VALR launches Bitcoin-Rand (BTCZAR) trading
On 4 June 2019, VALR will enable Rand deposits into customer accounts in anticipation of the BTCZAR trading launch a week later at 11:11 a.m. on 11 June (Bitcoin deposits are already enabled).
The launch will showcase VALR’s advanced trading capability: our Exchange Buy/Sell feature. This will complement our Simple Buy/Sell feature that already allows customers to use Bitcoin or Ether to buy and sell over 50 other cryptocurrencies, representing the largest selection offered by any platform in South Africa.
Stages of BTCZAR launch
The BTCZAR trading launch will roll-out over 4 stages as described below. We may keep any particular stage open as long as is needed to ensure a healthy market dynamic. Please follow our VALR Twitter account where we will make announcements as the launch progresses from stage to stage.
- Deposit-only (4 June): Customers will be able to deposit ZAR into their VALR accounts (Bitcoin deposits are already enabled). We are allowing a week for all customer deposits to arrive from their South African bank accounts. Customers will not be able to place any buy or sell orders from 4–10 June.
- Post-only (11 June @ 11:11 a.m.): In this stage, starting at 11:11 a.m., customers will be able to post buy-orders and sell-orders on the Exchange Buy/Sell screen. No matching (or completion) of trades will be allowed, which will give time for the order book to fill up with sufficient liquidity from traders. This stage will last a minimum of 10 minutes.
- Limit-only (at least 10 minutes after Post-only stage): In this stage, customers can only place limit orders on the Exchange Buy/Sell screen (market orders and the Simple Buy/Sell feature will not yet be enabled). During this stage, orders will be allowed to match. This stage will last at least 1 hour.
- Full trading (at least 1 hour after Limit-only stage): All trades, including market orders and Simple Buys/Sells will be allowed.
Follow our VALR Twitter account where we will share updates in the near future about the timing of the ETHZAR and XRPZAR launches on VALR.
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