Review on SBIT500 by Benaiah A. Akinlade
StandardBit500: An up and coming Crypto exchange with good services but still a long way to go
StandardBit500 (also known as SBIT500) is a cryptocurrency exchange platform where you can make transactions with digital assets and currencies. It is an investment platform that helps in growing traders’ income with the use of algorithmic strategies. The exchange platform is mainly dedicated to only gather information about digital currencies and assets, lookup trading partners, negotiate and conclude transactions on digital assets with other traders.
Although the StandardBit’s exchange website is not directly accessible for users from my country (Nigeria), I was able to access the website through a Virtual Private Network (VPN). I found the website simple and flexible to navigate. It was designed for the convenience of users with a simple and intuitive interface.
The StandardBit’s fee structure is designed with the two main cryptocurrency game players in mind: the “Makers” and the “Takers”. As the maker, you are paid when you add liquidity to StandardBit’s order book, when you place a limit order under the last trade price for buying and above the last trade price for selling, while as the taker, you are paid when you remove liquidity from StandardBit’s order book, when you place any order that is executed against an order of the orderbook.
The fee payment structure on this crypto exchange is in three categories for all existing 13 trading pairs on the exchange. The structure for the fees payment includes: Standard, Special, and Premium.
1. STANDARD: Makers fees is 0.10% while Takers fees 0.20%
2. SPECIAL: Makers fees 0.08% while Takers fees 0.16%
3. PREMIUM: Makers fees 0.05% while Takers fees 0.10%
The exchange platform keeps adequate security in perspective with the availability of 2FA (2-Factor Authentication) to protect your exchange account and in effect enhance your privacy and security.
StandardBit gives you the liberty to diversify your portfolio and get a reliable tool for making profits by allowing you to invest in the CTFs of other traders in order to reduce the risks of trading and multiply your chances of making more profit.
It is noteworthy that SBIT500 does not involve in digital asset transactions either as a buyer or a seller and equally does not make any provisions for any sort of services that has any relationship with the deposit and withdrawal of currencies of any country.
I opine that SBIT500 needs to up the game in this unforgiving crypto terrain. there is a strife competition in the crypto space where the weak is swallowed by the strong and mighty.
Pros
- StandardBit’s is set up to make blockchain technology remove the barriers on financial transactions, increase the efficiency of digital finance and have a positively significant impact on the global financial economy.
- The technology adopted by StandardBit platform provides a safe, reliable and stable digital trading environment where products are developed and implemented with the user’s needs in mind in order to offer them the best trading experience available.
Cons
- There are other crypto exchanges providing similar or better services
- The exchange is not available for some countries to trade (Nigeria)
- The tokens listed on the exchange are too few
