GBX Gibraltar Blockchain Exchange Review

Priding itself on its sophisticated security system and innovations, GBX aims to “redefine token listing standards”, as its platform suggests. The only cryptocurrency exchange known to be based in Gibraltar, GBX trades primarily in Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. Recently, it has decided to add a new cryptocurrency to its list: ICNQ. The exchange has a full operating license from the Gibraltar Financial Services Commission (GFSC), which was granted under a DLT framework. This induced the Gibraltar government to announce a DLT regulation, making it the first government to have regulations on DLT, and also makes the stock exchange the first to own a regulated blockchain exchange. 

The team behind the exchange is led by the CEO, Nick Cowan. They claim to have “exceptional track records and extensive collective experience.” The platform’s local currency is Rock Token, which can also be traded on the website. Its team aims to position the exchange among the “premiere Digital Asset Exchanges globally.” 

The exchange doesn’t charge different fees between takers and makers and has a flat fee of 0.15%, which is well below the global industry average of 0.25%. This gives GBX a considerable advantage over other exchanges, making it more appealing to the average user. Withdrawal fee for Bitcoins is 0.0005, which is below the global industry average as well and renders the exchange quite competitive and attractive. If you want to start trading on GBX, you need to deposit money to your account. You can do so by wiring money through your bank, however, a credit card will not be accepted on the platform. This may cause certain inconveniences for those who prefer credit card deposits, however, it still renders the platform friendly to new cryptocurrency investors. 

The fact that the exchange is government regulated allows for a significant security factor, as a government presence on the platform prevents the exchange from acting as a fraud or a scam. The exchange also carries a significant list of sponsoring firms which can be viewed on the platform, which is also a reassurance for the platform’s security. 

The platform also has a mobile app for those who prefer to trade on the go, making the exchange pretty accessible. However, it is important to note that there isn’t an extensive list of interface languages available.