On 1 November 2018, Canadian crypto exchange CoinField, which uses XRP as the base currency, announced that it had gone live with 20 trading pairs against XRP.

Vancouver-based CoinField, which was founded in December 2017, calls itself “Canada’s top cryptocurrency exchange platform with the largest portfolio of coins available in Canada.” It first told us that it was exploring the idea of using XRP as the base currency back on September 22nd:

However, it was not until November 1st that CoinField tweeted that its trading platform had gone live, and that it was available in 61 countries:

According to CoinField’s press release, CoinField offers 28 trading pairs across six fiat currencies: US dollar (USD), Canadian dollar (CAD), Euro (EUR), Great Britain Pound Sterling (GBP) Japanese Yen (JPY) and UAE Dirham (AED). However, there are in fact, 29 trading pairs. Also, it mentioned that CoinField’s upgraded matching engine is “capable of making up to 75,000 trades per second, or up to 1.5 million API calls per second.”

CoinField’s commission fees start at 0.05% (maker fee). Maker means “market maker order; providing liquidity” and Taker means “market taker order; removing liquidity.”

Here are a few examples:

  • USD/XRP: 0.05% maker fee; 0.14% taker fee
  • BTC/XRP:  0.05% maker fee; 0.14% taker fee
  • ETH/XRP: 0.09% maker fee; 0.15% taker fee

Another notable thing about CoinField is that it claims to be “the first Canadian Cryptocurrency exchange to offer a complete API system to all traders to be used for trading strategies or innovative trading apps or bots.”

CoinField also has an interesting referral program: when “loyal” users bring in new traders to the platform via invites, they get rewarded with 10 XRP and “25% commission going forward off every trading commission the newcomer transacts.”

Here is what the user interface of the trading platform looks like:

Coinfield Interface.png

Babak Bob Ras, co-founder and CEO at CoinField, had this to say about the launch: 

“In a very short amount of time, XRP has proven itself to be one of the most reliable and most cost-efficient blockchain networks in the industry. By adding XRP as our base currency in all trading pairs, our users can move funds in and out of different exchanges or different wallets in a matter of seconds. We are directly benefiting our users with a stable, proven base. We are also introducing an extremely low fee schedule that can turn our platform into the preferred trading hub for traders around the world.”

According to data from CryptoCompare, at press time, XRP is trading at $0.4651, up 2.17% in the past 24-hour period.

Featured Image Courtesy of CoinField