xCrypt is a trading platform also available in Romania

xCrypt is a regulated trading platform, available both in Romania and internationally. With a nice interface and easy to use, the platform has a number of interesting benefits and services.

More about all of this is provided by Loren Minel Andronie, CEO and founder of xCrypt.

Cristina: When and how did the xCrypt project come into being?

Loren Andronie: The idea of the project came into being in 2017.

C: Tell us a few words about the team behind this project.

L. A.: I am the CEO and founder of the company. I am an entrepreneur with years of experience in building strategic partnerships and business development strategies.

I founded xCrypt with Ionuț Gabriel Parfene, Velicu George and Mauro Andriotto. Ionuț has over 11 years of experience in software engineering, security and bug analysis.

Mauro is a finance professor at Bocconi University, the University of Pisa and the University of Geneva – UBIS. He is also the founder of investment and consulting firm Andriotto Financial Services.

The rest of the team behind xCrypt includes people with significant experience in developing innovative blockchain technical solutions.

C: What is your mission, whom do you address and how do you distinguish yourself from other trading platforms on the market?

L. A.: xCrypt is a digital asset exchange regulated in Estonia (FIAT + EXCHANGE + WALLETS license). The most popular currencies such as Bitcoin, Ripple, Ethereum and others can be bought and sold on xCrypt.

C: What are the benefits of the xCrypt token and why would a user buy it?

L. A.: Centralized exchange rates will be paid in XCT tokens. We have created a way to provide benefits for XCT holders by improving the entire ecosystem as a whole. In this way, we bring revenue to the exchange and add value to the community and xCrypt holders.

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We will use 10% of the company’s profit to buy XCT from the exchange and permanently remove it from the market through the ‘buy back and burn’ system.

Not least, all the coins that were not bought in the ICO will be released and this will reduce the total XCT.

C: In a nutshell, how does the platform work? What are the payment methods and what is the average duration for a complete transaction?

L.A.: Xcrypt offers more possibilities for deposits: credit or debit card, bank account, directly from the client’s digital wallet.

C: What commission will xCrypt users pay?

L.A.: The commission for trade is 0.05% and the withdrawal fee of 0.0005 BTC for Bitcoin.
For more details on the fees charged for each pair you can access the website at the fees section.

C: Are OTC transactions allowed?

L.A.: We do not currently have physical locations.

C: Are there minimum / maximum limits for deposits, withdrawals and transactions? If so, what are those?

L.A.: There are no limits for trading and deposit. For withdrawals the user must go through KYC.

C: How do you ensure the security of data transmitted through xCrypt? We are talking about the personal information of the users, as well as transactions and crypto funds.

L.A.: xCrypt takes security very seriously and recommends that users configure 2FA authentication from account creation.
2FA is an additional level of security that sends a special code to your mobile phone every time you want to authenticate, make a transaction or withdraw funds.
The website also uses the Crypto Currency Security Standard (CCSS) to protect accounts, which is an industry standard for the exchange.
In addition, xCrypt also offers:

encrypted wallets (Ledger Wallet);
cold wallet storage of user funds;
anti-DDOS system;
banking security, compatible with ISO-27001 API fast and secure.

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C: How many users do you currently have and what are your expectations (as a number) in the medium and long term (3-4 months, and 2-3 years respectively)?

L.A.: Currently, the xCrypt platform has 2000 users, but we have not yet started the marketing campaign. We want in 3-4 months to have somewhere between 150,000 – 200,000 users, we have a very well developed business plan and we want in 2 years to reach 1 million users.

C: What daily / weekly average volume is currently traded and at what values do you expect in the coming months?

L.A.: At this moment we have a very small volume (5 bc / day), but we expect the volume to increase and in 2-3 months we will have somewhere at 100 BTC / day.

C: How many digital currencies can be traded on the platform? Is there a cryptocurrency preferred by xCrypt users, and if so, which one? But the least favorite?

L.A.: We currently have only 4 currencies listed, the most traded currency is Bitcoin and the least traded is Webcoin (WEB). We set out to list at least 1 new coin every week. It will definitely increase the volume of trading.

C: How do you ensure the liquidity of exchange pairs on the platform?

L.A.: At this time there is also a lack of liquidity in all markets not only in crypto, which makes cryptocurrencies difficult to get at the right price.
In recent years, the crypto market has shown an increase in global liquidity by increasing the use of the exchange, but compared to Forex, there is more to go.
In Bitcoin markets, for example, the lack of liquidity is partly due to the fact that many Bitcoin holders stay tight as the value increases and they do not want to trade their currencies.
Choosing to own crypto and expect their value to reach a certain level of profit later floods the market, leading to volatility and massive price changes that we see in crypto markets.
In addition, the absolute number of bitcoin traders, much smaller than currency traders, also results in lower liquidity.
This lack of liquidity presents two main problems for crypto users. First of all, there are big differences in the small markets, both because of the low number of offers, as well as the demand for assets and the inefficiencies of the additional supply and demand. Secondly, the large variations in prices in these small markets lead to a reduction in prices, the transactions not being executed at the proposed price.

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C: Do you have or plan to introduce an affiliate program? And if so, how does it work / will it work?

L.A.: We are running an affiliate program that we will launch next month. More details about the affiliate program will be displayed on xcrypt.pro

C: What is your personal opinion on the future of this field?

L.A.: There is no doubt that blockchain is a technological leap, cryptocurrencies are just the beginning of what can be achieved through blockchain technology. I hope we will see a real decentralization in the near future.

Have you used the xCrypt platform so far? I recommend you test it and come back with a feedback in the comments section.