FinCCX, a Finland-based cryptocurrency exchange that allows users to exchange regular money for bitcoins, has begun accepting euros. The exchange is no longer accepting U.S. dollars but hopes to resume doing so in the near future.
Euro acceptance makes FinCCX one of the few exchanges that allows users to exchange bitcoins for euros, Elena Umanets, FinCCX’s marketing manager, told CCN.
While FinCCX no longer accepts U.S. dollars, users can continue to trade bitcoins for U.S. currency and have the U.S. currency converted into euros while withdrawing the funds. FinCCX also accepts deposits and processes withdrawals in euros.
Prior to introducing the euro acceptance, FinCCX converted deposits received in euros into U.S. dollars. Nearly half (45 percent) of FinCCX users are from the U.S. and Canada, with the balance closely split between Europe (28 percent) and other countries (27 percent.)
FinCCX planned to offer the BTC/EUR trading option but was encouraged to accelerate this feature after its bank, Bank Raiffeisen, decided to stop processing payments in U.S. currency in late March, said Umanets.
“Introducing BTC/EUR trading option was on our to-do list from the beginning and quite highly prioritized,” Umanets told CCN.
“We were already working on that project, but the news from the bank forced us to work much harder and to introduce EUR trading much sooner. Therefore, we are now able to process all transfers only in EUR currency. At the moment, we are actively searching for an additional banking partner and we hope to resume accepting U.S. dollar payments very soon.”
About half of FinCCX customers were getting paid in U.S. currency. “Some of the users provided the new bank details for EUR transfers,” Umanets said. “Others just got the funds withdrawn in EUR, but we exchange USD funds to EUR at a fair exchange rate, so the final amount which the client gets is not significantly affected by the conversion.”
“We are now mainly focusing on the European market, however, as soon as we solve the issue with USD transfers, we will continue to conquer a North American market”
FinCCX provides the chance for traders to earn commissions while trading. Where many exchanges charge a fee from both the buyer and seller, FinCCX charges only the price taker, not the price maker. The price maker is someone trading with resting limit orders that are accepted and traded by someone else. The price taker is someone trading with market orders (no limit price.) The price maker, instead of paying a fee, earns a fee of 0.05 percent. FinCCX pays the commission. The price taker pays FinCCX a commission of 0.35 percent.
Traders can create three types of orders: “market,” “limit” and “stop limit.” Market orders are executed instantly at the market price. “Limit orders” are executed at the price the trader sets for buying and selling bitcoins. A “stop limit order” allows the trader to set a trigger price and a limit price. When the market price reaches the trigger price, the limit order with the set limit price is triggered.