A new offshore platform for trading crypto currencies has been launched to provide access to more than 25 different digital coins in a single market place. Called Coindirect, it has entered its initial launch phase, and is supporting local currency purchases in GBP as well as ZAR.
Coindirect offers a secure environment offering international customers the ability to purchase popular crypto currencies like Bitcoin and Ethereum. This includes instant transfers and full wallet support. The aim is to allow traders buy and sell multiple crypto currencies using just a single account.
“By simplifying and demystifying the process of purchasing crypto currencies, we hope to accelerate their adoption across the global,” explains Basil Bielich, Director of Coindirect.com.
Traders are able to buy altcoins using their local currency and also to exchange between currencies. The firm already reports that it is seeing high daily volumes, with traders converting between Bitcoin and altcoins. Transactions are instant, with no waiting for approvals, and prices are locked at the point of sale.
Crypto currency trading platform with a difference
The Coindirect escrow system takes the complexity out of buying cryptocurrencies because it removes the uncertainty surrounding making a trade. All trading fees are built into the market price – traders pay what they see.
Unlike many other crypto currency trading platforms of this nature, Coindirect is also regulated, in this case by the Isle of Man Financial Services Authority.
“The arrival of Coindirect.com on the island is a further example of how our digital economy value proposition and quality regulatory framework continues to attract digital currency exchange companies of the highest calibre,” says John Donegan, Head of Operations for E-Business Innovation with the Isle of Man government.
Occasional trades of up to GBP 800 / EUR 1000 / ZAR 15,000 can be carried out without having to go through in-depth personal identification procedures which involve the uploading of personal documents.
What is an altcoin?
The term ‘altcoin’ refers to crypto currencies launched after Bitcoin. Many of these have sought to improve on some of the perceived disadvantages of Bitcoin. They share many of the same characteristics as Bitcoin, being peer to peer and involving a mining process. But they also vary widely from each other.
Ultimately altcoins are trying to provide investors with more convenience. Features might include better transaction speed, more privacy, proof of stake or DNS resolution. The success of crypto currency trading platforms will be based partly on their ability to select the altocoins that meet the demands of international traders.