PLAAK Exchange Launch-How will it work and what will be available?

PLAAK Exchange Launch-How will it work and what will be available?

As PLAAK’s exchange nears its launch date, there is an undeniable buzz about what the new exchange will bring from day one and how it will continue to grow. The PLAAK exchange soft launch will initially allow 1000 users at a first come first serve basis as part of an initiative to ensure user security and the smooth running of operations. The number of users will subsequently increase every week thereafter.

At launch a link to the exchange signup will be made available on the new landing page. The time that this link will be made available will be announced this Thursday. The link will lead to the signup procedure where all fields and relevant documents must be submitted to fulfill KYC requirements. Once everything is completed the submission will be put into a queue for verification. Verification will occur in order of submission and an email will be sent with a confirmation link once your submission has been verified and approved. Once you receive that link you can then start trading on the exchange. When 1000 users have been approved all remaining submissions will remain in queue and will be approved in submission order the following week.

What coins will be available at launch?

At launch the exchange will feature 5 coins- VeChain, PLAAK’s Token, Bitcoin, Ethereum and Safex. More will be added every few days after the first week.

What pairings will be available at launch?

BTC/AUD, ETH/AUD, ETH/BTC

PLK/AUD, PLK/ETH, PLK/BTC, PLK/VeChain

SAFEX/AUD, SAFEX/PLK, SAFEX/ETH, SAFEX/BTC

VeChain/AUD, VeChain/ETH, VeChain/BTC, VeChain/PLK

What trading features will be available at launch?

The exchange will support limit and market orders for both buy and sell transactions at launch.

There will also be a websocket based design that enables real-time updates and advanced tradingview charts.

What ways can I deposit at launch?

At launch there will be a bank transfer option. Within the first week POLi payments will be available as well.

Coins/tokens accepted by PLAAK at launch (VeChain, PLAAK’s Token, Bitcoin, Ethereum and Safex) can be deposited to the individual wallet address generated once your account has been approved.

What ways can I withdraw my coin/tokens at launch?

At launch you can withdraw your coins/tokens by sending them to other wallet addresses.

What is the fee structure at launch?

The trading fee is a flat 0.25% at launch. The deposit and withdrawal fees will be a flat rate fee on each coin.

What security features will be available?

KYC, 2FA/SMS & google authenticator will all be functional. From launch PLAAK will be using distributed servers for all its modules with multiple security layers implemented on the server.

Smart contracts based automatic transfers from public keys to cold wallets will have zero manual interference.

What will be made available soon after launch?

PLAAK’s Exchange will go through security updates every week including reconciliation of funds, transactions and user accounts. We will be adding an email verification option for withdrawals which will be another security measure that users can implement. There will be the addition of coins every week starting from 10th of June. IP address security, User session settings, exporting Order history and trade history will also be added in the first few weeks. The PLAAK Referral program will be announced mid-June.

Biometrics will be added in July. The Android App will be live in early July and 4 weeks later the iOS version will be released. Multiple payment gateways & credit card processors will be added within two months of launch. Advanced Exchange trading features like Stop-Loss will also be added in July.

A ‘basic exchange’ will also be added within the first 3 months of launch, which will allow a user to exchange any coin directly with any other coin irrespective of pairing.

An announcement platform is also under development for the internal exchange to display announcements inside of the exchange. There will also be several UI and UX updates based on feedback within the first 3 months. Some of these will include the confirmation display of the deposit of funds.

Timeline for exchange updates and releases:

2nd Quarter 2018 end of May-June:

-Main Net Testing

-POLi payment made available

-More coins added every week

-Blueshyft deposits

3rd Quarter 2018 July-September:

-Card Payment Option

-ECC Coin Integration

-PLK Fee Discount (0.05% trading fee with all PLK pairings)

-PLAAK Exchange Android App release

-Referral Program

-Further Advanced Trading Features

-PLAAK Exchange iOS App release

-Rewards Program

-One Login release

-Biometrics

1st Quarter 2019

-Exchange is officially decentralized