Igot Launches UAE’s First Bitcoin Exchange

igot30 Aug 2014 / Bidness ETC – Australian-based bitcoin exchange Igot opened its doors to the UAE by launching the first bitcoin exchange in the region yesterday. The company was offered license by the UAE government to operate and has its office located in Dubai.

The exchange will facilitate customers in buying, selling, and transferring bitcoins. It will charge a flat trading fee of 1% on the transaction amount to all its customers worldwide, without any hidden fees.

Another feature that the exchange provides is ‘Future Trade,’ which allows customers to hedge against the fluctuating price of bitcoins. For instance, a customer can lock in on a price today if they expect a rise in the price. If the price actually goes up in the following days, they have the option to buy bitcoins at the rate that they locked on to and not the current rate.

The target market for Igot in the UAE is primarily the average consumer, but also comprises professional traders and wealthy individuals. Out of those consumers, Indians will be targeted the most, as Indian expats account for 60% of the total workforce of the UAE. Foreign citizens in general are the target, considering that almost 90% of UAE’s population comprises of foreign nationals….. Read more


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