Cryptocurrency exchanges have exploded in popularity in the past year with the top exchanges handling billions of dollars of transactions daily, making it an integral part of the cryptocurrency industry today.
What is even more surprising about these exchanges is that in the year 2017, the total trading volume in cryptocurrency exchanges surpassed that of stock trades – a statistic that would’ve been unimaginable few years back.
While the growth of exchanges and cryptocurrencies, in general, show no sign of slowing down, there are some issues present in the industry that are affecting both investors and companies involved in it.
For instance, decentralized exchanges use the blockchain as a way to record and execute trade orders but due to the nature of the blockchain, a small transaction fee is incurred every time a piece of code is executed on it.
It’s easy to see how this affects transactions in exchanges where hundreds of thousands (maybe even millions) of trades are done daily. For normal investors, making multiple trades is simply not worth it as they not only pay the transaction fees but also the commission fees of the platform.
The issues mentioned above are just a part of a significant list of problems affecting cryptocurrency exchanges and as cryptocurrencies become more and more popular, there needs to be a proper solution in place to prevent these inefficiencies from slowing down the market.
Thankfully, several solutions have come out in recent times from many bright minds and one of the companies set to disrupt the industry is CoinPulse, a cryptocurrency exchange with a unique approach on how exchanges are run – in a good way.
CoinPulse is a cryptocurrency exchange platform set to be launched in June 2018 that aims to be the world’s first community-based cryptocurrency exchange.
Simply put, the platform will be supported and revolved around the community’s input which offers several advantages over the standard system used in most exchanges today.
While the features of CoinPulse may not seem that different from other exchanges at first glance, the team’s decision to prioritize the community’s feedback makes CoinPulse a top-tier exchange as the team actually listens and cares about the users of the platform.
Guiding the team at CoinPulse are the company’s experienced co-founders: Chetan Darji, Mamta Parmar, and Aalap Shah. They will lead the team to achieve its goals while working on CoinPulse to establish itself as one of the top cryptocurrency exchanges in the market today.
CoinPulse offers a familiar layout to users and the main information that’ll be displayed on the platform’s dynamic UI is made up of three parts: the cryptocurrency type, its daily transaction volume, and the price change over a 24-hour period.
In terms of the type of orders available in the platform, CoinPulse offers the industry-standard order types but what gives the platform an edge is CoinPulse’s automated Trailing Stop-Loss orders.
The technical details of this order type can be read further in the whitepaper but in summary, the Trailing Stop-Loss order type gives investors the ability to use stop limits that automatically adjust according to the asset’s change in price – a feature that is the first of its kind in the industry.
As the platform is based around the community, CoinPulse will add new tokens and coins to the platform every month based on votes by the community which not only benefits users but also new cryptocurrencies.
Aside from trading coins, security and customer support are also important aspects of a successful cryptocurrency exchange – exactly the reason why the team puts in so much effort in improving these aspects in CoinPulse.
CoinPulse will be using security measures such as two-factor authentication, KYC processes, multi-sig wallets, as well as using cold storage systems to help keep funds of the platform’s users safe and secure.
Customer service-wise, CoinPulse will seek the best customer service teams available to help users of the platform with their queries and concerns.
What makes the platform’s customer service unique is that the team will be trained to not only assist with the platform but also to help newcomers with cryptocurrencies and trading as the customer service personnel will be selected based on their knowledge on cryptocurrencies.
CoinPulse will have minimal fees attached to transactions in the platform but users can use the CPEX token, the platform’s official utility token, to receive privileges such as discounts on trading fees.
The CPEX token is an ERC-20 token that will be used as the main medium of transaction in the CoinPulse platform.
Unlike other tokens, there will be no ICO or token sale for the CPEX token as it will be rebranded from the EBCH token which was distributed via an airdrop last year; EBCH tokens will be swapped for CPEX tokens in a 1:3 ratio meaning that holding 1 EBCH token will grant the user 3 CPEX tokens once the rebrand happens.
Users who use CPEX tokens to pay trading fees in CoinPulse are entitled to a massive 70% discount on all trading fees which is a huge advantage, especially for frequent traders.
Aside from buying the token off the market or holding EBCH tokens, users can also acquire CPEX (as well as other cryptocurrencies) by referring other users to the platform.
Every time an invited user makes a trade on CoinPulse, the referrer receives 30% of the total fees generated by the user’s trade. What the referrer earns depends on the type of cryptocurrency used to pay the trading fee so if a referred user pays the fee in ETH, the referrer will earn his or her commission in ETH and so on for other coins.
In line with the exchange’s community-first approach, CoinPulse will be giving away 200 CPEX tokens to new sign-ups on the exchange once they complete a trade on CoinPulse.
100 CPEX tokens will also be given to users who hold EBCH tokens before the rebrand and to make things even more exciting, one lucky user will be randomly selected to receive 100,000 CPEX tokens just for registering on the platform.
These rewards will be distributed out of 20 million CPEX tokens allocated for the giveaway so it’d be wise to register now on CoinPulse before the rewards are fully claimed.
To participate in the giveaway, users would need to first visit CoinPulse’s homepage and move on with the registration process. Once the user has signed up, they will need to complete a Google form which lists the terms and conditions of the giveaway.
The tokens will be distributed on or after the 1st of July, 2018 although users would have to complete at least one trade to be qualified for the giveaway.
This giveaway combined with the features of the platform makes CoinPulse one of the best projects to look out for in the near future.