Blockbid cryptocurrency exchange’s no-trading-fee beta now live
It might be time to see how reality, or a beta version of it at least, stacks up next to Blockbid's goals.
On 28 September, the Blockbid cryptocurrency exchange went live with its hotly anticipated no-trading-fee beta. For the next month or so, traders can sign up to Blockbid to enjoy these features.
The live beta includes unlimited deposits and withdrawals along with trading of BTC, ETH, LTC, XRP, BCH and Blockbid's own BID token. Accepted fiat currencies include AUD, USD, Euro and JPY. More cryptocurrencies and more fiat currencies are expected to arrive sometime after the beta phase.
Is it worth it?
The relatively wide range of fiat options might be a bit of a draw card in itself. And although the range of cryptocurrencies isn't especially wide during the beta, all the major options are still there. Plus, not having to pay trading fees is naturally pretty attractive in itself.
But experienced traders might be looking for other things during the beta. Blockbid is promising a lot to stand out from the competition, and a trader hoping for a new home might be keen on seeing if it's in a position to deliver.
Specifically, it aims to be one of the fastest exchanges around, scalable up to 1 million transactions per second. Unfortunately, this might be quite hard to test during the beta when volumes are unlikely to get anywhere near that. Likewise, it's also intending to be one of the most secure exchanges on the planet with multisignature cold storage wallets for 95% of customer funds, and some form of insurance for the exchange. But once again, this might only be tested one way or another if things go wrong (or don't go wrong).
Blockbid's biggest ambitions might be untested during the beta, but maybe an opportunity to get on a market with no trading fees and a nice range of fiat options is reason enough.
Meanwhile, the interface, charting tools and advanced trading options might similarly be worth taking for a spin ahead of the full launch. It's worth noting that the full range of tools might not be available initially, but there's only one way to find out though.
Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VET, XLM, BTC and ADA.