AltCoinTrader will be expanding it’s trading platform to include precious metals Gold and Silver. The SA cryptocurrency exchange company announced that they have partnered with leaders in the industry to provide more alternatives to the investing public. All gold and silver, or any other precious metals, traded on AltCoinTrader’s platform will be represented and fully backed by real physical gold and silver, or relevant precious metal.
ALSO READ: South Africa To Launch Online Trading Platform To Assist SMMEs
Gold and silver is traded in ounces represented by a one ounce coin. Gold is represented by a Krugerrand in most cases but can also be any one ounce gold coin. No gold, silver or precious metal is ever kept on the premisses. These assets are securely stored off site at one of our third party vaults and can only be withdrawn or deposited via the below procedure.
Withdrawals
Gold and silver can only be withdrawn in one ounce units. In other words you can buy a small amount of gold to hold, trade or sell but you will not be able to withdraw it unless it is in one ounce units. If you wish to withdraw your gold from AltCoinTrader you would typically be paid out in Krugerrand’s. These coins would either be delivered to you via a third party or you would be requested to collect them from one of our many retail partners situated throughout South Africa.
Deposits
Deposit’s will only be accepted if the exchange is low on physical assets and special arrangements would be made for us to accept gold and silver coins. These coins would be taken by our retail partners which are situated throughout South Africa and after the assets have been verified we would credit your AltCoinTrader account with the gold or silver asset
Image Courtesy: supplied