“Crypto currency rush” has led to the emergence of dozens of platforms that specialize in the exchange of digital money. But, the vast majority of trading volume falls only on the five largest exchanges, while the rest are satisfied with “pickings after a feast”.
At the same time, it should be noted that unlike the stock market, the “group of leaders” among the cryptocurrency exchanges is unstable. Some platforms fall out of it because of some problems, others just give way to competitors offered better services and more favorable conditions. And these changes occur very quickly. For example, Binance, today’s market leader, was founded only in 2017.
And we believe that the time for a new change of leaders in the cryptocurrency market has come. Our project Bistox, semi-decentralized cryptocurrency exchange powered by NEM, has number of advantages and useful tools that can quickly bring Bistox to the list of the most popular cryptocurrency exchanges.
All fees charged by Bistox, their amounts, calculation mechanisms and conditions will be published. No hidden payments, no surprises — every user will know in advance how much and for what he will have to pay.
Moreover, Bistox is working on the NEM blockchain, so all the actions of the exchange management will be saved and visible to the community, that eliminates the danger of manipulations.
The Bistox team did not stop only on the use of blockchain and the policy of transparent commissions. Every six months, one of the world’s largest audit companies (KPMG, PwC, Ernst and Young, Deloitte) will conduct an audit of the exchange and openly publish a report. And each time the audit will be carried out by a new company, so that auditors will, in fact, also check each other’s work.
From today’s top five leaders among the cryptocurrency exchanges, only one is regulated in accordance with US law. The rest are not regulated at all. Bistox will undergo a full licensing process in several jurisdictions at once. Yes, clients will have to pass KYC and AML procedures, but regulators will ensure the maximum possible safety of their funds.
The use of the NEM blockchain and its Smart Asset technology base allows Bistox to combine the best features of decentralized and centralized cryptocurrency trading platforms.
Users will be able to make deals without transferring funds to the wallet of the exchange and retaining full control over them. However, the exchange will not be behind the best centralized platforms in speed — Bistox copes with 1.8 million transactions per second.
Available technical support
Cryptotraders are already accustomed to the fact that in case of problems, the support service of even the best exchanges answers the next day, if you are lucky. Often, communication with technical support is a fascinating adventure for several weeks with an uncertain outcome.
Bistox is one of the first (and the very first of the decentralized) trading platforms where the technical support work will be implemented in different languages 24 hours a day. It will be possible to contact the operators including by phone, which will allow you to receive answers to the most important questions immediately.
It is a unique mechanism that will allow experienced traders to obtain additional income, and beginners will be able to significantly improve their efficiency and learn from the best.
A top-trader will be able to publish a portfolio of his deals, and his “students” will be able to copy them in percentage terms. In this case, the “teacher” will receive some part of the commissions charged from his “students”, which guarantees the benefit for all the participants in the process.
The D.A.N.N.I. (Decentralized Artificial Neural Network Integration) is implemented into the Bistox platform. It is an artificial intelligence that works as an assistant and adviser to a trader. D.A.N.N.I. analyzes a huge mass of data related to the market situation and trader’s deals, adjusts to its trading style and provides analytics, recommendations and tips that are most relevant to a particular user. It can even try to keep the trader from making mistakes and losses from decisions made “on emotions.”
It is one thing when the cryptocurrency market is represented by closed companies which do not want to spill the beans to customers. But it is quite another thing when “the face of the industry” is a transparent, fast and convenient trading platform.
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