Investing Online, one of the well-known rating websites, has written a review of our service. We do appreciate the work that the authors have done and we will go through the main advantages and questionable points that they have mentioned.
Aggregator of exchange platforms
First of all, we’d like to explain the technology that stands behind all our products.
Typically, when you need to sell an altcoin and buy another one you can do this via an OTC or an exchange platform. However, both of these options have their drawbacks.
- No transparency. You cannot know beforehand how big will be the fee for the sum that you exchange.
- The bad rate for exchanging a huge sum. OTCs are not designed for converting huge amounts of crypto and they can’t provide you with the best rate for such an operation. We’ve reviewed how OTCs don’t tell to their users in one of the previous articles.
Exchange platforms’ disadvantages
- Verification. This is a reasonable measure to prevent money laundering and to be compliant with all regulatory requirements. But it can be a huge obstacle for a usual person to raise all the necessary documents and wait for several days or even months till the application will be reviewed.
- Complex interface. For a person who has never traded assets on an exchange, the interface is pretty complex.
Our service helps to resolve all these problems and gives users a transparent and easy solution to exchange currencies at the best rate. BestRate is an aggregator of liquidity which stands above OTCs and exchange platforms and helps to eliminate their drawbacks.
Crypto payment tools
In March 2018, we’ve launched a set of tools to accept crypto payments basing on our exchange technology.
What makes us different from other products of this sort is that we support a huge variety of cryptocurrencies and FIAT. Also, with our tools, you can accept payments directly to your own wallet.
ICO payment tool
This product helps ICOs accept payments and distribute tokens among investors. Users can pay with FIAT and 80+ cryptocurrencies. Around 30 projects have used our tool. You can see the live examples at the following websites:
The product will help the projects that have already conducted an ICO and now want to distribute their tokens among their users. Here are some of our clients:
- MyWish.io, the famous smart contract constructor
- cryptorobotics.io, a trade terminal for cryptocurrency exchanges
- blockchaincuties.co, an online game
Cryptopayments made easy. Simply specify you personal payout link, share it and start accepting crypto payments to your wallet. Individuals can get payments from their friends and relatives, freelancers can get payments from their clients, companies may share their payout links with their customers, bloggers can accept donations from their followers.
- warframe.market, the huge online shop of gaming items (20 mln visitors per month) accepts donations through our tool which you can find in the footer of the website
- Altsignals, the telegram channel (70,000 followers) with trading signals accepts payments for premium membership
The advantages outlined by Investing.Online
Investing Online has reviewed the following advantages of our service.
One of our upsides that Investing Online mentions is the extensive array of cryptocurrency assets. With our technology, you can exchange 80+ cryptocurrencies at the best rate and switch them directly between your own wallets.
Innovative cryptocurrency exchange service. This is true, such solutions are few.
Also, the author especially points out the fact that BestRate does not charge any additional commissions for the transactions. We believe that the information about the rates should be free to use for anyone. However, our B2B products come with additional fees as this is the main source of our income.
Users can stay anonymous. Yes, you can exchange currencies directly between your own wallets, but you may still need to pass KYC on our partners’ platforms. For example, if you want to buy crypto for FIAT via Simplex you will have to provide your billing address and the card details.
Apart from these advantages, Investing Online also outlines the following features upon which we disagree and would like to give some explanation.
New exchange service. We aggregate many different exchange platforms via API and these platforms have been running their business for a few years already. For example, one of the key platforms that we work with is Bittrex which was founded in 2014. Do you seriously want to say that this is a new service? Also, we actively work with Binance that was launched in summer 2017. Does the youth of this platform make it bad?
Our technology is not so young either, it’s been a year already since we launched our service. One year is quite a ponderable period of time in the cryptocurrency world as it’s developing at a very fast pace and dozens of new startups appear and die within such a timeframe.
Limited support options. The review doesn’t objectively describe this issue. Our support is pretty fast and typically answers within 1.5-2 hours. You can reach us via email or any social media platform.
Not regulated. Our technology does not imply any regulation as we do not process the transactions ourselves: coins go from the user’s wallet directly to the exchange platform and back again. As we’ve stated above, we aggregate different exchange platforms that are located in different jurisdictions and resolve regulatory questions themselves. At the moment, we are registered in the US, so we are looking into the regulation and processes for ATS, FinCEN registration and Money Transmitter license. We are investigating with South Korea and Malta regulation processes, too. We negotiate with several parties to join us to facilitate these processes.
Crypto Payment technologies. This part of our offer was completely forgotten by Investment Online. Most likely, the reason is that they concentrated on the exchange processes and not the B2B products that we offer. However, this cuts off many of our customers using ICO Payment Tool, Token Distribution and Payout for both personal and business purposes. We think that all use cases provided by bloggers, events, blockchain projects and games provide significant value to the whole BestRate project.
We are glad that the platforms like Investing Online have noticed us and added as an exchange. We are open to collaboration with any other news platforms and aggregators and will be happy to provide these organizations with any information they might need.
If you are an investor we would be more than happy to discuss the potential collaboration. We are open with our statistics, we broke even in July for the first time after 9 months after we launched our service. It’s a good traction, isn’t? We have competitive advantages over other players at the market and we are growing fast. We will be always looking for the strong partners that could help us to bring current and upcoming technological solutions to the new level. If you’re the one, please, contact us at any time.