VDollar Review 2021 – Unique Mining Mechanism Exchange

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Cryptocurrencies are booming day by day as digital technologies are gaining traction. With the increased use of cryptocurrencies, there is an increase in the demand for cryptocurrency exchanges as well. It is crucial for the exchanges to provide various services in addition to types of trading to attract the traders. VDollar is a cryptocurrency exchange that presents new and innovative solutions to various problems. The best part about this exchange is they place more authority in the user’s hands. 

VDollar Exchange Synopsis

Websitehttps://www.vdollar.io/ 
Mobile ApplicationAvailable
Supported CoinsBTC, ETH, VD, FIL, DOGE, XRP, BSV, ZRX, DASH, & more
Supported trading pairs30 
Native TokenVDollar
HeadquartersColorado, USA
Found in2020
Supported countries Do not Support Countries that Consider Cryptocurrency Trading as Illegal
Minimum depositNot required
Transaction feesMakers – 0.06%Takers – 0.04%
Withdrawal feesMainly for Miners
Deposit fees0
Customer SupportLive Chat, Email, and Submit Complaint Support

In this article, let’s understand in detail about this cryptocurrency exchange. 

What is VDollar Exchange? 

VDollar Exchange is a budding cryptocurrency exchange that offers various services like crypto trading, margin train, OTC, coin-margined, and USDT-margined swap trading. The exchange also provides a cryptocurrency wallet that is a VDollar ultra-circular digital currency wallet. These wallets provide seamless transactions, efficient transfers, deposits, and withdrawals of cryptocurrencies.

Additionally, the cryptocurrency is also well-known for its unique mining mechanism where a 100% transaction fee is put into the USDT reserve pool. VDollar exchange is also a Money Service Business (MSB) registrant under the jurisdiction of the United States. Currently, the exchange has three business sectors that include digital currency Exchange (vdollar.io), ultra-circular digital currency wallet (vdollarwallet.com), and its platform for mining coins (vdollar.org). 

Why choose VDollar? 

VDollar exchange is creating a new mining mechanism. It is the first decentralized cryptocurrency exchange that builds the currency value by backing it with transaction fees as its underlying asset. All its transaction fees are put into the USDT Reserve Pool (URP) as it is the underlying asset that gives VDollar its value. 

In order to maintain consistent value flow, each VDollar is pegged to the URP. Additionally, the IPO will be issued with 1:1 correspondence with the URP. It is implemented to ensure that each VDollar is anchoring a solid asset. 

VDollar wallet is available for download on Android as well as iOS devices. With the wallet, users can see real-time cryptocurrency prices and a chart with different indicators available. The application is user-friendly so that both beginners and experienced traders can enjoy using it. VDollar assistant is available 24/7 to solve all the user queries.

Features of VDollar

VDollar exchange supports a simple user interface, suits both newbies and experts, has an easy-to-navigate website that is divided into various sections like an exchange, OTC, Swaps, Margin, and Trading Mine. Let’s understand the features of VDollar in detail: 

Simple UI

As described earlier, VDollar has easy to use UI. The website support English and Chinese languages. Users can find the language setting option on the top right side of the website. Currently, the exchange platform supports BTC, ETH, VD, FIL, DOGE, XRP, BSV, ZRX, DASH, EOS, ZIL, LTC, among others. The trading chart displays both high and low trading volume along with 24hr volume period. Features like ‘take profit’ and ‘stop loss’ help traders in effective risk management. 

Mining Mechanism

The unique mechanism of VDollar is explained earlier wherein a 100% transaction fee is put into the USDT reserve pool. The transaction fee acts like the underlying asset. The value of its currency is backed by the transaction fees collected from trading on the platform. 

USDT Reserve Pool (URP)

The URP holds the transaction fees backing VDollar. All coin-holders can own it with a public on-chain address. The address is public and can be verified. The underlying assets of the VDollar exchange are supported, verifiable, and completely transparent. 

Mining Rewards

Mining VDollar seems to be difficult after reaching the 10th level. To motivate miners, VDust is offered as a reward from the 11th level. One of the important aspects of VDust is that the reward is obtained by the transaction fees. 

How to register for VDollar? 

Similar to other cryptocurrency exchanges, VDollar also has a simple registration process. You can either sign-up by your phone number or your email address. After entering the necessary details you can set a password and use the same along with an email or phone number to access the trading account. 

VDollar Review 2021 - Unique Mining Mechanism Exchange 1

How does for VDollar mining work? 

As mentioned earlier, 100% of transaction fees are used as an underlying asset, which is later converted into USDT and added into the reserve pool. Furthermore, it is linked to VDollar through the ERC20 smart contract. The first issue coin is in 1:1 ratio to ensure proper anchoring of the VDollar. The balance and currency available are announced daily and audited manually. 

How to trade on VDollar Exchange? 

The first step is to complete the registration process. Later, you need to fund your account using the payment methods like bank transfers or credit-debit cards or payment gateways like AllPay, WeChat, etc. Also, you need to note that VDollar employs USDT as its base currency. 

VDollar Wallet

The VDollar wallet is a cloud wallet that has easy to use interface that is suitable for beginners as well. The wallet focuses on the global stock exchange to traders make better investment decisions. It uses cold storage of cryptocurrencies owing to multiple encryptions for better security. Additionally, it also has features like fingerprint/face unlocking for hassle-free access.

Fiat & Cryptocurrencies Supported

Cryptocurrencies: BTC, ETH, VD, FIL, DOGE, XRP, BSV, ZRX, DASH, EOS, ZIL, LTC, LINK, BCH, ADA, ETC, YFI, UNI, ELF, TRX, ZRX, SNT, OMG, and HT

Fiat Currencies: EUR, USD, CNY, HKD, KRW, etc.

Customer Support

VDollar has built a strong social media presence where users can post their comments and concerns on platforms like Twitter, Facebook, etc. They also provide email support. There is a contact form option as well, where the users can fill out their queries. 

Is it Trustworthy to trade on VDollar? 

Often, VDollar is compared with Binance exchange. But, VDollar is more reliable than Binance. It is a highly regulated cryptocurrency exchange. All the token holders can be the owner of the exchange’s mining pool through the public on-chain address. 

VDollar is a decentralized exchange that offers buying/selling of cryptocurrencies using fiat money. It is an effective P2P platform where buyers and sellers can trade cryptocurrencies with fiat currencies. Buyers and sellers can choose from various payment options to complete a transaction. 

FAQs

Q). What are the pros and cons of the VDollar Exchange? 

A). Pros: Easy-to-use

  • Both high and low trading volumes supported
  • Offers margin trading and swap trading services
  • 100% transaction fee is used as the user’s underlying asset. 

Cons: Limited options for customer support

Limited cryptocurrencies for trading

Q). Is it safe to use VDollar? 

A). Yes, the exchange is governed by the Treasury of the US. Additionally, the exchange also holds MSB registration which represents safety and legitimacy. 

Q). Does the trading mining use electricity?

A). No, it does not use electricity.