Ethbits Local was launched during September 2017 and it has been developed as an “Add on” of the Ethbits project.
Ethbits Local is not a normal exchange; In fact it has been created in order to help the cryptocurrency’s mass adoption, giving a FIAT gateway to everyone and worldwide. It needs to be differentiated from other exchanges that don’t give the possibility to buy and sell your favorite crypto with your local currency or other payments methods.
Sometimes when I mention Ethbits local to my friends and followers, they are worried about the 0.5% fee comparing it to exchanges like Bittrex, Kucoin, Binance.
In this blog post I want to clear this doubt: Ethbits Local is different from the platforms mentioned above.
Local permits to buy and sell cryptocurrencies with your local currency.
I’m European and most of the time we don’t think about people living outside Europe, USA and China. At the moment it’s very easy to get involved in this fast-growing crypto economy with Euro, USD and CNY, but..
What about the other currencies?
First of all some platforms don’t support many countries and currencies (for example in Latin America, Asia and Africa). If you live in one of these countries and you want to buy crypto on an exchange, you need most of the time to convert your local currency into USD/EUR, paying deposit and conversion fees and then you will be able to buy crypto. Same story if you want to sell crypto and withdraw FIAT.
Averagely people living in those countries will see an higher percentage (up to 6-10%) deducted from their balances in order to cover conversion fees. On top of this, many people are still unbanked and don’t have access to a viable payment method.
Local has been developed in order to resolve those problems! Our platform, in fact currently supports 239 countries and 169 currencies, giving access to lot people living in those countries less-served by other services. In addition the GUI was designed for being as easy to use as possible, suitable for newcomers, with a daily limit 2.000 USD for tier 1.
So people will be able to buy and sell their cryptocurrencies for their native currency, avoiding extra conversion fees!
Thinking about unbanked people we implemented many other payments methods such as cash, for physical meeting, and others like Paypal, Payeer, Payza, PaySafeCard, Gift Cards and Mobile.
The most exciting feature is that the fee is only 0.5%, that it’s very low compared to other similar services like localbitcoins or coinmama.
This is my reply to all my friends and followers when they ask me about the comparison between Ethbits Local & top exchanges and its advantages: Worldwide, Low fee, easy to use, high daily limits and processing speed.
If you think that I forgot any features, feel free to comment here below,