Is Cryptobridge a Safe Exchange?
You can also access restore and back up your account on the website. This comes in handy in the event of total password loss.
We could argue that the website does take security seriously, and users can benefit from that. At first glance, the company runs a safe exchange. Provided you comply with their KYC regulations when withdrawing and depositing, you also have access to a solid support line. The company is also quite public: you can easily find updated information, tutorials, and guides on them.
How Does Cryptobridge Work?
Setting Up Your Account
The features of the exchange are the industry standard. The platform has no significant flaws in its UI. However, the exchange can get a bit slow sometimes. It will probably take more than one session for a user to get accustomed to it. Other exchanges offer a more streamlined experience.
If you open an account on Cryptobridge, you will also encounter BridgeCoin. The first thing you need to know is that this coin can grant users with a real stake in the company. BridgeCoin holders get fifty percent of the revenue collected from trading fees.
You don't get any BridgeCoin when you open an account, but you can acquire some on the Cryptobridge exchange. You receive rewards by using the platform for a given amount of time. The company has a staking period that issues payments twice a month.
Cryptobridge takes your stake size (the total of BridgeCoins you decide to stake) and multiplies that number by 50% of market taker fees. They also offer bonuses to encourage users to stay on the platform: 20% bonus for one month, 50% for six months, and 100% for a year.
As a way to show appreciation for its users, Cryptobridge also offers users the chance to reach a 200% bonus after the second year. They can keep staking until they reach a 300% bonus.
This year, Cryptobridge released a report on their 45th payout, which went out on September 1 and September 15. According to the report, they paid 0.13658797 in BTC, which amounts to about $1,200. They say that more than 70% of the total BridgeCoin supply is currently staked.
Cryptobridge ID Requirements (KYC)
Cryptobridge has been under fire recently for its adoption of a KYC policy. As we mentioned earlier, KYC stands for Know-Your-Customer, and it means that users now have to provide ID to use the platform. The company broke the news of this policy change in October and quickly garnered backlash from its userbase.
Decentralized exchanges all offer the possibility of more privacy and anonymity when trading. Cryptobridge claims to take this one step further by eliminating intermediaries, but their new KYC policy directly contradicts their mission statement.
They currently have a KYC section in their FAQ. There, they state that a passport or state driver's license will be the first documents they will consider for account verification. They also require a social security number for US applicants. Users from other countries usually give their passports, but there have been complaints of failed verifications.
As you can see in the image above (taken from their website), Cryptobridge instated a KYC policy to comply with the 5th EU Anti-Money Laundering Directive. This updated law became active in June of last year. In a blog post from this month, the company claims that they were looking to avoid accusations of money laundering.
They also claim that cryptocurrency exchanges overall have to meet these regulations to overcome the stigma. However, this statement has users wondering: what happened with the idea of a completely decentralized exchange?
In theory, the Cryptobridge exchange is still decentralized, but the exchange is not anonymous now. Anonymity and privacy are two features that brought many users to the door in the first place.
Many of those users now feel scammed. Other Cryptobridge reviews reported a decline in active users following this decision.
How to Verify Your Identity on Cryptobridge
At the moment, users will have to decide giving out their personal information is something that they are comfortable with doing. This might not be such a bad thing. Many other exchanges (centralized or not) require users to provide some form of ID to trade.
The main issue with Cryptobridge's KYC was that the measure came as a total surprise; they implemented it without any prior notice. Cryptobridge claims that user verification makes the network more secure: ID constraints serve as good tools to detract real-world criminals. This might be true, but it doesn't mean that Cryptobridge will defend its users from these criminals.
If you find their backtracking odd but still decide to provide ID, you will have to do so through the Fractal platform. This company holds Cryptobridge's user data, and the company claims that they follow all the necessary regulations to protect their users' information.
You will have to provide a physical address as well. Then you will have to upload a document as proof of address. The options are the same whether you live in the US or not.
Social Media and Discord Server
Cryptobridge has an active social media presence. Twitter is their primary outlet, but they also keep a blog that's updated every week. Users that stake BridgeCoin may want to pay attention to this blog.
In their most recent post, published on October 29, they state that they plan to bring back their referral program. They want to offer 10$ per BTC of volume generated, an excellent commission for prospective users. They reiterated the speed of their platform as well: one hundred thousand transactions per second, with an average confirmation time of just three seconds.
Users that want to be informed in a better way can also check out the Cryptobridge Discord server. You can access it via a referral link from someone already inside, which is not hard to find.
The Cryptobridge Discord is very active, offering tons on hashtags to get users on their way. The useful links tag that you can see on the left menu (on the image above) contains many tutorials and guides that you can use to understand BitShares, BridgeCoin, and trading inside the Cryptobridge platform.
Some users mistrust the platform for its lack of inside information. There are no official accounts behind Cryptobridge and no information regarding their team on their official website. Twitter, Reddit, and Discord are their most active social media platforms. The company makes its official announcements through these mediums, but they always use usernames.
Cryptobridge Review: Conclusion
Cryptobridge currently has a lot going for it, but they will have to get through the backlash of the KYC. Many users have been unable to verify their accounts, and they are taking to social media in protest. The company does not directly address the issues but does keep reliable support channels at hand.
Some users defend them: they claim that they have had no problems with the platform, only with other users. The ID is only a small price to pay for an exchange that still offers a great deal of decentralization.
You will also find a good number of Cryptobridge reviews and social media posts disavowing them entirely. For these users, KYC means that the exchange is on its way to eventual centralization.
For the company to clean its name, they will have to offer even better support to their users, and listen to their base before making any other decisions on security and ID. They will also have to keep updating their platform and improve trading choices, deposits, and withdrawals.
Let's conclude this review by noting that the platform has a reasonably good trading track record. Their programs all seem legit. BridgeCoin is currently dropping in price, but it is still relatively stable. The exchange has a total trading volume of around $148,000, as of today.
Cryptobridge Review Summary
- Exchange Fees
- User Interface
- A full decentralized exchange
- Fast approvals
- Low trading fees
- A large selection of coins to choose from
- Customer support often slow to respond
- Trade volume still relatively low
- No fiat currency deposits supported