It is event Bitcoin trading is slowly gaining more mainstream recognition. Exchanges can benefit from this mind shift, assuming they can come up with ways to attract more customers. Coinsecure has reduced the barrier to venture into Bitcoin entry level trading. Not only will this bring more liquidity to the exchange platform, but it will also get more acquainted with cryptocurrency as a whole.
Coinsecure Steps Up Their Bitcoin Promotional Efforts
With financial turmoil affecting nearly every corner of the planet right now, alternative financial solutions are gaining more traction in recent months. Consumers and investors are diversifying their portfolios, investing in precious metals, bonds, and even Bitcoin. But obtaining cryptocurrency can be challenging, depending on how much liquidity exchanges can provide.
Coinsecure, one of the many cryptocurrency exchanges active in the world today, acknowledges this problem. By lowering the barrier for entry-level trading, the company wants to attract more traders and cryptocurrency liquidity providers. The Entry Level Trading Account for International Users is the name of their new venture, which will hopefully solve these problems.
Any user signing up for a Coinsecure account can now start depositing Bitcoin and trade right away. As the brief description suggests, there is no need to complete an account verification process before trading is available. Moreover, the fee is kept relatively low at 0.5%. Withdrawing fiat currency in INR, however, will remain subject to a KYC procedure.
Given the current financial situation in India, it is not entirely surprising to see local companies take advantage of the new opportunities presenting themselves. Although it is not clear how many people are buying cryptocurrency in India right now, they are certainly pushing up the Bitcoin price by paying hefty premium rates. Earlier this week, Bitcoin was priced as high as US$900 on Indian Bitcoin exchanges.
We can only hope to see additional local cryptocurrency exchanges give users an option to trade before even asking for a KYC procedure. For people dealing with fiat currency right away, a KYC procedure makes a lot more sense. But for those of us who deal in Bitcoin primarily, it can be quite cumbersome to verify one’s identity before even depositing Bitcoin.
Header image courtesy of Shutterstock