It finds you the best liquidity across airlines. We do the same thing [with bitcoin].
We get you the best price and the best liquidity across multiple bitcoin exchanges. Thobhani and co-founder George Melika started SFOX with entrepreneurial backgrounds and an understanding of the global payments market. Notice the price is different on each one. Even so, SFOX does not believe that banks are the enemy of bitcoin. Bankers, he added, are just doing their jobs: You have to understand what they are. Banks are responsible for following the compliance and the laws that are set in countries.
But for the time being, startups like SFOX will build a place to be a sort of foreign exchange for decentralized currencies. Inside the interface for San Francisco Open Exchange. Traders can use special algorithms in the platform. To buy Bitcoins, clients need to open an account with Bitstamp, which is followed by transferring money into the account. This can be done through SEPAinternational wire transferetc.
There is a fee levied on withdrawals – the fee for SEPA is fixed at 0. Bitstamp earns a trading fee on the successful trades which is based on the 30 day trading history of clients. The minimum fee rate is as low as 0.