Onboarding the Crypto Train: Fiat Gateways – Hacker Noon

BLOCKPORT

Blockport I’ve featured before in my “under the radar series”, and for good reason. It’s the only “decentralized” project that’s usable, to onboard users into the crypto market. They’re currently beta testing their DEX, but it’s open to all users living in the European Union (EU) and/or that have a European bank account (Revolut is an excellent option to open a bank account that converts to Euros from USD). Their initial trading pairs expands beyond Coinbase, but not yet as extensive as Abra. You can currently purchase BTC (Bitcoin), LTC (Litecoin), BCH (Bitcoin Cash), ETH (Ethereum), and XRP (Ripple) with fiat. It’s a solid line up to allow the casual crypto guy to try it out or to enter more extensive exchanges (by withdrawing to a personal or exchange wallet). It caters to both, the beginner and experienced trader, both whom can benefit from participating in their social trading platform that I will discuss later.

If you’re concerned about the platform being in beta testing, blockport (BPT) token holders can attest to the lengthy, detailed tests the team conducted prior to making it an “open” beta. The team is mostly concerned with making the UI/UX, while already impressive (resembling Coinbase), as efficient as possible.

Blockport operates by using an API to arbitrage between exchanges for the best possible price on tokens/coins. They’re currently linked to one platform at the moment. However, once this is fully developed, I expect it to provide the best user experience of the platforms mentioned here and elsewhere. In addition to the exchange API, Blockport also serves as a compliant, secure wallet if you wish to stow your cryptocurrencies there. The project is hybrid-decentralized, making it inherently more safe than any other platform mentioned. The platform is linked to centralized exchanges, while making the wallets decentralized. You own the private keys to your wallet not Blockport, therefore you have full control over its use and security. This hybrid-decentralization feature is only offered in Blockport, giving the customer a more safe, holistic, and transparent experience.

Their beta testing has on-boarded more than 5,000 users to date and they’re ready for more. Blockport recently announced that new and existing users will be able to deposit Euro (€) with zero deposit fees until October 1st. While users can trade with transaction fees of “0.30%.” That’s quite a big difference from the 4% Coinbase currently charges (more if you’re using a credit card).

Blockport UI/UX

Differing from the other platforms, Blockport’s planned social-trading feature is to be debuted in the next release from Blockport. Social trading will allow experienced traders to earn, while publicizing their trades to their “followers”, who pays them, creating a win-win environment for inexperienced and experienced traders. Other planned updates include: token/coin expansion, support for additional users (users outside of the EU), exchange expansion, a store (to allow users to purchase their native token, BPT, which can be used to discount transaction fees), mobile application release (you can use Blockport on your mobile browser currently), and more. Visit their website for a look at their roadmap and to try their platform (again with zero deposit fees until October 1st).

Pros

  • Blockport has zero fee deposits until October 1st of this year.
  • Bank deposits are instantly available for use.
  • Low transaction fees on trades.
  • The arbitrage provided ensures that you’re paying the best market price and not a premium.
  • You can receive a discount on your trading fees in the future by holding their native token, BPT.
  • The platform has an intuitive UI/UX that’s available mobile and via desktop.
  • The wallet provided on this platform is decentralized and you hold the private keys to it (you control the safety of your wallet).
  • Easy user on-boarding.

Cons

  • The platform is currently only available to users located in the EU.
  • Blockport is still in beta testing, while it’s seems more than adequately tested, which could be a concern for users.

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