As at Saturday, investors had over 2081 cryptocurrencies spread across over 200 exchanges in the world to choose from, data on the Coinmarketcap shows. The number of cryptocurrencies is expected to rise over 2500 by end of 2019 and exchanges will increase to over 300.
It could be overwhelming for people trying to sift through that volume of tokens and exchanges to get a good price to buy or sell. Lack of transparency is rife within the cryptocurrency market when it comes to exchange commissions and fees, which is why a platform that serves as a practical guide to the market could be a gold mine for users.
Nearly a decade after the first cryptocurrency – Bitcoin – came into existence and prices began to go wildly, adoption remains a major challenge. In a bid to step things up, some leading exchanges have gone as far as giving away millions of cryptocurrencies. But price drops in recent times is proving a difficult nut to crack as potential investors continue to look from the sidelines.
One firm say it is possible to aggregate majority of the exchanges on one platform to help customers make the right buying and selling decisions.
Sheriff Olujide the founder and chief executive officer of CryptoBrokerage told BusinessDay on the sidelines of the Web Summit in November 2018 that the market becomes attractive when consumers are better informed of the best prices for a wide range of cryptocurrencies. A lot of people will be more willing to get on board when they are empowered with knowledge. It is a mandate his firm is eager to solve.
Founded in 2017, CryptoBrokerage has a mission to be the number one gateway for the best execution prices of cryptocurrency and token comparison and trading within the cryptocurrency ecosystem.
“Think of it as the Booking.com of cryptocurrency,” Olujide the founder and the only Nigerian executive on the board of the company told BusinessDay. He was referring to the platform’s capability of executing trades at better prices through a single and secure log-on gateway via API connections to multiple exchanges and its internal decentralized exchange.
The cryptocurrency market is presently divided into three types of exchanges namely trading platforms, direct trading and brokers. Trading platforms are those that bring buyers and sellers together and charge them a fee for each transaction. Direct trading exchanges offer direct person to person trading that could involve different countries, therefore each sellers sets their own prices. These types of exchanges do not have a fixed market price. Brokers are websites that anyone can visit to buy cryptocurrencies at a price set by the broker.
The London-based CryptoBrokerage is heading to Africa in 2019, beginning with an office in Nigeria.
“Nigeria is an important market not only in Africa but in terms of cryptocurrency transactions,” Olujide said. He hopes to leverage his vast knowledge of the country and local network. Importantly, it is the unique proposition of CryptoBrokerage that fills Olujide with confidence.
The CryptoBrokerage platform combines blockchain technology with suite of algorithms based on artificial intelligence and natural languages processing to enable users execute trades at best available prices through single and secure integrated gateway. One of its long term goals is to develop a safe, secure and reliable platform with a decision-making capability supported by artificial intelligence to guide users on whether to sell or buy cryptocurrencies based on informed decisions.
Also behind his confidence is the BestecX platform. BestecX aggregates the best prices from more than 200 exchanges and allows users to compare and trade over 1500 cryptocurrencies at the best available prices from a single platform.
Security on CryptoBrokerage is enabled through a two factor authentication or 2FA registration process using Google Authentication code and verification of every trader on the platform. Customer identification documents and proof of addresses would be required as part of CryptoBrokerage’s on-boarding and registration process.