Exchange cryptocurrencies at the best rate with 100% transparency

Launched in October 2017, our service was initially designed to be the aggregator of exchange platforms and OTCs. Having successfully worked for a year and gained tons of experience, we now want to share our plans for the upcoming months.

The OTCs that our service is based on have many flaws and deficiencies. The exchange platforms are not perfect either. Now that ShapeShift, one of our core partners, implements mandatory KYC, we’ve decided that it’s time to design our own technology that will eliminate the deficiencies of existing solutions.

OTCs’ disadvantages

When converting currencies via an OTC, you switch them between your own wallets and don’t entrust them to any third-party platform ensuring their security. However, the drawbacks of such services are more sustainable.

• Bad rate. Typically, OTCs are integrated with only 1 exchange platform. The funds go from a user through OTC to an exchange platform where they are converted at the available rate and then return back to the user again. As the exchange platforms are aplenty, according to the probability theory, the user will hardly get the best rate and will eventually lose money.
• The worst rate for exchanging huge amounts. OTC’s are not designed for switching huge sums, they don’t have any special algorithms to do this at a good rate. Therefore the ultimate rate will be the worst of all available scenarios. We’ve discussed this issue in details in one of the previous articles.

One of our users has exchanged almost $11,000 of cryptos through an OTC and lost approximately $600

• No transparency. This is the overall problem with all OTCs. The user just doesn’t see what’s happening to the funds and the final rate may be much worse due to the hidden fees.
• Not fair fees. OTCs charge their fees right when the user sends the funds. The problem is that the exchange process may take a long while, during this time the rate may change. The sum that you will eventually get may be disproportionately smaller than the fee taken by OTC.

Exchange platforms are a better solution, but still, it’s not perfect. Typically, a user works with only one platform and exchanges currency at the rate that this platform provides. As the platforms are aplenty, the possibility that you get the best rate at a selected platform is very low. Also, you have to entrust your funds to the third-party platform that can be hacked, and thus, you will lose your money.

OTC of the next generation

At the beginning of November, we are launching the new technology that will cover the disadvantages of OTCs and exchange platforms that we’ve described above.

• Truly the best rate We have fully elaborated our technology in order to integrate with a huge number of exchange platforms and thus help you find the best rate.
• A special algorithm for exchanging huge sums. We have developed a special bot that can exchange a huge sum of crypto at the best rate. Currently, it is available by request, but in the future, it will be available for all users automatically by default.
• Transparency. You will have access to all the orders at the given exchange platform. In the future, we plan to write these orders into the blockchain. Also, we negotiate with the exchange platforms to get their confirmation of every order for more transparency. We’d like to note that you exchange currencies between your own wallets without providing the private keys, so the transaction is absolutely secure.
• Fair fees. We will charge our own fees that will be lower than the market average. Also, our fee will be taken from the amount that the users finally gets instead of charging these fee when the user sends the money to our platform. Thus, our charges will correspond with the final amount and will be transparent and fair. For those who don’t want to pay additional fees, the monthly subscription will be available. Pay a fixed amount per month and exchange as much as you want to at the best rate with no additional commission.

We plan to make the integration with our service as simple as possible to help services that need the cryptocurrency exchange solution within their platforms and apps smoothly move to our solution.

Jaxx team plans to find another exchange provider

And this is not all. We also plan to launch our own affiliate program. This will let us share our revenue with those who share the word about our service or implement our technology onto their platforms.

The new technology is about to be released in the upcoming weeks, so stay tuned. If you want to become a pioneer in exploring our technology and be the first one to add it onto your website send us an email to support@bestrate.org.

Originally published at bestrate.org on October 26, 2018.