Review on SBIT500 by Inioluwa Okedeji
SBIT500: A Newly Established Cryptocurrency Platform With A Mission To Reducing Investment Risks And Losses While Maximizing Gains And Incomes With It's Algorithmic Trading Strategies.
Established in 2019 as a private hedge fund, StandardBIT500 (SBIT500) is a cryptocurrency exchange platform and as we all know that, it's a platform makes it possible to exchange and transact different digital currencies. Some also calls it an investment platform that aids the income of developing traders with it's algorithmic trading strategies, this is all in order to actualize their aim of reducing investment risks while increasing income yields.
Well, the first thing I encountered trying to use and access this platform was inaccessibility due to my country not being among the countries supported to make use of this platform, hence, I had to make do with other means and information hubs so I could know more about the SBIT500 exchange platform and the features it offers that makes it different from your average cryptocurrency exchange platform.
During my search, I discovered quite a number of things about this exchange, but I'll start with the security aspect of the exchange, this is because before one can willingly entrust one's funds and assets to any platform, one must have verified the legitimacy and security of such platform, that is, how secured and well fortified it is against various forms of cyber attacks. This is because a lot of exchange platforms have been preys of cyber attacks due to weak security. SBIT500 security is top notch, that I can say, and I'm willing to assume that my inaccessibility to the exchange platform is as a result of security reasons on the part of the exchange, though I consider it a negative side to their security protocols. The platform is also equipped with 2FA authentication and other updated security measures are also in place.
Moving on to the distinct feature of this exchange, which I also found to be in alignment with their mission. There are different payment categories on this platform, designed to ensure that traders are prone to making more gains and incomes rather than losses. All traders fall into any of this 2 categories, the 'Makers' and the 'Takers'.
• Makers are paid simply for adding liquidity to the exchanges' order book, that is, by placing a limit order below the last trade price for purchasing and above the last trade price for selling.
• Takers on the other hand are paid for simply removing liquidity from the exchanges' order book, that is, when any placed order is executed against any order on the order book.
Furthermore, I found out some not so satisfying features about the exchange. It only supports 2 languages, English and Russian which is a disadvantage to intending traders who aren't verse in any of these two languages.
In conclusion, SBIT500 is still pretty much a new born fish in the vast ocean of the cryptospace. This means that it has a lot of room to develop, improve and make changes and implement services that will satisfy their users. Hence, we can't judge it yet, we simply have to give way for it to develop and grow then later on, we can make our decisions, but for now, it still seems like a pretty good exchange to me.
Pros
- SBIT500 is fortified with advanced top notch security measures to quell any form of cyber attack.
- The main objective of this exchange is to reduce investment losses and increase incomes, it's algorithmic trading strategies helps to actualize this goal by creating a room for diversification of one's portfolio and providing tools essential to making investment profits
- It features 3 different payments structures which are standard, special and premium for for both Makers and Takers.
Cons
- There's a negative side to their strict security measures, that is the inaccessibility of the platform to some countries.
- The platform only supports to languages, English and Russian which is a vivid signal to keep non-english and non-russian speakers away from the platform.
- It features only a total number of 13 trading pairs although this can be overlooked since it's still an exchange in development.
