Introduction
For cryptocurrency traders who prioritize self-custody, security, and peer-to-peer trading, Elbaite could be an option to consider. Elbaite is an Australian cryptocurrency exchange that operates on an unguarded model, allowing users to trade directly from their encrypted wallets. By adopting this approach, Elbaite aims to provide a more secure trading environment, as well as offer cost-effectiveness and efficiency.
History and Background
Elbaite was established in Melbourne in 2017. It was born from the personal experiences of founders Morty and Samira Tolo, who encountered exchange hacks and other issues when using centralized exchanges. They created Elbaite as a peer-to-peer exchange that allows users to retain custody of their assets throughout the trading experience.
Features
Self-Custody
Elbaite employs an innovative self-custody approach, where users can trade directly from their wallets without the need for an exchange to store their assets. This significantly reduces the risk of being targeted by hackers and provides users with peace of mind.
Commerce
Elbaite allows users to connect any crypto wallet of their choice and accepts Australian dollar cash deposits and Osko/PayID instant payments. Since trades are made from wallet to wallet, users do not have to transfer their cryptocurrency to Elbaite, saving time and fees.
Safe Handling
Elbaite has a built-in escrow service that protects Australian dollar funds until the cryptocurrency transfer is verified on the blockchain. This ensures reliability and transparency in the trading experience.
Low Fees
Elbaite offers a competitive fee structure that attracts traders of all skill levels. The exchange charges a 1% buyer fee and 0% seller fee, regardless of the transaction size. Additionally, there are no withdrawal fees due to the wallet-to-wallet transfer design.
Security and Compliance
Elbaite’s security is based on an intelligent design that does not hold users’ encryption assets on the platform. This eliminates the incentive for hacking attempts and bad actors. Elbaite is also KYC/AML compliant, ensuring a safe and ethical trading environment for all users.
Pros and Cons
Positives
- Low fees
- Great variety of payment methods
- Convenient user interface
- Transactions from one wallet to another
- Active user base in Australia
Cons
- No fiat currency trading
- Customer support can be slow at times
Conclusion
Elbaite is an outstanding platform that prioritizes user empowerment and security. It offers a safe and intuitive trading experience that keeps users in control of their assets. Whether you are a beginner or an experienced trader, Elbaite ensures a smooth and hassle-free trading experience with its user-centric design and robust security measures.
Disclaimer: This content is provided by a third party. Encryption.news does not endorse any product mentioned on this page. Users are advised to do their own research before taking any actions related to the company.
