SouthXchange: Real-Time Bitcoin Cryptocurrency Exchange?
This is an Argentinian currency management platform built and run by PRO-Systems. The project is built on three fundamental pillars, security, simplicity and user-friendliness. Its developers are ardent believers in the revolutionizing potential that virtual currencies possess, and are therefore ken to create tools that enable users to trade in this cryptocurrencies. As of now, the only tool that is up and running is a modern crypto exchange. Nonetheless, plans are underway to develop additional tools.
PRO-Systems, the parent company of SouthXchange, comprises of software engineers with over a decade of experience in developing complex systems. Since 2012, the firm has been keen on digital currencies, a passion which culminated in the development of SouthXchange.
The SouthXchange platform prioritizes safety, employing a multitier architecture. In this model, only the front-end server connects directly to the internet. The remaining servers are secured on private networks reinforced by firewalls to prevent unmonitored access. Furthermore, all member accounts have a two-factor authentication feature to confirm necessary actions.
Advantages of SouthXchange
- Many altcoins are eligible – this perhaps the best thing about SouthXchange. Here, you will find both popular cryptos such as Bitcoin, Ethereum, bitcoin cash and Litecoin, and lesser-known virtual coins such as NuBits.
- Fiat Currency – besides supporting multiple virtual coins, SouthXchange supports the most popular fiat currency in the world, the US Dollar. This makes trading on the platform easier and accessible to a broader audience since cash payments are acceptable.
- Competitive fees – presently, this platform charges 0.20% flat fee for every trade transacted, a figure that is well-rounded putting market factors into consideration. Moreover, this rate is comparatively low as compared to other exchanges which charger higher fees for trading in a much smaller assortment of altcoins.
Additionally, all deposits are free of charge on this exchange. Withdrawals come at a small price, with PayPal transactions being the exception. Transactions over this payment medium are charged a substantial 10% rate.
- Wallets – these are an expedient tool for the management of your exchange account. Nevertheless, it is an optional feature.
- Appealing user interface – the exchange's website is aesthetic and straightforward to use. The sections are highlighted, and even beginners have an essay navigating through different pages.
Demerits of SouthXchange
- No margin trading – unfortunately, SouthXchange platform does not support margin trading. Therefore, users who lack capital cannot borrow leverage funds from the company.
- Low liquidity – the platform is still finding its feet if the trading volumes are anything to go by. This is a clear pointer that the projects are suffering from low liquidity, a shortcoming that will hopefully be addressed by the continuous improvement implemented by the platform’s developers.
- Insufficient data –the website's interface may be accessible to the eye, but the conspicuous absence of in-depth market analytics is a massive letdown. These advanced statistics are crucial in trading of investment which is as volatile and speculative as virtual currencies.
While SouthXchange is impressive for an exchange of its stature, it still has a long way till it can brush shoulders with the industry bigwigs.