets as the topmost priority that is why they have implemented security protocols such as 2FA.

Redot has one of the easiest User Interfaces on the internet, making it easy for newbie traders to find their way around the web platform or the android app.

How Does Redot Devs Exchange Works?

When doing a Redot review, it is imperative to clearly explain how the platform works.

Redot platform offers traders a glut of trading and staking options. On Redot, traders can easily transfer cryptocurrency to their Redot wallet, or they can buy on the exchange using their debit cards.

On Redot, traders can stake their Ethereum 2 without paying any fees. Because of the APIs used in developing the platform, the Redot exchange allows for Ethereum staking, as much as 2,000,000 Ethereum. With a solid FIX API, Redot ensures that traders can easily buy and sell cryptocurrency on the platform, as well as cancel orders. The API also provides traders with referral bonuses.

Redot Crypto Exchange: Key Features

When traders go online to search for the best trading platforms, they are often on the lookout for exchanges that offer the best value for their digital assets. While there are no cast-in-stone features that stand a cryptocurrency exchange platform out, Redot’s features, which provide the best security for traders, and help centers, are competitive advantages over the rest of the park.

The key features include, but are not limited to:

  • Institutional Grade Exchange: Beyond just carrying out trade requests for individuals, Redot is designed for speed and efficiency, good enough to cater to institutions’ trading requests. The order types are advanced, and alongside the 4.4/ 5.0 API connectivity, allow for quick, smooth trades of large volumes of cryptocurrencies on the platform.
  • You can trade Multiple Currencies: Of course, redot.com is a cryptocurrency exchange platform that allows traders to buy and sell cryptocurrency, so, it’s not out of place to have different currency pairs that traders can trade on. Although the currency pairs are limited to a few pairs, the team is committed to ensuring only valuable currencies are listed on the exchange. The recent LUNA debacle makes it imperative that only cryptocurrencies that have a rich history of stability and economic utility be listed on the platform. The list of pairs that you trade on Redot is USDC/USDT, BTC/USDT, UVAS/USDT, KARTA/USDT, AAVE/USDT, ETH2/ETH, LINK/USDT, WBTC/BTC, UNI/USDT, ETH/BTC, ETH/USDT.
  • Great Customer Support: Building and growing a business such as an exchange platform requires that customer support is available 24 hours a day. The Redot Help center provides traders with the best customer support ever. The team is multilingual, meaning traders can have their knotty problems fixed within a minute of reaching out to the customer support team.
  • Constant Uptime: High-frequency trading can crash an exchange platform if the server the exchange is built on is slow, or if the infrastructure is shabby. But not with Redot. Redot exchange can handle the highest of transaction frequencies because of the impeccable development system it is built upon, and the solid infrastructure it was built on.
  • Totally Compliant with the Laws: If you’re a trader, being worried that the exchange platform you’re using can be taken down by the government for legal issues is a serious fear. But with Redot, such fears should be banished. The platform is fully regulated with the right exchange and custody licenses in the EU.
  • Commissions for Traders: A market maker on Redot.com receives part of the commissions that traders pay on the platform. A market maker is also called a liquidity provider. Market makers provide assistance in buying and selling crypto at the bid price. The bid-ask spread is where market makers make their profit from. To get a better understanding of how much market makers make on Redot, click on this link.

HOW DO YOU TRADE WITH REDOT?

To start trading with Redot exchange requires that traders register on the platform, fund their accounts, and trade.

The trading process is simple:

  • Visit the website, Redot.com, and click on START TRADING
  • Follow the instructions on the registration page by inputting your email and password.
  • Check your email to get a verification mail.
  • Click on the verification link sent to your mail.
  • Follow the instructions and your account is verified
  • Provide the necessary documents to verify your account. The documents you’ll provide to complete your verification are:
  • National Identity card
  • Passport
  • Driver’s license
  • Deposit any cryptocurrency of your choice in your wallet (which you’ll see on the dashboard after you log into your account), and start trading

How to Deposit in Your REDOT Exchange Account

It will make no sense that after you’ve created your Redot account and your crypto wallets have been set up for you, you’re unable to trade.

Trading requires that you first have currencies in your wallet to buy and sell with.

To deposit any cryptocurrency into your Redot wallet, do these:

  • Log into your account by putting your email and password
  • Go to the top-left corner of your screen, and click on WALLET
  • Click on the DEPOSIT tab that drops down after you’ve clicked on WALLETS
  • You can deposit with either of the following:
  • Send cryptocurrency from another wallet to your Redot wallet
  • Buy cryptocurrency using your credit card.

To deposit from another wallet;

  • Copy the address of your Redot wallet, and paste it into the other wallet you’re sending crypto from.
  • Check your wallet balance after a few seconds to see your deposited crypto

To buy using your credit card:

  • Click on the Credit card tab, and input your card details.

PS: Redot exchange is safe, so you can rest assured that your card’s details won’t be compromised

HOW TO WITHDRAW FROM REDOT EXCHANGE

After you have made successful trades and made profits, you’d want to withdraw your cryptocurrencies.

To withdraw, do these:

  • Log into your account
  • Click on the WITHDRAWAL/DEPOSIT tab
  • Click on WITHDRAW and insert the withdrawal address of the cryptocurrency wallet you’re withdrawing to
  • Check your mail for a link to confirm the transaction
  • Click on the link, and your withdrawal is complete

REDOT Crypto Exchange: Withdrawal Fees

Some people are probably asking if depositing and withdrawing on Redot comes with a fee. The answer to that question is relative.

Although there are no fees for deposits, there are fees when you want to withdraw.

The withdrawal fees are:

CURRENCYWITHDRAWAL FEE
Bitcoin0.0001 BTC
Ethereum0.005 ETH
USDT4.32 USDT
Karta5 KARTA
UVAS5 UVAS
USDC10.01 USDC
UNIO.84 UNI
LINK1.86 LINK
WBTC0.01 WBTC
AAVE0.41 AAVE

PS: The withdrawal fee is dependent on trading volumes and network conditions; they can be more or less.

For the market makers and takers, the fees on Redot are:

Market rebates for all the currency pairs is -0.05% of trade, and taker fees is 0.15% of trade.

IS REDOT EXCHANGE A SCAM?

The legal authenticity of Redot has come under question a few times. But the truth is that Redot is legally backed, and has the appropriate licensing of the European Union.

Redot has the EU license, in Estonia. The exchange is certified under the ISO 27001 and ISO 9001 standards.

So, no, Redot is not a scam.

Plus the credibility of the team, alongside the legality of its establishment, makes Redot a trusted crypto exchange platform.

CONCLUSION:

The recent proliferation of cryptocurrency exchanges makes it hard, sometimes, to know what exchange is real and which isn’t. However, Redot provides a one-of-a-kind trading platform that meets the needs of the average trader. Spot trading and derivative trading (which can be found in the Redot Derivatives Exchange), are two options that traders can make profits from.

Also, Redot’s staking platform gives those who’re not interested in trading the opportunity to make a profit by being liquidity providers.

Traders can buy and sell ETH2 on the secondary market on REDOT Staking, making the platform the perfect place to earn passive income as a trader or investor.

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