Coindirect, which raised a EUR1 million (US$1.1 million) funding round earlier this year, provides an easy and fast way to buy and sell bitcoin and other digital currencies.
Its new “over-the-counter” (OTC) model, introduced this month, is a first in South Africa, and is designed to save traders time spent on research as they look to make large volume transactions, at the best price available, for the lowest fees. Tailor-made for high volume traders, the platform uses global integrations to create a wide pool of liquidity sources that enable a bitcoin price guarantee.
“During our first two years in the industry we have paid close attention to which users are driving the volume of crypto trading. Our approach is to bring cryptocurrency to as many users as possible, however, the data shows that a majority of the daily trading volume in South Africa right now comes from a very small percentage of traders,” 0said Nic Haralambous, Coindirect’s chief operating officer (COO).
Coindirect acts as a trading desk, with bitcoin quotes locked in once confirmed and processed instantly with no fees for conversion, when using the Coindirect wallet, and no slippage. Through the OTC desk, traders are able to avoid lengthy transactions, as well as avoid a fee of up to two per cent charged by other exchanges for an instant large volume trade.
In addition to the OTC model, Coindirect has also bolstered the platform with several new updates in recent weeks, including credit card payments, instant withdrawals, and higher limits for transactions.
“All the recent changes made to the platform have been made to ensure that our customers are afforded the most convenient and secure trading experience. Many of the updates have been the result of discussions with traders on what they need to take their bitcoin trading to the next level. We have always envisioned Coindirect as a platform that exists as a solution, and the OTC model is just that,” said Haralambous.