Credo CredoEx Cryptocurrency 101 Exchanges

What is CredoEx?

September 24, 2018

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What is CredoEx?

CredoEx is a cryptocurrency exchange where you can securely trade the Credo cryptocurrency with Ethereum, as well as a number of other leading cryptocurrencies.  The platform was launched to enable people to trade Credo, the token that supports the email service BitBounce. In this post, we’ll run through everything you need to know about CredoEx.

What is BitBounce?

BitBounce is an email service that pays you to receive emails from unfamiliar senders. BitBounce is available as a plug-in for existing email services such as Gmail and Outlook or as a mobile app for Android and iOS. It aims to keep your email inbox free from spam, while also paying you in Credo tokens for receiving emails from people you don’t know.

What is Credo?


Credo is the digital currency paid to BitBounce users for emails received from unfamiliar senders. Once a user has earned Credo, they can withdraw or trade them on our CredoEx platform.

What is a cryptocurrency exchange?
If you are new to cryptocurrency exchanges, there are three main types of exchanges.

  • Trading platforms: Trading platforms charge a fee to connect buyers directly with sellers.
  • Direct trading: Direct trading exchanges allow sellers to set their own prices and trade directly with buyers via the exchange.
  • Brokers: Broker exchanges set their own prices and charge a commission.

CredoEx is a broker exchange that lets you deposit a variety of cryptocurrencies to buy Credo. It also lets you trade Credo for Ethereum. Unlike other broker exchanges such as Coinbase, CredoEx does not accept fiat currencies (such as US Dollars or Euros).

What is CredoEx for?


There are two main reasons why you may want to use CredoEx. First, if you are a BitBounce user, you will receive Credo from people who want to send you unsolicited email. You can convert your Credos into other cryptocurrencies , such as Ethereum. You can do this on CredoEx.

Second, you may want to send someone you don’t know an email. If they have signed up for BitBounce, you will receive an auto-reply message from BitBounce asking for payment in Credo. In this case, you could use CredoEx to buy Credo.

Why was CredoEx formed?


Last September, BitBounce raised over $11.3 million worth of Ether during its ICO (Initial Coin Offering). The number of daily active users skyrocketed and the idea of putting a paywall on an inbox seemed to be catching on. However, simply earning Credo wasn’t enough. During a recent interview, co-founder Stewart Dennis explained how BitBounce users kept asking how to convert their Credo into USD or Bitcoin. Larger exchanges were fraught with problems. After experiencing issues with downtime, bugs and pauses in registration, the BitBounce team felt they could architect and engineer a more reliable exchange platform, and CredoEx was born.

Who is CredoEx for?


CredoEX has a simple and straightforward user interface, designed for everyone from beginners to seasoned cryptocurrency traders. CredoEx was built  for anyone who has received Credo via BitBounce and wants to cash out into other cryptocurrencies.

How does CredoEx compare with other exchanges?


CREDO/ETH trading pairs are also available on CoinBene and OTCBTC while Tidex offers a CREDO/BTC pair and BitMart offers a CREDO/BMX pair. CredoEx was created to offer BitBounce users and Credo holders the chance to trade Credo on a trustworthy and secure exchange with 24/7 maintenance and support.

How to get started trading on CredoEx


CredoEx requires your email address and date of birth to sign up, however, existing BitBounce users can sign in with their BitBounce password. After clicking on the confirmation link sent to your inbox, you then need to verify your identity by simply entering your name, address and telephone number. You’re then free to start trading up to $1,000, and have the ability to increase this limit to $250,000 with further verification.You can then start trading Credo and Ethereum on the platform, safely and securely.


What fees does CredoEx charge?


CredoEx charges $0 for deposits and withdrawals of virtual currency to an address off the CredoEx platform. There are currently no fees for network transactions, such as the Ethereum GAS fee, as an incentive for early adopters. However, in the future, the deposit, withdrawal and network transaction fees may be passed onto customers to ensure the sustainability of the exchange. There is currently a 0.25% fee for buys and sells on the CredoEx exchange.  

How does CredoEx work?


There are three main functions on CredoEX: deposits, trades and withdrawals.

  • How to deposit to CredoEx
    For the time being, CredoEx is a crypto-only wallet exchange meaning that it does not accept payments or withdrawals in fiat currency. If you want to buy Credo, you need to transfer cryptocurrency into your CredoEx exchange wallet. The exchange indicates that it will accept a range of cryptocurrencies including ETH, TUSD, CVC, REP, GNT, ZRX, BNT, BAT, DAI, OMG, ANT, KNC, GNO, SWFTC.
  • How to withdraw from CredoEx
    You can only withdraw in Credo or ETH. If you earn Credo via BitBounce and want to convert it to a fiat currency such as the US Dollar, you first need to trade it for ETH on the CredoEx platform. You would then withdraw the ETH to another broker exchange (such as Coinbase) that accepts ETH. After transferring the ETH to your Coinbase wallet, you can then withdraw into your home currency.

Conclusion


CredoEx’s intuitive interface means that it is simple enough for mainstream users without any understanding of cryptocurrency. This should help support the adoption of BitBounce and should help increase the liquidity of Credo. CredoEx’s free deposits, withdrawals and network transaction fee set it apart from other exchanges currently listing Credo.