Fryx Finance - An open-source Monero/Bitcoin exchange.

[jackmurray]

https://fryx.finance/ is an open-source Monero/Bitcoin exchange in active development.

We are currently looking for market makers who can hook up to our API.

If you have time to integrate with us, we would greatly appreciate it!

More to come soon.

Edit: added 0.2% fee for trades.

Kind regards,
Jack Murray

[joniboini]

I don't see an exchange rate on your website. How would you determine how much 1 BTC is worth, or how will the user knows if their order will go through or not if the exchange rate, open order/order history etc is not visible? Do they have to wait until their transaction gets confirmed on the blockchain?

If that's the case, then the risk for them will greatly increase since they need to depend on you to be trustworthy. I don't think this is the right choice to make since you'll never get any customers by doing so. You should rework this a bit, at least make it so that users can see the liquidity of your market.

Also, what does the 0.00001 BTC/XMR at the bottom of the page mean? Is it the fee you take for every withdrawal and refund when a user can't buy/sell their coins? I understand that you want to take profit from every withdrawal, but why would you request additional funds when a refund is issued (assuming the cause is the inability to fulfill the order)? That would discourage traders instead. CMIIW.

[coupable]

Also, what does the 0.00001 BTC/XMR at the bottom of the page mean? Is it the fee you take for every withdrawal and refund when a user can't buy/sell their coins? I understand that you want to take profit from every withdrawal, but why would you request additional funds when a refund is issued (assuming the cause is the inability to fulfill the order)? That would discourage traders instead. CMIIW.

For this reason, launching the service with zero fees for swaps in exchange for charging fees for withdrawals is not very encouraging in this case, especially since the application works only on the exchange between Monero and Bitcoin and does not support more pairs. Unless, there are plans for further development.
On this basis, launching the open-source application will not have the ability to attract a larger number of users. In addition, anyone can launch a competing application using the source.

[stompix]

I don't see an exchange rate on your website. How would you determine how much 1 BTC is worth, or how will the user knows if their order will go through or not if the exchange rate, open order/order history etc is not visible?

I think that OP is looking more for the integration of their code rather than actual exchange on the website, so if this would be the case everyone would be free to set up their own exchange rate and fees as they see fit. Anyhow, the owner should really focus on providing some additional info, you already have 3 topics about the same thing spread all over the board, focus on one.

The description is also confusing, so I went for the buy monero option, got an error and redirect to
https://fryx.finance/auto/None
I went for the second option, which was labeled sell monero but after typing the trow addresses I was instructed to send Bitcoins...
Also, once you sued an address it seems the system doesn't accept it anymore till the order is completed so if you do it for testing, then you can't do it for real!

[yhiaali3]

What is the special thing about your service, I mean in order to attract traders, you must have services that are distinct from the rest of the exchanges.

I see that you need to add many things to the exchange, for example the price of Bitcoin and Monero because it is constantly changing as you know, also it would be good to add price charts.
It would also be nice to add the possibility to connect the hard wallet and make the exchange with the wallet directly.

Your site is currently not like a decentralized exchange, and it is not like a P2p exchange either.

[PX-Z]

I see that you need to add many things to the exchange, for example the price of Bitcoin and Monero because it is constantly changing as you know, also it would be good to add price charts.
It would also be nice to add the possibility to connect the hard wallet and make the exchange with the wallet directly.

Your site is currently not like a decentralized exchange, and it is not like a P2p exchange either.

As mentioned above, OP wants more the integration of its platform to get used as a partnered exchange other than to get used as an actual exchange. So these features are not necessary.
For the time being, more information on the website on How-to to get things done is the most important. Also, making it more looking descent i mean your UI can attract partners. Of course, the most important is functionality of being as a partnered exchange.

[jackmurray]

I don't see an exchange rate on your website. How would you determine how much 1 BTC is worth, or how will the user knows if their order will go through or not if the exchange rate, open order/order history etc is not visible? Do they have to wait until their transaction gets confirmed on the blockchain? \

I've added some functionality to determine the approximate exchange rate.

The description is also confusing, so I went for the buy monero option, got an error and redirect to
https://fryx.finance/auto/None
I went for the second option, which was labeled sell monero but after typing the trow addresses I was instructed to send Bitcoins...
Also, once you sued an address it seems the system doesn't accept it anymore till the order is completed so if you do it for testing, then you can't do it for real!

The idea that you can use a unique address for withdrawal is intentional, it is just easier to design the system that way.

The https://fryx.finance/auto/None bug you saw is now fixed. Sorry about that!

What is the special thing about your service, I mean in order to attract traders, you must have services that are distinct from the rest of the exchanges.

We have a pretty good rate. We beat https://simpleswap.io/ for example, which is the number one exchange on Google when searching for "monero exchange".

For the time being, more information on the website on How-to to get things done is the most important. Also, making it more looking descent i mean your UI can attract partners. Of course, the most important is functionality of being as a partnered exchange.

Hopefully we can consider business opportunities like partnered exchanges once we get a little bit of traction.

[JeromeTash]

I think there is need for more documentation about your service like the FAQs, terms of service, Privacy policy etc. The information my not be necessary but can be useful in various aspects, especially the legal aspect. Everything seems plain at the moment and as a new user who just landed on the site, it feels like getting drop in the middle of an unfamiliar town with no signs or posts 

[DaveF]

The OP says 0% fees here you say 0.2%: https://fryx.finance/api is that just for the API?
If it's open source where is the source? No link on the site. Have not had my coffee yet so have not looked deeply for a link.

It looks like it's running in the Google cloud, opinion here and nothing more but I would move it to a more privacy friendly host.
If I am wrong ignore that line.

-Dave

[jackmurray]

The OP says 0% fees here you say 0.2%: https://fryx.finance/api is that just for the API?
If it's open source where is the source? No link on the site. Have not had my coffee yet so have not looked deeply for a link.

- I added a 0.2% fee for trades (updated the original post)
- Source is at https://github.com/jackmurray90/fryx

[LoyceV]

Bug:

I guess this is caused by the Bitcoin withdrawal fee, which is higher than the total amount in this case.

[GazetaBitcoin]

Fryx Finance review

1. The first impression the website offered me was that it looks too simplistic. It's simply plain text, white (and orange) text on black, with no animation, nothing fancy, nothing to entertain the users. The UI needs to be nicer. Maybe adding also a light theme would be a good idea.

2. The site is so simplistic that it doesn't even have a Home button. There are also some sections which are missing but they are common sense for any other website. Among others, there are no "Contact", "Terms & Conditions", "Privacy", "Disclaimer" sections. Social media links are not a must, but many websites add them as well.

3. The website is localized only in English.

4. The website works fine with Tor, which represents a plus. However, I did not see any .onion address for it.

5. There is also no "About" section. Practically, there is no information about who runs the site, nor about how to contact the developers, in case a customer needs their support.

6. The site says If we can't fulfil your entire order, we will refund the amount that was not exchanged. I don't know if this actually works. Some tests should be done here, but I don't know if anybody has such big amounts to exchange (and also such big guts).

7. There is also a typo in the above sentence, as the term "fulfil" should be written as "fulfill".

8. At "API" section there are multiple words written with underlined font which makes the user believe they are hyperlinks. However, they are not.

9. Still at the "API" section, at the bottom of the page there are two more sections listed - Assets and Markets. However, their positioning inside the page is not aesthetic at all:



Perhaps they should be rearranged somehow or placed in another location as, right now, their arrangement does not look well at all, compared with the nice table which is just above them.

10. The "Login" page contains only a field for "login"... but none for entering a password (assuming the email is the user name). How does this login work? By simply inserting the email used for registration and that's all, no password required? If so, then if a user knows the registration email of another user, he will be able to login using second user's email, simply by typing it inside "Login" field?

11. Still at "Login" page, I see that there is no option to delete the account. Practically, once a user creates an account on this website, his account will remain there forever? (This also implies that developers will always keep user's email in their database?)

I will end here this feedback, but I will come back in case I will find any other bug on the website or in case I'll have more suggestions. I hope this helps.

[jackmurray]

Bug: SNIP
I guess this is caused by the Bitcoin withdrawal fee, which is higher than the total amount in this case.

Thanks, I've added support for rendering negative numbers.

Fryx Finance review

1. The first impression the website offered me was that it looks too simplistic. It's simply plain text, white (and orange) text on black, with no animation, nothing fancy, nothing to entertain the users. The UI needs to be nicer. Maybe adding also a light theme would be a good idea.

2. The site is so simplistic that it doesn't even have a Home button. There are also some sections which are missing but they are common sense for any other website. Among others, there are no "Contact", "Terms & Conditions", "Privacy", "Disclaimer" sections. Social media links are not a must, but many websites add them as well.

3. The website is localized only in English.

4. The website works fine with Tor, which represents a plus. However, I did not see any .onion address for it.

5. There is also no "About" section. Practically, there is no information about who runs the site, nor about how to contact the developers, in case a customer needs their support.

6. The site says If we can't fulfil your entire order, we will refund the amount that was not exchanged. I don't know if this actually works. Some tests should be done here, but I don't know if anybody has such big amounts to exchange (and also such big guts).

7. There is also a typo in the above sentence, as the term "fulfil" should be written as "fulfill".

8. At "API" section there are multiple words written with underlined font which makes the user believe they are hyperlinks. However, they are not.

9. Still at the "API" section, at the bottom of the page there are two more sections listed - Assets and Markets. However, their positioning inside the page is not aesthetic at all:



Perhaps they should be rearranged somehow or placed in another location as, right now, their arrangement does not look well at all, compared with the nice table which is just above them.

10. The "Login" page contains only a field for "login"... but none for entering a password (assuming the email is the user name). How does this login work? By simply inserting the email used for registration and that's all, no password required? If so, then if a user knows the registration email of another user, he will be able to login using second user's email, simply by typing it inside "Login" field?

11. Still at "Login" page, I see that there is no option to delete the account. Practically, once a user creates an account on this website, his account will remain there forever? (This also implies that developers will always keep user's email in their database?)

I will end here this feedback, but I will come back in case I will find any other bug on the website or in case I'll have more suggestions. I hope this helps.

Thanks for your feedback.

1. Added light theme to feature requests.
2. Added missing sections to feature requests.
3. Added other localisations to feature requests.
4. n4r52rar5ij6ot3u4pjmj5smp2vtdqk235gij55z2qgicuyo4q3llcyd.onion
7. "fulfil" is British spelling. Changed to US spelling.
8. Changed <u> tags to <em> tags so they don't look like links.
10. Log in sends an email to the user, and they click a link to log in.
11. Added deleting account to feature requests.

[LoyceV]

Thanks, I've added support for rendering negative numbers.

I would expect the estimate to show up as "0" in this case.

4. n4r52rar5ij6ot3u4pjmj5smp2vtdqk235gij55z2qgicuyo4q3llcyd.onion

Are you aware of vanity address generators? I'm not vouching for this software, so DYOR, but it looks much better if your onion address starts with Fryx (or longer).

At first, the site worked yesterday, but just when I decided to buy some Monero without reading anything else, I got this after clicking "Buy Monero":

Internal Server Error

The server encountered an internal error and was unable to complete your request. Either the server is overloaded or there is an error in the application.

I still get the same error.

[jackmurray]

Thanks, I've added support for rendering negative numbers.

I would expect the estimate to show up as "0" in this case.

4. n4r52rar5ij6ot3u4pjmj5smp2vtdqk235gij55z2qgicuyo4q3llcyd.onion

Are you aware of vanity address generators? I'm not vouching for this software, so DYOR, but it looks much better if your onion address starts with Fryx (or longer).

At first, the site worked yesterday, but just when I decided to buy some Monero without reading anything else, I got this after clicking "Buy Monero":

Internal Server Error

The server encountered an internal error and was unable to complete your request. Either the server is overloaded or there is an error in the application.

I still get the same error.

- I've updated the value estimator to show 0 when there is negative value due to the withdrawal fee.
- I've updated the .onion address to be fryx6ycshmwxrfu65qbzdrp3ex44zq2hvroykc4quhwzzbu2bvum5uid.onion
- I've fixed the bug causing Internal Server Error (it was due to a duplicate address and not handling the error correctly).

Can you please try again?

edit: I've removed the need for withdrawal address to be unique entirely.

[LoyceV]

- I've updated the value estimator to show 0 when there is negative value due to the withdrawal fee.

This doesn't work: it shows nothing now when I click "Calculate approximate value" on 0.01 Monero. For 0.1 Monero, it works.
Update: it's fixed

- I've fixed the bug causing Internal Server Error (it was due to a duplicate address and not handling the error correctly).

Can you please try again?

No more Internal Server Error

edit: I've removed the need for withdrawal address to be unique entirely.

That makes sense.

[jackmurray]

This doesn't work: it shows nothing now when I click "Calculate approximate value" on 0.01 Monero. For 0.1 Monero, it works.

Thanks. Fixed the bug, it should display 0 now.

[Coin_trader]

I try to buy Monero without any account as shown in the picture above. The website is very quick to display my pending Bitcoin payment right after I send the amount using my Electrum. The only problem was there was such reference ID or anything that will bookmark my pending transaction in case I close the Fryx Finance window since waiting for 5 confirmations is a bit long. Good thing I didn't use an incognito browser that time and browse on my history the Fryx finance transaction page. I hope that you have an option in your website that can track pending transaction using a reference ID.

Also since this is an exchange, I hope that there's a calculator cost for both Monero and Bitcoin. I do buy Monero using specific amount of Bitcoin but I don't know how much Monero I can get on my Bitcoin that I sent on the address since the calculator is only working for the Monero equivalent value in Bitcoin. I do a trial and error type on the value of monero calculator to come up on the Monero figure that equals to the Bitcoin that I sent.

Please indicate minimum deposit amount and the fees on the exchange page so that user will be aware on this before they will send any amount on the deposit address.



My payment is already confirmed as shown above but I still didn't received my Monero on my provided address. I'm already waiting more than 15 to 30mins until now for the Monero to arrive. I hope that you can include an estimated time of arrival for the coins since checking the wallet balance multiple times is so frustrating.

If possible, add a chat support or a link that will direct on this thread so that user that has concern to the service can communicate to you.

I will update this once I received my Monero to my Wallet. It's taking too much time is this normal?

[jackmurray]

Please indicate minimum deposit amount and the fees on the exchange page so that user will be aware on this before they will send any amount on the deposit address.

Thanks, I've added minimum deposit and fee message on the exchange page.

I will update this once I received my Monero to my Wallet. It's taking too much time is this normal?

Hmmm... the transaction was sent, and at the moment it has 40 confirmations. Is your wallet refreshing?

[Coin_trader]

I will update this once I received my Monero to my Wallet. It's taking too much time is this normal?

Hmmm... the transaction was sent, and at the moment it has 40 confirmations. Is your wallet refreshing?

Confirming now that I received the $XMR a few minutes after I made my post above. Its estimated time of arrival was 30 minutes after the 5 confirmations of my deposit. I really suggest having a countdown timer or an update message on the transaction page when the Monero is already sent because the display didn't change even when I received already the Monero. It is still tagged as it will arrive soon.

I don't know what's the conversion rate per Monero by the time I purchased, I believe adding a summary after a successful transaction such as total Monero received & conversion rate at the time transaction made is really cool.

This service is almost as good as mixer since Monero is untraceable. Good job!