While an increasing number of investors are keen on investing in cryptocurrencies, the crypto trading space is rife with controversies. Crypto exchanges typically face a challenge when it comes to liquidity. High trading fees is often a major deterrent to traders.
Moreover, trading with fiat is a herculean task and market volatility is an unpleasant reality. A lot of times, traders end up losing their precious assets due to delayed processing either by the exchange or the payment processor.
Another major bone of contention is lack of customer support. The lack of management staff and non-responsive customer support at many exchanges further fuels negativity in the crypto trading space. Many exchanges have been prone to cyber attacks and such instances have led to losses worth billions of dollars.
Exchanges often cut corners when it comes to following the industry standards and neglect the basic rules of cyber security thus leaving room for these attacks. A general lack of awareness and education about Blockchain and cryptocurrencies has led to a low adoption rate. Consequently, the ecosystem continues to be dominated by a few influential traders who manipulate the market at their will.
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KuBitX paves the way for Financial Integration
Emerging markets in Africa and Asia have a significant population still unbanked. Many countries, especially in Africa suffer from low GDP rates, high inflation and poor economic growth. The need of the hour is to establish a platform which facilitates exchanges at nominal rates. In addition, it should be suited for all sets of population. One such platform is KuBitX’s multilingual, fast and innovative trading platform. The platform is claimed to resolve the prevalent loopholes in the trading space.
The platform is collaborating with market makers to help build sustainable volume on the exchange. Additionally, the platform has incorporated an Anti Market Manipulation (AMM) tool on the platform to detect and prevent wash trading.
The KuBitX Exchange has low latency, high throughput and maximum uptime. The inclusion of geo-replication in the exchange’s architecture allows it to be fault tolerant. This in turn provides for a seamless and uninterrupted trading experience for its users. The exchange’s advanced APIs will allow users to connect with FIX, Rest, Binary, WebSocket, and third-party custom APIs. Additionally, this design will enable integration with banking and payment gateways. The fault tolerant architecture will provide 99 % uptime. The trade engine is claimed to possess a speed of 12 million tps with a latency of 40-50 ns.
The exchange has taken the following security measures for enhanced user experience:
- Data encryption with AES-256 before it is entered into the database.
- Secure cold storage with cold wallet management Cryptocurrency Security Standard (CCSS).
- Third-party security line by line code audit.
- Secure offline multi-signature cold wallets/vault system.
- Provision for 3 – Factor Authentication.
- Fully GDPR ( General Data Protection Regulation) compliant system.
- Multi-Firewall Protection.
- DDoS attacks prevention
- OWASP Top 10 Compliance.
How will KuBitX achieve it ?
KuBitX will achieve highest level uptime by applying IT-industry’s finest processes. These include:
Deploying Best-in-Class Change Management Processes
Change management controls the process by bringing enhanced changes to be made with minimum disruption in IT services. The main aim of the process is to ensure that all changes are evaluated, prioritized, authorized, planned, tested, documented and reviewed in a timely and controlled manner.
Incorporating Problem/Incident Management Tools
Problem management seeks to mitigate potential problems to eliminate recurring incidents to minimise any plausible negative impacts.
Monitoring IT Infrastructure and Establishing a Solid User Base
KuBitX will implement infrastructure monitoring tools and processes to achieve desirable metrics in performance benchmarking. This will enable them to compare and contrast current and past health of different servers and services. The platform will provide alerting capabilities in the form of a call, email and SMS for early identification of the problems, and notification to the customers.
Dedicated Customer Support
Several exchanges fail to address basic trade issues over the phone owing to lack of manpower or well-equipped employees. Additionally, the crypto exchanges can also suspend a new account registration without timely informing their customers. As a result, they lack trust from their customers. The immediate need of hour is to have a full-fledged and dedicated customer support delivery system.
KuBitX has an unwavering strong focus on delivering a strong customer support 24/7. Some of the features of KuBitX’s customer support plan include:
- Customer feedback driven product improvement
- Providing multiple channel support systems
- A detailed FAQ section and tutorials
- Building a professional support hub for the Channel Ambassadors team to provide tailored customer engagement.
- Dedicated 24/7 customer desk
The team consists of highly experienced professionals possessing sound business acumen. After keen deliberation, they have identified adoption and inclusion as the pillars of success in the crypto space. The product has been a result of several ideating sessions which in turn paved way for such a unique offering. With an increased engagement and easier dealing atmosphere in the crypto space, the organisation is all geared to tap its potential in the crypto world.
The platform is invariably suited for an enhanced user based economy which will pave way for the emergence of better and well equipped and mature financial markets. As the financial markets continue to adopt revolutionary changes, a flourishing economy is not a distant vision.
Featured Image via KuBitX