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After trading cryptocurrencies for almost half a year and coaching many others to do the same, I had realised that many new traders seem to face the same gripes about the limited trading platforms. This issue is extremely prominent if traders are used to other platforms such as forex or stock brokerages.
Here are some of the biggest complications about the existing platforms:
- Long waiting period for account opening, verification, or funding
- Misleading and unfriendly user-interface
- Expensive trading fees and wide spreads
- High charges by banks for fund transfers
When cryptocurrency was first introduced in 2010, only a handful of specialised exchanges offered trading services. Throughout the years, cryptocurrency trading grew larger in number and size. Comparing the existing functions and complexities of Forex to any other cryptocurrencies brokerages, there is still a huge room for improvement for cryptocurrencies. As of today, many emerging companies are out in the market, competing to resolve the problems consumers are facing.
While browsing the net, I came across many new promising brokerages, and I had a chat with some of them to find out more about where the industry is headed.
One of them is Cryptaw, a new brokerage that aims to provide simplicity and reliability for Bitcoin trading. When I spoke with the management, they told me that “Singaporeans should not pay a premium for cryptocurrency.”
On Cryptaw’s website, which they have just launched this month, they have made some really bold promises which could potentially disrupt cryptocurrency brokerage industry:
– Direct SGD Deposit
– Low trading fee of 0.6%*
– Simple user interface
– Fast account verification within 3 working days
If Cryptaw is able to address the 4 big issues, it will make it a lot easier not only for new traders (of which many are still waiting weeks/months for their accounts to get verified), but also for existing traders who can benefit from a simpler execution platform.
*Original trading fee of 1.2%. User will be able to enjoy discounted trading fee with promo codes and referral codes. Users will be able to enjoy 50% off trading fee until 3 Aug 2018
Note: This post is sponsored by Cryptaw.
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Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.