Fiat-to-Coin: Just A Trend or The Right Strategy?

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FinanceX

6 min readOct 11, 2018

What do we call the initial Bitcoin investors?

I guess they were either a rare breed of visionary or extraordinarily lucky! Perhaps somewhere in between as life isn’t just black and white.

Regardless, we witnessed the unbelievable growth of Bitcoin from its introduction in 2009 leading up to the peek of its powers in December last year reaching just shy of 20,000 USD per coin.

Ten years of Bitcoin has given rise to ~2000 alternative cryptocurrencies, many of which took advantage of the manic bull market of 2017, and the subsequent over-confidence of investors early-2018.

FOMO gripped the cryptosphere and lured excited new investors in to the bubble. Most of the ICO’s conducted during this time still don’t have a viable product and are unlikely to develop one in the future. Many were simply operated by opportunist scam artists.

Don’t let the bleak introduction fool you. There’s a growing range of altcoins backed by great companies developing and innovating new uses for blockchain technology. Many have made their investors extremely rich!

But access to these other successful coins, as well as new prospects, is unnecessarily difficult in the current trading environment.

Current accessibility

In most cases, traders can only purchase BTC or ETH with their fiat (local currency). In order to access potentially bullish altcoins, the trader must trade the purchased BTC/ETH for the desired coin using these major coins as intermediates.

There are two main ways in which this process occurs.

The customer uses one trading platform to purchase and to trade on.
The customer has to buy BTC/ETH on one platform before transferring to another platform to access the fancied altcoin.

Weaknesses

The current method doesn’t adhere well with the reasons for using cryptocurrency in the first place. Let’s explore the limitations:

Slow — using an intermediate is obviously going to take more time, but often it is not as simple as making two trades. Due to the lack of exchange options in many countries, traders have to use one exchange to buy BTC before transferring it to an exchange with the needed trading pair. A reversal of this process is required to cash out.
More expensive — the volatility of the cryptomarket means prices can fluctuate wildly in just a matter of minutes. BTC often drops 2–5% in value in one hour. Traders holding Bitcoin before their altcoin trade can lose significant assets due to this intermediary process. Some exchanges also charge fees for transferring cryptocurrency to another exchange.
Ties altcoin value to BTC — with the lack of entry options to the market, altcoins will be majorly affected by the fortune of the these dominant coins. When BTC price falls, altcoins are highly likely to fall, too. The lack of fiat-to-coin trading pairs straps altcoins on the BTC rollercoaster.
Security risk — simply put, the greater the movement of assets, the greater the risk.

It’s important to keep liquidity in mind when creating fiat-to-coin trading pairs as introducing a new pair for which there is no demand can discourage traders and leave your platform suffering from low liquidity.

Trading platforms need to do their due diligence when deciding whether to list a coin and whether the demand is such to warrant a fiat trading pair.

Fiat-to-coin — The future of trading

Recently, some exchanges have introduced fiat-to-coin trading pairs to negate the limitations explained above. This is especially beneficial for customers outside of the US where the options are still minimal.

FinanceX takes this initiative to the global level.

FinanceX is a real-time automatic cryptotrading platform focusing on providing traders with fiat-to-coin trading pairs on a global scale.

FinanceX trading platform user interface

FinanceX users can easily buy and sell digital assets with local currency without experiencing time delays, exchange rate constraints or deposit fees associated with the typical method.

The FinanceX vision? To be the biggest cryptoexchange in Southeast Asia and among the top 10 in the Asia-Pacific region within 3 years.

The FinanceX Vietnamese exchange launched in August and already boasts over 15,000 users. The next stop is Indonesia in November on the journey to creating an interexchange network between countries.

2019 will be a year of expansion beginning with exchanges in Thailand and the Phillipines launching in February, prior to Malaysia, Singapore, Myanmar, and Laos.

2020–21 focuses on further expansion in to the Asia-Pacific region as well as the development of a decentralized exchange.

Features:

· Fiat-to-coin trading pairs and vice versa
· Many payment methods (bank transfer, E-wallet (PayPal, Screw, etc.)
· Rapid deposits and withdrawals (less than one minute from bank-to-wallet, no longer than 60 minutes from wallet-to-bank)
· An interexchange network that ensures high liquidity
· Low trading fees (0.3%) and a transparent fee structure
· Real-time trading at high speed (up to 100,000 transactions per second)
· Easy to manage portfolios
· Modern and intuitive user interface
· Security and privacy (notifications about activity, 2FA, KYC, cold wallet storage etc.)
· Stability of a proven system used for many stock and forex exchanges
· 24/7 customer support

FNX Token

FNX token is the official token of FinanceX exchange. Developed on the basis of the standard ERC 20 Ethereum blockchain, FNX builds on the global fiat money platform, becoming the next generation of pre-encrypted trading platforms.

FNX token will be paired with every coin and every fiat supported on the platform creating its own market.

The value of FNX token resides in the development of the FinanceX interexchange network between countries. Each new country opens a new market of traders exposing FNX growing the market cap and the value.

FNX will be the preferred method of trading due to heavily discounted trading fees: 50% for the first 6 months; 25% for the following 6 months.

When signing-up via a referral link customers will receive a 5% bonus. The referrer enjoys 10% commission on every purchase using their link.

FinanceX ICO Info

· Project Name: FinanceX
· Token code: FNX
· Headquarters: Bugis Cube, Singapore
· Foundation: Blockchain Ethereum ERC-20 standard
· Total token sales: 495,000,000 FNX
· Payment accepted by: Bitcoin (BTC), Ethereum (ETH)
· Opening time for selling ICO:
Private Sale: Finished
Presale: November 14 (120,000,000 FNX tokens, $ 0.014)

ICO Round 1:

+ From November 21 to December 4
+ Token Number: 120,000,000
+ Price: $ 0.028

ICO Round 2:

+ From December 5 to December 19
+ Token Number: 110,000,000
+ Price: $ 0.036

ICO Round 3:

+ From December 20 to December 31
+ Tokens: 90,000,000
+ Price: $ 0.047

Listing date: January 15

Don’t forget to grab FNX tokens before the Presale ends!

For more information on the FinanceX project:

★ FinanceX exchange★ FinanceX ICO★ FinanceX Support★ FinanceX Labs★ Facebook★ Telegram★ LinkedIn★ Bitcointalk★ Medium★ Twitter★ Reddit★ YouTube★ Altcoinstalks★

#FinanceXLabs #FinanceX #FNX #ICO #tokensale #blockchain #technology #education #cryptocurrency #CryptoExchange #BTC #ETH

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