Trading fiat currencies is pretty easy. Find the right trading platform, put some money in and trade away.
But how can one trade using BTC? Unlike fiat currencies, cryptocurrencies are relatively new on the exchange market and finding the right platform when there are so many new ones popping up every day can be troublesome.
Then there is also the question of which currencies can each platform trade in?
If I am looking to exchange USD for BTC versus EUR for BTC, are there some platforms that are better than others? What about other cryptocurrencies? What do I do if I want to trade Litecoins?
Recently, we looked at one of these platforms designed specifically for Bitcoin trading. We chose to see what bl3p had to offer when it comes to cryptocurrency exchange and we were not disappointed. This trading platform comes from Bitonic B.V., a European Bitcoin exchange with a Dutch basis.
What Is BL3P?
First and foremost, the system is extremely easy to use. You create, sell, or buy market orders and are only charged for what you ask for. There are no hidden fees or conditions. The platform is able to deposit and withdraw very quickly without any problems.
If you are looking to deposit BTC, the process takes only about 30 minutes and you can be trading immediately after the balance reflects your desired deposit amount. Depositing EUR is also painless and can be done through iDEAL which is instant but limited to Netherlands only or through SEPA which usually takes about 1 business day.
Withdrawals are also as simple as they get. For BTC, withdrawals are nearly instant and there is a charge of 0.0001 BTC per each withdrawal transaction to which you can add an additional fee if you need fast confirmation. Euro withdrawals are done multiple times each day and will cost one euro per withdrawal.
Besides ease of use, bl3p also offers security. The developer team is constantly working on ensuring that the platform is secure and any new threats are countered at all times. The site offers a two factor authentication when logging in and withdrawing funds. If there is a logging attempt from an unknown location, it is instantly denied.
The wallets are setup through what is called a cold wallet system, meaning that the wallets are stored in an offline hardware wallet for even higher security. Majority of the financial data is stored with a separate foundation which means that your money is completely safe in case something happens, even though it is very unlikely.
Lastly, the team behind this platform knows that any website is hackable and, with this in mind, they are taking actions necessary to minimize the potential damage that can occur if the platform is hacked. Nothing is completely hack-proof.
In order to register on the website, you will have to verify your account with a few pieces of information. To prevent money laundering and apply KYC under Dutch WWFT law, bl3p.eu will request proof of identification, proof of residence, and photo of debit card, bank statement, or screenshot of online banking.
If you ask us, this is a small price to pay to be able to trade BTC and EUR with nearly no limitations.