Trading has arrived in BrainBlocks Wallet
We’re excited to announce that BrainBlocks wallet now features a “Buy & Sell” screen where you can easily trade Nano with other cryptocurrencies.
Rather than act as a typical exchange — with buy and sell orders, the ability to set your own price, etc — the service functions as a simple coin-swap. You create a trade, send Nano (or whatever currency you’re selling) to an address created just for that trade, and receive your payout in the currency of your choice to an address you specify.
BrainBlocks has always targeted mainstream adoption, and traditional exchanges are far too complicated for novice users to understand. A coin-swap requires little-to-no understanding of what happens behind the scenes. Everything is market rate (we do take a fee, included in the exchange rate) and happens as quickly as possible.
A coin-swap service also keeps the user in control of their own private keys. There is no danger of users leaving funds on the exchange only for it to be hacked (unless the hack were to occur during the ~1min exchange period), and it doesn’t result in centralization of voting power.
The coin swapping is handled by our partner, ChangeNOW. Behind the scenes, ChangeNOW use the liquidity of other exchanges to get you the best market rate automatically. BrainBlocks terms of use have been updated to extend the ChangeNOW terms of use with regards to trading.
What are the fees?
The fee — included in the exchange rate and split between BrainBlocks and ChangeNOW — is variable between 0.5 and 0.9% based on the available trade path (I.e. how many trades need to occur behind the scenes). This is higher than a typical exchange fee, but cheaper than many other convenience-focused services.
