LFJ has listed 1135+ cryptocurrencies for swap with a flat fee of 0.3%. The exchange also supports limit orders with a 0.2% fee for most trading pairs. It distributes 16.66% of swap fees between JOE token stakers.
LFJ; An Introduction to the Decentralized Exchange
Formerly known as Trader Joe, LFJ was launched as a decentralized exchange (DEX) in June 2021 on the Avalanche blockchain.
Joemart Ltd was founded by two full-stack developers with fake names: Cryptofish and 0xMurloc. The DeFi ecosystem allows users to trade cryptocurrencies directly from their wallets without intermediaries. LFJ key features:
- Automated Market Maker (AMM) model for pricing and liquidity
- No leverage options
- wrapped tokens like wrapped Bitcoin and wrapped Ethereum
LFJ Trader Joe Key Specifications
The crypto exchange offers various DeFi services like crypto lending, staking, and farming. Let’s dive deeper into LFJ’s offerings:
Exchange | LFJ |
Launch Date | 2021 |
Levels | None |
Trading Fees | Token Swap 0.3% Limit Order 0.2% |
Restricted Countries | United States, China, North Korea, Iran, Russia, Cuba, Syria, Venezuela, Belarus, Myanmar (Burma), Sudan, Zimbabwe, Somalia, Libya, Congo, Yemen, Central African Republic |
Supported Coins | 1135+ |
Futures Trading | No |
Minimum Deposit | No |
Deposit Methods | Crypto |
Withdrawal Methods | Crypto |
Maximum Leverage | 1:1 |
Minimum Trade Size | Variable based on the digital asset |
Security Factors | Non-custodial trading, Smart contract audits, Bug reporting |
Services | Token Swap, Crypto Lend, Staking, Farming |
Customer Support Ways | Live Chat, Discord |
Customer Support Hours | N/A |
Fiat Deposit | No |
Affiliate Program | No |
Orders Execution | Market |
Native Token | JOE |
LFJ Exchange Pros & Cons
LFJ, short for “Let’s F***ing Joe”, supports various wallets, such as Metamask, Core, and Trust Wallet, and multiple exchanges, including Binance, Crypto.com, and Gate.io.
Pros | Cons |
No verification process | No user levels or fee reductions for high-volume traders |
Wide range of DeFi features | No trading platform (only token swap) |
Wide range of digital assets | Lack of leverage options |
Support for limit orders | No fiat currency support |
Does LFJ Offer User Levels?
One of the biggest letdowns in this LFJ review is the lack of traditional user levels and volume-based fee discounts. As a decentralized exchange, it maintains a flat fee structure for all users.
LFJ Fees Explained
The exchange employs a flat fee structure for all its services, from token swaps to limit orders.
Service | Fee |
Token Swap | 0.3% |
Limit Order | 0.2% |
Note: From the 0.3% swap fee, 0.25% goes to liquidity providers and 0.05% to stakers.
Limit orders on the JOE token are commission-free, and on native assets (e.g., AVAX) incur a 0.1% fee. All other pairs come with the default 0.2% fee.
Available Cryptocurrencies on LFJ Exchange
The decentralized exchange provides access to 1135+ digital assets.
The platform supports various Blockchains, including Avalanche, Base, Arbitrum One, BNB Smart Chain, Ethereum, Berachain, Sonic, and Solana. Popular listed cryptocurrencies on LFJ:
- AVAX
- JOE
- USDT
- USDC
- WBTC
- WETH
Does LFJ Trader Joe Offer Leverage Options?
At the time of writing this LFJ review, the platform does not offer leveraged trading or futures contracts. As a decentralized exchange focused on token swaps and DeFi services, LFJ prioritizes providing a secure and straightforward trading experience.
Account Opening and Verification on LFJ
As a DEX, Trader Joe doesn’t require users to verify their identities. You only need an email address and a crypto wallet to use the exchange's services. However, you must be above 18.
- Visit the LFJ official website;
- Click “Log in”;
- Accept the terms of service and privacy policy;
- Register using your email address or sign up via your wallet;
- Provide the OTC sent to your email.
LFJ Trading Platform
The lack of a dedicated mobile app is another disappointment in this LFJ review. The exchange provides its services, including token swap, liquidity pool, and yield farming via its web-based platform.
LFJ Exchange Security Factors
LFJ offers a unique security proposition as a decentralized exchange compared to centralized alternatives. Key security factors include:
- Non-custodial trading
- Smart contract audits by reputable firms like HashEx, Paladin, and Ackee
- Welcoming open source community reviews and bug reporting
- No central point of failure
LFJ Trader Joe Payment Methods
The exchange doesn’t support fiat transactions. To swap tokens on the platform, you must connect your wallet to Trader Joe. You can also use the LFJ wallet. However, only SOL and Solana tokens deposits are accepted.
LFJ Scores on Review Websites
The platform doesn’t have profiles on reputable review websites like Trustpilot and Forex Peace Army. While CoinGecko has listed the exchange, its experts haven’t rated it yet.
LFJ Support Channels
The exchange hasn’t disclosed the specific support hours on its website. It offers assistance through two main channels, including:
- Live Chat: Available in the “Support Center”
- LFJ Discord Community
LFJ Trader Joe Investment or Growth Plans
In addition to token swap, the ecosystem provides various DeFi services for investment and growth, including:
- Liquidity Provision: Users can add liquidity to trading pairs and earn an 83.33% share of trading fees;
- Farming: Stake LP tokens in farms to earn additional JOE token rewards with a maximum APR of up to 8.32% on AVAX-JOE
- JOE Staking: Stake JOE tokens to earn platform fees and participate in governance;
- Lending: Lend assets through the platform's money market feature.
LFJ Exchange Red Flag Countries
The platform doesn’t accept clients from the United States and China. Also, residents or citizens of countries sanctioned by OFAC and the United Nations (UN) are prohibited. LFJ restricted countries:
- United States
- China
- North Korea
- Iran
- Russia
- Cuba
- Syria
- Venezuela
- Belarus
- Myanmar (Burma)
- Sudan
- Zimbabwe
- Somalia
- Libya
- Congo
- Yemen
- Central African Republic
Writer's Opinion and Conclusion
LFJ provides access to cryptocurrencies listed on 8 Blockchains, including Avalanche, Base, Arbitrum One, and BNB Smart Chain. It also offers wrapped tokens like WETH and WBTC. The exchange doesn’t accept clients from the United States and China.