At the beginning of August 2019, EURO BTC launched a new platform for trading in digital currencies.
The beta version has now been active for 10 weeks and I had the opportunity to be one of the first users to subject the EURO BTC to extensive testing.
EURO BTC, which is operated under the Eurasia Management LLC. licence, is a blockchain-based digital currency trading platform.
Programming in the blockchain provides the highest levels of security, and for the next few years is sure to offer the best and most future-oriented technology.
First of all, it should be said that the platform is currently in the beta phase and that its effects are felt in a number of areas.
One positive aspect is that there are daily changes and developments and, most importantly, that user suggestions are incorporated into how it works.
Let’s start with the registration:
Registration at www.euro-btc.eu is very easy and more or less self-explanatory.
You have the choice of registering as a private person or as a com/organisation.
Users registered as private persons are asked for the usual data such as name, email, nationality and date of birth. You then set your individual password.
The email verification that follows is standard.
In addition to your personal password, there is protection via SMS verification (confirmation to your stored mobile phone number) and 2-factor authentication against unauthorised access by third parties.
In order to make full use of the trading platform, proof of identity by means of an ID document and up-to-date proof of address (KYC) is essential.
Uploading the documents is straightforward and, after a short wait, is confirmed by a manual check by the platform’s support system.
EURO BTC looks well-arranged and clear from the start. Currently, seven different digital currencies can be traded on the platform: BTC, ETH, LTC, Dash, USDT, XMR and LIO.
Each currency obviously has its own wallet address and coins can be sent from other same-currency wallets to EURO BTC or vice versa. This is completely straightforward and transparent and takes place in the fastest possible time frame.
If you want to buy or sell digital currencies on EURO BTC, you will notice two things:
1. It is not possible to trade digital currencies between one another or against FIAT money (which is not uncommon).
For example, you cannot pay for Bitcoin with Ethereum or sell Bitcoin and get US dollars for it.
2. All purchases and sales are made using ECpay.
What is ECpay? ECpay is the blockchain-based reference currency of EURO BTC. An ECpay always equals exactly one EURO.
As a buyer of a digital currency such as LIOcoin you have to have ECpay. EURO BTC offers 2 ways of doing this:
Method 1: I sell a digital currency and get ECpay for it.
Method 2: I acquire ECpay with FIAT money.
Method 1 is self-explanatory.
For method 2, EURO BTC uses an experienced and licensed payment provider: cryptocoin.pro
After specifying the number of ECpay to be purchased, the buyer is redirected to the payment platform. There, he/she is guided step by step through the payment process. It is currently possible to pay by bank transfer or credit card (VISA / Mastercard).
Various security mechanisms (KYC, selfie with credit card etc.) protect against misuse.
For each individual step of the payment process, an email is sent to the customer.
Once payment has been received, the credit is entered in ECpay into the relevant user account at EURO BTC, so that it can be used immediately to buy digital currencies.
If you have ECpay but do not want to use it to purchase any other digital currency, EURO BTC offers 2 options at the end of the beta phase:
1)Transfer of ECpay to another user
2)Exchange of ECpay into euros without any fluctuation in the exchange rate (the rate is always 1:1)
Buying and selling tradeable digital currencies is child’s play. All options are available (Limitorder, Bestprice, Orderpicking etc.).
The order book, the individual transactions and the various wallets are clearly structured and provide the necessary transparency.
Even the layman should understand the candlestick charts within a very short space of time.
Overall, EURO BTC makes a very good impression and provides everything needed for a reliable and secure trading platform. With the use of blockchain technology, the developers have taken a relatively new approach and therefore have their finger firmly on the pulse of the high levels of security that users demand.
Last but not least:
Transaction costs obviously play an important role.
At the start of the beta phase, users benefit from a “zero cost offer” (internal platform costs).
Later, according to the information provided by EURO BTC, trading fees will be in the lower third of the market, thus ensuring favourable trading in digital currencies.