London Crypto Currency Exchange (LCCX) offers an innovative crypto exchange platform model that seeks to address notable weaknesses in the existing model. With its unique approach, the platform will make trading in digital currencies more accessible and reduce the risk level associated with the trade.
The cryptocurrency industry has experienced unprecedented growth over the past year. While this has led to a massive rise in popularity for the sector, particularly for alternative investment purposes, it has also highlighted notable fundamental issues in its supporting framework.
The Current State of Exchange Platforms
One of the most prevalent issues has to do with security for crypto asset traders especially with regard to the use of existing exchange platforms. It has become the order of the day to hear of sudden government crackdowns and seizures that leave investors stranded, exchange platforms operating in unpredictable jurisdictions, online storage of client funds and subsequent malicious attacks, working outside the realms of regulations and lack of insurance options against hacks.
Exchange platform users also complain about poor trading experiences on these platforms as a result of limited liquidity, especially for small crypto coins. In fact, in many cases, only the major coins are available for trade on most platforms. Those that offer smaller coins mostly charge high premiums in the form of high withdrawal fees. There are also order delays and system downtimes that result in inconveniences for traders.
When it comes to customer service, the reputation of most existing exchange platforms is wanting, with tickets taking weeks, sometimes months, to get processed. The absence of live chat support on these sites is also a major turn-off, as is the lack of physical address details for a significant number of them.
The LCCX Solution
These are just some of the burning issues that crypto enthusiasts have to contend with on a daily basis. Unfortunately, in view of the decentralised nature of the blockchain technology that underpins the crypto industry, there is little the end user can do when they feel discontent. There is no central authority to turn to and up till now, the situation has seemed hopeless.
LCCX seeks to be the solution for all of the above and many other issues that the current crypto exchange platform model fails to address. It aims to set a new standard by developing the most trusted exchange platform, with user convenience at the heart of the project.
Restoring Transparency and Accountability to the Crypto Industry
The first and simplest step that LCCX plans to use to remedy the situation is to have the company details, including its physical address, present on the website. This is to create accountability for the project and inspire hope in investors. The project also aims to work closely with regulators such as the Financial Conduct Authority in the UK and others around the globe.
In order to prevent
