Cryptocurrency exchanges might be a dime a dozen these days, but that hasn’t stopped entrepreneurs donning their visors, gloves, and welding torches and creating a new range of shovels in time for the next gold rush. Two of the newest entrants to the market are Beaxy and Koinfox, both of whom will be battling it out with the big boys like Binance to attract customers in the coming months and years.
Beaxy has been promoted heavily on social media, with members of the Bitcoin Bravado team advising the project. Beaxy labels itself as “an all-in-one cryptocurrency exchange containing the tools and resources to support traders with any level of experience”, which is quite a big claim to live up to.
Beaxy’s big selling point is their matching engine, which is an institutional grade bit of kit created by OneTick, a company that has worked with some major players in the traditional finance space over the years. According to Beaxy, this infrastructure will ensure that the reliability, performance, and scaling should be on par with exchanges in traditional finance, bringing an end to platforms going down during heavy traffic.
Beaxy will also have some nice touches such as IRS-ready tax reports, OTC services, and instant fiat deposits/withdrawals, and, like Binance, will also have an ICO launch platform. Beaxy’s own token, BXY, can be staked for rewards and discounts, as well as the token itself affording holders a 50% trading discount.
With the backing of social media giants Bitcoin Bravado, its industrial grade matching engine, and an ambitious long-term scaling plan, Beaxy could well have a promising future in the space. Their private sale is ongoing and more information can be found here.
Koinfox calls itself “the most Intelligent, Faster & Profitable way to TRADE in crypto” (sic). According to the website, Koinfox helps traders “trade profitably without any hard work” due to its “intelligent trading platform” and native wallet. The platform is aimed at the “common investor” and uses a variety of tools, such as bracket ordering incorporating trailing stop losses, to allow investors to make the most of crypto’s volatility.
A key aspect of Koinfox’s offer is the ability to trade on multiple global exchanges through its platform, meaning users are not restricted to a single exchange. All private are keys stored in a “decentralized manner” within the user’s wallet, an important step in the move to bring ownership of private keys back into users’ hands.
Koinfox has more tools in the pipeline, such as token pools, mirror trading, algorithmic trading, and arbitrage trading, all of which adds up to a potentially winning combination. Koinfox is open for beta testing, where you can trade with $3,000 in virtual tokens using their simulator. If Koinfox can find a way to appeal to everyday investors, while giving more serious users tools that bigger exchanges simply don’t have, they could be onto a winner.
New Players in Town?
Both these forthcoming exchanges offer features currently missing in the crypto space, with plans to add more. If both projects can be executed successfully there is every chance they could gain a reputation among their target markets and grow as the market does.