VALR Review

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Overview

VALR, a leading cryptocurrency exchange in South Africa, allows investors and traders to buy and sell Bitcoin, Ethereum, XRP and numerous other digital assets from the largest selection of cryptocurrencies available from a South African-based cryptocurrency exchange.

In this review we’ll provide an overview of VALR, the trading fees of VALR, how VALR stacks up in terms of privacy and security, the team behind VALR and lastly their referral program.

Launched in 2019, after securing around $ 1.5 million US in a funding round led by Bittrex and former CEO of FNB, Michael Jordaan’s Montegray Capital,  VALR has more than 40,000 customers and and offers the purchasing and selling, and storing of over 50 cryptocurrencies.

VALR provides a digital asset platform that allows users to buy, sell and store or transfer cryptocurrencies seamlessly and securely. VALR aims to help bridge the gap between the traditional fiat financial system and the new world of cryptocurrencies.

According to VALR CEO Farzam Ehsani, “We need a financial system that recognises the oneness of humanity”. This the name VALR, which transcends national differences, was chosen to rid the distinction of the American and British spellings of the word valor / valour.

Fees

VALR claims to be committed to providing fair and transparent pricing for their customers. In my own experience they have lived up to their promises with regards to fees.

A great advantage of using VALR is that there are no monthly fees, no management fees, no cryptocurrency storage fees and no account opening fees.

Trading fees:

• -0.1% for makers (This means VALR pays you)
• 0.2% for takers

Simple Buy/Sell fees:

• 0.75% per trade on all Crypto-to-ZAR pairs
• 0.1% per trade on all Crypto-to-Crypto pairs

Deposit fees:

• ZAR: Free
• Crypto: Free

Withdrawal fees:

• ZAR: R8.50
• Crypto: variable*

Fast withdrawal fees:

• RTC: R60.00
• RTGS: R165.00
• Amount>R5 million

Privacy

VALR has partnered with Bittrex, a trusted international cryptocurrency exchange and cryptocurrency custodian to keep all trader’s assets safe.

Furthermore, VALR makes use of multiple layers of protection to keep your account and funds safe. When signing up with VALR, you will be asked to complete KYC, where you are to submit identification documents.

There are three levels of verification on VALR.

Firstly, semi-verified (currently not activated), where you will be asked to provide your name and verify your mobile phone and email address.

Secondly, fully-verified, where you will be asked to provide your residential address and a government issued identification document.

Lastly, fully verified PLUS, where you will need to enable 2FF (2 factor authentication) using an authenticator app on your account.

VALR complies with regulatory requirements and standards in South Africa. VALR further makes use of artificial intelligence and machine learning technology to automate compliance with international regulations.

VALR stores cryptocurrency in both “cold storage” and hot wallets and have security procedures in place that do not allow any individual, including the CEO, to single-handedly transfer cryptocurrencies. Multiple signatories are required to move your funds, and no cryptocurrency is stored at VALR’s offices.

Team

Farzam Ehsani is the CEO of VALR. Farzam has journeyed through RMB’s Global Markets, Group Treasury, Investment Banking, and Private Equity divisions as part of RMB’s Class Of programme. He aided in establishing the Foundery, RMB’s FinTech unit, where he previously led RMB’s Blockchain Initiative.

VALR’s team further consists of badi sudhakaran who is the Co-founder and CPO at VALR, Desomond Manci, a software quality auusuane specialist, Rupert Adams who is the Outreach and Event Coordinator at VALR, and lastly, Kumar Dnapani who is a Board Member at VALR.

Referral Program

VALR has a referral programme which consists of rebates and rewards. Rebates being discounts on your own trading costs, and rewards being commissions you earn from the trading costs of your referrals.

There are three levels of VALR’s referral programme, namely level 1 which is if you signed up to VALR using someone else’s referral code or link, where you will benefit from a 10% rebate on your trading costs, up to a total of R1,500.

Conditions in order for you to benefit from VALR’s referral programme include your referrals using your unique referral link to sign up or entering your unique referral code on the sign-up screen.

Additionally, all your referrals must become at least semi-verified by verifying their email address and cellphone number. Lastly, VALR will pay your rebate or reward in the s currency that the fee or margin is taken in for the underlying trade.

Final Thoughts

VALR has a great user experience, is easy to navigate for both new crypto traders and advanced traders. The execution of purchasing and selling cryptocurrencies works well thanks to VALR having bank accounts with the major banks in South Africa.

Withdrawals are fast too. Earning rewards and rebates on both trades and referrals makes trading that much more profitable too.

Incentivising trading on the platform through paying traders maker fees is a great touch and gives VALR a competitive advantage in the market.

VALR’s Simple Buy/Sell feature allows one to simply select an asset, enter the amount you want to spend, and confirm your trade, while experienced traders can use the more advanced Exchange Buy/Sell feature which provides access to a high-performance exchange platform to market-make and get paid to trade.

The signup process is straightforward and fast. KYC may take a little while, but it is worth the wait. Special shout out to VALR’s mobile app. It has a professional feel and is visually pleasing while also working as it is intended too. VALR’s branding has a soft and soothing feel that makes stressful trading a little more bearable.

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Get started with just R10

Trade the largest selection of cryptocurrencies available in South Africa by signing up to VALR, and receive a 10% rebate on your trading costs, up to a total of R1,500 using our link. Sign up to VALR