Frequently Asked Questions

DEX stands for Decentralized Exchange. Counos DEX is a world-class decentralized exchange that is run based on the Counos Platform. Counos Platform is one of the world’s most extensive and secure platforms of the financial Blockchain.
In centralized exchanges, your assets are controlled by a third party, also referred to as middleman. This means you leave someone else, someone you do not even know, in charge of your assets. However, in decentralized exchanges the middleman is eliminated. The operation takes place in a peer-to-peer manner in the infrastructure of the Blockchain network.

There are many factors involved in the high level of security that we provide at Counos DEX. Among them are the three followings:

  1. Two-Factor Verification

    Each time the user wants to log in, in addition to user name and password, he/she will be required to enter the code sent to his/her email or the code generated by Google Authenticator.

  2. KYC

    Through our Know-Your-Customer Verification (KYC) process, we make sure of the authenticity of our users' identities.

  3. Multisig Wallet

    All the assets involved will be handled using Multisig wallet technology, which guarantees that no one entity (either buyer, seller, or hosting website) can gain access to the assets unilaterally.

The actual process of exchange takes place on the infrastructure of our Counos Escrow platform. Therefore, the only fee of the exchange operation is equal to that of our Counos Escrow platform which is not that high.

The security and payment algorithms implemented in Counos DEX are such that they guarantee the buyers get exactly what they were promised and the sellers get exactly the amount of money they were promised. How? At Counos DEX, we use the Multisig wallet technology. So, when the buyer sends the cryptos, he/she waits for the seller to make his transaction. No coins are given to any side, until both sides have made their respective transactions. Until that time the coins are stored in a Multisig wallet. When the seller sends the cryptos as well, Counos DEX allows parties to withdraw their coins by entering their respective private keys, thus guaranteeing safe exchange between buyer and seller.