Stellar X: First Free to use Peer- to- Peer Asset Trading Platform
October 1, 2018 7:39 am,
Stellar X is the first Peer-to-Peer (P2P) Asset Trading Platform which is free to use. It has been launched by InterStellar, a commercial entity established through an acquisition of Chain, Inc. by Stellar, which is a cross border payments network
Basically Stellar X is a digital asset marketplace gateway that does not charge usage fees. In addition to this it also allows users to trade traditional bonds, commodities, and fiat currencies through a peer-to-peer (P2P) marketplace. StellarX platform works as a gateway by providing a user-friendly interface for traders to gain access to Stellar’s decentralized multi-asset marketplace. This trading interface makes it easier to make USD deposits as StellarX has partnered with Changelly which is a crypto exchange service that serves as a mediator between digital currency trading desks and users.
As all trades on Stellar X occur on the Stellar payment network, users have to pay negligible network usage fees in Lumens (XLM) which are the native tokens of the Crypto platform. However, these fees will be reimbursed or returned to users accounts by Stellar X at the end of its monthly billing cycle.
The transactions on Stellar X of all trades are settled in seconds. At present, the P2P marketplace supports the trading of approximately 2,500 Stellar-based tokens while listing an average of 50 additional tokens each week.
Funds are more secure on StellarX compared to other trading platforms because it does not keep users’ private keys as it is a decentralized marketplace portal. However, many assets tradable on StellarX are issued by third-party contracts that claim to guarantee ownership of the underlying asset. Tethered tokens or assets may involve a certain level of risk because users would have to trust the third-parties that issue them. Although tethered assets are clearly labelled as such on StellarX, users who purchase them are only able to make withdrawals through the third-party websites that issued the tokens.