The importance of Cryptocurrency exchanges cannot be overemphasized especiallyto an enthusiast. Crypto exchanges are the gateway to enter, move from one blochain to another and exit the cryptocurrency ecosystem. Without crypto exchanges, bitcoin and other assets cannot be termed digital asset. But cryptocurrency exchanges are far from what they are supposed to be. Many are afraid to enter the crypto world not because they do not value or desire the of blockchain technologies but because entry is rather hard.
There remain only a few cryptocurrency exchanges which supports entry level for new adopters of Cryptocurrency. This means that very few of the cryptocurrency exchanges out there allows the use of fiat to buy cryptos. Other cryptocurrency exchanges do not support buying cryptocurrency with fiat money majorly because of problems they have with banks and regulations.
Compliance with laws- A challenge
Cryptocurrency exchanges have a long time problem with laws and banks. Cryptocurrency cannot be counted as an asset because it is virtual and has not attachment with any physical property, so it cannot be taxed. Crypto exchanges have to deal with movement of large amount of money from and to their bank accounts which is violating the Anti-money Laundering act. This thus makes makes their accounts to be frozen, for period of time till they are able to prove the legitimacy of their transactions. This constituted to the reasons why many cryptocurrency exchanges cannot allow cryptos to be bought or sold with or to fiat. The only remedy is for them to be licensed under the law which many of them are without. Without licences, traders on their platforms trade unsecure and with fear of loosing their money.
Recently, the owner of a crypto exchange was fined for running the exchange without
Cryptocurrency Liquidity – A challenge
Cryptocurrency liquidity talks about its availability. Many times the cryptocurrency price cannot be ascertained looking at the order book from just an exchange. The implication of this is that, anyone who wants to buy or sell a large number of crypto value at a particular price cannot get from just an exchange, they will have to move from exchanges to exchanges to get the aggregated view.
These challenges only need the
Ironx also gives users the opportunities to trade some fx commodities. This means Ironx is bringing the parallel market of Cryptocurrency and forex to a platform for an utmost great experience for it users.
Through the simplified KYC and AML procedure on the plaform, Ironx will make sure it platform complies to laws. Ironx is also working to acquire the PI License under the Financial Conduct Authority.
Since Ironx is running a platform which is compliance to the law, it will be able to accept fiat currencies.
The order books on Ironx platform, will show an aggregated orders from leading cryptocurrency exchanges thus showing the real prices of each token listed.
Ironx’s human support system have people who can attend to traders’ problems in their own language. Ironx’s support system supports thirty languages from all over the world.
Some hopes for the future
Personally, after I saw that the exchange is a cooperation between entities like IronFx, EmurgoHK and smartlogic technologies, I had some hopes I would have loved to see implemented by Ironx in the future:
- IRX which is a utility token to be used on the platform for a discounted trading fee is ERC20 based token. I’d wished that it is swapped to the ADA blockchain which is the Cardano blockchain created by
- I really wish that Ironx will be a Cardano base crypto exchange for all projects launched on Cardano like
stellarterm is tostellar. Stellartermlists any stellar based project with little or no fee.
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