When dealing with physical currencies, most investors will tell you that two things are of utmost importance to them: an experienced broker and the guarantee of secure transactions with minimum chances of loss through fraud or theft. It is to be expected that investors in virtual currencies are also in need of the same level of expertise and security, because in the end, it’s all money.
In response to the above need, Coinfloor, London’s largest Bitcoin exchange, is launching a revolutionary exchange-backed marketplace for Bitcoin. It’s called Coinfloor Market, is based on Coinfloor Exchange and will provide UK’s investors with a secure, peer-to-peer environment in which to buy Bitcoin. According to MarketWatch, Coinfloor has recently recruited some of the best Bitcoin brokers in the UK to establish this marketplace as well as accelerate the adoption of the Bitcoin currency in mainstream investment businesses. According to Mark Lamb, Coinfloor CEO, “Coinfloor is the first institution in the Bitcoin industry to mirror a decentralized network of brokers backed by a centralized exchange.” In the past few years, Coinfloor has rapidly grown into one of the world’s most liquid Pound Sterling to Bitcoin marketplaces.
What will Coinfloor offer?
It has been confirmed that Coinfloor will provide investors with the first essential component important to an investor, but what about the second – an experienced broker who will make investing in Bitcoin worth his/her while? Coinfloor takes care of that as well. The company has partnered with Estonian Bank LHV to enable them to process investments. Further, a direct interface with knowledgeable Coinfloor Market brokers is provided. Investors can rest assured that all brokers involved in this breakthrough venture are personally screened to ensure that they uphold and trade according to the impeccable standards that Coinfloor is known for. This verification process is being refined on a constant basis. Coinfloor also investigates brokers’ private businesses and establishes a personal relationship with each broker. One of Coinfloor Market’s professional brokers, Peter Wood or, better known online as y3peto, confirmed the security and ease of using Coinfloor Market as well as the fact that he is very keen on establishing his business in collaboration with Coinfloor. He is also excited about his selection, stating that it stands as recognition of his work as a Bitcoin broker. The chosen brokers have become the 21 founding members of Coinfloor Market. They have also signed a Bitcoin broker agreement in which they commit themselves to the standards discussed above. This agreement is very similar to the Buttonwood Agreement, which is the foundation the New York Stock Exchange is built on. This is significant, as the stock exchange faced similar challenges to those experienced by Bitcoin markets today.
Bitcoin investors will be guaranteed of the following when using Coinfloor Market:
- Use of the Coinfloor exchange to stream Bitcoin to Sterling Conversion Prices directly, and vice versa
- Safe storage of their Bitcoin, using multiple levels of encrypted security and underground vaults
- Fair exchange prices
- Investor-friendly, broker-based environment
- Highly personalized service
Steps are simple
Although one would expect the process to get involved in this new system as an investor would be complex and lengthy, that is not the case at all. Only a few basic steps need to be followed and Bob’s you uncle! The steps can be briefly set out as follows:
- Register as a new investor by using your e-mail address and choosing a password
- Choose a Bitcoin broker that you feel you would be able to build a strong and trusting financial relationship with, especially if you are planning to make this manner of investment an ongoing part of your business dealings
- The e-mail address you provided will need to be confirmed
- After the above confirmation has been done, you need to set up a two-factor authentication; upload a valid id photo and proof of residence
You are now ready to invest in Bitcoin!
The buying process is just as simple. You basically transfer the amount of Gross Bitcoin Product to your broker’s bank account – 20 pounds is the required minimum amount. There is accordingly no need to deposit via international wire transfer. After you have transferred the money, Coinfloor’s exchange sources the Bitcoin directly to your Coinfloor account. However, it is held in escrow until you broker has confirmed that he received your deposit and it is established that there occurred no other problems during the transaction. It can’t get easier than that.
Latest posts by Mainul Alam Niloy (see all)
- Blockchain technology; how does the future look like? - November 19, 2015
- History of Bitcoin: The journey of a virtual currency - September 1, 2015
- The dark side of Bitcoin: Misusing cryptography - August 23, 2015