This article we will be presenting how CoinBurp’s pricing trumps its competitors.
Finding us for the first time? Check out our Who are we: Your first crypto platform post to find out more.
Within any financial environment where funds or assets of monetary value are exchanged, there are concerns raised around which institute provides better rates when it comes to holding, moving or withdrawing. Similar concerns translate across into cryptocurrency trading where several platforms providing the same service have varied rates, with minuscule factors being the deciding factor for member subscription. CoinBurp has noticed these slight inconsistencies and actioned market research to highlight such fluctuations for the same level of service and compared these stats against their own.
Throughout this article, we will be presenting the following factors that we feel, based on our research, to be important when it comes to trading platforms:
• Verification speed
• Pound Sterling (GBP)
• Website commission fee
• Website Bitcoin spot price
• Amount of GBP worth of Bitcoin after the trade
• Withdrawal fee
• Withdrawal speed
• Amount of GBP worth of Bitcoin after withdrawal
The process of acquiring cryptocurrency is as simple as exchanging cash for foreign currencies where similar rules apply where you pay a small fee of your total exchange for the use of their services. This process is mirrored within the crypto field where you pay to buy cryptocurrency alongside small admin fees either side of your transaction via deposits and withdrawals. These fees may seem small but they do add up depending on your frequency of activity within trading. This is where CoinBurp is confident that their exceptional service coupled with a unique and highly developed platform will bring them to the forefront of cryptocurrency trading.
This research was conducted with 7 competitors within the crypto trading market and comparatively placed against CoinBurp’s performance in the same test. To begin trading you need to deposit money, but with some platforms, this may be a barrier to subscription as the minimum amount may very well be out of reach for some. The main objective behind this research was to start with £100 and buy bitcoin, run through the full process and then withdrawal funds into an external wallet without making a trade and see the total remaining £’s. Thus we can determine which has proven to be the most expensive/inexpensive platform and identify other pain points along the way such as the time it takes for your initial deposit to clear.
Out of the 7 platforms we were only able to advance with 5 as Coinfloor declined registration without any reason which prevented any further registration applications. Bitpanda was another unsuccessful platform as the verification email to confirm the account failed to make it to our inbox, several times! 5 quickly became 3 as security issues prevented funds to be transferred to Coincorner’s platform via Revolut and Starling Bank, while LBX’s servers were declining access due to ‘connection’ issues.
With (1) Solidi, (2) Bittylicious and (3) Coinbase being the only competitors left standing we were able to establish how much money was being sliced from the initial £100. Bittylicious still remained ‘feeless’ while Solidi absorbed £1.65 (not made clear) and Coinbase devoured £3.88. After buying bitcoin and absorbing the exchange rates we had (1) 0.03416998 (2) 0.03369033 (3) 0.03341053. Bittylicious transfer the coin directly to the external wallet which prevents users from incurring the exchange rate fees which currently still leaves £100 on the platform.
Pennies and pounds down with only a few steps into the research, the next step was to identify the fee for transferring our BTC into an external wallet.
(1) Charging 0.0001 BTC / £0.30 withdrawal fee
(2) Zero withdrawal fee
(3) Charging 0.00002823 BTC / £0.08 withdrawal fee
It goes without saying that apprehension of a successful transfer of funds escalates the longer it takes. We took the liberty to evaluate and present this data for your benefit when considering what platform to use. These times may vary per user and are based on a one time transfer.
(1) £0.30 enabled a Premium feature, which aided our transaction to be completed in under 2 minutes, within their 10-minute promise
(2) Funds were received in the external wallet within 6 minutes
(3) The transfer from the platform to the external wallet was almost instant
To conclude, this research was based on the top trading platforms which were quickly narrowed down due to barriers preventing subscription, deposits and internal platform navigation. Problems we can only imagine day to day users undergo on a regular basis, and where research plays a pivotal role in providing development of a platform to eradicate these pain points. Starting with £100 and baring in mind we ran a simple deposit and withdrawal process, Solidi left us with £98.05 and Bittylicious leaving us with £96.98 who provided no transparency as to what fees where being charged. The largest consumption was Coinbase who took £3.96 of our initial £100.
From difficulties mentioned throughout this article, we could have established deeper insight into trading with all 7 platforms if they had all been more easily accessible. This, in turn, proves daily frustrations and the lack of support to those who want to trade. Time plays a role as traders wait endlessly for verification emails and moving their money along with absorbent fees which would only rise as one's activity increases. All, as a result, show that this industry requires a trading platform that addresses all of these issues and takes them into consideration.