Review on Cryptomate by Praise Olagbadun
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TThe blockchain network happens to be a very diverse place where one get access to many companies and products. This has made it possible for traders to be left with a wide variety of choices to make. It has also made it possible for these companies to strive for the best due to the competition that is very obvious in the blockchain network.
I would be reviewing an exchange platform in this review today, but this one seems to be different from the many exchange platforms I've come across recently. This is because of how differently the exchange platform works and some weird features it possess.
This exchange platform is known as CryptoMate. Starting with its origination. The CryptoMate exchange platform is one that has its base in Britain. This is proven by how much concentration they put in the British market and by the fact that they accept the Great Britain Pound (GBP). The exchange platform happens to have started with a major aim of bridging cryptocurrencies to the GBP and they have been able to do this by first, allowing the platform to accept only Pounds deposits and even making it possible for one to buy cryptos with the deposited funds. The exchange platform is considered as a P2P exchange platform (Peer To Peer) whereby orders are placed and interested people fill these orders.
As i mentioned earlier, the CryptoMate exchange platform seems to be working completely different from the way most exchange platforms works. The proves are what I would be discussing in this paragraph.
1. The fact that the exchange platform works like a bank whereby they have times to close (that is in the evening) and they don't work during weekends. We all know that that's completely different from how most exchange platforms work. The exchange platform works just like a bank!
2. The fact that the exchange platform charges exuberant fees is another one. Most exchange platforms have their fees around 0.25% but the CryptoMate exchange platform charges about 6 to 7 percent. This happens to be very high and discouraging too.
3. The fact that the exchange platform has no wallet where traders funds can be kept thereby necessitating the use of a hardware wallet.
These differences don't really come as a positive feature over most exchange platforms, making the CryptoMate exchange platform not that much of an enticing stuff to me.
Pros
- The exchange platform has a nice crypto pairs
- The fact that they accept easy deposit of fiats interests me
- The exchange platform is registered in Britain
Cons
- The exchange platform charges are too high
- The exchange platform seems to be lacking transparency, according to the complaints online
- They have some days when they don't work, something most exchanges don't do
