In this review, we will look at Unizen, a hybrid cryptocurrency exchange that serves both retail and institutional investors. In particular, we will look at what it has to offer in terms of features, what it costs to use the platform, its approach to security and customer service. In addition to that, this article provides a step-by-step tutorial on how to create a Unizen account and participate in ZCX token betting.
ABOUT UNIZEN
Unizen is an innovative smart cryptocurrency exchange ecosystem based in Vaduz, Liechtenstein. It was launched in April 2021 through an IDO (Initial DEX Offering) listing on the LaunchPool platform.
The platform combines the best of both worlds between centralised (CEX) and decentralised (DEX) exchanges earning the term CeDeFi. CeDeFi stands for CEntralized DEcentralized FInance and refers to a platform that operates under the usual financial regulations while experimenting with modern financial innovations introduced through the blockchain.
Unizen is a two-tier centralised hybrid exchange: in addition to being a CeDeFi, it also supports both cryptocurrency trading and staking.
In particular, the exchange runs on Binance Cloud servers, allowing it to take advantage of the deep liquidity available on the largest cryptocurrency exchange. Not only that, but it also benefits from Binance’s security infrastructure, making it a secure platform for buying and selling a multitude of digital assets.
Users of the platform can take advantage of the following features:
CeDeFi infrastructure: the platform provides deep liquidity from the Binance exchange while offering DeFi functions within the same interface;
AI-powered Social Sentiment Indicators (SSI): Unizen collaborates with LunarCrush, a social network analytics tool to provide data points on trending topics to traders and investors;
Altcoin Tournament: altcoin projects are subject to competition for popularity, and the winner gets a free listing and support on the platform;
Dynamic Multi-Asset Staking (DMAS): unizen account holders can earn a variety of tokens by staking their ZCX tokens;
Access to ZenX Labs Portfolio: this is the launch pad on the Unizen hybrid exchange where new crypto projects are launched through IEO. ZCX stakeholders on the platform can participate in crowdfunding events.
WHY DO CRYPTOCURRENCY TRADERS USE UNIZEN?
As a hybrid cryptocurrency exchange, Unizen can offer its users the benefits of using both a CEX and a DEX. For example, CEX platforms are generally easier to use than their DEX counterparts. Unizen is no exception.
The benefits of DEX include its conveniences, such as fast transaction set-ups, cost-effectiveness and lack of KYC (know your customer) provisions. Since Unizen is a hybrid exchange, it offers KYC, but the rest of the benefits of DEX are available.
In short, here’s why most investors have chosen to use Unizen to buy, sell and trade cryptocurrencies:
Deep liquidity – Unizen is based on Binance’s cloud infrastructure, which gives you access to some of the deepest liquidity markets in various cryptocurrency trading pairs. Deep liquidity contributes to fast transaction speeds, lower slippage and profitability;
Trade aggregation: the Unizen platform can source liquidity for DEX trading pairs from a variety of markets across multiple blockchain networks to serve users the most profitable trades;
Exchange Governance: Unizen native token (ZCX) holders can participate in key decision-making events, such as voting on IEO projects, augmenting the roadmap and modifications to Unizen’s design language;
Dynamic Multi-Asset Staking: staking is proving to be a popular passive income-generating activity for most cryptocurrency investors, but what is unique about Unizen’s product is that ZCX stakeholders can earn token rewards and private sale allocations on several different digital assets;
KYC security and compliance: most DEX platforms avoid KYC provisions. However, Unizen has to comply with KYC rules as it is a hybrid between a CEX and a DEX platform that increases the security of users and their funds;
Social Sentiment Indicators: Unizen provides traders and investors with a robust social trend indicator that shows which topics are trending and the level of their popularity.
UNIZEN’S KEY FEATURES AND PRODUCTS
A platform’s key features and products help differentiate it from its competition. Unizen may be a new trading platform, but it offers a lot for its users. Here are some of its features:
1. CeDeFi architecture
Unizen has three main components that define its architecture. These are:
Unizen modules: these comprise all the modules that Unizen will build and integrate into the platform over time;
Third-party modules: external developers will be able to create and deploy custom modules through API integration and a software development kit (SDK);
Unizen custom logic: fulfils the task of harmonising operations between all modules to ensure interoperability, consistency and a seamless interface.
2. Trading
As an exchange, Unizen allows its users to buy, sell and trade cryptocurrencies using various order types, including Limit, Market, Stop-Limit or OCO (order cancellation order) transactions;
3. Betting
Crypto investors can participate in ZCX token wagering by locking their assets inside a smart contract. The staked assets can be used to vote on platform governance and which projects are supported on the ZenX Labs IEO platform. Rewards in staked tokens are made across various assets and tokens backed from initial/private allocations of IEO projects;
4.AI peer-driven social sentiment.
Unizen has partnered with LunarCrush to provide its users with access to social sentiment tokens. The cryptomarket is highly vulnerable to social sentiment; therefore, having this information is crucial before making any critical decisions. This association is also essential for deciding which project to support through the IEO process during the Altcoins Tournament;
5. Altcoin Tournament
This is a unique offering from Unizen, which allows potential IEO candidates to fight for votes from ZCX stakeholders based on social media popularity on platforms such as Twitter. The winner gets a free listing on the unizen marketplace and support from the CeDeFi exchange.
The ZCX token
ZCX is an ERC-20 token based on the Ethereum blockchain and native to the Unizen CeDeFi platform. It is a utility token that serves four main purposes:
Platform governance: holders of ZCX are entitled to participate in making key governance decisions, such as:
Voting on crypto tokens to be listed;
Deciding on the path of the roadmap;
Customisation of the exchange’s user interface.
Claim a discount on the trading fee: as a utility token, traders can claim discounts if they pay their trading fees using ZCX within the UNIZEN: CEX module wallet;
Dynamic multi-asset betting: ZCX holders can bet their assets within Unizen pools and claim rewards on a multitude of other assets, including BTC, Ether, BNB and ZCX, or get initial allocations on IEO launch projects;
Direct access to the ZenX Labs portfolio: ZCX stakeholders get tickets to participate in early-stage investment for ZenX projects and IEO events.
According to Unizen’s listing on Launchpool, one billion ZCX tokens were created during the TGE (token generation event). This supply is scheduled to dwindle as some of the tokens are burned out of circulation to create a deflationary effect. Only a portion of the listing fees will be burned.
Here is a summary of the token allocation schedule after the TGE:
Equipment – 20% (200M)
Ecosystem – 30% (300M)
Foundation – 28.5% (285M)
Partners and Advisors – 5.5% (55M)
Seed – 5% (50M)
Strategic – 5% (50M)
Private Sale – 6% (60M)
Note: ZCX tokens can be purchased on KuCoin, Gate.io and UniSwap, among other places…
UNIZEN FEES AND PRICING
Unizen uses a maker/taker trading fee model, and the fees reflect those charged by the Binance exchange from which it obtains its liquidity. A maker is a market participant that adds liquidity, while a taker removes or takes liquidity.
Like Binance, Unizen also offers trading discounts via the platform’s ZCX utility token. To claim any discounts, make sure you have ZCX tokens inside the UNIZEN: CEX module wallet or in your trading account.
Here is the updated fee schedule for the exchange:
Unizen uses a subscription model for its premium DeFi modules, such as DMAS. In this case, the user must pay $50 for a professional subscription using ETH, USDC or ZCX assets.
The $50 fee applies to each primary network wallet connected to Unizen, meaning that if you connect multiple wallets to participate in the DMAS module, for example, each wallet must be paid to access the platform.
Other non-premium modules are free to access for all users.
HOW TO CREATE A UNIZEN TRADING ACCOUNT (STEP BY STEP)
Creating an account with Unizen is simple. The platform is KYC compliant and easy to use, especially for beginners, and offers essential tools for an experienced cryptocurrency trader. To create a unizen account, follow these steps:
Step 1 – Visit Unizen.
Navigate to the Unizen home page via https://www.unizen.io/ and click on the [Ecosystem] button at the top right of the page.
This action will take you to the Unizen application where you can interact with the Cefi and DeFi modules.
Step 2 – Navigate to the trading page.
To trade any of the supported pairs, you must use a Unizen account and therefore there are [Register] or [Login] buttons on this interface.
The default landing page of the home page is the [Earn] interface which is used to interact with decentralised modules. To access the operations page, click on the [Operate] tab in the left-hand navigation panel.
Step 3 – Register for a unizen account.
Click on the [Register] button at the top right of the trading page.
Provide your email address and create a secure password. Remember to tick the box to accept the terms and conditions, then click the [Register] button.
Step 4 – Verify the email address.
Unizen will send a verification code to the email address provided in the previous step. Verify your email account for the six-digit code and do so in the next step.
Unizen automatically detects the code once you enter it in the field and reloads the page.
Step 5 – Provide KYC details.
Next, Unizen will ask you to complete the KYC information form, which includes providing your official name, passport number, date of birth and address details.
Click on the [Start Verification] button to access your account. You will need to verify these details through the verification section once you log in to your account.
To do so, hover your cursor over the profile icon at the top right of the trading page after logging in, then select the [Verification, Payments and Limits] link from the drop-down menu.
Next, click on the [Reverification] button as shown below.
Proceed to provide a scanned image of your ID card and undergo the mandatory facial verification. Once you are done with the identity verification, you will be able to access all modules within the Unizen platform.
IS UNIZEN SECURE?
Unizen is one of the most secure CeDeFi platforms on the market. Its centralised exchange module is hosted on the Binance Cloud infrastructure, allowing you to get liquidity from the largest cryptocurrency exchange. In addition, it also inherits Binance’s industry-leading security, making Unizen’s trading service among the most secure platforms.
Decentralised finance requires investors to maintain custody of their assets, which is a much safer approach to security compared to centralised exchanges that take custody of their customers’ assets. To use Unizen’s Earn service for gambling, users must connect an external self-custodian wallet such as MetaMask.
Finally, Unizen provides its users with multiple security tools to protect their accounts. These are:
Second Factor Authentication (2FA): Unizen users can enable 2FA through email and/or SMS verification, in addition to one-time access code generators, also called authentication apps;
Identity verification: KYC compliance increases platform security by deterring unauthorised use of the service;
Anti-phishing code: phishing is a common method hackers use to steal customer funds. Unizen has implemented the anti-phishing code, which is a piece of random characters or words that the user sets to allow them to identify fake emails from genuine ones;
Whitelisting of withdrawal addresses: this feature ensures that funds within an account are only withdrawn to whitelisted addresses. Any new additions can only be used after a delayed period, say 24-48 hours, which should be sufficient time to stop any unauthorised transfers.
UNIZEN CUSTOMER SUPPORT
Customer support is an essential aspect of a cryptocurrency exchange where most platforms have invested heavily in communities and community managers to help resolve customer issues. Unizen, despite being a relatively new exchange, has also cultivated a vibrant community of fans on social media channels.
Users can quickly get help with their questions, from finding out how to create an account to setting up API keys and participating in ZenX projects. Customers can also use these channels to track development and roadmap execution.
Here are some of the channels to get help from Unizen and its user community;
LinkedIn;
Medium;
Website blog;
Twitter;
Telegram;
Github;
Website contact form.
PROS AND CONS OF USING UNIZEN SMART CEDEFI ECOSYSTEM
Pros
Unizen’s CEX module runs on Binance Cloud infrastructure inheriting the security and cost-effectiveness of the leading cryptocurrency exchange;
Centralised and decentralised hybrid product offering allows the platform to serve a broader clientele based on their needs;
DMAS feature allows bettors to claim rewards in various other assets, saving them an additional step of having to convert rewards into assets of choice;
High regulatory compliance ensures that the platform can attract institutional investors;
Unizen offers a native utility token that can be used to claim discounts on trading fees;
The platform offers a simple and intuitive user interface;
Users have a comprehensive list of security tools to help protect their accounts;
There is deep liquidity coming from the Binance exchange;
The DEX module provides support for an extensive list of wallets including MetaMask, Coinbase Wallet and WalletConnect compatible wallets;
ZCX community members and stakeholders can participate in the governance of the platform.
Cons
The exchange offers nothing new, which pits it against more established platforms that have specialised in offering centralised or decentralised DeFi and Merchant Services;
Each core network wallet that interacts with the DMAS module will pay a $50 subscription fee, which could be costly for an investor using multiple wallets on multiple networks;
Unizen is relatively new to the market.
CONCLUDING THOUGHTS
Unizen’s ceDeFi hybrid offering is a solid addition to the diverse cryptocurrency trading market. Investors are often torn between choosing centralised and decentralised service providers, but now with Unizen, they don’t have to choose. They can get both on a single platform.
There are several benefits to using the exchange, including offering deep liquidity markets from Binance. Binance is also a highly secure exchange, a feature that trickles down to Unizen through leveraging the former’s cloud services.
The full list of services and products will satisfy most cryptocurrency investors. As the team works to realise its project roadmap, users can expect more features.
FREQUENTLY ASKED QUESTIONS ABOUT UNIZEN (ZCX)
What is Unizen?
Unizen is a hybrid cryptocurrency exchange offering centralised and decentralised services to retail and institutional investors. The platform complies with regulatory requirements for a financial services provider while attracting self-custody users interested in accessing deep liquidity markets.
What can I do with the Unizen token (ZCX)?
ZCX is a native ERC-20 utility token on the Unizen exchange that can be used in four ways:
Claim discounts on trading fees;
Participate in the governance of the exchange;
Gain access to the ZenX Labs portfolio; and
Stake out through the DMAS module.
What are the fees for using the Unizen CeDeFi exchange?
The Unien:CEX module charges trading fees based on a maker/taker basis with fees ranging from 0.04% to 0.1%. Users can claim discounts on these fees using ZCX tokens.
Decentralised modules employ a subscription model with each core network wallet connection costing $50.
How do I contact Unizen customer support?
There are several communication channels for Unizen customers to reach the exchange team or get help from the community. These include:
Social media channels – Twitter, LinkedIn and Medium;
Messaging channels – Telegram and the website contact form;
Development platforms – Github;
The website blog for updates, tutorials and announcements.