Technology and network communications have been progressing for a long time and as a result investment and business are not as they were in the past. It has undergone a paradigm shift. Traditional markets and physical communications are no longer the case. It’s the same for physical marketing and commercials. The time for middle-men is over and people do their business smarter than in the past.
With the advent of the new Blockchain technology in 2009, the cryptocurrency Bitcoin (which many of you may know or have even worked with) was introduced to the business world and has attracted the attention of investors during these years.
One of the technologies that got developed through these years is crypto exchange. An exchange that can be used to trade cryptocurrencies. One of the most innovative crypto exchanges of the day is Counos Decentralized Exchange or Counos DEX. Let’s find out more about it.
Counos OÜ decentralized exchange is a peer to peer and community-based decentralized exchange that enables users to exchange cryptocurrencies in a secure and free environment. By using our DEX services, each person can exchange his/her digital assets (cryptocurrencies) to other cryptocurrencies or even to fiat money. Counos DEX is run and operated by Counos OÜ, which is a Company registered in the country of Estonia (EU Zone) and has acquired all the necessary permits and licenses for operation.
- Providing a virtual currency wallet service, License No. FRK000735
- Providing services of exchanging a virtual currency with a fiat currency License No. FVR000842.
Counos DEX can be used for trading Cryptocurrencies like Bitcoin, Counos Coin, Counos X, etc., and fiat money like Swiss franc, dollar, Euro, etc., which can be easily exchanged with one another. With Counos Decentralized Exchange, money transfer is simple.
It needs to be mentioned that in order to transfer fiat money, it is better to use Counos X, because this cryptocurrency has a better price stability compared to other coins and cryptocurrencies, and you can use this coin as the basis for your buying and selling. You can also benefit from this cryptocurrency by buying them for a lower price and selling them for a higher price, like buying and selling fiat money such as dollar and Euro.
How does Counos DEX provide security for its users?
The safety and security steps that have been put in place by Counos Decentralized Exchange are as follows:
It is very important to note that users’ assets are not staying to the exchange or other individuals. Simply a wallet address is created in the escrow system which acts as an intermediary account which is called a MultiSig wallet (a multi-signature wallet) with three distinct private keys, each for one side of the contract, one for the buyer, one for the seller, and one for the escrow agent. The Cryptocurrency in this wallet can only be accessed with at least two private keys, thus guaranteeing that no party can access the assets alone.
And also the Counos Decentralized Exchange is registered in the European Union and has acquired all the necessary permits and licenses for operation, with offices and legal entities.
How Can You Buy or Sell on Counos DEX?
For instance, if you are looking to sell cryptocurrencies and get fiat money, then you can register your request by looking for the right market. Then, the system will give you the best markets suited for your need and after you submit the request, the exchange will ask you, the seller, to send the cryptocurrency to the MultiSig wallet, but this does not mean that the cryptocurrency will be sent for the buyer, because two private keys are needed to access the assets in a MultiSig wallet.
You should know that in Counos DEX exchange, there are three legal escrow agents which are as follows: a legal firm with an official attorney at law registered in EU, an official attorney at law registered in Switzerland, and also the agent from the Counos Decentralized Exchange who has the official license for providing the wallet and exchange. Each agent has its own determined fees, and people can choose between them.
The escrow agent chosen for any smart contract has one of the three private keys to the MultiSig wallet, and so it ensures that the assets in the MultiSig wallet cannot be accessed unless both parties to the contract, the buyer and the seller, are happy with the result of the contract.
After the seller transferred the cryptocurrency to the MultiSig wallet, then the buyer has to make the payment and upload the scanned receipt of the transfer. Parties have 10 hours to make their payments and upload the receipt to be approved, after that, if the transfer has not taken place, then each side of the contract can make a complaint. Then, the escrow agent will review the documents and see who is right. Since the assets in a MultiSig wallet are released with two private keys, then the escrow agent can release the assets to the party who is the right one in the dispute and has upheld his part of the contract. In this way, there is no possibility of fraud and no possibility for sustaining loss.
What we discussed was an exchange of cryptocurrency with fiat money, but another type of exchange that usually takes place is the exchange between Crypto to Crypto. In this type of exchange, users don’t need to have KYC. In this type of transactions, the parties to the contract have first one place order has 45 hours to deposit the cryptocurrency to the MultiSig wallet, and other one 10 hours after then the exchange will take place quickly and easily, otherwise, transaction going to be cancel.
Have an Income with Counos DEX
With Counos Decentralized Exchange, you can even earn money and make an income. You can see that many people need these services for business, buying and selling, and money transfer solution, especially in countries where there are issues in money transfer. So by identifying these people and using this technology, you can create an exchange for yourself, and by increasing the domain of people and transfers you can develop your exchange. In this way you can make money while also having a money transfer solution.
It is clear that the crypto market is based on supply and demand. You buy your cryptocurrency, like Counos X, and then submit your offer in the market of Counos Decentralized Exchange with a competitive price to sell your cryptocurrency. In this way, with a simple buying and selling process, you get the benefits.
Transfer Money Across the World with Counos DEX
You can use Counos DEX to transfer money from anywhere in the world to any place in the world day and night. You can do this by buying Counos X with Euro, or any other cryptocurrency (it is better to use Counos X because it has a better price stability as a basis for buying and selling) and then sell this cryptocurrency to get the fiat money that you want, for example U.S. dollars. To do this you can submit an offer in the exchange or use the existing ones, and then sell your cryptocurrency and get fiat money in exchange.
Although you should know that in the existing market of Counos Decentralized Exchange, there are many offers for buying and selling that you can use, and you can even submit your own offer in the market to buy whatever you want. Moreover, you can use your own personal account to receive or transfer fiat money.
Final Remarks
Given the great demand for money transfer and making payments from all over the world, this would be a fantastic opportunity to join the pioneer few who are making money from this need. To do so, Counos DEX is a great choice. And also the last but not least is that the Counos Decentralized Exchange enables users to engage in trades no matter where they are, regardless of geographical and legal limitations. The aim of Counos Decentralized Exchange is that each person can act as an exchange and engage in financial transfers through buying and selling cryptocurrencies from anywhere in the world with no limitations.