Canadas Top Exchange

Ruzaan du Plooy
Sep 2, 2018 · 3 min read

Well over 6 Billion USD has been invested into cryptocurrency within the last decade. The market cap is estimated to be over $1 Trillion by the end of this year. These significant investments have often been made without considering a platform to facilitate the movement of currencies. Cryptocurrency exchanges are the foundation to the cryptocurrency market, but the majority of these exchanges face limitations like slow transmission of funds, issue with same day deposits/withdrawals, high trading fees and low liquidity etc.

A recent survey conducted by Encrybit summarized most of the central issues currently faced by cryptocurrency exchanges. The opinion-based survey was orchestrated on April 23–30, 2018, using Google Forms. An exhaustive amount of feedback was received and collected by the forms— 1108 forms were filled out in total. Such a broad scope made the findings statistically significant and representative of the overall cryptocurrency community.

Some of the key issues as per the survey are outlined below.

  • 40% said security was the primary concern.
  • 37% said that high trading fees are problematic.
  • 36% indicated that liquidity is a concern.
  • 33% said that the response time for exchanges was unethically long
  • 22% complained about the lack of trading pairs.
  • 21% said that the user interfaces were not friendly enough.
  • 18% were upset with high withdrawal fees.

One of the most common criticisms of cryptocurrency exchanges has always been the slow response of exchanges’ customer services, who sometimes fail to respond at all. Some users report taking up to six weeks getting verified on certain exchanges. This is possibly due to the influx of new users in a particular time period, which the network is not able to manage. But a failure to respond is still a cause for concern. Customer service does not appear to be a priority among most cryptocurrency exchanges, and since there is no formal authority to complain to, users most often vent on sites such as Reddit. I was convinced the Cryptocurrency Exchange level of service was quite poor.

Until I stumbled upon Bitvo.

Bitvo is a Canadian based Cryptocurrency Exchange. An exchange dedicated to providing service beyond any other exchange in it’s category. They not only offer, but 100% provide, same day deposits and withdrawals. Gone are the days you needed to make a wire transfer of $500, which took a week to make it to an exchange platform. Bitvo has unlimited e-transer deposits, 1% withdrawal fees (which is on-par with Binance), and they have never encountered any security issues. Most exchanges have issues regarding liquidity and funds because of the lack of support from Banks across the globe.

Bitvo is one of the only Cryptocurrecy Exchanges that are completely funded and supported by a Bank. Liquidity is not an issue for them and in my eyes, makes them a leader within the cryptocurrency community.

It’s important to recognize the leaders and innovators within the industry. Given the low levels of customer satisfaction in the cryptocurrency exchange market, a Bitvo has been more than welcome.

BitvoExchange

Bitvo is a Canadian state-of-the-art cryptocurrency exchange and trading platform making cryptocurrency easier to access and more secure for its customers.

Ruzaan du Plooy

Written by

Crypto-Enthusiast, Marketing Guru, Owner of 3 Crown Marketing

BitvoExchange

Bitvo is a Canadian state-of-the-art cryptocurrency exchange and trading platform making cryptocurrency easier to access and more secure for its customers.

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