It has been a very frenetic weekend for exchanges. Two new exchanges have started trading the LTC/USD currency pair. I previously surveyed several exchanges in the post “A Survey of Crypto Currency Exchanges“. In this post, I make a quick survey of the new exchanges.
The look and feel of this exchange is extremely basic, it does not even have a chart of the trading! However, underneath the basic functionality is an exchange platform that is incredibly advanced. Bitfinex currently trades BTC and LTC. USD can be transfered to the exchange via wire transfer.
The major differentiator of this exchange is the ability to use margin (i.e. borrow money) and to loan out your own money to traders. Furthermore, this exchange also allow one to trade buy and sell on other exchanges like Bitstamp. Due to these two features, I expect this exchange to explode to one of the major crypto-currency exchanges. One indicator of the massive acceptance of this exchange is the amount of USD loaned out. At this time it is at 700,000 USD. This is pretty incredible for such a new exchange.
Bitfinex takes security extremely seriously unlike major exchanges that treat it as an after thought. Wallets are stored in a customize BitArmory wallet and placed entirely into cold storage. Two factor authentication is also available as an option.
Liquidity still needs improvement of LTC, however BTC liquidity is decent. The exchange resides in Hong Kong.
This exchange arguable has the most sophisticated interface among all the other exchanges. This exchange was developed by the same folks who developed https://www.litecoinglobal.com. Crypto-trade currently trades 9 crypto-currencies. The exchange seems to have adopted all the currencies available at BTE-e with the exception of NVC. Liquidity at this time is completely absent, that’s because it just started.
Security is quiet comprehensive include, captcha for logins, pins that require the mouse to punch in, question and answer verification and email verification withdrawal. The site also has a chat box that one can conveniently hide.
In summary, this looks like one of the best designed exchanges. However, we’ll have to wait and see if it can gain enough liquidity to be of value.
The exchange is also based out of Hong Kong.