Cryptocurrencies have really changed the way the financial world works. Traditionally, people would need to deposit cash in banks for safekeeping, or transferring it to other parties. Banks charge a certain amount for the transactions, as they are there to make money themselves.
The processes of banks and financial institutions are based on procedures and protocols that are hundreds of years old, if not thousands. The modern banking system is derived from the need of sending money to far off places, allowing trade, purchases and selling of assets, products and services. The digital technologies of today have helped banks in speeding up their processes. Once, each transaction was noted down manually in a master register. With multiple transactions in a bank branch that is typical, a significant time would be required to reconcile these at the end of the day. Monthly, quarterly and yearly audits would be a nightmare.
The advent of technology has helped the banking sector, but it is still slow. This is mainly due to strict and rigid adherence to established rules. This has made banking expensive, slow and cumbersome in modern times, where the transfer of money across the globe can take days and even weeks to happen.
Cryptocurrencies And The Fight Against Fiat
With cryptocurrencies, pioneered by bitcoin, the banking landscape has changed. Digital in nature and designed to be extremely fast and secure, transfer of money from one part of the world to another can happen in a mere minutes.
Cryptocurrencies are also efficient in economics. Since they work on a peer 2 peer system, there is no need of intermediaries such as banks and brokers, leading to only a fraction of a cost to transfer. The only cost involved is the confirmation fee of a node or a miner.
The popularity and the ease of handling cryptocurrencies such as bitcoin has led to an explosion of new digital currencies in the past few years. CoinMarketcap.com lists more than 1600 at the moment. The sheer amount of currencies, with varying value means that it is need of more than once to convert one currency into another to initiate trade since both parties would not have the same coins.
The fluctuating and volatility of value also means that trading in cryptocurrencies can be a lucrative investment. Thus, the need of digital exchanges, where traders and crypto users can connect, trade and exchange cryptocurrencies.
CoinDeal, A Crypto Exchange
CoinDeal is a new blockchain cryptocurrencies exchange on the block (pun not intended). The platform aims to provide cheap, reliable and efficient services to its users who need to frequently exchange in different digital coins and tokens, or simply take advantage of the price changes to make money.
The digital exchange offers the following services that makes it one the best exchanges to come recently:
- 16 Pairs And Increasing: The exchange already lists 16 pairs of crypto trading. This may not seem much when compared to well established exchanges, but considering that CoinDeal is new, this is a good number. The platform also has plans to increase the number of coins and tokens to facilitate its users. Current supported pairs include those of BTC, ETH, XRP, Verge, Nano and more.
- Token Voting: The platform is designed to put the priority of its users first. In that essence, rather than add coins and tokens that offer it the most to earn, the platform uses a voting system, where users vote for the next addition of a token to the trading platform. This ensures that users get the maximum benefit of having their choice of tokens listed.
- Development and Support: The CoinDeal platform’s team is in constant touch with its users and the feedback is being used to improve the platform at a near constant level. The platform did an overhaul of its UI within a few months of it launching so that users would be at more ease in trading. The platform also understands that users may not have command over English and in that affect, have made the website available in multiple languages too.
- Safety & Security: Considering the recent massive attacks on crypto exchanges, where millions of dollars worth of coins and tokens were siphoned off, the CoinDeal platform has put security at the top of its list and implements a two factor authentication system for all users.
CoinDeal has a very simple free structure so that users are more in line with their objective of trading or exchanging, rather than worrying about the fee that will be incurred with their trades. The platform has no fee for deposits for cryptos or fiat, but implements a very low fee for withdrawals, which varies from currency to currency.
Trading fee are also simple, a 0.3% on maker and a 0.4% on taker. These are, by far, one of the lowest charges from any digital exchange.
CoinDeal has the perfect combination of security, ease of operation and user friendliness, which makes it an ideal exchange for trading crypto assets.