Over the past ten months, the Bitcoin Cash network has received a lot of support from cryptocurrency companies that provide infrastructure support including exchanges. Even though other digital currencies have yet to obtain such success in so little time, some BCH proponents are in search for an exchange that uses bitcoin cash as the base currency, and many believe trading platforms that offer this feature will be key to mass adoption.
Coinex: The Exchange That Uses Bitcoin Cash as Its Base Currency
Most cryptocurrency exchanges use bitcoin core (BTC) as the base currency that is traded against various other digital assets. At the moment bitcoin cash (BCH) only has three exchanges that use the decentralized cryptocurrency as a base currency and one of them just launched its beta release this past May. At the moment the most popular exchange that offers BCH base currency pairs is Coinex. The firm Viabtc announced the launch of Coinex back in December of 2017 and the trading platform offers BCH pairs with the most popular digital assets in the crypto space.
Viabtc’s chief operating officer, Sara Ouyang, explained that because BCH network fees were so low it prompted the firm to create the markets with bitcoin cash as the base currency.
“The reason we chose [BCH] over [BTC] is that it has much faster transactions with low fees and better performance in terms of usability,” Ouyang detailed at the time.
Coinex is also available on mobile operating systems like Android and iOS and provides global trading services in nearly 100 countries. Further, Coinex offers HTTPS and two-factor authentication and claims its cold storage funds are held by using a multi-signature strategy.
Panda Exchange Provides Traders With Bitcoin Cash Trading Pairs
Another trading platform that offers BCH pairs is the Panda Exchange — a cryptocurrency exchange that provides bitcoin cash pairs with ETH, ZEN, XRP, LTC, BTG, and others. The Panda Exchange is open to residents in the U.S., South America, Canada, and Portugal. The exchange recently announced that it has added a slew of new pairs and more will be added in the future.
The Recently Launched BOA Exchange and Hello Group’s Upcoming Bitcoincash.io Trading Platform
Recently another exchange called BOA Exchange has launched a set of crypto-markets that use bitcoin cash as the base currency. The exchange is very new as the trading platform explains that it recently finished its beta phase this May and is now opening signups to the public.
Lastly, Bitcoin Cash supporters will soon see another exchange that uses BCH as the base currency from the Cyprus-based company Hello Group. In February the firm announced it had purchased the domain Bitcoincash.io to host its BCH trading platform. When visiting the URL Bitcoincash.io, visitors are greeted by a picture that says ‘Bitcoin Cash — Coming Soon.”
The BCH community believes there is a significant need for more of these exchanges in order to decouple the digital asset’s price from BTC. Many of them believe BCH is a perfect choice for a trading platform’s base currency, as its speed and low fees would make deposits and withdrawals much faster and cheaper. For now, BCH traders have Coinex, Panda Exchange, the newly launched BOA Exchange, and the upcoming launch of Hello Group’s BCH trading engine.
Do you want to see more exchanges offer BCH as the base currency for trading pairs? Let us know your thoughts on this subject in the comment section below.
Disclaimer: Bitcoin.com and the author are not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information with the mentioned exchanges. Readers should do their own due diligence before taking any actions related to the content.
Images via Shutterstock, Coinex, Panda Exchange, BOA Exchange, and Bitcoincash.io.
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Original Post: A Look at a Few Exchanges That Use Bitcoin Cash as a Base Currency