A tutorial on how to use the decentralized StealthEX exchange to trade a wide variety of different cryptocurrencies with no KYC
We looked at the difference between a centralized (CEX) and decentralized (DEX) exchange in a previous article. In this article, we are going to look at how to use a DEX with StealthEX.
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Ease of use is an essential factor when considering which exchange or swap to access the growing number of digital assets on the market. StealthEX is a non-custodial cryptocurrency exchange that provides a simple interface that allows users to swap or buy the crypto of their choice.
Note: As with any exchange, how quickly exchanging currencies completes will depend on various factors, including network congestion. Patience is important.
With StealthEX, as with other decentralized exchanges, an account is not necessary to use the platform. For this article, we will stick to swapping one cryptocurrency for another, so you get an idea of how easy it is to use StealthEX as a platform.
StealthEX has an impressive number of assets available for users to swap. Use the drop-down on the send and get sides of the interface to see what options are available
StealthEX allows users to switch between a floating and fixed exchange rate on every swap. With a floating exchange rate, the amount you receive could change depending on the market conditions.
With a fixed exchange rate, the amount will remain the same irrespective of the changes on the market. After you have made your choice as to which cryptocurrencies you will be swapping, in this example, we will be trading BTC for DOGE.
You can either enter how much of the currency you want to send to see how much in the new currency you will receive in return or vice versa; the interface will tell you if your desired send meets the platform’s minimum.
The next step is to send the currency you are exchanging to StealthEX; the platform defaults to a 20 minute counter to receive the deposit.
Once StealthEX receives and confirms the deposit, the platform will begin the exchange process. Once the exchange process is complete, StealthEX will send the swapped currency to your wallet.
Depending on the currency exchanged, it can take a few minutes to a few hours to receive to your wallet. StealthEX provides users with enough information to provide StealthEX support to find out the status of the exchange.
Related: What is DeFi
StealthEX provides a user-friendly and straightforward interface to exchange cryptocurrencies without the need for KYC, providing personal information with a large variety of assets to choose from.
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