Coinpass goes live with new crypto trading platform in the UK

Rick Steves

The trading platform plans to offer more than 100 tradable crypto markets to its client base.

Coinpass, a new UK-based cryptocurrency exchange listed on the FCA temporary crypto-asset business register, has gone live today with its new crypto trading platform.

Coinpass Trade supports the trading of British Pound (GBP), European Euro (EUR), Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Polkadot (DOT), Chainlink (LINK) and Stellar (XLM).

The platform will soon add crypto-crypto markets for BTC and ETH, more alt-tokens vs fiat currencies markets, as well as more alt-tokens vs cryptocurrencies markets. The goal is to offer over 100 tradable crypto markets to its client base.

Top-tier security, deep liquidity, a large choice of tradable tokens, and excellent service and support, are the firm’s main selling points, along with fast client onboarding for both individuals and corporate entities.

The crypto operator was founded in 2018 and was voted Best Cryptocurrency Exchange Platform 2020 at CityAM’s CryptoAM Awards.

Jeff Hancock, co-founder and CEO, said: “Our goal was to design a crypto trading experience for our users that was easy to use, beautiful to interact with and provided access to the most important data when investing in crypto.

“Typically, exchanges leave you looking at charts and order books instead of the important data to monitor and grow your crypto portfolio. Our new innovative trading platform will enable our users to actively monitor their trading positions, crypto market trends and overall portfolio performance, which are essential to investors to continue to grow their portfolio.”

Crypto exchange such as Coinpass are able to bypass the FCA ban on crypto CFDs since as long as the operator and its trading platform don’t offer derivatives trading for crypto products.

The FCA does not have consumer protection powers for the cryptoasset activities of firms, even if a firm is registered with the FCA.

It is unlikely that consumers will have access to The Financial Ombudsman or Financial Services Compensation Scheme, irrespective of whether a firm has temporary or full registration.

The FCA has recently extended the Temporary Registrations Regime (TRR) for existing cryptoasset businesses from 9 July 2021 to 31 March 2022.

This allows existing cryptoasset firms, which applied for registration before 16 December 2020, and whose applications are still being assessed, to continue trading.

The extension addresses the fact that a significantly high number of businesses are not meeting the required standards under the Money Laundering Regulations resulting in an unprecedented number of businesses withdrawing their applications.

The extended date allows cryptoasset firms to continue to carry on business whilst the FCA continues with the robust assessment being undertaken.

A recent survey conducted by the FCA found that crypto holders in the UK have risen to 2.3 million, which is nearly 3.5% of the total population.

Read this next

Metaverse Gaming NFT

DCentral Miami brings together all of Web3, NFT, DeFi, Metaverse

The world’s biggest Web3 meeting entitled DCENTRAL Miami is set to take place November 28-29, featuring a lineup of some of the biggest and most influential names in the blockchain space.

Digital Assets

Crypto ban expands across UK banks as Starling joins ‎crackdown

UK digital bank Starling has banned ‎all customer payments related to cryptocurrencies, another blow for the crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎

Interviews

Markets Direct at FIA EXPO 2022: Traders know what they want from brokers

The FIA Expo 2022, one of the most prestigious events within the global derivatives trading industry, took place in Chicago on 14 & 15 November.

Interviews

FIA Expo 2022: TNS addresses public cloud limitations with hybrid infrastructure

November is the month of the FIA Expo, one of the largest futures and options conferences in the world, bringing together regulators, exchanges, software vendors, and brokers in one place: the Sheraton Grand Chicago Riverwalk. 

Retail FX

Italy’s regulator blacks out Finance CapitalFX, MFCapitalFX

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

Suspected leader of Honk Kong ramp-and-dump scam appears in court

A leader of a sophisticated ramp-and-dump scheme made his first court appearance in a Hong Kong court today, charged with market manipulation and various criminal offences. The case stems from an earlier joint operation of Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), and the local police. 

Institutional FX

Cboe’s James Arrante discusses growing demand for fixed income, FX algo

We caught up with James Arrante, senior director of FX & US treasuries product and business management at Cboe Global Markets, to uncover emerging trends in the FX and fixed income markets and learn more about the bourse operator’s recent initiatives.

Retail FX

Eurotrader acquires UK broker Petra Asset Management

Eurotrader Group has formally entered into the UK market with the acquisition of FCA-regulated broker, previously named Petra Asset Management Ltd. The new entity operates under the brand name Eurotrade Capital Ltd.

Inside View, Retail FX

The Game of Chess Continues – OPEC, China and the Oil Market

Over the past decade, the US has been complaining about the amount of power which the BRIC group, and specifically China, has on the global economy. BRIC stands for Brazil, Russia, India and China; these were the world’s fastest growing economies. Only in the past 10 months, the US has turned their attention toward OPEC due to the prices of fuel. Nevertheless, China seems to have a strong influence even over the price of crude oil.

<