1. What is nitrade?
nitrade is a non-custodial hybrid decentralized exchange! That’s a mouthful, essentially we developed a Smart Contract called the Decentralized Clearing Network that runs on Ethereum. The Smart Contract, nicknamed the DCN, manages user deposits and securely settles trades between users. This lets nitrade focus on providing a high performance and low fee trading experience.
2. What is the DCN and how does it work?
The Decentralized Clearance Network (DCN for short), is an Ethereum Smart
Contract that handles trade settlement for ERC-20 Tokens.
Exchanges using the DCN aggregate trades into a list of balance updates to be processed by the Blockchain. This shifts the amount of data the Blockchain must process from number of trades to number of active market participants.
3. Is nitrade regulated?
MerkleX Inc. is a US based Corporation and operates under the laws of the land. MerkleX Inc. is not registered or licensed by the CFTC, SEC, or any financial regulatory authority. With the best of our ability we work within the confines of the law, and without choice, within the confines of immutable Smart Contracts. For more details see our Terms of Service.
4. Do I need MetaMask to use nitrade?
Yes. You need to have MetaMask in order to use nitrade. MetaMask is used for directly interfacing with the Ethereum Blockchain and the DCN Smart Contract. We have planned support for hardware wallets and other alternatives.
5. Why is nitrade invite only? Where can I get an invite code?
nitrade is currently open as an invite only platform to ensure we can provide the best experience to our early users. If you are interested in gaining early access to the project, the nitrade team is active in our Discord Server and will happily help get you setup.
6. What assets are currently supported on nitrade?
While the DCN Smart Contract can support all ERC-20 Tokens, at this time, nitrade only offers trading with: 0xBTC, DAI, BAT, ZRX, USDC, and WETH. As nitrade continues to grow, so will the assets being offered. If you’re interested in having a particular asset listed on nitrade, please reach out to [email protected]. We do duillegence before listing assets and do not charge listing fees.
7. What are the fees on nitrade?
While in invite-only, nitrade charges no trading fees. However there are a few fees paid directly to the Ethereum Network for interacting with the DCN Smart Contract, commonly called gas fees. For more details on these fees, please see our fees page.
8. Are there gas fees for trading?
Once funds are deposited into the DCN Smart Contract, nitrade manages and handles all trading transactions on chain. We’re able to do this as our transaction costs are significantly lower than competing Decentralized Exchanges. This is all thanks to the Decentralized Clearing Network.
For the user, the only gas fees they pay are to setup their account and manage their funds on the Decentralized Clearing Network.
9. Why do I get prompted with “insufficient funds” when I have a balance in my wallet?
Similar to a centralized exchange, before you can trade on nitrade you’ll need to deposit funds into your trading wallet. On nitrade this is a special wallet on the DCN Smart Contract that allows for trading. On the balance page you can see the balance in each of your wallets.
Wallet Balance: This is the balance in your wallet on the Ethereum Network.
Trade Balance: This is your balance stored in the DCN Smart Contract for use of trading with nitrade.
DCN Balance: This is the balance in your wallet on the DCN Smart Contract that is not assigned for trading with any exchange.
10. How does nitrade make money?
At the moment, nitrade does not charge any fees for trading. Once we’re more established, we plan to charge a trading commision somewhere between 0.1-0.3%. For every $1,000 traded, nitrade will earn somewhere between $1-3.