Contacts

 

 

 

BTC.sx is a bespoke Bitcoin trading platform offering a variety of proprietary tools allowing both novice and experienced traders to profit from the Bitcoin market.

Traditionally, all exchanges and derivatives services required an initial fiat investment to be made in order to open an account. BTC.sx seeks to change this norm, however, and became the first to offer Bitcoin-only account funding; no fiat currency is required in order to start trading.

The service further offers a wide selection of options for traders, allowing them to profit from both rising and falling markets, varying leverage as well as both long and short positions which are automatically set to limit customer exposure. This makes the platform particularly accessible to entry-level clients.

Trading on BTC.sx revolves around a basic BTC/USD account, with maximum activity relative to the amount of information supplied, as is standard in the industry. (When an account is created, 3 trades can be performed before further information is required, but simply supplying a name increases this to 8, and so on.)

The full range of features is available immediately, which are as follows:

  • Long and short options
  • Leveraged trading of 10:1, 5:1 and 2:1
  • Regular and trailing stops
  • Sell limit
  • Minimum trading amount 0.0002BTC
  • A comprehensive overview of BTC price activity and associated functions.

All activity is controlled from the same window, with open positions visible with the price data and position creation tool.

Automated safety features include a tool which liquidizes any unprofitable positions which the customer does not have the required funds to support.

Withdrawals are processed in 24 hours from cold storage and can consist of a minimum amount of 0.001BTC.

BTC.sx joined the market with the principal idea of offering BTC-only trading, free from the need for fiat deposits. As well as providing a varied service to appeal to traders at either end of the spectrum, security has been a top priority for developers.

As has been the standard for the exchange industry over 2014, 2-factor authentication is an option for all accounts and funds are not stored in hot wallets but in a secure offline vault. Similarly, private keys are also not stored on any server connected with the exchange.

Withdrawals are processed manually and accounts reconciled daily, only after which withdrawals can be completed.

Depositing and withdrawing funds are free of charge.

Positions are maintained in return for a daily funding fee, which varies according to demand but starts at 0.1% for borrowed funds. The first 24 hours following opening of a position are free of charge.

Fees are deducted from the account balance every 24 hours, meaning that if the fees are higher than the balance, the position will be liquidated.

BTC.sx commenced operating in beta in May 2014. Behind it are ex-banking and finance professionals, along with developers from major Bitcoin startups and earlier Bitcoin scene. The company is officially incorporated in London, UK and Singapore.

BTC.sx was one of the most successful projects born out of Seedcoin’s incubation scheme, which provides support to upcoming Bitcoin startups worldwide.

George Samman, co-founder and chief compliance and operations officer, tells more about BTC.sx.

Cointelegraph: What gives BTC.sx a competitive advantage?

George Samman: BTC.sx is a Bitcoin only Foreign Exchange (FX) style trading platform. Our platform enables users to profit from a rising or falling Bitcoin price. We are Bitcoin only – no fiat currencies are required or accepted making it faster and easier to trade.

CT: What has the response been like so far to the product launch?

GS: We have done over $53 million USD in brokered transactions and have grown our customer base to include thousands of customers and rising.

CT: Could you tell us more about the biggest challenges you are currently facing?

GS: I think the biggest challenge at the moment is navigating the ever changing regulatory landscape.

CT: Long-term trading means funds being stored long-term. How is BTC.sx tackling the essential issue of security to avoid any form of loss or theft?

GS: All of our bitcoins are stored offline, none of our servers run bitcoin client and payments are all done manually within 24 hours of request.

CT: What future plans for BTC.sx are you most excited about?

GS: Building our product out into an institutional grade platform.  We are also growing out the existing platform and taking it to another level. (News to come soon.)