South African based Litecoin exchange // LTC-btc exchange

[gox1201]

Just a feeler, without giving away too much.

Viturrex is on the move, and one of the possibilities is this.

Any interest in a south african based LTC exchange? Basic trade would be LTC-Rand (dollar) , or LTC/BTC.

It probably wouldn't support trade for the other currencies, although BTC/Rand might be included.

Viable?
Not viable?

Thoughts on fee structure?
Thoughts on investment in such a venture?

Also, the ability is there (secured) to provide enough liquidity in the hot wallet. In other words, there will be sufficient funds 99% of the time to have quick (near instant) turnover of orders.

 

[ian_stagib]

I'd use it

 

[Pansyfaust]

Just a feeler, without giving away too much.

Viturrex is on the move, and one of the possibilities is this.

Any interest in a south african based LTC exchange? Basic trade would be LTC-Rand (dollar) , or LTC/BTC.

It probably wouldn't support trade for the other currencies, although BTC/Rand might be included.

Viable?
Not viable?

Thoughts on fee structure?
Thoughts on investment in such a venture?

Also, the ability is there (secured) to provide enough liquidity in the hot wallet. In other words, there will be sufficient funds 99% of the time to have quick (near instant) turnover of orders.

What would you offer above the other(icex) LTC/BTC exchange currently? Currently no exchange in SA offers LTC/BTC trading, simply BTC and LTC-Rand.

 

[gox1201]

Well I suppose the more appropriate question would be what would you be looking for in an exchange?

Shortly though, it would offer more market related pricing (much closer to the actual btc and ltc prices than the current local exchanges offer) and second it would offer the volumes needed, unlike say the exchange you mentioned. But what would you want it to offer

 

[Pansyfaust]

Well I suppose the more appropriate question would be what would you be looking for in an exchange?

Shortly though, it would offer more market related pricing (much closer to the actual btc and ltc prices than the current local exchanges offer) and second it would offer the volumes needed, unlike say the exchange you mentioned. But what would you want it to offer

I think the problem with local trading is that their is no international pressure to bring prices and ratio's in line with international exchanges. Over here we just have people converting into and out of Rands, there is no pressure from Dollar pricing and LTC/BTC ratio's to get people trading between them, so users will dictate the price without having much pressure to deal with potential buyers going to other exchanges to fulfill their orders.

Also how would you try to be closer to "actual" prices?How would it offer market related prices? As far as my usage of exchanges go, the people on them dictate the prices they want to buy and sell for? Regulating what people are able to buy/sell and trade for, which I don't think users will opt in for. How would you offer the increased volumes though? By having LTC/BTC trading?

As for volume, it seems to be a problem with icex as it's not really suited to do day trading or actually having any sort of LTC/BTC conversion for day-trading purposes- for people who want to trade their holdings into and out of fiat, I think it serves that purpose a bit better than other local options and so their prices reflect that niche ability. For instance, I'm not sure if it is still the case, but buying LTC at these prices is not possible through Bitfuture who said they wont sell at these prices(this was a few months ago, so it might have changed, in which case I apologise [MENTION=27400]BitFuture[/MENTION] ), whereas buying LTC on icex is possible, even if the volume is low it is still possible. Do virturrex sell at these prices?

For those who like to play the market a bit, nothing locally satisfies that, so we take our trading elsewhere. Also, the falling price of LTC also impacts in trading volume as people wont want to sell if they cant capitalise on the fall in some way. For instance if I wanted to sell at R120 per LTC in the hope that it drops to R80 to buy back a bit more, there is very little incentive to do so here as trading volumes and dispositions here dont encourage me to do this. Overseas it is very possible.

Whereas if I wanted to trade my LTC into BTC to take advantage of the falling ratio, I can do that overseas no problem and wait for the ratio's to be low enough to increase my LTC.

Locally I just dont think there is a large amount of "middle-ground" people- we have whales who probably need the volume that exchanges overseas can provide them with and we have people like me who have enough coins to play around with, but not enough to affect local trading in a significant way- this is totally my uninformed opinion as I try to understand why locally there is not a lot of LTC trading.


The biggest issue I had is with deposits-taking up to three days is simply not good enough- If I can purchase LTC on this forum in a matter of minutes(granted, it is less secure) then the most I can expect to wait is 1 day- not 3.

 

[gox1201]

Hmm, lost my previous reply on tapatalk :/

Anyways, without retyping the wall of text the gist is

1. It would be partnered with an up and coming soon to be announced major exchange, think Bitstamp, but for litecoin. As such the platform would be an extension of their platform, and thus it would be open to a large trade base - the people that will be buying/selling your coins would be all over the world, not just south africans.

2. The advantages would be near instant trading, and of course the huge turnover, finally giving us in south africa the opportunity to day trade etc. Take quick advantage of ups and downs and all that. You would be able to get fiat-->exchange and back off again much quicker, no overseas wire transfers, taking days on end to clear, no forex tax and charges etc.

3 .The disadvantages would be that you could not longer charge premium for your BTC, like the one local exchange, it would still have to be essentially a direct translation in value. It would be up to you to figure out if you can make the trades in time to win.

So in summary
- Local extension of a large online platform
- can deposit via south african bank, thus should be able to trade near instantly (e.g. should have a FNB/ABSA/Standard Bank/ Investec etc account for the exchange, so clearance is near instant during working hours), and thus withdraw quickly as well.
- Prices would be directly the same (after exchange rate etc), than it would be on the overseas market.

Things to still sort out would be
- the fee for transactions
- a method for converting quickly from rand->dollar without costing an arm and a leg
(this has been partially negotiated, and as such the fee as of CURRENT would be around 5%. I'm trying to get it down to around 3%, problem is regarding how quickly you want turnaround from rand->dollar->coin-->dollar-->rand) The quicker, the higher the fee.

The workaround to that is to use a system where you don't go to dollar, but to another currency. Aka only offer BTC/LTC exchange, and then you have to sell your BTC at another exchange, but that almost kills daytrading, unless you only want to play BTC-LTC. and not fiat.

More ideas please more feedback

 

[Cxb3r]

I will also use it, I will be interested in such exchange !

 

[Rudi]

I might use it as well, so keep us posted

 

[Pansyfaust]

If this exchange was set up and the prices were in line with international prices, then I would be using it right now . As it stands using the local exchanges to capitalise on rise and falls is not as attractive since pricing is a bit out of whack on there.

 

[Winster]

You guys should also take a look at Guldencoin, new Dutch coin that has been ramping up recently. Maybe give it 6 more months to see where it's at, but I would buy Guldencoin as a investment. You can see how fast updates are coming and they going to be first alt with standalone iOS wallet it seems. That will be big news. The Dutch always seem to do things right when it comes to financial stuff.

https://timeline.guldencoin.com/

 

[Rynomster]

In my opinion centralized exchanges aren't going to last much longer.
Soon everything will be decentralized

I'm from Johannesburg. Check out our coin: [SDC] Shadow | [ ShadowChat | ShadowSend | ShadowGo ]