Switcheo, a decentralized exchange (DEX) currently integrated with three blockchains including NEO, EOS, and Ethereum, now has a fine solution to the problem of decentralized exchanges and the considerable difficulty passed through by customers who are looking to begin trading on a DEX.
The advantage of a DEX is to enable direct, peer-to-peer trading between two parties without any interference from a third party or authority. This way, DEXs make sure that the parties involved are entirely responsible for their funds. In the decentralized world of blockchain and cryptocurrency, this is a fantastic idea but DEXs are not exactly people’s favorite due to security issues and also the ease of trading.
Trading is much easier on a centralized exchange because, with a DEX, users would have to create wallets on the blockchain, which could be overwhelming, especially for those who have little to no experience. In the past week, Switcheo rolled out a new solution to solve this challenge.
The Switcheo Solution
The newly launched ‘Switcheo Account’ works exactly like signing up on a centralized exchange or any online platform. With just a few simple steps, users can use an email address and password to create an account without needing to create any specialized blockchain wallet.
Once a ‘Switcheo Account’ is created, users can trade on all supported chains, making it very easy to onboard and stay organized on the exchange platform.
Isn’t this Centralized?
No. Using centralized exchanges means that when you send or receive funds, said funds remain in the custody of the exchange until such a time when you’re will to dispose of it. With a Switcheo Account, multiple blockchain wallets are automatically created and connected with your profile. This means that your funds always remain in your custody and at no point does Switcheo become a custodian. However, while your account is being created, Switcheo will possess your password hash, anti-phishing code, and your encrypted mnemonic.
Privacy and Security
A Switcheo Account has features put in place to ensure the privacy and security of accounts and users. Switcheo uses Two-Factor Authentication (2FA), Anti-Phishing Code, IP Address Verification and others.
Two-Factor Authentication
2FA will need to be set up by the user before trading begins. It involves an encrypted mnemonic which would require a password and a 2FA code. This feature ensures that you receive an email if there is any suspicious activity noticed on your Switcheo Account.
Also, even if your password is somehow used without your knowledge, the extra security still makes sure you’re alerted and gives you time to withdraw funds.
Anti-Phishing Code
An anti-phishing code will be created by you and entered when creating the Switcheo Account. With this, only information or emails that show the code should be trusted. Furthermore, the correct URL is https://switcheo.exchange and users should always make sure this is exact.
IP Address Verification
Upon verification of an email address, Switcheo saves your IP address and location, using this to verify every time you log in. If Switcheo notices a login from a different location, you will be expected to enter a security code which will be sent to your account before you can log in.
These and many more are some of the different ways Switcheo not only makes it easy to use a DEX but also ensures your account is safe. Regardless of all these measures, every user should take their time to make sure they don’t leave sensitive information about their account lying around.