Virtual currency platform CryptoExchange, which has been created by the team behind the CySEC-regulated FX broker AAATrade, has launched a beta mobile app with complete trading capabilities for both Android and iOS systems.
Based on the descriptions provided, it appears that the new mobile app revolves around convenience, as crypto investors can pass the KYC procedures and start trading in 10-30 minutes.
The team involved has also instructed users to upload their verification documents such as passport and utility bills. CryptoExchange users can fund their accounts using bank cards, and also via a wide variety of methods including wire transfer and e-wallets.
The CryptoExchange app includes features like mobile trading, real-time ticker updates, charts in different time intervals, options to manage specific coins, and the ability to set alerts for price changes.
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The project’s developers added that CryptoExchange provides access to more than 15 digital wallets, which enable users to exchange, withdraw or deposit their preferred cryptocurrency, Euro, or US Dollars.
AAATrade’s leap into the burgeoning cryptocurrency space mirrors similar initiatives by other FX brokers, including IronFX Group which plans to launch its cryptocurrency exchange, dubbed ‘IronX,’ as early as the fourth quarter.
The trend could be seen as an attempt by these brokers to refresh their offerings amid an ever-growing list of industries embracing blockchain. From a purely technical standpoint, FX brokers are a great partner for the crypto industry that can help solve several issues while creating a more stable investment ecosystem on the back of their trade-tested infrastructure.
A crossover of team members, technology and revenue from FX brokers enable their powered exchanges to bring industry experience, technology, and proven models into a crypto platform.
However, despite the hype around mixing the crypto and FX experience, the game has seen lagging user interest in recent months against the backdrop of the cryptocurrency bear market.