Singapore’s latest exchange, CRXzone, is the first platform to offer both bitcoin and litecoin trading in the country.
CRXzone exchange aims to attract an international customer base by offering additional bitcoin services beyond trading. Future services planned include merchant payment processing, etc..
Funding options and payment networks
One of CRXzone’s key strategies to attract a wide customer base is its range of account funding and withdrawal options. As well as the usual bank transfers, the exchange offers international payment processor options like OKPAY, Egopay, and PerfectMoney.
While all offer cost and speed advantages over traditional currencies, Kumar said that bitcoin’s decentralized nature made it an attractive option.
CRXzone’s selection of different payment options means there are various fees involved when moving funds in and out of the exchange. OKPAY‘s rate is 1%, while others may charge up to 3%. Meanwhile, international bank transfers are likely to be the least economical option for users.
The exchange itself, however, does not charge any of its own fees in addition to these, regardless of the country or currency. “Not even a miners’ fee,” Kumar pointed out.
CRXzone itself offers a clear layout with order books and live charts. There are multiple trading-oriented reports with trend indicators for each pair, plus volumes, lowest/highest market prices and trade history. Access to the trading API is also available.
Security and auditing
CRXzone keeps only 2-3% of customer funds in ‘hot wallets’ and the rest exist in offline cold storage. Deposits are automated but withdrawals are processed by human operators as an additional check.
There are also plans for half-yearly or even quarterly audits of bitcoin reserves similar to those recently performed at mainland Chinese exchanges, alongside Kraken and Bitfinex a few months earlier.
CRXzone is also working on a “full solution” merchant gateway for businesses wishing to accept bitcoin, which should be operational “within a few months”, according to the CEO.
Kumar said CRXzone’s trading volumes and sign-ups were “steadily going up”, and the company was trying to bring in more market makers to boost this further.
The company is owned by a 50:50 partnership who self-funded the business, and it was not seeking additional funding at this stage.
CRXzone Singapore’s First Bitcoin and Litecoin Exchange