THE ROCK TRADING LTD Review 2023
THE ROCK TRADING LTDReview
The Rock Trading is a cryptocurrency exchange that was initially established as a virtual insurance company in 2007. However, in 2011, the company refocused its direction to become one of the first cryptocurrency exchanges to allow Bitcoin trading on its exchange. Based in Malta with their office located at Melita Street 62, La Valletta, Malta, the Rock Trading was founded by Andrea Medri and Davide Barbieri, two well-known personalities within the Italian cryptocurrency community.
- Platform and Supported Cryptocurrencies
- Deposit and Withdrawal Options
- Fees and Charges
- Privacy and Security
- Customer Support
- Pros and Cons
Platform and Supported Cryptocurrencies
The trading platform provided by the Rock Trading is a web-based platform. It is designed to be simple and user-friendly. From the trading screen, you will be able to see all the listed cryptocurrency pairs with their prices and volume. To access the trading function, click on the cryptocurrency pair that you wish to trade with. Once you have done that, you will be presented with the screen as shown below. Simply click on “Bid” or “Ask” to execute your trade.
Apart from the normal trading screen, the Rock Trading has also provided its customers with a quick trading mode with “Fast Lane”. By clicking on “Fast Lane”, you will be a quick trade page where you just click on the preset amount that you want to trade with.
At present, the Rock Trading supports the following major cryptocurrencies:
These cryptocurrencies can then be traded as paired cryptocurrency pairs in the following manner:
- Bitcoin Cash with Bitcoin Core
- Bitcoins with EURO
- Bitcoins with XRP
- BTC with NokuEUR
- ETH with NokuEUR
- Ethers with BTC
- Ethers with EURO
- EURO with NokuEUR
- EURO with XRP
- Litecoins with Bitcoins
- Litecoins with EURO
- Peercoins with Bitcoins
- Peercoins with EURO
- Zcashes with Bitcoin
- Zcashes with EURO
Deposit and Withdrawal Options
The Rock Trading offers several methods of depositing and withdrawal of funds. They include the following:
- Bank Wire Transfer
- Cryptocurrency wallets
- Prepaid Card
- OKPay eWallet
Bank Wire Transfers
Supported currencies include the euro and U.S dollar. Transfers are done through the highly reliable and efficient Single Euro Payments Area (SEPA). SEPA is a simplification of the bank transfer process initiated by the European Union to facilitate the transfer of funds denominated in Euro. The process normally takes 3 business days to complete. For SEPA transfers that are less than 1000 euros, the fee is 1.5 euro. For a transfer that is more than 1000 euros, the fee is 2.5 euros. For non-SEPA transfer, the fee is a minimum of 25 euros or 0.15%.
You can also deposit or withdraw your funds in cryptocurrencies with their respective wallets. For cryptocurrency deposits through Cryptocapital, there is a fee of 0.01%. Other applicable cryptocurrencies fees include the following:
- Bitcoin withdrawals – 0.0005 BTC (0.0015 BTC for Priority withdrawals)
- Bitcoin Cash withdrawals – 0.0005 BCH
- Ether withdrawals – 0.0001 ETH
- Litecoin withdrawals – 0.002 LTC
- Peercoin withdrawals – 0.02 PPC
- Ripple withdrawals – 0.05%
For customers who are verified, they can apply for a prepaid card from the Rock Trading. With the card, you can withdraw directly from any ATM machine that accepts the card.
Deposits and withdrawals are also possible with an OKPay wallet. For euro transfers, the fee is 1 euro whereas for U.S dollar transfer the fee is 2% of the amount transferred.
It should be noted that the Rock Trading does not support deposits or withdrawals through credit cards. In addition, the Rock trading does not accept customers who are U.S residents.
Fees and Charges
The trading fees at the Rock Trading start from 0.20% and go down to as low as 0.02% based on the volume traded. One interesting feature of the Rock trading is the fact that they also offer margin trading. The maximum leverage ratio offered by the Rock Trading is 1:5. In the event margin trading is utilized, there is a rollover fee of 0.01% every 4 hours.
Privacy and Security
In terms of the security of the accounts at the Rock Trading, there are the following methods to secure an account individually:
- 2-factor authentication
- Trading PIN
- Withdrawals PIN
For the verifications of customers at the Rock Trading, the exchange has recently partnered with Jumio to handle the verification of its customers. For the security of the Bitcoin Wallet, the exchange has tied up with GreenAddress, the safest Bitcoin wallet in the industry. The wallet uses multisig addresses for the confirmation of Bitcoin transactions.
Like most cryptocurrency exchanges, the customer support at the Rock Trading is pretty basic. There is an FAQ section which you can refer to for any questions that you might have about the services provided by the exchange. Should the FAQ’s prove to be inadequate in answering your question, you can also contact customer support through email or telegram chat.
Pros and Cons
- Established exchange
- Margin Trading available
- Reasonable fees
- Support Euro and USD
- Transparent exchange
- Not regulated
- Platform lack advanced tools
How do I open an account at the Rock Trading?
Click “Sign Up” on the top right-hand corner of the home page and fill up the registration form. Follow the link in your confirmation email to confirm your address. Once you have done that, you have successfully opened an account with the Rock Trading.
How do I go about verifying my account?
To verify your account, you need to provide the following documentation:
- An ID with at least 6-month validity
- Proof of residence
How long does it take to deposit or withdraw through SEPA?
The actual timeframe to complete a SEPA transfer depends on the bank processing the transfer. However, the average required time is 3 business days.
How can I make a withdrawal in euros?
In order to withdraw in euros, your account needs to be verified first. For the first withdrawal, you will be prompted to save a bank account. Once done, the subsequent withdrawals will be automatically made to the saved bank account.
What is the trading fee at the Rock Trading like?
The normal trading fee is 0.20%. As you trade more, there will be a discount on the fee that you have to pay.
With more than 5 years of operational history behind it, the Rock Trading is probably the oldest cryptocurrency exchange around in the industry. Although the exchange only offers a limited range of cryptocurrencies for trading, it operates with transparency and support of SEPA transfers. In addition, it is on the right track of evolving into an industry leader.
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