BitMarket.pl is s world's first Bitcoin exchange with instant fiat deposits and withdrawals. BitMarket platform was created in 2014. The resource belongs to a group of companies that have been operating in the country for more than 10 years.
Michau Enterprises Limited, a leader in Internet domain name aftermarket in Poland, has announced at Mar 3 2014, that it enters the Bitcoin trading market by opening its exchange located at www.BitMarket.pl. The exchange, targeted towards Polish Bitcoin traders, offers a clean and streamlined interface with top security features. Users can protect their accounts with two-factor authentication, and all withdrawals require additional confirmations. The trading interface has been modeled after the world's most popular exchanges, and will satisfy the needs of both beginners and experienced traders.
The security measures of the exchange based on two-step authentication. However, according to Mikhail, who is also the main developer of the payment service code, the multi-layer protection will not affect the speed of transactions. Bitmarket.pl also, they will not charge commissions for carrying out payment transactions. But, the company will charge a fee for withdrawing funds from users ' e-wallets. At the moment, fees for electronic transfer EFT account for 1PLN (0,33$) 5PLN (1,65$) for Bank transfers. As well as 0.0001 BTC and 0.001 LTC for cryptocurrency conversion. Among the latest examples of a series of failures of entrepreneurs engaged in the turnover of virtual currency, the largest Polish exchange Bitcurex, which on March 14 was forced to temporarily stop trading and close its website after a hacker attack. Payment service has restored his service on the 18th of March, assuring that criminals could not circumvent the security measures, and therefore the assets remained intact.
Interview with CEO
Michael Pleban is a CEO of BitMarket.pl. The purpose of the exchange is to ensure a high level of security and fast turnover of transactions: "it is Important to note that we store only our own assets on hot wallets, while users' money is under deep freezing. This method of storage makes Bitmarket.pl a hybrid high-speed exchange of cryptocurrency and the stock exchange, enabling increased security deposits."
Pleban presented business model Bitmarket.pl at a bitcoin seminar held on March 24 at the Warsaw school of Economics. Among other things, Pleban said that now the trust of customers should be in the first place due to the abundance of negative news that occurred in the market of virtual currency over the past couple of months. In this regard Bitmarket.pl they try to emphasize the existence of their guarantor in the face of a large financial Fund EuroDNS, which has about 540 000€ of authorized capital and acts as the owner of the exchange.
Two-factor authentication, storage of all customer funds in cold wallets that are not connected to the Internet — such basic methods are provided on the exchange to ensure the safety of users. On online wallets, the exchange holds only its own assets.
The platform offers also an extensive API which allows traders to submit their orders programmatically. The API follows all current standards, with HMAC hashing and "tonce" parameters for added security.
But the real innovation of BitMarket.pl lies in the field of fiat deposits. While cryptocurrencies allow for fast transfers to and from exchanges, making deposits of fiat funds is not that easy and usually takes several days for a bank transfer to clear. However, Poland boasts a strong and innovative banking sector, which allows for instant money transfers between the vast majority of local banks. There are several competing systems for making such transfers, such as BlueCash, Express Elixir, PayU and DotPay, and BitMarket.pl utilizes several of them to allow users to deposit and withdraw their fiat currency with the same speed as they would move Bitcoins and Litecoins.
"I must say our users love it." - said Dariusz Litawinski, head of marketing at Michau Enterprises Ltd. "With classic exchanges it takes several days to complete a single transaction, which is too long for an average user. It also requires traders to hold sizable amounts of cash on the exchanges, to be able to react quickly to changing market situation. After two or three days, which is how long it usually takes to deposit new funds at an competing exchange, the trading opportunity is long gone. Not so in our system; a user can deposit money, make an exchange and withdraw funds, completing the whole transaction in less than 5 minutes."
Instant fiat transactions add to the security of users' accounts, because the amount of funds they need to hold on the exchange is greatly reduced. As it is always most secure to hold funds in own wallet, the ability to instantly deposit and withdraw just the needed amount allows users to manage their assets in a more secure way.
Regarding the company innovative approach, Dariusz also commented: "We come to the Bitcoin market from a unique perspective of trading Internet domain names. The domain trading business in Poland has developed many unique innovations, and we were following all along as the market leader. This allows us to give Bitcoin trading a fresh look, and bring a slew of new features to the table. Instant fiat deposits and withdrawals are a prime example of it."
Customers of the exchange to allocate some of its main advantages:
- Working with Fiat money. Truth is available only to the Euro and the zloty.
- Margin trading. This is a great opportunity for experienced traders to make good money on cryptocurrency trading.
- Users from all over the world have access to the exchange. The exchange does not limit their work only in Poland or countries of the European Union.
- The existence of the swap contracts.
- Original bets in the game BitcoGame.
- Removing zlotys through ATMs.
By cons BitMarket should include such shortcomings:
- It does not work with dollars, which is not profitable for users who have in the country is the main money.
- There is no translation of the interface into other languages. For example, in addition to English and Polish would not hurt Russian, German, French and others.
- A small number of cryptocurrencies are available. Even Ethereum, Ripple, Monroe and other popular tokens are not represented on the exchange.
- Many features are limited without verification. In particular, it is impossible to start Fiat money.
- Bitmarket.pl — this is the branch of the largest domain name Registrar AfterMarket.pl, which account has more than 250 000 domains, one of the Poland's top three domain name registrars and the biggest domain marketplace in that country. It has been present on the Polish market since 2006. It belongs partly to EuroDNS SA, an international domain name registrar based in Luxembourg.