In an era where the cryptocurrency industry is booming, there is an incessant need for digital currency exchanges. Luckily, there is no shortage of such platforms in crypto space. In fact, investors usually find it hard to identify a choice that will suit their needs.
CoinsReady stands out among its peers, primarily because it is the only if not one of the few exchanges developed entirely by virtual currency hobbyists. Hence, it caters for nearly all aspects an enthusiast would desire. Expectedly, it is remarkably fast, dependable and fully embraces transparency.
What Does CoinsReady Do?
CoinsReady is a cryptocurrency exchange platform that allows clients to exchange their virtual currencies from one coin to another, for instance BTC to ETH. As opposed to custodial exchanges, CoinsReady does not hold a customer’s funds during transactions. Moreover, the platform does not require users to register before using their service.
Currently, this exchange supports several major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Upcoming altcoins such as DOGE, XVG and EOS are also eligible. The platform levies a flat 0.5% fee for every transaction.
How Does It Work?
The CoinsReady platform features a user-friendly interface that us welcoming, even to newbies. After accessing the website, all a client has to do is to enter the amount and the cryptocurrency they wish to exchange it in. Once this is done, a dialog box prompting them to enter the recipient address (corresponds to the virtual currency the user desires to exchange their current coins to). Transactions are irreversible whatsoever, so clients are advised to verify the recipient address before confirming an order.
Usually, processing starts immediately the user confirms the exchange request. The recipients account typically receives fund within an hour after the order, but the actual timescale is dependent on the cryptocurrency and its respective blockchain.
Since the value of cryptocurrencies fluctuates regularly, CoinsReady allocates each order a 15-minute window. Thus, is the time it usually takes for an order to be registered on the blockchain. During this period, the prices concerning that particular order are frozen. However, if the period elapses before processing of the transaction, the values automatically adjust to correspond with the situational prices.
As of now, CoinsReady does not offer wallet hosting. Hence, before using the platform, clients need to possess a valid cryptocurrency wallet. These wallets are readily available in the internet. Also, this means that CoinsReady only deals with wallet addresses, and the burden of securing such lies with the customer.
Since CoinsReady is still a young project, it uses Nexchange to sustain back-end liquidity. The platform is in beta version, which is why customer feedback is crucial to improving service quality in the future.