With the increasing popularity of cryptocurrencies as well as worldwide adoption of blockchain tech, a new South African cryptocurrency exchange is making headlines. Koin is proud to already have listed more than 180 cryptos on the exchange.
Koin is built for traders, by traders. The team behind the project has gone all out to ensure traders have the best trading experience!
It is a priority for Koin to ensure clients’ accounts are safe and secure. For this reason, cryptos are stores in a cold storage wallet.
Another crucial feature of the exchange is its low fees. Koin offers free fiat deposits and a withdrawal fee of R8.50. A percentage of 0.3% is charged on every trade.
Koin’s Connor Kirsten said the exchange is far cheaper than other South African exchanges/wallets.
“Koin’s fees are by far cheaper than Luno and AltCoin Trader. We over far more cryptocurrencies. We have an advanced trading platform with tons of features such as practice accounts, limit trading, a built-in portfolio that tracks your crypto’s performance and much more,” said Kirsten.
Kirsten said as a local trader himself, they felt that current exchanges are too expensive and the trading experience offered by these exchanges are lacking.
“We have bank accounts with the top SA banks, you can EFT fiat or you can deposit crypto. You can withdraw fiat to your SA bank account or you can withdraw crypto to your wallet,” said Kirsten.
The team behind Koin
The exchange was started in October 2018 and its beta version was launched in December 2018. It was officially opened to the public on 1 January 2019. Talk about getting a move on with your New Year’s resolutions!
The team consists of Werner Riekert who is the co-founder and visionary behind the project. Riekert has extensive experience in the financial sector. His previous experience includes being head of trade for banks in Germany and fund manager for multiple South African banks for more than 10 years. Riekert, who is a full stack developer, built most of Koin himself.
Connor Kirsten is the co-founder of Koin and a serial entrepreneur. Kirsten is a budding programmer himself and has extensive FX trading and crypto trading experience. Koin’s head office is based in Cape Town.
Koin’s take on the current market condition
When asked how the SA crypto community differs from that of the rest of the world, Kirsten said the crypto space in SA is advancing at a rapid pace.
“I think the crypto community in SA is becoming quite a hub for blockchain all around the world. The space is advancing at such a rapid pace and our goal is to make it much cheaper for SA citizens in order to push adoption of cryptocurrencies.”
With regards to when the next bull run will be, Kirsten had the following to say:
“In my opinion, I think 2019 will be a flat year for the whole market. In 2020 there is another halving for Bitcoin, so I think there will be a lot of movement in 2020.”
To get started on Koin, sign up using the Bitmart affiliate link – https://exchange.koin.co.za/?ref=bitmart. Best to start accumulating, whilst the price is still low.