Did you know that today, the number of people involved in cryptocurrency trading has reached 500 mln? This number is growing exponentially as more and more Internet users learn what cryptocurrency is, and how it works. You’ve decided to jump on the bandwagon and bought a few coins, too, but realized that selling and exchanging it is not as easy as it seemed? You’re not alone. Lack of proper exchange solutions is a mainstream problem in all countries involved in crypto trading.
The current state of exchange platforms
Of course, after the appearance of cryptocurrency, the exchange platforms started popping up here and there, too. Such top dogs as Bitfinex, Bittrex, Coinbase, and Kraken are reigning the market, but they’re based on traditional technologies and have three major disadvantages:
- Centralization. It means that the data is stored in one place and there’s always a threat of its loss and faking. Besides, Internet websites hosted on a single server are vulnerable to downtime.
- It’s not anonymous, which puts users under risks.
- Hacking and attacks are very typical in this sphere. Imagine how many hackers dream to knock the exchange giants out of service just for fun or to take revenge. Besides, these platforms are very attractive targets for cybercriminals who can get access both to assets and users’ sensible information.
It goes without mentioning the slow speed of transactions, geographical restrictions imposed by governments banning crypto, and usability. Therefore, the current solutions are far from perfect, and further advancements and improvements are required to ensure convenience, safety, and efficiency of crypto trading.
What is CGCX?
This is a Singapore-based project that’s aimed at making crypto exchange simple and efficient. CGCX serves as a hybrid platform where users can exchange and trade various cryptocurrencies and convert them into other coins, or fiat currencies. Being based on the blockchain, it leverages a slightly different economic model and ensures exceptional security level for customers. At the moment, the platform is mostly present in Asian countries (Singapore, Oman, India, Indonesia, UAE, and Bahrain), but the creators are planning to expand its presence down the road.
What CGCX serves for?
Any user can become a member of CGCX exchange platform – it’s designed to comply with demands of conventional individual users, as well as traders and institutes. Using CGXG, you can:
- Keep your currency in your personal wallet. At the moment, the clients can hold Bitcoin, Ethereum, Ripple, NEO, Litecoin, and Bitcoin cash, as well as the native coin.
- Get access to the trading platform 24/7. Publish your offer, or select from the list of offers. Both ‘crypto-crypto’ and ‘crypto-fiat’ options are available.
- Use trader tools for efficient exchange (merchants can enjoy advanced analytics and reports, KYC, multi-currency conversion, built-in exchange rates, while users can get discounts and participate in promos).
- Manage your assets via an intuitive interface. The navigation is a no-brainer: even newbies will be able to figure out what is what during the first day of use.
- Be sure in the safety of transactions and your assets. Due to KYC practice, CGCX will be used by authorized clients only which decreases the risk of fraud.
The platform leverages a large number of order types and attributes, which makes it technologically advanced. Just look at the list from the official website:
Benefits of CGCX
As it has been mentioned, CGCX is an Ethereum blockchain based solution. What does it mean for users?
First, the transactions and operations taking place will be 100% transparent and users will be able to get access to the details of the exchange. Secondly, the real-time tracking of operations and funds is enabled. Thirdly, due to using proof of ownership, the speed and efficiency of operations increase considerably. additionally, the smart contracts make settlements automatic, and the funds are instantly transferred to accounts as soon as the deal gets active.
Therefore, CGCX is a safer place for performing exchange operations.
ICO and CGCX token
Now when it’s clear that CGCX is more technologically advanced than traditional exchange platforms, you may have one question left. “Is it worth investing?” The fact is that CGCX isn’t much different from other blockchain based exchange platforms. It also enables exchange into crypto and fiat currencies and features a few instruments (for merchants only). There’s nothing to make it stand out from the crowd.
Besides, in August 2018, transaction fees will be introduced, and it’s not clear how high they can be. In order to perform any transaction, you’ll need to purchase CGCX tokens and pay a fee in this coin – it’s not convenient for users, because the operation will require the use of the third coin. However, users can benefit from some discounts and special offers (probably, the quality of offers will depend on the amount of CGCX tokens you possess).
All in all, CGCX can be recommended for those who simply want to switch from traditional exchange platforms to a blockchain one, and need some simple and user-friendly solution.
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