A new blockchain trading platform says its secure, reliable infrastructure enables users “to stay ahead of market movements and manage risk and loss like never before.”
As well as supporting a wide range of mainstream cryptocurrencies such as bitcoin, ether and litecoin, Bcnex says it is constantly expanding its offering to other quality tokens.
In its white paper, the startup says that it wants to offer an antidote to the problems that currently blight crypto exchanges: weak technical architecture, a lack of liquidity, poor customer service and inadequate security.
Bcnex says its platform is built upon an institutional-grade trading engine that is capable of processing up to 2 million orders per second. This infrastructure is complemented by a “rich and abundant source of liquidity” that ensures transactions are executed promptly and without being passed through intermediaries. As well as offering a user-friendly experience through its desktop and mobile apps, the company says its team is available around the clock to resolve technical and business issues with speed.
The white paper adds: “Bcnex is backed by the experience of its individual members who have developed and managed world-class financial systems in the Forex market as well as real-time data application systems. We have in-depth understanding and experience in building such systems.”
A robust architecture
According to Bcnex, its exchange features a robust microservices architecture in which thousands of bots are continually placing hundreds of orders per second — and as a result, it claims to be faster than 99% of live exchanges.
To eliminate overloaded systems and backed-up transactions, an order matching system sees buy and sell orders stored in high-performance queues. Physical servers can be added quickly to ensure scalability at times of high demand, and Bcnex says this is achieved without compromising on stability or access speeds.
From a security perspective, the exchange says that it has been engineered from the ground up in its ambition to achieve “banking industry level auditing and security compliance.” Robust firewalls and anti-denial of service tools are complemented with user alerts whenever abnormal activity is detected on an account. Meanwhile, 98% of Bcnex’s digital assets are stored in various cold wallets detached from the internet, meaning they are immune to malicious attacks.
Rolling out new features
Spot transactions, margin trading, future contracts and a 100% anonymous automatic order matching mechanism are some of the first features that are on Bcnex’s agenda. Transaction pairs with bitcoin, ether, USDT and Bcnex’s native BCNX token are going to be available at first. The exchange says BCNX can be used to buy and sell cryptocurrencies, as well as cover transaction fees. A “careful review process” is going to be used to ensure that only reliable tokens with strong liquidity and a large user base join its platform.
Consumers are going to be able to access Bcnex on the web, on Windows PCs and through specially created apps for Android and iOS, if they prefer. The exchange is going to launch in English and Vietnamese, with support for Chinese, Korean and Japanese set to follow as the exchange strives to become multilingual.
Bcnex’s initial coin offering began on May 3, and it is scheduled to conclude on June 27. The following month, the exchange plans to launch its platform — paving the way for transactions to be accepted.
Later this year, the platform is going to explore the prospect of creating an ecosystem to support blockchain-based startups. Then, in the first quarter of 2020, the Bcnex team is planning to introduce margin trading after undergoing a testing phase.
Determined to democratize cryptocurrency trading, the team added: “To date, the crypto market is still limited and difficult to enter. We strongly believe that more people should be able to participate in this exciting and promising digital economy.”
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