Elbaite review: empowering users with self-custody
For crypto traders who prioritize self-custody, security, and peer-to-peer trading, Elbaite can be an option to consider. The Australian cryptocurrency exchange operates on a non-custodial model, allowing users to trade directly from their own crypto wallets. By embracing this approach, Elbaite not only aims to provide a safer trading environment but also offers cost-effectiveness and efficiency.
Elbaite’s inception steps from the personal experiences of founders Morty and Samira Tollo, who encountered exchange hacks and other issues when using centralized exchanges. They created Elbaite peer-to-peer exchange that allows users to retain custody, that is, self-custody of their assets throughout their trading experience.
As a platform built by traders for traders, Elbaite prioritizes user empowerment by providing a range of features, robust security as well as a user-friendly experience.
Let’s explore the features, pros and cons of the Elbaite P2P crypto exchange.
History and background
Founded in Melbourne in 2017, Elbaite was born from the founder’s personal experiences with multiple hacks using centralized exchanges. Fed up with losing crypto due to no fault of their own they sought a better solution, unable to find one they decided to create one.
In 2017 they created Elbaite, a crypto trading platform designed specifically for traders that focuses on product design and security over corporate interest. Elbaite allows users to trade crypto directly from their own wallets and does not hold users’ assets at any stage of the transaction process, making trades faster, cheaper and safer than using centralized exchanges.
The name “Elbaite” draws inspiration from a gemstone found in every color of the spectrum, which symbolizes inclusivity. Gemstones have historically served as forms of currency, and much like cryptocurrencies, they come in various “colors” or types. The choice of name reflects Elbaite’s commitment to fostering an inclusive culture within the blockchain community, starting within their own community and workplace.
Elbaite has rapidly become a part of the Australian crypto community, partnering with Melbourne’s prestigious RMIT University and supporting the Women in Blockchain community.
The Elbaite team comprises a diverse group of crypto enthusiasts who are experts in blockchain tech and finance and committed to driving the industry forward.
By providing robust security measures and reliability, Elbaite aims to accelerate the adoption of blockchain technology and cryptocurrencies. The platform also educates users to understand the value of self-custody and its unique trading model.
In recognition of their outstanding efforts, Elbaite was honored with the prestigious title of 2022 Gender and Diversity Leader of the Year at the Blockchain Australia Annual Awards, also known as the “Blockies.”
This accolade further solidifies Elbaite’s commitment to championing diversity as a key player in the crypto space. Elbaite has also been awarded “Great Place to work” Certification, highlighting its commitment to customer and employee satisfaction.
Features
Self-custody
Elbaite’s innovative self-custody approach, with its wallet-to-wallet design, eliminates the need for the exchange to store users’ assets.
By not storing any cryptocurrency on the platform, Elbaite significantly reduces the risk of being targeted by hackers, offering users peace of mind.
Trading
Elbaite allows its users to connect any crypto wallet of their choice to their account and accepts AUD fiat deposits and instant Osko/PayID payments.
As trades are conducted wallet-to-wallet, users do not have to transfer their cryptocurrencies to Elbaite, saving time and fees.
Secure transacting
Elbaite has a built-in escrow service that safeguards the AUD funds until the crypto transfer has been verified on the blockchain, ensuring a reliable and transparent trading experience.
Fees
Elbaite offers a competitive fee structure that is attractive to traders of all skill levels, from beginner to expert traders. The exchange offers a 1% buyer fee and 0% seller fee, which is advantageous regardless of the transaction size.
Elbaite also has zero withdrawal fees due to its wallet-to-wallet design. Crypto assets are transferred directly into users’ self-custodial wallets so there is no reason for withdrawal fees, ensuring financial value is saved.
Security and regulation
Elbaite’s security is based on its clever design, as it holds no crypto on its exchange. This differs from most exchanges that follow a centralized model, where the exchange holds large amounts of crypto.
By not doing this, Elbaite completely removes any incentive for hack attempts and bad actors. Elbaite also uses fiat escrow and TX-Hash blockchain verification to ensure users’ trades are happening fairly.
Elbaite is KYC/AML compliant, requiring users to verify their identity before using the exchange. This helps to prevent money laundering and other illegal activities, guaranteeing a safe and ethical trading environment for all users.
Support
Elbaite has an active support feature that supports text and media file reports, giving users multiple options for communicating with the relevant staff. This is important to help solve problems when they arise.
Pros
- Low fees
- Wide variety of payment methods
- Convenient user interface
- Wallet-to-wallet transactions
- An active user base in Australia
Cons
- No fiat currency trading
- Customer support can be slow at times
Conclusion
Elbaite emerges as a standout platform that prioritizes user empowerment and security through its self custody framework. Elbaite offers a safe and intuitive trading experience that keeps users in control of their assets.
Elbaite stands out with its user-centric design, which emphasizes security and user-friendliness. Whether you’re a beginner or an experienced trader, Elbaite ensures a seamless and hassle-free trading experience.
With a focus on security, the exchange implements robust measures and strictly adheres to KYC/AML regulations, fostering a secure and fully compliant trading environment for all users.
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