BitMarket.pl is s world's first Bitcoin exchange with instant fiat deposits and withdrawals.
Michau Enterprises Limited, a leader in Internet domain name aftermarket in Poland, has announced at Mar 3 2014, that it enters the Bitcoin trading market by opening its exchange located at www.BitMarket.pl. The exchange, targeted towards Polish Bitcoin traders, offers a clean and streamlined interface with top security features. Users can protect their accounts with two-factor authentication, and all withdrawals require additional confirmations. The trading interface has been modeled after the world's most popular exchanges, and will satisfy the needs of both beginners and experienced traders.
The platform offers also an extensive API which allows traders to submit their orders programmatically. The API follows all current standards, with HMAC hashing and "tonce" parameters for added security.
But the real innovation of BitMarket.pl lies in the field of fiat deposits. While cryptocurrencies allow for fast transfers to and from exchanges, making deposits of fiat funds is not that easy and usually takes several days for a bank transfer to clear. However, Poland boasts a strong and innovative banking sector, which allows for instant money transfers between the vast majority of local banks. There are several competing systems for making such transfers, such as BlueCash, Express Elixir, PayU and DotPay, and BitMarket.pl utilizes several of them to allow users to deposit and withdraw their fiat currency with the same speed as they would move Bitcoins and Litecoins.
"I must say our users love it." - said Dariusz Litawinski, head of marketing at Michau Enterprises Ltd. "With classic exchanges it takes several days to complete a single transaction, which is too long for an average user. It also requires traders to hold sizable amounts of cash on the exchanges, to be able to react quickly to changing market situation. After two or three days, which is how long it usually takes to deposit new funds at an competing exchange, the trading opportunity is long gone. Not so in our system; a user can deposit money, make an exchange and withdraw funds, completing the whole transaction in less than 5 minutes."
Instant fiat transactions add to the security of users' accounts, because the amount of funds they need to hold on the exchange is greatly reduced. As it is always most secure to hold funds in own wallet, the ability to instantly deposit and withdraw just the needed amount allows users to manage their assets in a more secure way.
Regarding the company innovative approach, Dariusz also commented: "We come to the Bitcoin market from a unique perspective of trading Internet domain names. The domain trading business in Poland has developed many unique innovations, and we were following all along as the market leader. This allows us to give Bitcoin trading a fresh look, and bring a slew of new features to the table. Instant fiat deposits and withdrawals are a prime example of it."
- Michau Enterprises Limited, which operates BitMarket.pl, is best known for running AfterMarket.pl, one of the Poland's top three domain name registrars and the biggest domain marketplace in that country. It has been present on the Polish market since 2006. It belongs partly to EuroDNS SA, an international domain name registrar based in Luxembourg.