Broker. Licensed Crypto Broker
Immerse yourself in the FinSafe platform and find out everything you wanted to know about our LCB technology.
Hello dear community! Starting with this material, we begin a detailed journey through our platform. Each material will be dedicated to one product (to one feature, to be more precise). As you already might have guessed from the title, todays hero is a FinSafe’s Licensed Crypto Broker. Let’s have a chat about all its features, architecture and exclusive details, which you will not find anywhere else.
Although this is one of the most understandable features of our project, its first function needs some close inspection. However, we won’t exactly begin with it, but will rather look into traders user-journey. Let’s say user decided to improve their trading opportunities and start working on several popular exchanges. Their average workflow will look the following way:
- First thing they need to do is to register on these exchanges. Which means, fill a lot of empty fields, on several different screens.
- At this stage the registration process does not end, because any serious crypto exchange will ask users to pass KYC / AML — in simple terms, for each new exchange they will have to fill in an additional questionnaire, collect a package of necessary identity documents, and pray that during the download the system won’t crash.
- Hooray, registration is a success! It’s time to deposit the account. More like different accounts for each single exchange however. We shouldn’t also forget that each of them has their own conditions. One of them doesn’t accept credit cards, the other requires a large number of confirmations from the blockchain to transfer your funds. They might even make it necessary for users to buy local tokens for the possibility of trading.
- Last but not least comes the best part of the trading story — commissions. Each resource sets its own price per use, so users always need to remember where and how much they will spend for withdrawal, replenishment or operating activities.
As you can see, for our world, where time is money, the story described above is very inconvenient, although we will not argue that there is a certain type of traders who preferer this approach, which we call “Multiple Managed Accounts” (MMAA).
The Сrypto Broker, and the entire FinSafe platform, uses a fundamentally different approach, which we call the “Single Account” approach or SAA. Namely, if we’re looking at the same situation, featuring a user who starts to trade on several exchanges, the time and costs are reduced dramatically. Everything that’s needed:
- Registering a single FinSafe account.
- Signing in and depositing assets. The account will be the same for all selected exchanges on which its owner will be able to trade right from the main dashboard with the help of our products other features (which we will mention later).
As a result, instead of needing to open multiple accounts customers will only need to open an account with FinSafe and transfer their funds to this account in order to receive buying power. Thus, our clients workflow gets rid of a number of flaws at once. Firstly, they don’t need to waste the time on verification and other legal processes. Secondly, there is no need to think how to rebalance the portfolio, guessing how much money should be kept aside for each particular exchange. Thirdly, they don’t have to worry about the profitability of the rates and commissions, which are especially disadvantageous for small amounts of trading (due to the distribution of funds on different exchanges).
How does it work in details?
Our system works in conjunction with a management partner, whose name we can’t disclose due to legal requirements. This service processes payments from customers to the managing company of our platform in cryptocurrencies and in fiat. Сustomers can use Payment Service for transferring funds to our LCB, which will then trade in their name on participating crypto exchanges.
Our Payment Service allows acquiring fiat funds from the major payment card companies (such as MasterCard and Visa). We also already have nodes for BTC, ETH and USDT, with all the other payment cryptos from the top-20 of Coinmarketcap.
In case large payments from corporate accounts or fiat payments need processing, we will accept wire transfers directly to LCB bank account. Obviously, such payments will bypass the Payment Service and will reach our billing manually.
Once the funds arrive to your account, you can take full advantage of our platform, but that’s a conversation for our next story!