Bitcoin regulation is an ever-evolving topic, especially in the United States where national legislation is impacted by individual states.
Coindirect has announced an increase to the trading limits for verified South African traders. The new limit, set at R1 million for fixed quote purchases, comes hot on the heels of the launch of its brokerage style platform, announced on 26 September.
The OTC brokerage offers large volume Bitcoin traders a fast, cost-effective solution to their trading frustrations. Bitcoin quotes are locked in once confirmed and are processed instantly with no fees for conversion when using the Coindirect wallet, and no slippage. The platform has seen an immediate and growing interest in the service, which prompted the limit increase.
Says Coindirect COO Nic Haralambous: “We are excited by the number of traders who have contacted us and started transacting on our platform. To accommodate them we’ve raised the limits for verified South African traders. In the coming months, we’ll be keeping an eye on trends, volumes and trade sizes from South Africa and some of our other major countries, such as China, the UK and key EU markets, and adjust limits where necessary.”
Along with this 100% limit increase, Coindirect has also introduced a Private Client Concierge service. Some traders favour self-service, and the team at Coindirect has ensured that the platform and app allow for transactions to be processed without traders needing to engage with anyone. For those traders looking for a higher level of assurance and attention in their crypto trading journey, the Private Client Concierge service will act as their personal crypto assistant.
“Whilst we cannot advise our clients on their trading, we can provide them with tools to enhance their experience. This tailormade offering includes access to a dedicated account manager, priority trading and investment options, and a direct line of communication for any support or queries at any time, day or night,” comments Haralambous.
Coindirect will continue to add benefits to the Private Client Concierge service in the coming months, including hosting complementary events in Cape Town and Johannesburg, and providing a credit line if required. To access the Coindirect Concierge service, traders will need to apply and commit to a minimum trade volume of R1 million per month.
“Coindirect’s founding mission of moving more users from fiat to crypto has not changed and the more our traders can transact with freedom, convenience, and security, the more accessible the cryptocurrency market will become,” concludes Haralambous.