NEO-based DEX Switcheo now allows Ledger Nano S login 💱 Trade NEO & NEP5 decentralized and secure

Lots of Ledger Nano S news lately, and today is no different! Following up on the release of the updated NEO app on the Ledger, it is now for the first time possible to trade on a NEO-based DEX through your Ledger wallet through Switcheo.exchange.

SWITCHEO.EXCHANGE

Although the upcoming NEO-based NEX exchange has made the most waves, the first real NEO-based DEX to launch was actually Switcheo.exchange. Switcheo is a Decentralized Exchange (DEX) on the NEO platform which allows trading of NEO and NEO-based tokens.

Although Switcheo has been around for a while now, a major hurdle in (my) adoption of it has been the inability to login through my Ledger Nano S hardware wallet. Call me paranoid, but ever since I put my crypto on my hardware wallet I don't ever feel secure if I have to take them out. I love trading through DEXes, but I simply don't touch them with a ten-foot pole unless they offer my access through my hardware wallet.

Fortunately, since today Switcheo has done exactly that!

After an important update to the Ledger Nano S NEO-app a while ago, which was required in order to make it technically possible to trade through the Ledger, Switcheo has been hard at work at creating the implementation of this feature. Today they announced that it is now possible to login to Switcheo.exchange through your Ledger Nano S wallet - much like how you are able to do so on many Ethereum based DEXes already.

This is very exciting news to me! Right now I depend on Kucoin for many of my NEP-5 token purchases since Binance only lists a very small amount of them. I don't really trust Kucoin all that much though and I've never felt quite secure on it. Plus, the withdrawal fees of course, which play a role if you don't intend to leave crypto on Kucoin. Now with the possibility to trade on Switcheo securely, I don't think I'll be using Kucoin anymore. Switcheo now seems like a great place to trade my TKY, ONT, TNC and other projects.

Of course, since NEO has free transaction costs this means that you don't pay for mining transaction fees like you normally do on Ethereum-based DEXes. Take note though that Switcheo does have a fee structure for providing their service: Placing a buy/sell order is free ('Maker fee'), but if you fill (buy or sell) an existing order on the orderbook then you pay a 'Taker fee' of 0.15% which can be reduced by half by using the native SWTH token (much like Binance and BNB). This fee structure reminds me of Etherdelta which operates on a similar method - although there you also have to take the Ethereum transaction cost into account. On Switcheo if you place your own orders trading is essentially free.

I'm still very interesting and looking forward to NEX NEON-exchange, obviously, but for the time being Switcheo.exchange fills all my needs pretty well! All they need to do now is add as many NEP-5 tokens as possible and I will be one happy camper! And, well, I don't like the UI too much - but that never stopped me from using Etherdelta last year either.

The only 'complaint' I have with Switcheo is that they require you to transfer/deposit funds into a smart contract ('wrapping NEO', basically - much like many DEXes on ETH). The funds remain yours, but still it's an extra hurdle and annoyance to do it.

Click here to go to Switcheo.exchange