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

Elbaite’s inception comes from the personal experiences of founders Morty and Samira Tollo, who have encountered exchange hacks and other issues when using centralized exchanges. They have created Elbaite a peer-to-peer exchange that allows users to keep custodial, i.e. keep their assets with their trading experience.

As a platform built by traders for traders, Elbaite prioritizes user empowerment by providing an array of features, robust security as well as an easy-to-use experience.

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

History and Background

Founded in Melbourne in 2017, Elbaite was born out of the founder’s personal experiences with several breakthroughs using centralized exchanges. Tired of losing encryption due to no fault of their own, they looked for a better solution, unable to find one they decided to create.

In 2017, they created Elbaite, a cryptocurrency trading platform designed specifically for traders who focus on product design and security over corporate interest. Elbaite allows users to trade cryptocurrencies directly from their own wallets and does not hold users’ assets at any stage of the transaction process, making trades faster, cheaper and more secure than using centralized exchanges.

The name “Elbaite” is inspired by the gemstone found in every color of the spectrum, which symbolizes inclusivity. Gems have historically served as forms of currency, and much like cryptocurrencies, they come in different “colors,” or types. The choice of name reflects Elbaite’s commitment to fostering an inclusive culture within the blockchain community, starting with their own community and workplace.

Elbaite is quickly becoming a part of the Australian crypto community, partnering with the prestigious RMIT University in Melbourne and supporting the Women in Blockchain community.

The Elbaite team is comprised of a diverse group of cryptocurrency enthusiasts who are experts in blockchain technology and finance and are committed to moving the industry forward.

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

In recognition of their outstanding efforts, Elbaite has been honored with the prestigious title of Leader of the Year 2022 in Gender & Diversity at the annual Blockchain Australia Awards, also known as “Blockies”.

This honor reinforces Elbaite’s commitment to championing diversity as a major player in the crypto space. Elbaite has also been awarded a “Great Place to work” certification, highlighting its commitment to customer and employee satisfaction.

Features

Self-Incubation

Elbaite’s innovative self-custody approach, with its wallet-to-wallet design, eliminates the need for an exchange to store users’ assets.

By not storing any cryptocurrency on the platform, Elbaite significantly reduces the risk of being targeted by hackers, providing users with peace of mind.

Commerce

Elbaite allows its users to link any crypto wallet of their choice to their accounts and accepts Australian dollar fiat deposits and instant Osko/PayID 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 a 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 beginners to experts. The exchange offers 1% buyer fee and 0% seller fee, which is beneficial regardless of the size of the deal.

Elbaite also does not charge any withdrawal fees due to its wallet-to-wallet design. Crypto assets are transferred directly to users’ self-guarded wallets, so there is no reason for withdrawal fees, ensuring that financial value is saved.

Security and Organization

Elbaite’s security is based on its smart design, as it does not hold any cryptocurrency on an exchange. This is different from most exchanges that follow a centralized model, where the exchange holds large amounts of cryptocurrency.

By not doing this, Elbaite completely removes any incentive for hack attempts and bad guys. Elbaite also uses fiat escrow and the TX-Hash blockchain to verify that users’ trades are conducted 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.

Supports

Elbaite has an active support feature that supports text file and media reports, giving users multiple options to communicate with relevant staff. This is important to help solve problems as they arise.

Positives

• Low fees
• A variety of payment methods
• Convenient user interface
• Transactions from one wallet to another
• Active user base in Australia

Cons

• Do not trade fiat currencies
• Customer support can be slow at times

Conclusion

Elbaite stands out as an outstanding platform that prioritizes user empowerment and security through its self-booking framework. Elbaite offers a safe and intuitive trading experience that puts users in control of their assets.

Elbaite stands out for its user-centered 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 compliant and secure trading environment for all users.