A new cryptocurrency exchange is poised to offer live cryptocurrency trading later this year. Traders using the platform during its beta phase are going to be offered a zero fee service along with unlimited deposits and withdrawals, according to the firm’s founders.
Called Blockbid, it is aiming to be the crypto exchange with the most tokens available as well as the largest variety of fiat pairs. As part of the beta phase it is already offering Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and Bitcoin Cash (BCH). Blockbid will also be offering its own token, BID. Traders will be able to use AUD, USD, EUR and JPY, with additional fiat and cryptocurrencies added once the cryptocurrency exchange is fully live.
Traders will be able to use electronic fund transfers to make deposits and withdraw funds, thanks to a recent partnership Blockbid has announced with LexisNexis Risk Solutions and RapidID.
“The next and final phase of beta testing is designed to stress test and fine tune the Blockbid exchange,” says David Sapper, the cryptocurrency exchange’s COO. “We greatly appreciate our community’s patience during this testing process and invite them to participate and share their feedback. As we will be putting the platform through its paces and pushing it to its limits, we are doing our best to keep any downtime to a minimum.”
Sapper was at pains to point out that Blockbid is determined to explore the cryptocurrency exchange’s full capacity, and warned that there might be some teething issues. Consequently, Blockbid is offering free cryptocurrency trading for users during the beta phase testing process.
Once the stress testing procedure has been completed, normal operations will begin. But this will not happen before the team is confident that the crypto exchange is operating at a very high standard. Blockbid confirmed that fees post-beta phase will be 0.1%.
Blockbid is based in Australia, where it has been a recent recipient of an AUSTRAC license, which allows it to operate as a digital currency exchange under Australian law.