Elbaite P2P Cryptocurrency Exchange

Introduction

For cryptocurrency traders who prioritize self-custody, security, and peer-to-peer trading, Elbaite could be an option to consider. Australian cryptocurrency exchange on unguarded model allowing users to trade directly from their encrypted wallets. By adopting this approach, Elbaite aims not only to provide a more secure trading environment but also offers cost-effectiveness and efficiency.

Betty’s genesis steps from personal experiences of Founders Morty and Samira Tolo, who encountered exchange hacks and other issues when using central exchanges. They created Elbaite for peer-to-peer exchange that allows users to retain custody, that is, self-custody of their assets in all areas of the trading experience.

As a platform built by merchants for traders, Elbaite prioritizes user empowerment by providing a range of features, strong security, and an easy-to-use experience.

Let’s explore the features, pros, and cons of Elbaite P2P cryptocurrency exchange.

History and Background

Elbaite was established in Melbourne in 2017. It was born from the founders’ personal experiences with multiple penetrations using central exchanges. Faced with encryption loss due to no fault of their own, they searched for a better solution but were unable to find one. So, they decided to create one themselves.

In 2017, they created Elbaite, a cryptocurrency trading platform designed especially for focused traders who prioritize design and security over corporate interest. Elbaite allows users to trade encryption directly from their own wallets and does not keep users’ assets at any stage of the transaction process, making trades faster, cheaper, and more secure than using central exchanges.

The name “Elbaite” is derived from the precious stone found in every color of the spectrum, symbolizing inclusivity. Gems have historically served as forms of currency, much like cryptocurrency comes in various colors or types. The choice of the name reflects Elbaite’s commitment to fostering an inclusive culture within the blockchain community, starting from within their own community and workplace.

Elbaite soon became a part of the Australian crypto community, partnering with Melbourne’s prestigious RMIT University to support women in the blockchain community. The Elbaite team consists of a diverse group of crypto enthusiasts who are experts in blockchain tech and finance, committed to leading the industry forward.

By providing robust security measures and reliability, Elbaite aims to accelerate the adoption of blockchain technology and cryptocurrencies. The platform also educates users to understand the value of self-custody in their unique trading model.

In recognition of their outstanding efforts, the founders were honored with the prestigious title of 2022 Gender and Diversity Leader of the Year at the annual Blockchain Australia Awards, also known as “Blockies”. This honor reinforces Elbaite’s commitment to championing diversity as a key player in the encryption space. Elbaite has also been awarded the “Great Place to Work” certification, highlighting its commitment to customer and employee satisfaction.

Features

Self-Incubation

Innovative byte self-reservation approach, with a wallet-to-wallet design, removes the need for an exchange to store users’ assets. By not storing any cryptocurrency on the platform, Elbaite greatly reduces the risk of being targeted by hackers, providing users peace of mind.

Commerce

Elbaite allows its users to connect any crypto wallet of their choice for self-accounting and accepts Australian dollar cash deposits and Osko/PayID instant payments. Since the trades are made from wallet to wallet, users do not have to transfer their cryptocurrency to Elbaite, which saves time and fees.

Safe Handling

Elbaite has a built-in escrow service that protects Australian dollar funds until the cryptocurrency transfer is verified on the blockchain, ensuring a reliable and transparent trading experience.

Expenses

Elbaite offers a competitive fee structure that attracts traders of all skill levels, from beginner to expert traders. The exchange offers a 1% buyer fee and 0% seller fee, which is beneficial regardless of the transaction size. Elbaite also has zero withdrawal fees due to the transfer from one wallet to another design. Since encryption assets are transferred directly to users’ wallets for self-guarding, there is no reason for a withdrawal fee, guaranteeing financial savings.

Security and Organization

Elbaite’s security is based on its intelligent design as it does not hold encryption on cash. This is different from most exchanges that follow a centralized model, where the exchange holds large sums of encryption. By not doing so, Elbaite completely removes any incentive for hacking attempts and bad actors. Elbaite also uses escrow and the fiat and TX-Hash blockchain to verify and ensure users’ trades happen fairly. Elbaite is KYC/AML compliant, requiring users to verify their identity before using the exchange. This helps prevent money laundering and other illegal activities, ensuring a safe and ethical trading environment for all users.

Support

Elbaite has an active support feature which supports text and media file reports, giving users multiple options for communication with concerned personnel. This is important to help solve problems when they arise.

Positives

• Low fees
• Great variety of payment methods
• Convenient user interface
• Transactions from one wallet to another
• An active user base in Australia

Cons

• There is no fiat currency trading
• Client support can be slow at times

Conclusion

Elbaite stands out as an outstanding platform that prioritizes user empowerment and security in their trading framework. Elbaite offers a safe and intuitive trading experience that keeps users in control of their assets.

Elbaite stands out with its user-centric design, which emphasizes security and ease of use. Whether you are a beginner or an experienced trader, Elbaite ensures a smooth and hassle-free trading experience.

With a focus on security, the exchange implements robust measures and strictly adheres to KYC/AML regulations, promoting a fully secure and compliant trading environment for all users.