On 18 January 2018, Coindirect.com, a way to buy and sell cryptocurrencies online, announced the initial launch of its platform for local currency trading. The Coindirect.com cryptocurrency marketplace is designed to make trading in digital currencies simple, and is now live in the United Kingdom, South Africa, Nigeria and Kenya, ahead of a global rollout in early 2018. Coindirect.com supports one of the widest ranges of local-to-cryptocurrency transactions available, with 25 different digital coins currently in its marketplace.
“We’re extremely excited to be offering our customers across the globe the ability to buy popular cryptocurrencies such as Bitcoin and Ethereum in their local currencies,” says Coindirect.com Director, Basil Bielich. “By simplifying and demystifying the process of purchasing cryptocurrencies, we hope to accelerate their adoption across the globe.”
Coindirect.com offers traders a secure environment with instant transfers and full wallet support, allowing users to buy and sell multiple currencies using a single account. Not only can customers buy altcoins with their local currency, they are also able to exchange between currencies. As such, the company is seeing a high daily trading volume through users converting between bitcoin and altcoins. Transactions are instant, with no waiting for approvals, and prices are locked at the point of sale.
According to Coindirect.com, its escrow system takes the complexity out of buying cryptocurrencies such as Bitcoin. There’s no uncertainty when making a trade. All trading fees are built into the market price: that means for traders, what you see is what you pay.
Importantly, as revealed by the platform, unlike other cryptocurrency trading platforms, investors can be sure their transactions are safe and regulated.
Coindirect.com has offices in London and the Isle of Man, and is registered with the Isle of Man Financial Services Authority. With global interest in cryptocurrency, and Bitcoin in particular, increasing rapidly, there is a real need for regulated environments which mitigate the risks of fraud, theft or lost trades.
Brian Donegan, Head of Operations, E-Business Innovation at Isle of Man Government speaking on the launch said, “the arrival of Coindirect.com on the Island is a further example of how our digital economy value proposition and quality regulatory framework continues to attract digital currency exchange companies of the highest calibre.”
Occasional trades up to GBP 800 / EUR 1000 / ZAR R15,000 / NGN 400,000 / KES 100,000 can also be carried out without inconvenient personal identity verification involving uploads of identity documents.
Coindirect.com is backed by a consortium of some of the leading technology investors, based in the UK and South Africa.