There are currently hundreds of different cryptocurrency exchanges online. With so many different options, it can be difficult to determine which platform is the best on which to trade cryptos. Often the choice comes down to a sacrifice between the spectrum of currencies supported, ease of use, and fees.
There are a number of other factors to consider, such as the level of anonymity the platform delivers and how secure it is. Ultimately, however, there is little traders can do to change the way an exchange operates apart from simply selecting a platform and hoping for the best.
A new exchange platform is aiming to democratize the way in which their exchange operates by allowing users to have a say in how the platform is improved. Bitmora is a cryptocurrency exchange developed by traders, for traders, and, interestingly, is one of the only exchanges to launch recently that isn’t an initial coin offering.
In this article, we’ll take a look at the Bitmora platform and find out how it works and what it offers to help you determine whether it’s the right exchange for you.
What Is Bitmora?
Bitmora is an exchange platform that is focused on solving the issues that plague the crypto exchange market at this point in time. One of the most attractive features of the Bitmora platform is the fee structure it proposes.
The creators of Bitmora state that they are “tired of paying ridiculous fees”. To solve this issue. Bitmora is aiming to introduce a “revolutionary fee system” that allows traders to select between two fee scales that depend on trading type and volume.
The most interesting feature of the Bitmora platform, however, is the democratic way in which the platform operates. The Bitmora exchange community is able to suggest and vote on improvements and new features. These suggestions are then brought to a poll, which can be viewed live to allow users to determine whether their suggestions will be implemented.
Importantly, Bitmora is a fully registered C-Corp in the USA, and is MSB compliant with FinCEN. This gives Bitmora a strong regulatory structure, and has allowed the creators of the Bitmora platform to gather support from a number of strong bank agreements.
Bitmora offers both a desktop and smartphone app solution, as well as a scalable support system. The support system offered by Bitmora even includes live phone support, which is a rare feature on the cryptocurrency exchange ecosystem.
Cold storage funds held by Bitmora are distributed among multiple worldwide secure locations, and are routinely audited. Another interesting feature of the Bitmora platform is that the creators will make the financial data of the platform available on a monthly basis, allowing users to view all fees received as well as the monthly volume exchanged on all pairs.
How Bitmora Works
Apart from offering users a fully democratic exchange, the Bitmora platform also allows users to invest in the platform itself. The voting process used by Bitmora to add new features works in a similar way to a funnel system- any user can suggest a new feature to a suggestion board.
The top 20 suggestions from each equity group are then passed on to a private voting group, which are then passed to an influencer group of 33 influencer positions. These screened suggestions are then passed on to an advising board, which ultimately reach the Bitmora founders and are then integrated into the site itself.
While the Bitmora platform isn’t live yet, it appears to be one of the most elegant and well-designed exchange solution devised thus far. If you’re interested in participating in the future of the Bitmora exchange, it’s possible to register and start voting on features today via the Bitmora website.