It is hard to believe that the final quarter of 2019 is almost upon us. So much has happened in the cryptocurrency market over the past eight months. We have seen recovery, new technology launches, major announcements, and of course, unfortunate hacks.
One of the biggest areas of growth this year has been in cryptocurrency exchanges. We have seen the number of exchanges swell to a number in the multiple hundreds. Coinmarketcap lists over 260 exchanges; that number is likely much higher.
This scenario is vaguely reminiscent of the 2017 ICO boom. The market, flooded with projects offering varying degrees of usefulness and viability, exploded in both size and value.
By the end of 2018, most of those ICO projects had failed, some due to the bear market that hit cryptocurrency hard that year. Most failed because they lacked a strong product or service offering.
The same scenario may come about with crypto exchanges. While many offer lofty promises and big money with zero risk, the reality is that cryptocurrency is a volatile, highly risky investment. It is one that shouldn’t be taken on without a strong commitment to educate oneself on many aspects of digital asset investing, including platforms, trading techniques, and big picture market performance.
Armed with knowledge and a well-informed trading strategy, most investors firmly believe that cryptocurrency investing is worth the risk. If you find yourself in this position, the next logical step is to select a trading platform from which to launch your digital asset portfolio.
For whatever reason, some investors, pros and beginners alike, are shying away from big name exchanges such as Binance, Coinbase, and Gemini. Whether this reluctance is the result of distrust in larger markets, a quest for more personalized service, or some other reason, the need for more exchanges is there.
If you are looking for a fresh, new investment platform to utilize, check out these three promising cryptocurrency exchanges. One of them might offer exactly what you are looking for.
ecxx: simply security
As we all know by now, some of us through harsh personal experience, digital asset security is anything but simple. The ecxx exchange platform is facing that fact head-on. They are basing the entire platform on a robust, multi-layer security platform, designed to establish trust and confidence in retail and institutional investors alike.
The company also hopes to build trust with their recently announced partnership with Singapore’s MyInfo. The service, developed by the Singapore Government Technology Agency, allows users to manage their personal SingPass data. This will allow users to proceed into the cryptocurrency world with the highest level of security confidence possible. The company is the first of its kind to provide government integrated services that allow users to protect their data to this level.
According to ecxx.com Co-founder and CEO Branson Lee, “We are the first digital asset exchange to use MyInfo and introduce the new verification feature within our platform and mobile app,” he added. “Through this service, we hope that more Singapore residents are confident in dipping their toes into the crypto industry, and we can help build greater trust amidst the growing cryptocurrency market.”
BLADE: keeping up with fiat futures
For investors looking for a change in scenery, perpetuals exchange BLADE is launching in a few short weeks. The first derivatives exchange to hit cryptocurrency, BLADE is the brainchild of Jeff Byun and Henry Lee, co-founders of OrderAhead, the delivery startup that was acquired by Square a couple of years back.
Their goal with BLADE, beyond bringing derivatives trading to cryptocurrency, is to provide trading based on simplified vanilla contracts, higher leverages of up to 150x on certain pairs, and settlements in USD Tether.
According to Byun, “we want to be the CME (Chicago Mercantile Exchange) of crypto. Coinbase and Binance are building this foundational structure for crypto, but I think we are too and in a sense that derivatives are at their core about risk transfer, we want to be building the foundational layer for risk transfer in the crypto markets.”
Kryll: tools in the hands of users
Kryll has been around since 2018, but a new feature, introduced in March 2019, makes it worthy of mention. The bot platform introduced “smart trading” which is essentially professional, automated trading tools simple enough for the average retail investor to take advantage of.
Smart trading uses a drag and drop method to set up automated trades. Additional features include out of the box strategy development, comprehensive backtesting functionality, and even earning potential in the event you develop a strategy that others might find useful.
Kryll interacts well with major exchange platforms such as Binance, Poloneix, BitStamp, and more. While bot trading and automated strategies remain a huge risk due to the enormous volatility of cryptocurrency markets, this is still a platform worth keeping an eye on.