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fox.exchange Android App Update: Fixed Exchange Rates!

We’re thrilled to announce the new version of our Android app with FIXED RATE support!

But what is an exchange rate in the first place?

As Investopedia.com states, an exchange rate is the value of one nation’s currency versus the currency of another nation or economic zone. For example, how many U.S. dollars does it take to buy one euro? As of Dec. 13, 2019, the exchange rate is 1.10, meaning it takes $1.10 to buy €1.

Of course, the same principle applies to the cryptocurrency: how many ETH it takes to buy one BTC for example.

But let’s take a closer look at the exchange rate variations.

What is a “floating exchange rate”?

The floating exchange rate is determined by the private market through supply and demand, meaning any differences in supply and demand will automatically be corrected in the market.

How does this affect the user? When you start the exchange process, you might see one amount of crypto you are expected to receive. However, when you push the “ok” button to proceed, the exchange will notify you that the rates are different now and you may need to change your transaction details. This complicates things for both users and companies.

To avoid this issue with fiat money, the central bank of countries set and maintain the official exchange rate. This rate is updated daily and that’s where the fixed rates come into play.

What is a “fixed exchange rate”?

A fixed exchange rate is the rate that remains the same for a certain period of time.

If we go back to fiat example above, that period is one day. When it comes to the cryptocurrency exchange, the fixed exchange rate remains the same from the start of the transaction until it’s completed.

How does this affect the user? By fixing your exchange rate, you won’t suffer volatility risks, but you won’t get additional revenue as well. It makes your transaction more stable, but will likely require more fees.

Fixed Rates: Now available on the fox.exchange Android app!

Very cool! Now both types of exchange rates are available for you as a fox.exchange user!

About Fox

fox.exchange is an express cryptocurrency exchange providing the best way to get into the cryptocurrencies market by simplifying the way to exchange one cryptocurrency with another. Our goal in fox.exchange is to make cryptocurrency exchanging as smooth as searching on Google or sending an email.

Main features of fox.exchange:

  • Instant exchange – exchanging cryptocurrencies on other exchanges may take hours, while on fox.exchange it’s a matter of minutes: trades are done in 2 clicks and completed between 3 to 15 minutes.

  • Best rates – we compare and combine offers from various centralized exchanges to get you the best offer: fox.exchange chooses the best market rates from the biggest and most diverse exchanges in real-time.

  • Completely anonymous – no registration, no email, no identification documents needed, only your crypto public address.

  • Extremely safe –  unlike most of the other exchanges, we don’t hold customer deposits. Therefore, your funds don’t suffer custodial risk.

  • Split Trade – the Whole is Greater than the Sum of its Parts: fox.exchange will split your order into fractions in order to get the best rate possible!

  • Trade Routing – fox.exchange will choose the best trade route from coin A to coin Z, sometimes routing through G coin to maximize the rate.

  • High Liquidity by connecting to top exchanges in the market, fox.exchange has access to more than $1B daily.

  • Fast and attentive 24/7 support. Contact us! support@fox.exchange 

Get the app and check it out for yourself! Android: https://play.google.com/store/apps/details?id=exchange.fox.android

Having problems installing or using the app? No worries! Feel free to contact us at any time about any question via BitCoinTalk, Twitter or ask your question directly in the Telegram chat room (@FoxExchange)!