In Thailand, businesses and consumers can find one of the world’s most refined and friendly digital asset regulations and laws. The digital assets exchange landscape in the country is both robust and vibrant, where the Thai crypto community can secure, manage and trade digital assets of their choice in a safe and convenient manner. We are looking at a new age of fast-paced technological advancements where blockchain networks, decentralization, and digital assets are creating a new financial norm. Bitazza was established in 2018 for this very reason – one of Thailand’s most successful trading platforms, the company acknowledges and is capitalizing on this opportunity to fill the role of a Digital Asset Broker.
What is a Digital Asset Broker?
According to the Royal Decree on Digital Asset Businesses B.E. 2561, those who intend to operate digital asset businesses will have to obtain approval for licenses categorized into these three types: 1. Digital Asset Exchange 2. Digital Asset Broker and 3. Digital Asset Dealer.
Digital Asset Exchange and Broker are designed to serve different types of services. As differentiated on the Royal Decree, an exchange matches its user orders with other users on the same exchange platform, while a broker carries its customer orders and broadcasts them to various exchanges worldwide, thus allowing larger liquidity.
Bitazza, as a digital asset broker, will broadcast user’s orders to various exchanges, both domestically and internationally. Therefore, better prices, safer transactions, and higher liquidity can be achieved.
Complying fully with Thailand’s regulations on digital assets, Bitazza was approved by the Thai Ministry of Finance in May 2019 and began operations shortly after in December. With the guidance and close observation from the SEC, Bitazza’s customers can rest assured that their investments and digital assets are properly protected.
Intuitive Website and Friendly UI / UX
When accessing Bitazza’s website for the first time, the design of the website interface is clean and sophisticated at first glance. The buy and sell order functions are sleek and intuitive. Users can choose trading pairs and simply click on the preset amount which will automatically convert it to the amount of the destination pair.
The Know-Your-Customer (KYC) process is relatively quick and easy even for an inexperienced user. After submitting KYC information, users do not have to wait long for their accounts to be approved, and can start trading right away.
Fast Deposit & Withdrawal – Simple Buy & Sell Process
The process and time taken to deposit and withdraw fiat is almost instant. Note that there is a 20 THB withdrawal fee with a minimum amount of 20 THB. There is no minimum limit for the deposit.
Security is one of Bitazza’s core principles. The brokerage platform has been working closely with renowned cold wallet service providers such as Ledger and also offering users protection with an insurance fund of $150 million dollars.
Users who experience any difficulties or errors can chat directly with the support team by clicking on the floating button on the lower right-hand corner of the website.
Big Name Cryptos are Listed with THB and USDT Trading Pairs
Bitazza is currently offering four main high market cap cryptocurrencies, namely Bitcoin (BTC), Ether (ETH), Ripple (XRP) and Stellar (XLM). Interestingly, Bitazza is the first operator in Thailand that offers the Tether (USDT) stablecoin as base trading pairs with BTC, ETH, and XRP, making the trading process easier for seasoned traders familiar with international rates. The platform also offers crypto-to-crypto trading in ETH/BTC as well.
While Bitazza is not classified as an exchange, the liquidity provided on the website is more than sufficient to rival that of other known exchanges in the country. Any orders made by users will be broadcasted to multiple exchanges from which Bitazza quotes asset prices from, and thereafter executed in the best way on price, quantity, and speed.
Bitazza’s Proprietary Utility Token “BTZ”
Bitazza’s proprietary token “BTZ” was created as a way to reward its users by ranking them into levels according to the amount of BTZ token being held. Higher ranking users will be rewarded with more exclusive benefits and offers.
The user’s Levels will be categorized from the starting level of Bronze, then moving up to Silver, Gold, Platinum, Diamond, with the most prestigious rank being Emerald.
Learn more about the Bitazza Levels here
The benefits and offers include a reduction in trading fees, points rewards, referral fees, and the ability to vote for the platform’s changes and direction.
Users can use BTZ to pay for trading fees with a discount up to 70%. Bronze level users can enjoy 50% fee reductions when paying with BTZ token during the first year, 35% for the second, 20% for the third, and 10% from the fourth year after the official launch of Bitazza.
The BTZ token can be accumulated through the buying and selling of digital assets listed on the platform. Please note that any trades using BTZ for discounted fees will not be eligible for the token accumulation.
Good news for the Bitazza users! Bitazza has waived the fees for every trade from today until May 2, 2020. Moreover, Bitazza has recently announced that BTZ will be listed on the exchange for users to trade their accumulated tokens.
Exclusive Deals
Users who meet the requirements will be invited to become a Bitazza Elite. This is an exclusive service available only to the Elites, as each of them will be granted a personal broker and concierge to assist them through all their digital asset services and needs.
Moreover, Bitazza also offers an Over the Counter (OTC) service for high-volume trades at a competitive price through a personal broker which supports up to 100 million THB.
There is a rumor that Bitazza will be introducing a reward program for users to enjoy the privileges outside the platform in forms of discount and exclusive services.
Learn more about the Bitazza Elite here
A Gateway for the Borderless World of Digital Assets
NewsFirstLine had the opportunity to speak with Bitazza’s management team as they revealed their plan to allow Thai citizens to access the borderless and vibrant world of digital assets through cooperation with leading exchanges. Bitazza’s goal is to be the gateway to a wide array of digital assets, full with potential and waiting to be explored. The broker does not only offer trading services but also aims to educate and keep their users well-informed through the site’s Content Hub as a source of knowledge ready to be harvested.
Conclusion
| PROS | CONS |
| First broker in Thailand that offers USDT trading pairs for BTC, ETH, XRP and crypto-to-crypto trading pair of ETH/BTC. | Limited trading pairs (Bitazza told us that they will be adding more soon!) |
| Beautiful and intuitive UI / UX | The mobile application is still under development |
| BTZ utility token offers interesting use cases |
Bitazza is a digital asset brokerage platform offering new services as it makes its way through uncharted territories. The BTZ token has interesting use cases with a potential to gain appreciation in the future. Newcomers would not have a problem breezing through the intuitive and simple interface of the website, while veterans can enjoy the benefit of Bitazza’s OTC and other services crafted to ensure a pleasant trading experience.
Learn more about Bitazza: www.bitazza.com
