TL;DR

• Metal X started as a US‑registered centralized exchange in 2020 and now runs as a decentralized platform under the Metal Pay ecosystem.
• Current DEX version boasts 0% fees on Bitcoin trades and a 0.2% liquidity‑provider reward.
• Supports over 20 assets across 10+ blockchains with bridge functionality and no gas‑fee swaps.
• FinCEN licensing gave the old platform credibility; the new DEX operates without KYC but requires wallet knowledge.
• 2025 roadmap promises Metal L2 multichain deployment and WebAuth3.0 upgrades.

When you hear the name Metal X is a cryptocurrency exchange that transitioned from a traditional centralized model to a decentralized trading hub inside the Metal Pay ecosystem. Founded in 2020 and backed by a US FinCEN‑authorized MSB, Metal X aims to blend professional‑grade tools with a fiat on‑ramp that feels like a regular payments app. The platform’s journey-from a CEX with maker‑taker fees to a DEX promising zero‑fee Bitcoin swaps-makes it a unique case study for anyone weighing regulation, user experience, and future‑proof tech.

From Centralized Beginnings to a Decentralized Future

The original Metal X launched its public beta on April272020 as the trading arm of Metal Pay. At that time it operated like a typical CEX: users created accounts, completed KYC, and placed orders through an order‑book interface. The platform reported a 24‑hour trading volume of roughly $5million, modest by today’s standards but respectable for a newcomer.

Fast forward to March292021, Metal X announced a shutdown of its centralized services to “redouble” its focus on the core Metal Pay product. The decision shocked many traders-especially those who had already funded accounts-but it also cleared the way for a full‑on decentralization effort. By 2025 the exchange now lives as a DEX, executing trades via smart contracts on multiple blockchains and eliminating the need for custodial wallets.

How the Current DEX Architecture Works

In its decentralized incarnation, Metal X runs smart contracts that self‑execute when trade conditions are met. Users connect a non‑custodial wallet (MetaMask, Trust Wallet, or the native WebAuth3.0 interface) and trade directly on‑chain. The platform supports more than 20 cryptocurrencies-Bitcoin (BTC), Ethereum (ETH), Tether (USDT), XRP, USDC, Dogecoin (DOGE) among them-across ten+ network bridges. These bridges let you move assets between chains without paying extra gas fees, a feature that sets Metal X apart from single‑chain DEXs like Uniswap.

Because the exchange no longer holds user funds, there’s no traditional KYC step. Instead, the security model relies on wallet ownership and the immutability of the underlying blockchain. The trade‑matching engine is still order‑book based, offering market, limit, stop‑loss, and take‑profit orders, while charting is powered by TradingView widgets-something rarely seen on pure DEXs.

Fee Structure: Zero‑Fee Bitcoin, 0.2% LP Rewards

During its CEX phase Metal X used a maker‑taker model that ranged from 0.05% (maker) to 0.25% (taker), which was slightly above the industry average of 0.20‑0.25% for centralized platforms. Withdrawal fees were modest-0.0004BTC per Bitcoin withdrawal, a shade below the typical 0.0006BTC.

Today the DEX advertises 0% fees on Bitcoin trades. Liquidity providers (LPs) earn a flat 0.2% on every swap that passes through their pools. This reward is paid out automatically by the smart contract, so there’s no need to claim manually. For assets other than Bitcoin, the platform currently charges a minimal 0.1% protocol fee, which is split between LPs and the Metal X treasury.

Key Features That Blend CEX Comfort with DEX Freedom

• Order‑book trading with advanced order types (market, limit, stop‑loss, take‑profit).
• TradingView chart integration for real‑time technical analysis.
• Multi‑chain bridge support, allowing cross‑chain swaps without extra gas.
• Native fiat on‑ramp via Metal Pay, where users can buy crypto with debit/credit cards.
• Liquidity mining program paying 0.2% per trade to LPs.
• WebAuth3.0 upgrades: passkey login, address book, easy network switching.

These tools make Metal X feel like a hybrid exchange-something you might expect from a seasoned CEX, yet without the custodial risk of a traditional platform.

Security, Compliance, and Trust Signals

The original centralized version held a FinCEN Money Services Business (MSB) license (number31000174577713). That regulatory badge gave early adopters confidence that Metal X was playing by U.S. rules, a rarity among crypto‑centric platforms. The exchange also employed two‑factor authentication (2FA) and AES‑256 encryption for data at rest.

Now that the platform is a DEX, the compliance story shifts. There’s no custodial custody, so the FinCEN license no longer applies directly. However, the Metal Pay ecosystem still adheres to AML/KYC standards for fiat‑on‑ramp transactions. Users who buy crypto via Metal Pay must complete identity verification, preserving a layer of regulatory oversight.

On the technical side, smart contract audits were performed by independent firms in early 2024, covering re‑entrancy protection and gas‑cost optimization. No major vulnerabilities have been reported since, but as always with DeFi, users should stay informed about upgrade cycles and audit reports.

How Metal X Stacks Up Against Major Exchanges

Metal X shines where users need professional order types and a fiat on‑ramp, yet want the non‑custodial safety of a DEX. It lags behind Binance and Coinbase on sheer liquidity and global support, but it offers a niche that bridges both worlds.

User Experience: Pros, Cons, and Real‑World Feedback

Early adopters praised the clean interface and the ability to flip between a simple view for newbies and a detailed chart layout for veterans. The 24/7 live‑chat support during the CEX era was another high‑point, especially when troubleshooting KYC hiccups.

However, the abrupt shutdown in 2021 left many users uneasy. Some reported difficulty retrieving assets that were still locked in the centralized system at the time of closure. The DEX version’s lack of a dedicated support team has drawn criticism, as issues now funnel through community channels or Metal Pay’s general help desk.

On the technical side, users who are comfortable managing private keys appreciate the zero‑fee Bitcoin trades and the transparent LP rewards. Newcomers, on the other hand, might find the wallet‑first approach daunting-especially when swapping across chains for the first time.

Roadmap 2025: Metal L2, Expanded Bridges, and WebAuth3.0

According to Maura, VP of Engineering at Metallicus, the 2025 plan is ambitious. The company aims to deploy a multi‑feature decentralized trading layer on its own Metal L2 solution, which promises faster finality and lower gas costs compared to Ethereum mainnet.

Key milestones include:

1. Launch of Metal L2 on Q22025, bringing sub‑second trade confirmations.
2. Integration of three new blockchain networks (Solana, Avalanche, Polygon) into the WebAuth3.0 bridge suite.
3. Passkey and biometric login support, reducing reliance on seed phrases.
4. Enhanced UI with address‑book functionality and one‑click network switching.
5. Expanded liquidity mining programs targeting low‑liquidity pairs.

If these targets hit, Metal X could finally compete head‑to‑head with the biggest DEXs while retaining its CEX‑style tooling.

Frequently Asked Questions

Is Metal X still a centralized exchange?

No. Since 2022 Metal X has operated as a decentralized exchange (DEX) using smart contracts. The original centralized platform shut down in March2021.

Do I need to complete KYC to trade on Metal X?

For pure DEX trading, KYC isn’t required because you connect a non‑custodial wallet. However, if you use Metal Pay’s fiat on‑ramp, you must undergo standard AML/KYC verification.

What fees does Metal X charge on Bitcoin trades?

Metal X advertises 0% fees for traders on Bitcoin swaps. Liquidity providers earn a 0.2% reward on each trade that passes through their pools.

How safe is the platform compared to Binance or Coinbase?

Safety comes from different angles. Metal X’s DEX model means funds never leave your wallet, eliminating custody risk. The platform also experienced a third‑party smart‑contract audit in 2024. Traditional CEXs like Binance and Coinbase rely on insurance funds and regulatory licenses, which offer a different layer of protection.

When will Metal L2 be live?

Metalicus aims to roll out Metal L2 in Q22025, with early‑access testing starting in late Q1. The roadmap also promises new bridge integrations and WebAuth3.0 upgrades later in the year.