CoinFloor rolls out “No BS” service for Bitcoin

CoinFloor rolls out “No BS” service for Bitcoin

  • Ali Raza
  • 20th February, 10:27
  • The new service is in line with the “NB” rule to crypto, as Coinfloor is providing proof-of-transparency audits to customers.
  • The exchange will utilize Dollar-Cost averaging to encourage users who are aversive to Bitcoin volatility.
  • Coinfloor wants to minimize the stress of buying Bitcoin for both new and experienced bitcoin traders.

Crypto exchange Coinfloor has announced that it’s rolling out a simplified buying service, which will go live next month. Recall that the U.K –based exchanger made headlines last year when it completely rejected Ethereum on its platform and shifted its focus solely to Bitcoin.

Now, the company says it’s going to offer an “auto Buy” service on its platform for Bitcoin holders and those new to Bitcoin trading.

According to Obi Nwosu, CEO of the exchange, this is in line with the Exchange’s no BS rule to crypto. The platform is looking to offer education to new users and provide complete proof-of-custody transparency audits for all the coins on the platform.

CoinFloor wants to make buying Bitcoins less stressful

He said that about 5 percent of the traders would not mind trading in a high-volatility situation because they like to speculate or are professional traders. However, the plan of the exchange is to accommodate those who do not like the idea of having to trade in a volatile market. Nwosu said the plan is to accommodate the 95 percent that doesn’t want their currency to remain volatile. He said the company wants to make buying Bitcoins less stressful.

Using Dollar-cost averaging

Coinfloor intends to make use of dollar-cost-averaging to encourage users who are aversive to bitcoin volatility to buy in smaller portions over a long period of time.

He further said the company would be advising people to begin with as little as $13 each week to buy Bitcoin, which will be comfortable for those looking to minimize their risk of volatility. Investors and traders should only go for an asset with a good reputation and a long track record of growth for the future. With this kind of mindset, it would reduce the risk inherent in the volatile crypto market, he stated.

Offering crypto solvency service

CoinFloor has been releasing its audit service for close to six years. The report consists of a transparent and time-stamped list of all the balances held for pseudonymous clients.

Nwosu also revealed that after the collapse of the Mt. Gox exchange, several exchanges agreed to offer crypto solvency services to their customers. However, many of them did not keep to their promises. He also questioned why exchanges do not provide proof of custody. In a case of insolvency, Bitcoin audit would come in handy to solve such as problem, he reiterated.

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.

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