Crypto-bridge.org Review 2019 – Scam or Not?
Update: Cryptobridge started requiring KYC from their users without prior notice. Thats a horrible example, avoid this exchange.
Starting October 2019, all users are required to submit user verification to use CryptoBridge. Find the details in our blog: https://t.co/c0KXWRSPVC
— CryptoBridge (@CryptoBridge) October 1, 2019
Crypto-bridge.org is an interesting website that just recently released and promises to provide a “better” solution to our centralized exchange problem that has been going on. If you haven’t realized yet, the world of exchange websites revolves around entities that would require you to deposit any type of funds to their website which deliberately brings a decentralized monetary medium (cryptocurrencies) to a centralized entity just to trade with your peers.
This can be great in a number of ways but the most important part that people are forgetting would be the centralization of their funds. The problem here is that when a website’s security is compromised, funds that are deposited no matter how small it is can be hacked and stolen. We all know that centralized exchanges keep a hot and cold wallet claiming that most of their funds are stored offline, but how much really is stored offline? This can never be answered and if you have read most of the attacks if most of their storage is stored offline and only a small amount is left online, why do these websites (that have been hacked) get crippled after an attack?
What Crypto-bridge.org did is that they created a decentralized blockchain based order book with a multi-signature gateway network. The user will still be able to deposit/withdraw funds into their accounts but the website claims that they have no access to the client’s funds that are in the exchange. Their web-based wallet is also decentralized since you will be able to download the application and stores no information from the user.
Could it work? Well, let’s take a closer look at their website and get to a conclusion by the end of this review.
Account Creation with Crypto-bridge.org
To create an account with the exchange, all you need to have is an account name and you’re good to go! Passwords are generated randomly creating an alpha-numeric code that is impossible to crack. Since your password is randomly generated, you need to make sure that you will not lose your password since no one can recover your password if you will lose access to your account and the funds associated with it. Make sure to write your password down on a sheet of paper or store it somewhere in the cloud for backup purposes. After providing the required information you will then be reminded again to take good care of your password and what consequences you are going to face in case you lose it. You’re logged in account will then redirect you to their website landing page where the top markets are shown.
The “Top Markets” page shows you all the available top markets the website has to offer. This page does not only serve as an official list of the website it also works as a shortcut to the markets that you want to participate in. Click any of the available markets and you will be redirected to their exchange market. Talking about the exchange, you can also access this through the main tabs located on the upper part of the website. Main tabs include Account, Send, Exchange, and Deposit/Withdraw.
Moving forward to their exchange, we’ve got the basics all lined up. One thing that we noticed though is that when you choose the market inside the platform it does not respond properly and you are forced to go back to the top markets list and select the pair you want to trade with. The active pair shows on the upper left-hand side of the exchange platform. Buying and Purchasing crypto is much harder compared to other websites since they do not have the auto-fill-up feature and you need to click the available sell orders if you want to purchase and buy orders if you want to sell. On the right-hand side panel, we’ve got the available markets that listed with their current price and position in the market against BTC or BTS. Aside from the BTC and BTS markets, the website also offers other pairs which you will be able to access by clicking the “Others” tab on the right-hand side panel.
Deposit and Withdrawals
Crypto-bridge.org is one of those exchange websites that accepts a ton of crypto. Accepted coins are ACCO, AGN, ALP, ALQO, ARGO, ARION, ARTX, BANQ, BASHC, BBK, BCH, BCL, BCO, BEET, BELA, BHD, BITG, BLOCK, BRIM, BTC, BTX, BZL, CAP, CBS, CHEESE, CIF, CMOS, COLX, CRAVE, CRDS, CREA, CROP, CRZ, CTF, CURV, DASH, DEV, DGB, DGF, DSR, DV7, DXC, DYN, ECA, ECC, END, EOT, EQT, ERZ, ESCO, ETHCA, ETHF, EXCL, EXUS, FIX, FLASH, FLM, FOR, FRM, GBX, GIN, GNR, GOA, GRLC, HIGHT, HTK, HTML, IC, ICH, IFX, JEW, JLG, JOY, KLK, KNG, KREDS, LCC, LEO, LIZ, LOL, LPA, LTC, LUCKY, LUX, LUG, MARCO, MATRX, MDC, MEDIC, MIE, MMB, MONA, MOUSE, MRJA, MUE, MUN, NEET, NLC2, NMS, NORT, NYX, OLMP, OMEGA, OPC, PBS, PHILS, PHR, PINK, PIVX, POLIS, POLY, PURE, QBIC, RACE, RAP, RNS, ROE, RUPX, RVN, RVR, SCORE, SEND, SEQ, SHND, SMART, SNCZ, SPD, STAK, STONE, SUBIX, SUPPO, SZC, TGAO, TIN, TOA, TROLL, TUN, UFO, ULT, UNIFY, VIVO, VTAR, VTC, WSP, XAP, XAR, XFT, XGOD, XGOX, XLR, XMCC, XP, XSH, XVG, XZC, ZEX, ZNY, ZOI. For withdrawals, the website also provides the same selection as what you can deposit.
Pros and Cons
- Vast crypto selection
- Does not accept Fiat
- Requires KYC from their users (that is a joke for a “decentralized” exchange)
- Shady about their company information
CryptoBridge Review Conclusion
The website just recently released and we can absolutely say that they lack a lot of things that a true exchange should have. First would be their lack of transparency for their main office location since it was not mentioned on the website. What about their ability to become a decentralized system? The idea is plausible but due to the recent demand for these “decentralized” exchanges, as of now, we are really unable to say that they are completely safe to compare to their earlier predecessors.