It has been a long time coming, but finally Velvet.Exchange has launched its live trading platform to the world. It has been in a private beta for the past few months while the team works on ironing out the last few bugs, and now the team has opened it up to the crypto trading world. Packed with advanced trading features such as deep technical charting, customizable user interfaces and solid access to the order book.
“Nothing Out of the Ordinary”
However, if you were hoping for an ambitious exchange that plans to redefine the crypto trading world like most new exchange – you’re in for one heck of a shock. Quite simply put, it’s a basic crypto exchange carrying all the features you expect to see with the customizable interface that you would generally expect from a capital markets trading platform. In Velvet’s own words
we are not going to say that we are creating something innovative, we have just integrated the best trading solutions into our highly customizable user interface.
These aren’t the words of industry shaping leaders, but instead of misguided and lost sheep in a world of wolves.
Very Little Liquidity Available
Velvet claims it has “strong partnerships with liquidity brokers”, but the order book paints a rather different picture. At the time of press, there is barely 1 BTC combined from the total of all pending buy and sell orders. This is hardly the grand opening Velvet was hoping for, but rather a lackluster performance backed up by a rather bleak platform.
Will it Get Better with Time?
As time goes on, Velvet will be hoping that more users flock to its platform. Velvet is promising the world in the form of Euro trading pairs and ultra-low fees – as low as 0% for makers and as low as 0.001% for takers – but anyone looking to trade more than 50k satoshis is going to have a long wait ahead of them for their order to get filled.
Head Over to a Truly Innovative Exchange
In a day and age where crypto exchanges are a dime a dozen, standing out from the crowd is as important as ever. LGO Group has designed a brand-new breed of crypto exchange that is provably transparent – meaning that its trade volumes are 100% provable. Velvet might need to start wash trading and faking volume if it ever plans on climbing into the top 1000 crypto exchanges by 24-hour trade volume.
Sadly, the Velvet.Exchange launch was a bitter disappointment and the rather dark and depressing theme of the platform makes for a tough Monday morning! Hopefully Velvet can turn its fortunes around before it’s too late and investors pull the plug. This is definitely a crypto exchange that you don’t want to keep your funds on overnight!