Eggplant Finance uses the power of Binance Smart Chain to become the next-generation gamified DeFi platform that enables users to invest in various DeFi products.
Anyone can make crypto gains with Eggplant Finance’s yield farms while collecting their favorite NFTs. Moreover, staying true to the decentralized finance’s spirit, there is no KYC (know-your-customer) policy.
Starting June 2021, Eggplant Finance will launch their anticipated limited edition Smart NFTs.
Eggplant Finance
Why Choose Eggplant Finance?
Aside from the hilariously cute Eggplant mascot, Eggplant Finance offers:
Yield farming with Eggplant Finance is easy as 1-2-3. Simply connect your Meta Mask (or Trust Wallet) to Eggplant Finance and you can start earning crypto (up to 800% APR)
Eggplant Finance’s native token ($EGGP) enables anyone to participate in the platform of digital art, blockchain gaming and decentralized finance.
Trade your favorite tokens without KYC on Eggplant Finance’s swap platform.
Collect and utilize digital artwork NFTs (non-fungible tokens). Use our NFTs to gain cool bonuses.
If you love blockchain gaming and NFTs, then you’ll love Eggplant Finance’s Smart NFTs. Read below for more details.
Eggplant Finance offers gamified DeFi investment, with an emphasis on NFTs and token utility. Powered by the Binance Smart Chain (BSC) network, Eggplant Finance empowers everyone to make crypto gains.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
Kriptomat is a secure and user-friendly platform that makes it easy to buy, trade and store cryptocurrencies, making it an ideal choice for those looking to get started in the crypto world. The exchange, its features, security measurement, supported cryptocurrencies and fiat currencies, trading and withdrawal fees, and the Kriptomat digital wallet will be the primary focus of this Kriptomat review.
Kriptomat is a government-regulated European cryptocurrency exchange platform founded on February 7, 2018. The company is based in Estonia and its main goal is to create an easy-to-use platform that non-technical people can navigate without much trouble. Kriptomat offers everyday rewards for everyday people, so it doesn’t provide features such as leverage and margin trading, or trading futures. Kriptomat is the most user-friendly government-regulated European cryptocurrency exchange, allowing users to buy, trade and store cryptocurrencies with ease.
Kriptomat is a cryptocurrency exchange platform that puts trust, security, and transparency at the forefront of its values. It was founded by a team of legal, financial, and tech experts who have also launched successful tech companies such as Spletnik (digital marketing agency) and Platformax (sales management and prospecting platform). Kriptomat offers a secure and user-friendly platform for buying, selling, and storing cryptocurrencies. It is also compliant with the 5th Anti-Money Laundering Directive (AMLD5) and is registered with the Financial Intelligence Unit (FIU) in Estonia. Kriptomat also offers 24/7 customer support and a wide range of payment options, making it an ideal choice for those looking for a reliable and secure cryptocurrency exchange.
Key Features of Kriptomat
Users who have registered can use the Kriptomat platform to:
Buy, sell, deposit, withdraw, and exchange 30 popular digital currencies via bank transfers, SEPA, Visa, Mastercard, Skrill, Neteller, Zimpler, Sofort, and others.
Low fees. Kriptomat has surprisingly low buying, selling, and trading fees, making it one of the most popular fiat-to-crypto gateways in Europe and elsewhere.
To store, secure, and transfer digital currencies, use a secure and regulated multi-currency digital wallet service. Kriptomat Exchange adheres to the highest international security standards, has multiple licenses, and abides by the most stringent data protection laws, such as GDPR.
An exchange that is suitable for beginners. Kriptomat was created with the user in mind. It makes it extremely simple to securely transfer, trade, buy, sell, deposit, and withdraw fiat and crypto funds to your linked bank account or private crypto wallet.
Using the Kriptomat mobile app, you can trade on the go. The exchange allows you to trade on iOS and Android devices and set up price alerts to stay up to date on market developments.
The platform is available in over 80 countries and has been translated into 23 languages, indicating that Kriptomat provides a truly global service.
Earn money and rewards by using the Kriptomat Rewards section or the generous referral and affiliate programs.
Know your customer (KYC) process accelerated. Even though it is heavily regulated, Kriptomat verification only takes a few minutes.
Key Advantages of Kriptomat
I’ll start this Kriptomat review by focusing on the positives.
Powerful Security
Kriptomat is a secure and reliable platform for buying, selling, and storing digital currencies. It is licensed by the Financial Intelligence Unit and has received an international information security certificate ISO 27001:2013. The platform is built based on the General Data Protection Regulation (GDPR) requirements, ensuring a high level of protection for users’ personal information. Kriptomat also implements various technical measures to ensure the safety of its users. With Kriptomat, users can buy, sell, and store digital currencies with confidence.
It offers a range of organizational and technical measures to ensure the safety of your assets. 98% of assets are held in secure cold wallets, and a dedicated team monitors all activities on the platform. Strict operational procedures and security tests are in place to identify and solve any vulnerabilities. Encryption mechanisms, network security, physical security measures, and a DDoS protection system are all implemented to protect personal data. Kriptomat is monitored 24/7 to respond to any technical failures, and it is recommended to get a reliable cryptocurrency wallet for extra security.
Almost 100 Available Crypto Pairs
Kriptomat is a cryptocurrency trading platform that offers users a wide variety of options when it comes to buying, selling, and storing digital assets. Currently, the platform supports 31 different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and more. Kriptomat also provides users with access to over 100 trading pairs, allowing them to diversify their portfolios and take advantage of market opportunities. The platform is also secure and user-friendly, making it a great choice for both experienced and novice traders.
Purchase Crypto with EUR
Kriptomat is a great platform for those who want to invest in cryptocurrencies like Ethereum and Bitcoin. It supports fiat currencies, with EUR being the only one available at the moment. When buying cryptocurrencies with fiat money on Kriptomat, users can choose from a variety of payment methods, such as Bank Transfer, Credit Card, Debit Card, Skrill, Sofort, and Neteller. Kriptomat is a secure and reliable platform, and it might be adding new payment options soon.
Digital Wallet Available
Kriptomat is a digital wallet that allows users to store, send and receive cryptocurrencies. It is free to use and easy to set up, making it a great choice for those looking to get into the crypto world. Kriptomat reviews show that the wallet is secure and user-friendly, and even those who already have a crypto wallet can use Kriptomat. With its simple interface and secure storage, Kriptomat is a great choice for those looking to get into the world of cryptocurrencies.
When it comes to protecting your cryptocurrency assets, getting a secure wallet is one of the best ways to do it. There are four different types of wallets to choose from: online, software, hardware, and paper. Online and software wallets are considered “hot” wallets, as your private keys are stored online, making them the least secure option. Hardware and paper wallets, on the other hand, are “cold” storage wallets, as your private keys are kept offline, making them much more secure. Of the two, hardware wallets are the most popular, as paper wallets can easily get wet or lost. Whichever type of wallet you choose, make sure to do your research and pick the one that best suits your needs.
Low Fees
According to a Kriptomat review, the platform charges a 1.45% fee for buying and selling crypto using fiat money. However, if you choose to pay with your credit card, the fees will go up to 3.7% for purchases over 100EUR. Kriptomat is a great choice for those looking to maximize their savings when trading cryptocurrencies. The platform offers low fees and a secure environment for users to buy, sell, and withdraw digital assets.
Withdrawal fees vary depending on the cryptocurrency, with examples such as 0.0006000 BTC for Bitcoin, 0.0240000 XRP for Ripple, and 0.0060000 ETH for Ethereum. Some cryptocurrencies are not available for withdrawal, so users must exchange them for other coins before making a withdrawal. Kriptomat also has various trade limits, such as daily/monthly SEPA deposit and withdrawal, crypto deposit and withdrawal, and more. All of these features make Kriptomat a great choice for those looking to buy, sell, and exchange cryptocurrencies.
Accessible in 80 countries
Kriptomat is a cryptocurrency exchange platform available in 80 countries globally, including Europe, Asia, North America, South America, Oceania, and Africa. However, it is not available in Afghanistan, Algeria, American Samoa, Bangladesh, Bolivia, China, Democratic Republic of Congo, Democratic People’s Republic of Korea (DPRK), Ecuador, Egypt, Ethiopia, FYR Macedonia, India, Iran, Iraq, Kyrgyzstan, Pakistan, Palestine, Qatar, Saudi Arabia, Syria, Morocco, Nepal, United States of America, Vanuatu, Vietnam, and Zambia. Kriptomat supports 22 languages, including English, Bulgarian, Croatian, Czech, Dutch, Estonian, French, German, Greek, Hungarian, Italian, Latvian, Lithuanian, Polish, Portuguese, Brazilian, Portuguese, Romanian, Russian, Slovak, Slovenian, Swedish, Spanish, and Turkish. Therefore, it is likely that you’ll be able to use Kriptomat in your native language. Before choosing a cryptocurrency exchange platform, make sure that there are no laws against such services in your country.
Key Disadvantages of Kriptomat
However, it is time to move on to the less pleasant part of the review and concentrate on Kriptomat complaints.
Centralized
Kriptomat is a centralized cryptocurrency exchange platform, meaning that it includes a third party as a middleman to conduct transactions. This type of exchange is usually easier to use and follows licenses and regulations, but users don’t have autonomy over their wallets. Decentralized exchanges, on the other hand, have no third-party involvement in transactions, but can be more difficult to use. It all depends on what it is that you’re looking for, as both centralized and decentralized exchanges have their own pros and cons.
Lacks Advanced Features
Kriptomat is a cryptocurrency exchange that offers a simple and easy-to-navigate interface. It is suitable for beginners and those who are just starting out in the world of cryptocurrency trading. However, it lacks more advanced features such as margin trading, trading futures, and leveraged trading. Despite this, Kriptomat is a great choice for those who are looking for a straightforward and secure platform to buy, sell, and store cryptocurrencies. It is also backed by a team of experienced professionals who are always available to help and answer any questions.
How to Use Kriptomat?
Learn how to easily create an account and make a deposit on Kriptomat with this step-by-step guide.
How to Create an Account on Kriptomat?
Step 1. Press “Get started” at the top right corner of the website.
Step 2. Fill in the required information: first and last name, email address, password, and confirmation that you are over the age of 18. Then click “Create an account.”
Step 3. Go to your email, you should have received a verification letter.
Step 4. Press on “Verify email address”.
Step 5. Provide your number and paste it in 6 digits to confirm that it’s you.
Step 6. Verify your identity and start using Kriptomat!
How to Make a Deposit on Kriptomat?
Step 1. Fill out the applicant data, provide an identity document, and a selfie (to prove it’s you) to verify your identity.
Step 2. In the top right corner of the screen, click “Deposit.”
Step 3. Choose Bank transfer/SEPA.
Step 4. Make a deposit using the SEPA payment details (recipient, data transfer) provided.
Step 5. Press “I made the deposit”.
That’s it, you can now buy cryptocurrencies and start trading!
Conclusion
Kriptomat is a secure and legit centralized cryptocurrency exchange that puts in a lot of effort to protect its users. It is available in 80 countries and supports 22 languages, making it accessible to a wide range of users. The platform is easy to navigate, offers low fees, more than 100 available pairs, and a digital wallet. It is a great choice for newbies in the crypto world, as it provides a safe and secure environment for trading. Kriptomat is a reliable platform that is worth considering for anyone looking to get into the crypto market.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
ShapeShift is a free, open-source platform that allows users to buy, trade, track, and earn across multiple blockchains. Owned and operated by the community, private, non-custodial, and secure. We aim to share all about Shapeshift on this exchange review, from its features to how to create your account.
ShapeShift is a unique crypto exchange that offers users a range of features. Although it hasn’t achieved the same level of recognition as other exchanges such as Binance or Kucoin, ShapeShift is a viable alternative and deserves consideration.
ShapeShift, founded in 2013 by Blockchain enthusiast Erik Voorhees, is a Cryptocurrency exchange website that debuted in 2014. Erik designed ShapeShift to make purchasing cryptos like Bitcoin as easy as possible, transforming it into a “vending machine” that anyone can use. Initially, users could only trade a few cryptocurrencies.
As the registered user list grew, the platform increased its trade count to 40 cryptocurrencies and 940 trading pairs by 2015. By July 2018, the list of cryptocurrencies had expanded to 103. Today, there are over 750 cryptocurrencies available for trading, including popular coins such as Bitcoin, ETC, BlackCoin, Augur, and Gnosis.
Key Features and Advantages of ShapeShift
Is ShapeShift safe and worth using? That’s the question most cryptocurrency enthusiasts ask when looking for ShapeShift exchange reviews online. To answer this question, we should first examine the safety and usability of ShapeShift before exploring its other features.
A Unique Balance of Security VS Anonymity
When it comes to cryptocurrency exchange platforms, security should always be the top priority. Users should be aware of the potential risks of a leak or hack, and make sure that the platform they are using has the necessary security measures in place to protect their assets. ShapeShift stands out from other crypto exchanges due to its anonymous purchasing feature. Reviews of the platform, however, suggest that the experience may be different.
ShapeShift’s lack of a thorough account creation process was both a pro and a con. However, cryptocurrency enthusiasts often prefer this decentralized option, as evidenced by ShapeShift exchange reviews. People may be wondering if ShapeShift is legit before committing to a purchase. Rest assured, ShapeShift has maintained its security even after discontinuing the anonymity feature.
You can be sure that each time you perform a transaction, a new public wallet key is generated for you, providing identity and account protection. Additionally, two-factor authentication is available on the site for added security. ShapeShift will never request your private key, which is an essential thing to remember. In the crypto world, the saying “not your keys, not your cryptos” is true to an extent – if you don’t own your private wallet key, you don’t truly own your assets, as they can be lost in an instant.
The security of your crypto coins ultimately depends on you, as ShapeShift exchange was previously anonymous. Many user reviews emphasize this point.
Superb Usability Features
Usability is an important factor to consider when choosing a cryptocurrency exchange platform, such as ShapeShift. Reviews of the platform can help you determine if it is worth using, but usability should not be overlooked. ShapeShift has optimized their website, app, and platform to cater to crypto trading beginners. With the influx of new traders, ShapeShift has ensured their platform is user-friendly and secure.
ShapeShift is an enjoyable and user-friendly crypto exchange, with a visually appealing interface that is free of difficult industry jargon and technicalities.
50+ Supported Crypto Assets
Cryptocurrency support is essential for a successful crypto platform. As the crypto markets have grown in popularity over the past few years, more and more people have come to the industry. To meet this increased demand, crypto enthusiasts are researching and purchasing a wider variety of altcoins in addition to Bitcoin.
ShapeShift offers its clients the ability to trade over 50 different cryptocurrencies, meeting the market demand and providing a wide range of assets to purchase and trade.
Innovative Features (Rainfall)
ShapeShift’s latest update, Rainfall, provides users with USDT rewards every time someone makes a trade on the platform, making it a great crypto exchange alternative. Many online ShapeShift exchange reviews praise the attention they pay to providing users with different features.
ShapeShift rewards its users with Fox tokens for completing specific tasks related to their accounts. If there is enough demand, the company may also start selling Fox tokens. With these tokens, users have the chance to win exciting giveaways from ShapeShift.
Super-Low Fees
When choosing the best crypto exchange for yourself, fees are an important factor to consider. To maximize your profits, you should look for an exchange that offers the lowest fees and is also secure. ShapeShift is a legitimate platform offering its users competitively low fees, making it a great choice when compared to other exchanges.
ShapeShift offers competitive fees, with no deposit or withdrawal fees. The fees vary depending on the cryptocurrency being traded, but are typically lower than those of other exchanges.
The KeepKey Wallet
The KeepKey wallet, a hardware cryptocurrency wallet made and sold by ShapeShift, is widely regarded as one of the most popular crypto wallets available. With its advanced security features, it’s easy to see why it’s so popular.
ShapeShift is renowned for providing some of the safest cryptocurrency wallets, so it’s no surprise that their exchange is secure too. Many user reviews agree that ShapeShift is a great alternative to storing crypto coins in hot wallets from a security perspective.
Key Disadvantages of ShapeShift
Users may come across some negative ShapeShift exchange reviews and feedback online. To help you make an informed decision, let’s take a look at these reviews. Afterwards, we’ll discuss the registration process to the site.
Prior Security Breach
ShapeShift is widely considered a secure crypto exchange, despite its past security breaches. Unlike other exchanges, ShapeShift’s breach was not typical. ShapeShift experienced a security breach caused by an internal employee, resulting in the theft of approximately $230,000 worth of crypto coins from the company’s hot wallets. Fortunately, no users were affected by the breach.
ShapeShift’s transition from an anonymous exchange to an account creation-requiring one caused concern, but the company has since rebuilt its reputation and is now considered reliable. For the most reliable cryptocurrency storage, Coinbase and Binance are the top choices. For even greater security, hardware wallets such as Ledger and Trezor are recommended.
Some Users Report Lost Funds During Transactions
ShapeShift has acknowledged that some of its customers have lost funds sent from the exchange to their wallets. It is actively working to resolve the issue and refund the affected users. A small percentage of customers experienced issues with their transactions; however, the majority of people had no problems.
Most people have not reported any similar issues recently. It is indicating that the complaints about this issue are now in the past.
ShapeShift’s active presence on media channels is evident, as they have responded to many frustrated users who have posted on Reddit about the safety of the platform. The answers to the question “Is ShapeShift safe?” may be mixed, but it is clear that the company is attentive to customer concerns.
How to Use ShapeShift?
The registration process for ShapeShift is easy to use and straightforward. It only takes a few minutes to sign up and start trading.
Create an account by clicking “Get Started” Button, enter your email and create a password.
Download the ShapeShift app to verify your account by scanning the QR code or following the link in your email.
Verifying your identity is the final step in creating your account. Quick and simple to follow, the account creation process is complete once you have done this.
How to Start Trading on ShapeShift?
Once you have verified that ShapeShift is legitimate, you can begin trading.
Navigate to the Platform from your Dashboard, then press GO TO PLATFORM button.
Press the Trade button on the left side of the screen to access the platform.
Verify your account to start trading cryptocurrency. Scan the QR code to complete the verification process and begin trading your selected amount of cryptocurrency.
Exchange your currency for cryptocurrency with Banxa, integrated within the ShapeShift platform – no fiat money required.
Your crypto coins will be credited to your wallet in a short time after you make the trade. It’s that easy!
Conclusion
It is difficult to give a definitive answer to the question of whether or not to use ShapeShift for cryptocurrency exchange. Online reviews are mixed, with many users unable to make a clear decision. ShapeShift is an ideal alternative for those who want low fees and an easy-to-use platform. It offers a variety of features and promotions, making it a great choice for users.
If you’re looking for an exchange to transfer fiat-to-crypto, but don’t want to risk the negative user reviews that mention the transaction issue that ShapeShift has experienced, you could consider alternatives such as Binance and Coinbase, which are the leaders in this area.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
Prices of Bitcoin (BTC) reached an all-time high of over USD$19k in December 2017 and there is a lot of discussion and speculation on what triggers the price and when this “bull run” will happen again. So we took a look at the Bull or Bear factors which may point to an imminent bull run in 2020?
“Bull run” incoming? (8:00 onwards)
Bitcoin bull market factors/reasons?
PayPal Announcement
The PayPal announcement of supporting crypto transactions for their customers has come as a huge boost of positivity to the crypto space, especially in the West. With a humongous user and merchant base, the crypto community hopes for better adoption through the payment platform.
But is the Paypal announcement really a good thing? Check out Cryptonauts’ take in their video “Crypto Comes to Paypal! Good or Bad?” to find out more:
Crypto Comes to Paypal! Good or Bad?
Institutional investors coming into crypto?
Major investments from publicly traded companies like MicroStrategy and Square Inc has also led the Bitcoin price to fly high. However, the institutional investors might have aggregated the bull rally, but it is not the main reason. From our research and actually speaking to people in the frontlines, such as over the counter trading desks like Genesis Block, there are more institutional investors registered for crypto accounts. However, they are still waiting for the right opportunities to buy in.
US election uncertainty
Many see the US Presidential Elections as very polarising, particularly due to the vastly differing stances of the 2 candidates. So right now the whole world is waiting to see the outcome and how it will affect the markets generally. We also found that whether people think Trump or Biden winning is actually good for the markets (and their rationale for this) differs depending on which region they are from.
To really get a feel of the sentiment towards the US elections, we sometimes look at FTX Exchange’s US 2020 Elections contracts because the non-US investors in these contracts are really “putting their money where their mouth is”.
Though there is also some viewpoints being put forward that whether Trump or Biden wins is still going to be good for crypto.
Covid-19 pandemic
As discussed by many, the pandemic created a huge gap in the country’s economy, but Bitcoin and the crypto world remained less affected. Many investors were attracted to Bitcoin as they felt it as an asset which they can rely upon. And with people are stuck at home all day, some may look into trading to pass the time.
Bitcoin bear market factors/reasons?
On the other side, there may be reasons or red flags that will make people bearish: –
The People’s Daily have also published an article on 3rd November 2020 authored by Shan Zhiguang, Chairman of the Blockchain Service Network (BSN) which has further worried Chinese cryptocurrency enthusiasts (see the translation posted by Matthew Graham). The article states that a person may be charged with money laundering if: (1) someone buys cryptocurrencies using RMB and sells the cryptocurrencies for any foreign currency; or (2) uses any foreign currency to purchase cryptocurrencies outside of China, and subsequently sells the cryptocurrencies for RMB. This is irrespective of how many intermediate transactions were involved. A Chinese citizen may also be charged with money laundering if they knowingly sell the cryptocurrencies they hold to someone so as to assist them to illegally move funds in or out of China.
Yet the article states that any Chinese citizen that sells any cryptocurrency in exchange for any fiat currency must declare personal income tax to the authorities if the transaction results in a profit. Anyone who fails to do this could be charged with tax evasion.
Bear reasons already factored into prices?
Rumors or discussions leaning towards a bear market have already been circulating for a while in the crypto discussion groups. For example, reasons some people may feel bearish over the Paypal or DCEP news have already been discussed repeatedly in this space. Considering there is no new news on this right now, any negativity would have already been factored into the current price of Bitcoin or cryptocurrencies.
No new blood (at least not like in 2017 anyway)
Back in 2017 there were a lot of newcomers, we observed this when we see just how many people were eagerly asking relatively beginner questions. We do not really see this yet and so it seems that the cryptocurrencies adoption rate in 2020 is much slower vs 2017.
Don’t get us wrong, there are newcomers. We already saw lots of people buying Bitcoin using the ATMs inside Genesis Block (because they take more money). But there are no crazy lines of people with suitcases outside Genesis Block waiting for them to open like in 2017. This insanity was mostly caused by the “Kimchi premium”, where prices of Bitcoin in Korea were much higher than in Hong Kong. So what we saw were Koreans flying into Hong Kong with large amounts of cash in the morning, buying Bitcoin at Genesis Block, and catching a flight back to Korea in the evening.
Another surprising indicator are sales for Ledger cryptocurrency hardware wallets using our affiliate code. We definitely noticed a significant uptick in sales recently, but definitely not as much as in 2017.
Decentralised Finance (DeFi) and Yield Farming bubble
A couple of months before, the crypto space became familiar with the term DeFi where many Bitcoiners turned into Yield Farmers. The promotions of DeFi and Yield Farming projects have definitely escalated as of late, to the point where some promotions and people urging others to go “all in” can be quite aggressive. This is a concerning sign because it makes you wonder if they are desperately trying to get you to buy so they can sell.
Scam projects/ rug pulls
The immense rally of the DeFi space led to the initiation of many scam projects or “rug pulls”. Some of them just crashed hours after launch with developers or hackers running away with people’s funds. Cointelegraph had also recently interviewed me for an article on this topic of Escalating DeFi scams tarnishing the crypto yield farming market niche.
Confusion within Asia?
Regulatory clarity is important in any region. China has been pushing the message that Bitcoin and Ethereum are two of the best assets on national television. Yet as we have seen earlier in this article, cracking down and closing cryptocurrency associated accounts, taking in the founder of OKEx for investigation and the recent article from the People’s Daily on how dealing with cryptocurrencies may constitute a crime may cause confusion amongst the public. Ultimately this confusion may also adversely affect the crypto space.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
The first line of defense to an online account is a username and a password. However, malicious actors sprawling the internet have made the traditional account security combo unreliable and risky per se.
Therefore, SMS-based two-factor authentication (2FA) has been heavily utilized to provide another layer of security. Unfortunately, skilled hackers can still find a way to intercept SMS codes.
To detach account security from the monopoly of software-focused methods, universal second-factor (U2F) authentication was developed. The technology uses open standards under the Fast Identity Online (FIDO) Alliance.
Check out our video explaining what is YubiKey, and its pros and cons.
YUBIKEY REVIEW AND GUIDE: How to keep your Bitcoin and cryptocurrency SAFE
What is YubiKey?
FIDO works to reduce the reliance on passwords when securing internet accounts. YubiKey is a U2F-enabled hardware key developed by Yubico to secure web-based services. Businesses, individuals, and developers can use it.
YubiKey
The key is available in different shapes and connectivity functionalities. While earlier versions only support physical insertions into USB ports on a host device, the YubiKey five series accommodates connection through near field communication (NFC).
NFC allows interaction with the device without physically plugging it into a port. However, the key and the host device must be near each other.
YubiKey Reviews on Amazon
From the reviews left by buyers on Amazon and other platforms, it is evident that the key is a must-have for security-conscious internet users. In fact, over 80% of buyers left a five star score for the YubiKey.
One of the reviewers recommended the Yubico YubiKey to developers, IT pros, and “security-minded users.” Furthermore, they praised its manufacturer for providing GUI-enabled YubiKey manager for those having a hard time on where to start.
Others attributed their happiness to the key’s support for password managers such as LastPass. YubiKey users hail it for ease of use as a smart card and its compliance to the Health Insurance Portability and Accountability Act (HIPAA).
Unfortunately, not everyone is happy with their hardware key. Although the negative reviews are minimal, some raise valid concerns.
Among the main problems is documentation, which isn’t user-friendly. Additionally, a buyer on Amazon notes that the key “is still too complicated for the average consumer, as it’s not exactly a plug and play device.”
How to Start Using YubiKey
The process of enjoying world-class security on your online accounts starts with purchasing the hardware piece from a reliable platform. After receiving a key, visit Yubico’s website, and choose your key from the list.
Specifying the purchase key from the list helps filter the services where it can be used to provide security. On the services list, select the account you need YubiKey’s hand in boosting its security.
Each service is followed by step-by-step instructions on how to connect to the hardware security key.
For example Binance lets you use your YubiKey with their cryptocurrency exchange. This means that your YubiKey is required for authentication before approving any transactions. Note however that Yubikey authentication is not supported on Binance’s Apps and mobile websites.
How to set up your YubiKey on Binance
Login to your Binance account and click on your profile avatar.
Choose “Security” from the options, then “Setup.” On the 2FA section, click on “Security Key.” Note that it only provides the needed extra security layer when accessing the Binance.com website.
Read the note and hit “Continue anyway.”
Insert the key in any available USB port and press the button at the hardware’s center to activate it.
Activation needs to be done within one minute after inserting the key. However, it can be repeated if you miss this activation window.
Once activated, hit “Allow” to the message “Allow this site to see your security key.”
Next, verify your account. Note that Binance will need you to provide the authentication code from Google Authenticator if you had previously enabled this step.
Binance will then send you an email at the registered address for you to confirm the addition of a new 2-step verification method using something you physically have.
After verifying the email, you are done.
Examples of YubiKey-Supported Services
YubiKey works with a host of services such as cloud-based systems, password managers, email platforms, social media, gaming developer tools, cryptocurrency platforms, offline computers, among others.
Examples of cloud-based systems compatible with the security key include Dropbox, DigiCert PKI Platform, DocuSign. Cryptocurrency platforms that support YubiKey include Binance, Coinbase, Kraken, Bitfinex, and Gemini.
Cloud-based systems compatible with YubiKey
Social media platforms with inbuilt support for the hardware key include Facebook, Twitter, Instagram, and YouTube.
For developers and offline computer users, YubiKey is enabled for popular services such as Github and Bitbucket for developers and can be used to login into Mac and Windows computers.
Latest YubiKey Series
The hardware piece is developed in sets, with keys in one batch having additional features than those in previous models.
Yubico YubiKey 5 Series – Keys in this group are compatible with conventional and new systems. It has enhanced passwordless, multi-factor, and 2F authentication. Also, it has a touch-to-sign button, can be inserted on USB-A and C ports, and has NFC capabilities.
Security Key Series – Its salient features include dual NFC and USB-A connectors. Additionally, hardware security pieces in this cluster are crush and water-resistant.
YubiKey FIPS Series – These are certified hardware security keys that can be used for regulated environments such as government institutions. This set weds different functionalities such as one time passwords (OTP), smart card technology, and U2F. Keys in this group have USB-A and USB-C compatibility.
YubiKey 5C NFC – It has support for NFC, USB-C, and provides a fast yet secure authentication process. This series has a longer list of supported operating systems and browsers than other versions.
YubiKey Bio – When released, this will be the latest Yubico YubiKey in the market. Its major selling-points are fingerprint recognition, enhanced security, minimal helpdesk calls, and PIN-based login.
Coming soon: YubiKey bio
Conclusion
From the reviews, it’s clear the YubiKey hardware security key is effectively guarding users against account takeovers. However, which Yubico YubiKey is best suited for your needs depends on its cluster. The newer the series, the more the features and services it can provide.
Despite some users citing complicated documentation, exerting effort to set this up can indeed give that extra layer of security that would keep your accounts safe and give you peace of mind.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
MahaDAO has a bold mission: to correct the systemic flaw of inflation and hyperinflation in global economic systems. Thereby resulting in currencies across the world continuously depreciating, and reducing their purchasing power in the long run.
Background
Steven Enamakel is the founder and CEO of MahaDAO. His interest in Computer Science and Economics is a driving force behind the development of MahaDAO.
He has written several opinion articles detailing how he thinks the crypto community can help the overall economy.
Prior to the dissolution of the Bretton Woods system, inflation was uncommon and hyperinflation did not exist. This was because governments could only increase their monetary supply in line with those of gold reserves held by them.
Since then, neoliberal and monetary policy has taken over. And whilst they have delivered tremendous growth, it is at the expense of cycles of economic crisis and chronic inflation.
There is no denying that the COVID-19 pandemic has affected the world’s financial health. Many countries have seen the value of their currency drastically depreciate as they attempt to stimulate their economy in response to the effects of the virus.
Some of these countries are, unfortunately, resorting to either borrowing or minting new fiat money, which in the end, likely undermines their inflation-infested economy. As it appears, these extreme measures have a negative effect on a state’s financial health, in the long run.
As a response, the team behind MahaDAO has come up with an idea of a valuecoin that ensures stability in buying power over time as opposed to stability in price.
What is MahaDAO?
MahaDAO is a decentralized autonomous organization (DAO) that is managed and governed by members of the MAHA community and is built on the Matic Network. Here, token holders play a central role in the operation and maintenance of the decentralized body.
The community has two major tokens: MAHA and ARTH.
$MAHA
MAHA is the token held by key members of the Maha ecosystem, which plays a very important role in the activities and the overall development of the community.
It is a governance token that allows its holders to vote on major decisions of the ecosystem. Holders are tasked with keeping the ARTH valuecoin (see below) stable at all times, regardless of the economic situations that might be prevalent in the world.
Basically, the success of MahaDAO depends largely on its governors, therefore, MAHA holders are the major determinant of all activities within the space.
$MAHA Tokenomics and Allocation
There will be a total supply of 10 million $MAHA tokens to be accessible over 10 years. The initial allocation is as follows:
70% (7,000,000 MAHA) to MahaDAO community members;
15% (1,500,000 MAHA) to private sale investors:;
7% (700,000 MAHA) to team members and future employees;
5% (500,000 MAHA) to seed investors; and
3% (300,000 MAHA) to advisors.
At the end of year 4, there will be a perpetual inflation rate of 2% (200,000 MAHA) tokens per year.
MAHA 10 year release schedule (Image credit: Medium)
$ARTH
The ARTH Valuecoin is a stablecoin specifically designed to maintain its purchasing power indefinitely, a first of its kind in the world. And with it, the MAHA community intends to revolutionize the current inflated financial landscape.
While there are loads of stablecoins in the crypto space, the reality is that these stablecoins are pegged to the US Dollar which is also very susceptible to the inflation and depreciatory tendencies we spoke of earlier. In fact, 35% of all USD was printed only last year, and more minting events are expected to come shortly in 2021.
This is where ARTH is aimed to make a difference since this valuecoin differs greatly from a normal stablecoin and is geared towards enabling holders to have a constant and stable buying power regardless of the economic situation.
Here, every time a holder of ARTH stakes their volatile collaterals in a Collateralized Debt Position (CDP), they generate ARTH.
What is a valuecoin?
A valuecoin is a currency that is not stable in price, but in value (unlike a stablecoin). Valuecoins never erode its intrinsic buying power.
To put in basic terms, it means that if an item (e.g. a teddy bear) were to cost 3 ARTH now, it would not cost more in the future. So the same teddy bear would continue to cost 3 ARTH- whether 5 years from now or even in 10 years’ time, if not less.
The team of developers at MAHA were able to achieve this through reworking the reserve vault of MakerDAO. The vault of the stablecoin now acts as a regulator and helps to manage the collaterals that might be locked in it and at the same time, help to steadily generate and back the ARTH token.
In essence, the ARTH valuecoin could, in the long run, be a viable and natural successor to stablecoins.
Use cases for MahaDAO
The MahaDAO community would have the following features:
No transaction fees
All transactions on this ecosystem are free, which means that users can receive and send ARTH without being charged a dime for their transaction.
Since MahaDAO is built on Matic Network, the system is effectively able to protect its users from transaction fees while also ensuring the ease for third-party applications to integrate into the system at little to no cost to them.
Fast Transactions
The team at MahaDAO labels transactions on the system as light speed. This is because they have worked on developing the transaction speed of the ARTH coin to be as fast as 3 seconds per transaction.
One of the developers’ goals is to make their transaction speeds remain amongst the lowest in the industry.
A Worthwhile User Experience Interface
Many project runners in crypto have been oblivious to the experience of their users. A lot of developers prioritize the implementation of a groundbreaking concept over pleasing their users.
MahaDAO, however, takes user experience very seriously aims to make it as seamless and enjoyable as possible, while at the same time, making use of their platform to disrupt the financial industry.
Maha Liquidity Mining
Generally, DeFi seeks to reward their users who deploy their crypto assets for the running of the system. This is no different in MahaDAO as it takes a community approach towards market making which at the end seeks to reward those who provide liquidity to the markets with MAHA tokens.
It would take farming MAHA token for 5 years by those providing liquidity to create the ARTH token. Mining rewards are going to be distributed weekly, and a miner can also stake the ARTH token to earn interest.
Conclusion
Every year, the buying power of fiat currencies tend to erode. What one US dollar can buy today, it would be unable to do so in 2 or 3 years time because of the level of inflation and depreciation that might have affected the currency.
While the crypto industry has come up with the idea of a Stablecoin that is pegged to these currencies, the problem with this idea is that it is very susceptible to the degradation that happens to those fiat currencies.
This is where the MahaDAO idea of a valuecoin whose buying power remains same for a considerably long time. What one valuecoin is able to buy today, it would be able to buy the same thing in 5 years too.
Decentralised Finance (DeFi) series: tutorials, guides and more
With content for both beginners and more advanced users, check out our YouTube DeFi series containing tutorials on the ESSENTIAL TOOLS you need for trading in the DeFi space e.g. MetaMask and Uniswap. As well as a deep dive into popular DeFi topics such as decentralized exchanges, borrowing-lending platforms and NFT marketplaces
More videos and articles are coming soon as part of our DeFi series, so be sure to SUBSCRIBE to our Youtube channel so you can be notified as soon as they come out!
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
Utilizing Substrate as a development blueprint, Konomi Network aims to develop a fully interoperable service product that allows users to trade cryptocurrencies, manage their holdings, and make a profit out of decentralized money market options for the Polkadot ecosystem.
Background
The problem that has since limited the use of cryptocurrencies and hindered its mass adoption is the lack of interoperability. Holders of a particular token belonging to a different blockchain cannot easily make cross-chain transactions. This also means that all other digital asset providers cannot simply work together to provide financial services due to network restrictions.
Konomi Network is designed to solve that issue. Built on top of the Polkadot blockchain, the project addresses the problem with gas fees on Ethereum. This is to improve transaction speed and network scalability.
As of now, the protocol already supports a decentralized liquidity swap and money market. The team behind Konomi is currently working on the launch of the bridge to Polkadot’s parachains, wallets, and the open virtual machine to support smart contracts. Before the end of the year, the team is planning to launch the Konomi mainnet on the Polkadot ecosystem, link with other assets through a cross-chain bridge, as well as introduce fiat payments.
What is the Konomi Network?
Konomi Network is an independent blockchain project that features a comprehensive asset management platform on top of the Polkadot ecosystem. It provides cross-chain products and services such as trading, lending, and deposits. Since the platform is supported by parachains and Ethereum bridges, it can facilitate blockchain-agnostic services.
One of the strongest suits of the platform is its liquidity. Any trader can access liquidity from other exchanges through the platform in performing their trades and it relies on automated market makers (AMM) to supply buy and sell orders without the need for order books.
For further decentralization, the platform implements the same consensus model as Polkadot, the Nominated Proof of Stake (NPoS). In this system, network security is maintained by the validators selected by the protocol’s stakers. They can freely choose how much they want to delegate to a validator and earn rewards in proportion to the amount of their stake.
In the beta phase of the platform, it can be accessed as a web application. But in the next upgrades, the team will introduce a mobile version with the objective of making it easier for users to open the application.
Konomi Network platform
Konomi Wallet
Konomi Wallet features a decentralized asset storage function. Users can freely deposit their cryptocurrencies on the wallet while still being able to monitor their holdings across different protocols. Through this application, users can also access either Konomi Trade or Lend easily.
Konomi Trade
Konomi Trade allows users to conduct their trades with the supply of liquidity coming from different markets in the Polkadot network. Supported by its AMM implementation, traders enjoy immediate on-chain transaction execution without the need for any third-party facilitator.
Konomi Lend
Konomi Lend is a decentralized money market protocol designed to allow users to borrow and lend their digital assets to other interested users. This product features the collateralized debt position model. This is where borrowers are required to lock at least the minimum amount specified for collateralization before they are allowed to make loans. For now, Konomi supports Polkadot’s native token (DOT) for collateralization.
Decentralized Trading Protocol
Konomi is designed to implement AMMs that are similarly deployed in most Ethereum-based exchanges. Its architecture is patterned after the DODO exchange, allowing it to effectively mitigate the risks of impermanent loss on the part of the traders.
Decentralized Money Market
Konomi’s money market protocol backs its borrowing and lending services for assets based on the Polkadot ecosystem. The interest rates imposed on borrowing depend on the total supply and demand in the platform’s liquidity pool. Patterned after the Compound protocol, these rates will be computed on a per-block basis.
For those who would like to supply assets to the protocol’s existing liquidity pools, they can lock their holdings in smart contracts as collateral to earn lending interest. This also lets them access borrowing services.
Cross-Chain Messaging Passing Feature
Konomi will implement the Cross-Chain Messaging Passing (XCMP) function in order to achieve interoperability. XCMP is designed to link parachains together for the purposes of relaying transactions from one network to the other.
What this does is it allows transactions made in different parachains to work despite their independence with each other. This allows users to tap other markets on the Polkadot ecosystem even if their assets are only on the Konomi protocol.
KONO Token
KONO is Konomi’s native utility token that is used to pay for the platform’s minimal transaction fees, trade between other market participants, collateral for loans in the network, staking, and protocol governance. The supply of KONO is limited and fixed to 100 million tokens.
KONO token uses
KONO holders are given the right to cast their votes on network proposals concerning different protocol parameters such as staking fee, transaction fee burn, liquidity mining ratio, and others. Participants to the governance mechanism are also given rewards for joining.
The reward system for the protocol is also powered by KONO tokens. Those who stake their tokens and supply liquidity to the protocol are entitled to a reward proportional to the amount of token they locked in the network.
Conclusion
Konomi is an up-and-coming addition to the array of decentralized finance (DeFi) products in the space today. Since its infrastructure is supported by the Polkadot blockchain, it can stand to be a valuable competitor of other decentralized money markets and asset management services in the near future. Furthermore, its products can potentially entice a lot of users looking to make additional profit out of their holdings through staking. Its outlook for future adoption is positive.
However, until the platform is fully operational, we cannot absolutely compare it with the initiatives that were first launched in the market. While Konomi is built on a high-performing blockchain with cross-chain functionality, its application’s capacity to support the needs of its users is still going to be the best metric for its growth and success.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
The internet improved how we communicate, share files, and stay connected. Unfortunately, it also made it hard to preserve content copyright. Rules and regulations haven’t done much to solve the problem.
As such, digital content creators have to choose between safeguarding copyright or reaching their audience. Mostly, they don’t receive the exact incentives. Luckily, Bitcoin brought blockchain technology, opening a new world of possibilities. For instance, it powers decentralized finance (DeFi) and non-fungible tokens (NFTs).
Notably, NFTs have unique signatures that allow them to move from one user to another without affecting their authenticity. Interestingly, their ownership is automatically changed during a purchase. SOTA Finance brings the new world to reality by connecting NFT creators and collectors by allowing limited digital content creations to be easily created and transacted using blockchain technology.
Table of Contents
Background
Dung Nguyen and Tommy Le are the Co-founders of SOTA Finance. Nguyen has rich experience in blockchain research, business management, and economics.
On the other hand, Le’s strengths are IT consulting, blockchain development, and general software development. Its CEO, Thao Nguyen, has a strong background in financial technology, focusing on risk management, investment, and asset modeling. The CTO, Thi Truong, also has technical expertise in blockchain technology.
What is SOTA Finance?
SOTA finance is a decentralized platform that brings together NFT creators and collectors. In other words, it facilitates NFT creation, selling, and buying. Additionally, it has a governance token that allows users to have a say in how the platform is run. Notably, this is among the few firsts in NFT marketplaces.
Note that SOTA is an inter-blockchain platform allowing NFT creation on Binance Chain, Ethereum, and TomoChain.
SOTA Finance allows the creation and sale of non-fungible tokens, and buyers can choose to trade on the network or external/secondary markets such as OpenSea.
How SOTA Finance Works
User Login
The first step to start using the multi-chain NFT platform is through logging in. Users can either use a valid email-password combination or Google ID or Facebook ID. Upon creating an account, the platform assigns each user a wallet where it deducts gas fees to pay for user-ignited activities.
NFT Creation
SOTA is open to everyone thirsty to develop an NFT using original virtual content. Initially, creators define key metrics such as how many NFTs will exist and the expected royalties when their creations are sold on secondary markets.
At present, SOTA caps the royalties at 10 percent. Note that royalties are calculated as a percentage of the profits from sales. Notably, the deductions are credited directly to the creators.
Creators can sell their works on SOTA by listing their prices in Tether (USDT). Note that the protocol charges a 15 percent creation fee during the first sale.
The platform runs verified accounts that recognize creators as the original owners. However, creators have to explicitly apply for this type of account. (chacc.co.uk) Whether or not SOTA administrators grant their request depends on a creator’s profile on the network.
In case of a copyright violation, users can use the inbuilt “report” feature to bring it to the attention of the platform’s admins.
NFT Collection
After creating, it’s time for collecting. SOTA Finance users can freely trade non-fungible tokens directly on the platform. Notably, buying and selling attract a flat fee of 2.5 percent.
Observe that although NFT prices are set in USDT, users can still use other cryptocurrencies such as Ethereum (ETH) and Bitcoin (BTC) to make a purchase. However, to do this, the platform converts the users’ coins to USDT using prevailing market prices at the time of the conversion. An example of exchanges providing updated prices includes Uniswap.
NFT Farming
In the wake of DeFi, yield farming takes center stage. SOTA Finance isn’t blind to the phenomenon and enables users to stake the network’s base currency, SOTA, to earn rewards.
Staking the native coin earns stakers Pumpkin points. Apart from users, creators can join hands and provide NFTs for farming purposes. In such a scenario, the number of NFTs dedicated to staking is set during creation. Additionally, creators set how many Pumpkin points are needed to lay your hands on the rare gem.
However, unlike other NFTs on the marketplace, a farmed NFT earns the creator half of its price as the royalty fee.
SOTA token
SOTA is the base asset of the SOTA Finance ecosystem. The token has a fixed supply of one hundred million coins. Out of the total, 40% goes to token sale/swap.
In addition, the founding team takes 15 percent, and 4 percent drives the bounty program. Additionally, there is a six percent allocation to rewards to NFT farming, and ten percent goes to incentivizing participants for 36 months.
Notably, the smart contract powering the SOTA token has a 99 percent success score from CERTIK, a reputable security company focusing on blockchain-based applications.
In its qualifying statement, CERTIK noted that it “believes this smart contract passes security qualifications to be listed on digital asset exchanges.”
Apart from the token contract, the security company interrogated the SOTA Finance source code giving it a score of 100 percent for key technical areas such as integer overflow/underflow, function incorrectness, buffer overflow, reentrancy, transaction order dependence, among other areas that can weaken the platform’s security.
Benefits of holding SOTA tokens
SOTA is a governance token for the SOTA Finance platform, meaning they can vote on decisions relating to how the platform is run. The act of voting itself also generates rewards.
Other benefits for token holders include staking benefits. SOTA tokens cam be staked in return for pumpkins. Currently the staking rate is 100 SOTA staked yields 1 pumpkin every 1 day. Pumpkins are a form of “payment” for redeeming NFTs on their “Farm NFT” page.
SOTA Finance artworks (Image credit: SOTA finance)
How Does SOTA Cater to Mobile Users?
Life is mobile, and so is SOTA Finance. The platform’s developers are committed to enabling access through mobile devices. The application allows for NFT creation, sale, and buying.
Non-crypto Users
The platform isn’t made for only crypto holders. As such, the team is working on interfacing the project with popular conventional payment methods like PayPal and credit card platforms such as MasterCard and Visa.
Conclusion
Armed with a governance token, SOTA Finance brings a new dimension to the NFT marketplace. Moreover, the platform is among a few in its class to natively support NFT staking.
Notably, all critical areas are audited by a leading blockchain security firm. This improves user confidence, hence, promotes a better adoption rate. Another key feature on the network is its resolve to bring non-cryptocurrency users on board by adding traditional payment methods. On the other hand, its mobile application allows users to stay in touch when on the go.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
FTX EXCHANGE (INCLUDING FTX INTERNATIONAL AND FTX.US) ARE NO LONGER IN OPERATION
Both exchanges have filed for bankruptcy. Subsequently, the exchange was “hacked” and more than US$600 million worth of cryptocurrencies drained. The hacker is strongly rumoured to be a former FTX employee. For more about how this story unfolded and the latest news, check out these articles:
Newcomers to cryptocurrency and digital asset trading must navigate a complex sector filled with acronyms and technical jargon, as well as dozens of ways to trade across multiple exchanges.
One option newcomers may have heard of, and which they may want to learn more about is futures trading.
At first glance, this seems like a complicated way to invest, but the team at exchanges like FTX do their best to make the process as straightforward as possible.
What are futures?
Futures are a type of derivative financial contract that creates an obligation for the parties to exchange the asset at a price and date that is predetermined.
The buyer is obliged to buy that asset, and the seller has to sell the asset, even if the price of the asset has gone up or down.
Think of future trading as a fixed price sale in the future. You agree with someone on a price that is higher or lower than the current price, and then in the future, the sale gets executed at the same agreed price.
The underlying assets in the contract can be anything from a set of cryptocurrencies to real estate or any other commodity. The contracts are designed to have a detail of the quantity of the underlying asset, and also help in the execution of the trade on a trading platform.
Why is it called futures trading?
Futures are generally named by the month they expire. For example, a January gold futures contract will expire in January and is based on gold as an underlying asset. Similarly, you can also find contracts for other commodities as well.
Traders usually use the term futures broadly for a whole asset class. However, there are multiple futures contracts available based on different assets. These future contracts include:
Commodities such as crude oil, corn, wheat, and so on
US bonds, or any other government-backed financial bond
Precious commodities like platinum and gold
Index futures such as the Dow Jones Industrial Index
Examples
A very good example of a contract available on FTX is the Donald Trump 2024 futures contract.
This is a contract that allows traders to ‘bet’ whether Donald Trump will return to the White House following the next presidential election in 2024.
The contract expires on $1 if former president Donald Trump wins the 2024 election and it expires at $0 if he loses the election. The contract specifically also specifies other scenarios in which the contract expires early, for example, if he decides not to run in the future presidential election.
So if anyone invests $100 right now into the contract they will get 1063 positions of the contract which may become worth $1063 if Trump wins, and if he loses the amount would become zero.
The leverage used by the futures market is usually high. Leverage is a process in which a buyer can purchase the contract even if they enter it with a fraction of the contract’s value. The buyer only needs to come up with a fraction of the money, while the remainder is put up by the broker.
One of the most important things in futures trading is the exchange, where the whole trade gets executed and settled. As futures trading also involves physical exchange, it is important to have a good exchange with a stellar reputation backing up your trade. However, it should be noted most futures contracts are for people who speculate on the trade.
Difference between options and futures contracts
For people who are new to futures, it is important to understand there’s a difference between futures and options. An options contract does not put an obligation on the buyer or the seller. In the American way of doing business, it gives them the right to execute the trade before the expiration time, while in Europe the right is given after the expiration time.
In a futures contract, the buyer has to take possession of the underlying asset, and subsequently, the seller has to sell him that asset, they can settle for the cash equivalent. However, the trade has to take place.
The buyer also has the option of loading off their position any time before the trade expires to get rid of their obligation. This is one thing that is common in options as well as futures trading giving an advantage to the buyer to benefit from the leverage holder’s position before expiration.
FTX Exchange
Hundreds of platforms deal with crypto futures trading, however, traders need to be careful about which one they choose. They need to select a platform based on their preferences.
FTX has been one of the most promising entrants in the futures trading domain and has been taking up market share. The platform is slowly gaining a lot of traction and is widely considered to be one of the best platforms for futures trading. So, if you are interested in futures trading, FTX should be considered.
FTX was founded by Sam Bankman-Fried in 2019. He is also the founder of Alameda Research, a cryptocurrency, and blockchain research company that creates specialized algorithms for trading cryptocurrency. He is also a high-profile trader and created FTX as a trading platform that specializes in margin trading, futures trading, and leveraged trading. The exchange is backed by Binance, the biggest crypto exchange in the world, in what has been termed as a ‘strategic partnership’.
The FTX exchange was founded due to the SBF’s quest for a crypto trading platform that had it all from a trader’s perspective. He wanted a trading platform that put traders at the heart of the experience and designed FTX to cater to trader’s every need.
Simplicity, security, and abundance of features were made important parts of the FTX core philosophy. Even though the exchange was designed for traders, the UI/UX was kept simple and intuitive, so novices don’t feel overburdened.
What makes FTX futures different from regular futures?
The futures trading on FTX is a little different from other exchanges that offer futures contracts.
FTX futures are settled using stable coins. The settlements are made using stable coins as collateral and regular crypto cannot be used. This means that the volatility of crypto has no real effect on the users. This also gives the users a USD-based settlement exposure which means that you can use USD as the base currency for all your collateral and contracts, without the need for a bank account. Being in the crypto space also makes it easier for the position to be shifted around.
To avoid clawbacks, FTX futures has a unique program for providing backstop liquidity. The backstop liquidity is provided to accounts that are about to go bankrupt. This prevents the exchange from clawbacks.
Backstop liquidity is the assistance from the exchange that helps in creating a secondary source of funds for liquidity when the primary can’t cover it, in case of a bankruptcy event. It also stops the buyer from making additional payments to the seller in the case, which are called clawbacks.
The margin calls on the platform are measured and careful which avoids exposure to major price dislocations and huge losses.
How to post collateral?
In FTX futures the collateral is based upon stable coins and you do not have the option to post collateral in other cryptocurrencies. The current stable coins that are accepted include TUSD, USDC, and PAX.
For you to deposit or withdraw collateral you can go to your wallet on the FTX exchange and deposit USDC, PAX, or TUSD in your wallet. You can deposit them through a credit card or wallet transfer as well.
All margins posted on the wallet are in USD in your wallet by default, even if you fund it with stable coins the balance is shown in USD.
The collateral has a weight difference for each stable coin, in the case of USD fiat, the weight is kept at 1 meaning you can keep the collateral at the same amount. However for USDT, it is 0.975, for BTC it is 0.95 and for ETH it is 0.9 which means for the collateral to be high you have to have more collateral. This means that for $100 invested in USDT the collateral is at $97.5 while for the equivalent amount in BTC it is $95.
You can use the same collateral pool for all of your positions, by default all currencies that include USD, non-USD fiat, stable coins, and some cryptos can be counted as collateral. Cross margin is used for the account as every sub-account has its collateral wallet which is central to that account. Sub-accounts are considered as accounts and each sub-account has its own collateral. If you want isolated margins you would need to create a sub-account for each margin pool.
How do Futures expire?
The futures contract expires based on the set date of expiration. For example, a quarter future contract will expire every quarter between 2 am and 3 am UTC. Once the futures contract has expired the collateral amount gets credited into the seller’s account.
What are perpetual futures?
Perpetual futures are based on contracts that have no expiration date. The perpetual contracts work hour-wise, with each hour the contract has a funding payment.
This has a function of keeping the price of perpetual futures according to the index which is underlining it. The price can be kept stable without the position closing down or expiring.
How can I trade futures?
FTX is simple, go to the FTX website and you’ll see the registration page. Simply sign up with the email address you want to create your account with.
Sign up for an FTX account
Once you have opened an account the next thing to do is to add funds to the exchange wallet. Depositing your funds into the FTX exchange can be done either through connecting it with an existing crypto wallet or you can deposit funds directly through using a credit card or a debit card.
Deposit to FTX
Once your funds have been deposited you can go to the ‘Markets’ tab on the front page:
FTX markets
In the ‘markets’ tab, you would get the following view, where you can see different futures contracts listed. The FTX exchange offers the largest collection of altcoins futures in the business.
FTX markets page
You can also see the timed futures, for example, December expiration futures, as well as perpetual futures in the list as well.
The exchange also offers futures on US-based stocks and commodities as well.
FTX US stocks and commodities futures
Once you have decided you want to trade a future, you select the future you want to trade and you get taken to the console. The console looks something like this:
FTX trade console
At the middle of the console you can look at the trading window which has the graphs displayed.
The top right corner shows you the index details as well as the price of the futures contract, along with its expiration. The bottom right shows you details of the collateral you have available, and the leverage can also be set from there as well.
Coming down from the console you can come to the order book as well as the order execution tab and the market trades tab:
FTX order book
The console of the futures tab is designed with professional traders in mind; the console has each functionality that a trader would require.
The traders can monitor the price through the grid as well as make reference lines on the console as well. You can also add a variety of indicators to the console. The index price shows you the average of all the exchanges in the area, it also shows you different details as well.
Below the console window, you can take a look at the current positions you have in the market as well as the previous positions you have had.
The futures trades can be made through the console easily by keeping the collateral in your wallets. Once you have the collateral you can start trading futures through the exchange easily.
Conclusion
Hopefully, this guide has given you an insight into the world of futures trading and gives you an oversight of how traders can and do use this method to make money on digital asset markets.
FTX is a great place to trade futures and to learn more about this exciting sector of digital asset trading, offering users a simple and easy-to-understand interface.
As with all investments, people should take care and ensure they have an appropriate trading risk mitigation strategy in place to manage their portfolios. Always make sure you never invest more than you can afford to lose. The cryptocurrency markets are by their very nature extremely volatile, with prices moving much more sharply than traditional markets, both up and down.
Are there any fees for futures trading on FTX exchange?
FTX uses a tiered fee structure for futures trading which starts at 0.020% for maker fees and 0.070% for taker fees. Frequent traders can get discounted trading fees up to 0.00% and 0.04% for maker and taker fees respectively.
Can you trade crypto futures as a United States resident?
This depends on the policies of each cryptocurrency exchange, but generally, residents of the United States are not permitted to trade crypto futures. A few exceptions are the Chicago Mercantile Exchange (CME) and the Cboe Options Exchange.
Is crypto futures trading safe?
Trading in crypto or Bitcoin futures, or even cryptocurrency trading generally involves risks. One notable risk is the inherent volatility of cryptocurrency prices which can fluctuate greatly on a daily basis. Combined with leverage trading, this can hugely amplify any losses you may suffer if the market does not go in the way you anticipated.
How can you mitigate risks in crypto futures trading?
Some traders use stop-loss or take-profit levels. These will close trades that are losses or before the market trend changes. These can help traders because it works automatically, so the trader does not need to be at their computer.
Another way to mitigate risks in crypto futures trading is avoiding emotional trading. For example, some traders feel FOMO (Fear of Missing Out) or revenge trade by “doubling down” when making a loss in an effort to minimise the loss. Emotional trading can in fact lead to further losses because it is not well thought out and researched.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
Alfacash is a simple and easy-to-use platform for buying and selling cryptocurrencies, perfect for those who don’t need advanced order books or charting tools. In this Alfacash review, we will look at the platform’s pros and cons, as well as the exchange’s usability.
Alfacash is a crypto platform registered in Estonia, formerly known as AlfaCashier. Established in 2012, the platform offers a straightforward and easy-to-use experience for buying and selling crypto. It is a reliable and secure platform, with a wide range of payment options, including bank transfers, credit cards, and other payment methods. The platform also offers a variety of features, such as instant exchange, low fees, and 24/7 customer support. With its simple and intuitive interface, Alfacash makes it easy for users to buy and sell crypto quickly and securely.
Key Features of Alfacash
Noncustodial services. Alfacash serves as an intermediary and never keeps any of your money.
You can buy crypto with a Bank Card (VISA, MasterCard, and Qiwi virtual wallet) but more fiat on and off ramps are coming soon), that it is “fully automatic” (meaning that it is an instant “one-click exchange”), that it is an instant non-custodial crypto exchange (meaning that the exchange itself never holds user assets) and that they offer APIs for crypto exchange integration.
This particular platform offers you the opportunity to swiftly and securely buy or sell crypto. This means that there are no charting tools, no order books, or anything like that. The trading view is the purchase interface included above in this review.
Alfacash doesn’t charge any additional fees to withdraw coins. However, there are always network fees involved with transferring crypto, which is why we have listed the network fees under the withdrawal fee section of this exchange.
Some users’ Alfacash reviews will tell you that the platform allows you to trade 28 different cryptocurrency assets on their site.
Key Advantages of Alfacash
So, let’s start with some of the more positive aspects of the discussion.
A Trustworthy But Little-Known Cryptocurrency Exchange
Alfacash is a legitimate cryptocurrency exchange that has been around since 2012. With over half-a-million orders processed, it is a reliable platform for buying, selling, and exchanging cryptocurrencies. Despite its long history, many people still have questions about the platform’s legitimacy. To help answer these questions, there are numerous Alfacash reviews online that can provide insight into the platform’s security and reliability. With its long history and high number of orders processed, Alfacash is a safe and secure platform for trading cryptocurrencies.
A Non-Custodial Crypto Exchange
Decentralization is a key concept in the cryptocurrency world, and it is a point of controversy. Cryptocurrencies were designed to be decentralized, meaning no central authority would have control over them. However, there are custodial exchanges that hold cryptocurrency during the exchange process or in the form of a wallet. This goes against the purpose of decentralization and makes it difficult for people to trade with each other in a peer-to-peer manner. Custodial exchanges also raise security concerns, as they are vulnerable to hacks and other malicious activities. Ultimately, it is important to understand the risks associated with custodial exchanges and to be aware of the potential drawbacks of using them.
Alfacash is a non-custodial crypto exchange that allows users to trade a wide range of digital assets. The platform is easy to use and provides a secure environment for users to trade their cryptos. It also offers a variety of features such as margin trading, advanced order types, and a mobile app. However, the biggest potential issue is that, in the event of a hack or breach of security, all of your cryptos could be stolen since they’re located on the exchange platform. Fortunately, Alfacash is a non-custodial platform, meaning that users retain sole responsibility for their security.
28 Cryptocurrencies Available
Alfacash is a cryptocurrency exchange platform that allows users to trade 28 different cryptocurrency assets. This is great news for crypto enthusiasts, as it means they can purchase, hold, and trade a bigger variety of cryptocurrencies than ever before. The platform is easy to use and provides a secure environment for users to make trades. It also offers competitive fees and a wide range of payment methods. With its wide selection of coins and features, Alfacash is a great choice for anyone looking to trade cryptocurrencies.
Purchasing Cryptocurrency with a Credit Card is Now Possible!
Alfacash is a legitimate cryptocurrency exchange that allows users to purchase crypto assets with a credit or debit card, or via a bank transfer. It is one of the top-tier crypto exchanges, and it is known for its ease of use and straightforward purchasing process. Users can also benefit from the exchange’s low fees and fast transaction times. Reviews of Alfacash are generally positive, with many users praising its user-friendly interface and secure platform. All in all, Alfacash is a great choice for those looking to invest in crypto.
A Completely Automated Exchange with No Significant Waiting Times
Alfacash is a cryptocurrency exchange that offers users the ability to trade cryptocurrencies automatically. This means that the platform is fully-automatic and there is no manual involvement in the exchange process. This feature is beneficial to users as it allows for instantaneous trades, meaning they can take advantage of potential profits without having to wait for a human to intervene and confirm or reject their transaction request. This is an important feature to consider when choosing a cryptocurrency exchange, as it can be the deciding factor between making a profit or losing out.
Key Disadvantages of Alfacash
There are a few notable issues and cons that are needed to be addressed, before you can truly make up your mind.
Investors from the United States are Not Welcome
Alfacash is a crypto exchange platform based in Estonia. Unfortunately, US crypto traders and investors are not able to use the platform due to the Securities Exchange Commission (SEC). The SEC regulates crypto trading platforms located within the US and reacts to anything that may solicit US investors to utilize off-shore crypto exchanges that are not affiliated with the SEC. As Alfacash is an Estonia-based brand, it falls under the SEC’s jurisdiction and US customers are not able to use the platform. However, there are many other crypto exchanges on the market that US customers can use instead.
Lackluster Fees
Alfacash is a non-custodial crypto exchange that offers a range of cryptocurrencies for trading. However, the fees for both makers and takers are quite high, ranging from 1% to 5%. This is much higher than the fees charged by most top-rated crypto exchanges, which usually range from 0.1% to 0.5%. Some user Alfacash reviews point out that the non-custodial nature of Alfacash might have something to do with this, but even if that’s the case, it still is of small condolence.
Lack of Clear Information About Security Features
Alfacash is a legitimate cryptocurrency trading platform that complies with GDPR security regulations. They are in partnership with Sumsub and Chainalysis to ensure that no money laundering activities take place and that personal data is processed fairly. Although there is not much information available regarding their security features, user reviews suggest that they are a secure platform. However, some additional transparency would be appreciated. With time, Alfacash will likely offer a clear and concise list of the security features they employ.
How to Use Alfacash?
Alfacash is a great choice for those looking for a reliable and secure cryptocurrency exchange platform. It offers a wide range of services, low fees, and a user-friendly interface, making it an ideal choice for both beginners and experienced traders.
Step 2: Press the Sign-Up button at the top-right corner of the screen.
Step 3: Now enter some of your personal information (name, email address, etc.) as well as the type of account you want to create.
Step 4: You will then be prompted to confirm your email address.
Step 5: After verifying your email, the next step is to create a new password.
Step 6: After you create your password, that’s it – you’re now set, and should be able to start using your account!
How to Purchase Cryptocurrency on Alfacash?
Step 1: From your homepage, go to the Buy option at the top of the page and choose the cryptocurrency you want to buy.
Step 2: Now, pick the Buy With Credit Card option on the top of the screen.
Step 3: You will then be redirected to a separate Simplex-powered page. Simplex is a well-known and widely used crypto exchange payment solution that is trusted by many exchanges worldwide.
Step 4: Here, you will have to put in your credit card details. Once you do that, you will also need to verify your identity
Conclusion
Alfacash is a cryptocurrency exchange platform that offers a wide variety of digital currencies for purchase. It allows users to buy crypto with a credit or debit card, or via wire transfer. While the platform has higher fees and doesn’t serve US-based investors, it is simple to use and can be a viable option for those outside the US. If Alfacash isn’t the right fit, there are other crypto exchanges available that may be a better fit. Be sure to read reviews and compare fees and features to find the best option for you.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
bitFlyer is an often overlooked cryptocurrency exchange, but don’t be fooled – it could be the perfect platform for you – just read some user reviews to find out! Many digital currency holders who are not Japanese still find a lot of value in this crypto exchange platform. Let us now go into the details.
bitFlyer is a regulated Japanese cryptocurrency exchange that offers virtual currency exchange and trading services in Japan, the United States, and Europe. With bitFlyer, users can buy and sell Bitcoin, as well as other cryptocurrencies using their preferred fiat currency, such as USD, EUR, or JPY. Additionally, users can make quick crypto purchases using a bank card and other payment methods. bitFlyer is a secure and reliable platform that provides users with a safe and convenient way to trade cryptocurrencies.
bitFlyer is a popular and secure cryptocurrency exchange that offers low fees, responsive customer support, and an easy-to-use platform. Despite differences in regulation, the exchange remains user-friendly and provides an excellent fiat gateway for all jurisdictions. With its excellent security, low fees, and responsive customer support, bitFlyer is the best-kept secret amongst European and US traders.
Key Features of bitFlyer
bitFlyer’s key features include:
Purchase and trade Bitcoin and major altcoins. Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and other prominent cryptocurrencies are supported via the bitFlyer exchange.
The fees are really modest. bitFlyer has some of the lowest costs among authorized exchanges, making it an excellent fiat gateway for both beginner and experienced crypto traders.
An exchange that is extremely secure. bitFlyer has never been hacked and is the best exchange in terms of regulatory compliance in the crypto-verse.
Simple to use. bitFlyer provides two trading options: a simple interface for basic trades and a complex Lightning exchange for experienced investors.
Futures trading and margin. Japanese consumers can trade on bitFlyer’s Lightning FX platform, which allows for up to 4x leverage.
Account for a corporation. Institutional investors can apply for a corporate account, which has additional benefits and services.
Key Advantages of bitFlyer
We’ll begin our bitFlyer review by talking about the best parts of the exchange in question.
A Safe Cryptocurrency Exchange
When it comes to finding the best exchange for yourself, security should be your top priority. Exchanges that are regulated and follow all of the necessary rules and laws of their location, as well as comply with KYC norms, are the most secure. While some may consider this an invasion of privacy, it is the norm and necessary to ensure the safety of your crypto assets. Make sure to do your research and find an exchange that is secure and meets all of your needs.
BitFlyer is a secure and reliable cryptocurrency exchange that complies with all rules and regulations. It has never been hacked and keeps 80% of its users’ crypto assets in cold storage devices. Cold storage refers to hardware crypto wallets that are always offline, meaning no hacker can access them or the assets they contain. BitFlyer is a safe and secure exchange that provides users with peace of mind when trading cryptocurrencies.
Generally Simple to Use
Crypto exchanges have become increasingly popular, but many newcomers can be overwhelmed by difficult and confusing interfaces. bitFlyer reviews show that this is not an issue with the exchange, as its interface is not complex and even complete newcomers can use it without any issues. bitFlyer is a great choice for those who are new to crypto trading, as it is easy to use and understand. It also offers a variety of features, such as a secure wallet, low fees, and a wide range of trading options. With its user-friendly interface and features, bitFlyer is an ideal choice for those who are just starting out in the world of crypto trading.
Supports The Majority of the Cryptocurrencies
The bitFlyer exchange supports the majority of the “main” cryptocurrencies on the market, including Bitcoin, Ethereum, Ethereum Classic, Litecoin, Bitcoin Cash, Monacoin, Lisk, Ripple, Basic Attention Token, Stellar Lumens, and NEM. However, the availability of these coins and tokens varies depending on the region. For example, if you reside in Japan, you’ll be able to trade all of the assets, while European traders won’t be able to trade Ripple and BAT, and US-based traders won’t be able to exchange and trade Monacoin, Lisk, Ripple, and BAT. Despite these restrictions, you can be sure that you’ll be able to trade and exchange Bitcoin, Ethereum, and some other more well-known crypto coins.
Fees are Really Low
This platform is one of the leading cryptocurrency exchanges on the market, offering some of the best fees that you can find. Depending on your region of residence, you can expect fees up to 0,15% for Japanese traders, 0,2% for European traders, and 0,12% for US clients. Futures trading is completely free of charge for Japanese traders. bitFlyer is one of the lowest fee-providing cryptocurrency exchanges, making it a great choice for anyone looking to trade crypto.
Reasonable Account Verification Limit
bitFlyer is a regulated cryptocurrency exchange that allows users to buy and sell Bitcoin without having to verify their identity. This is rare, as most exchanges require full verification before trading. Users can deposit and withdraw up to €249,99 per transaction and €2499,99 per cumulative year without having to provide ID and residential proof. bitFlyer also offers a range of other services, such as margin trading, futures trading, and more. The platform is secure and reliable and provides a great way to get started with cryptocurrency trading.
Key Disadvantages of bitFlyer
Let’s take a look at some of the less-than-positive bitFlyer customer evaluations.
Cryptocurrencies Are Limited
BitFlyer is a popular crypto exchange, but it has a major drawback – it only offers 11 coins for trading and exchange. This might be fine for beginners, but more experienced traders may find this too limiting. Other mainstream exchanges offer a much wider selection of coins, so if you’re looking for more variety, you may want to consider Binance or Coinbase.
A Centralized Exchange
bitFlyer is a regulated, centralized crypto exchange that follows all of the rules and regulations in place. This means that users must identify themselves in full before they can start trading and exchanging. While this is not an issue for most users, it does not suit crypto enthusiasts who believe strongly in the concept of decentralization. This is because bitFlyer, like many other crypto exchange sites, holds users’ private keys, meaning they do not have full control over their cryptocurrency. Despite this, bitFlyer has a professional nature and a spotless track record, so users should not have to worry about any issues.
How to Register on bitFlyer?
To begin, there is the registration process:
Step 1: Navigate to the bitFLyer website. The site may differ depending on your location;
Step 2: Click the Sign Up for Free button! – Your email address will be requested.
Step 3: You must now confirm your email address, create a password, and enable two-factor authentication. Given that an SSL certificate is also involved, the platform’s security is quite solid!
Step 4: Once you have completed the 2FA and agreed to all of the documentation, your account has been activated! You can now opt to verify your identity right now or at a later time.
The signup process is quite straightforward and quick!
How to Add Funds to bitFlyer?
After you’ve registered your account, you’ll most likely want to fund it and begin trading. The procedure is straightforward. You’ll want to go to the left side of your screen and select Account Funding. You will then be routed to a new page on the site.
Now that you’ve validated your account, you’ll be able to contribute funds with ease. However, if you haven’t yet completed verification, you must do so by providing the site with your name, surname, and all other essential information.
The funding process takes very little time and is quite simple – once you have your funds set up, you can start purchasing and trading the crypto-coins of your choice right away!
Conclusion
bitFlyer is a reliable and secure cryptocurrency exchange that allows users to purchase and trade a variety of main crypto assets. The exchange is praised for its simplicity and user-friendliness and is considered safe and secure. However, the available cryptocurrencies may vary depending on the region. If bitFlyer doesn’t meet your needs, there are other alternatives, such as Binance and Coinbase, that may be worth considering.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
Enjin is a blockchain gaming platform focused on the creation of digital collectible items that are truly owned by the user. The platform offers methods for creating digital assets (known as ERC1155 tokens) for use across multiple Video Games. Their uses include collectible art or even in-shop coupons. Blockchain gaming allows gamers to have true ownership of their in-game items and trade them for value.
Enjin Platform uses Blockchain technology for these key benefits:
True item ownership – with transactions that cannot be censored powered by the Ethereum blockchain.
Convenient Exchange of value – digital items can be traded or sold instantly. The Enjin Wallet also allows users to access decentralised exchanges such as Kyber Network and Changelly.
Reserve Value – unwanted digital items can be “melted” into the Enjin Coin cryptocurrency.
Single Wallet for all items – the Enjin Wallet users to keep all digital assets in one single location.
ERC-1155 Token Standard – a superior version of the ERC20 and ERC721 token. Its transaction bundling and multi-send features mean it will save users’ costs.
What is Enjin Coin (ENJ)?
Enjin coin’s (ENJ) value comes from its use case as a stored reserve value in every item created on the Enjin Platform. $ENJ is locked up when items are created and released when items are destroyed.
Items store (lock up) a certain amount of ENJ, with items such as the infamous “Monolith” storing 1,155,777 ENJ. ENJ from items can only be extracted by destroying the item (“via the melting process”). This creates a situation where more and more ENJ is locked up and overall supply is reduced as the platform is used by more games.
Popular meme “Melt is Murder” discourages the destruction of items
In terms of economics ENJ is a scarce resource and each game acts as a “value trap” for ENJ – locking up ENJ reserve and increasing the scarcity of $ENJ. With a limited supply of 1,000,000,000 $ENJ, this cryptocurrency acts as a form of “Digital Gold” – its value determined by the dynamics of supply and demand within the game’s ecosystem.
Enjinx showcases all valuable assets and games on the Enjin Plastofrm
Cross-game items – Enjin Multiverse
One of the unique advantages of Blockchain gaming is the ability to create items that can be used across different games by different developers. This means players can carry their items between games like it is a single world (also known as the Multiverse).
Multiverse items are possible because assets are stored on a decentralised blockchain – so independent developers can all access the item. To encourage the development of cross game items, Enjin announced its newest asset the Stormwall. It is an example of what we can expect with its gaming assets. Stormwall is a shield that moves across Enjin’s Multiverse of games.
In the below video we see Stormwall being as a playable item in 32 different games including 9Lives Arena, Age of Rust, Cats in Mechs and more.
Why is a Multiverse Beneficial?
One of the biggest questions asked about cross-game items is – why is it beneficial for game developers and players? For developers, supporting cross-game items mean that they gain the benefits of additional exposure from games participating in the multiverse and increased retention from players who want to test out the item. This is especially important in this age as player attention is extremely valuable and having players “check out” how an items works in a different game drastically improves player interest.
For players, having cross-game items mean that their items are naturally move valuable, especially long term value. This means that the effort used to earn valuable items are not wasted if they can be used in new upcoming games.
The Enjin Coin Ecosystem
Enjin have created an entire ecosystem where you can create, store, trade and use these items.
Enjin Wallet – Cryptocurrency wallet to safely store cryptocurrencies, blockchain gaming assets and exchange value. For more information check our EnjinWallet review.
EnjinX – Blockchain explorer to view transactions and items
Unity Plugin – Allows game developers to directly implement and issue items in games on multiple platforms like iOS, android, PC and MacOS.
Marketplace – buy and list items with the safety of smart contracts that independently facilitate the trade.
The Enjin Ecosystem
Enjin for Mobile Games
One of the biggest use case for non-fungible tokens is in mobile games. Mobile gaming is currently valued at $63.2 billion USD globally and growing on a year by year basis (Source: newzoo). Enjin has a direct partnership with game engine Unity which hosts the Enjin SDK which allows for easy integration of Blockchain assets directly into the game.
Enjin Partnerships
Enjin has a strategic partnerships with increase the rate of adoption of Blockchain Gaming and growth of the ecosystem. On the gaming side there is a partnership is with cross-platform game engine Unity with the introduction of the SDK
Samsung’s s10 presentation at MWC Barcelona 2019 that broke the internet
Enjin has been partnered with smartphone manufacturer Samsung Electronics to as a technology provider. Enjin Wallet directly interacts with the Samsung’s Blockchain Keystore, a trusted zone on new Samsung devices which is specifically designed to key cryptographic private keys safe. Samsung will also support Enjin’s ERC-1155 token standard and increase the adoption of Blockchain based non-fungible tokens.
Enjin and Microsoft Partnership
Microsoft Azure Heroes using Enjin ERC 1155
Microsoft has chosen Enjin as technology provider with the deployment of Azure Heroes, a program that will directly use ERC-1155 non-fungible tokens as a reward. This Blockchain-based reward will be given to contributors who help produce material for the Microsoft Azure platform, with participants given cute badge(r)s. For example, makers that contribute to the developer community or content heroes will be given rare badgers.
These collectable badgers are a proof of achievement as an Azure Hero which you can show off on your social media. As these are tokenized assets on the blockchain, they cannot be faked. So no fake achievements or heroes here!
Enjin Coin (ENJ) is now supported by the Aave Protocol. This means users can deposit ENJ in the Aave Protocol and earn interest whilst others borrow your ENJ. The Aave Protocol protects your deposits as it is controlled by immutable and transparent Ethereum smart contracts. Your ENJ is also secured by other cryptocurrencies left on the Protocol as collateral.
How to connect Enjin Wallet to Aave Protocol
Now with the Enjin-Aave partnership, you can directly interact with the Aave Protocol with your Enjin Wallet (which in our opinion is the best mobile wallet EVER). Here’s how: On the Enjin wallet, go to “DApp Browser”. On the search bar, go to app.aave.com. Click “Browser wallet” and when asked to choose your market, choose “Aave Market”.
Connect Enjin Wallet to Aave Protocol
Enjin and BMW
After much speculation, Enjin has confirmed they are partnering up with BMW to integrate Enjin Coin token swap into BMW’s Vantage App. The Vantage App is a Korean customer loyalty app for car-owners. Users can use the app to pay for goods/services such as gas, highway tolls and parking fees. There will also be referral rewards for dining and shopping.
Purchases on the BMW Vantage app are rewarded with BMW Coins which can be used as spending for various activities and be swapped for ENJ.
Note the token swap feature is not available on the Vantage App yet and according to Enjin, more details will be available once it is live.
Enjin putting property on NFTs with LABS Group partnership
Enjin is helping LABS Group put property on NFTs and the blockchain with its partnership.
LABS Group will be using Enjin’s NFT minting platform to tokenise real estate on the blockchain. LABS Group will be offering fractionalized deeds of real estate for as low as USD$100, allowing retail investors (particularly millennials) to finally enter and invest in the real estate market.
The range of real estate on offer will include buildings, hotel rooms and apartments. Trades will all take place securely through the regulated LABS Security Exchange.
This marks the introduction of blockchain into the world’s oldest and largest asset class, valued at approximately USD$228 trillion.
Enjin enters Japanese cryptocurrency market
Enjin will be the FIRST gaming cryptocurrency to be listed on Japanese cryptocurrency exchanges. And it is going straight for the top with one of the largest cryptocurrency exchanges- Coincheck.
Enjin ($ENJ) will be listed on Coincheck from 26th January 2021.
This is a significant first step for Enjin into the Japanese market. Enjin’s aims are twofold- for ENJ to be approved by Japan’s finance regulators and to promote adoption of the Enjin Platform in the Japanese gaming industry.
This listing was one and a half years in the making, having to pass the rigorous auditing and monitoring of the Japanese Virtual Currency Exchange Association (JVCEA)- formally recognised by Japanese financial regulators, the Japanese Financial Services Agency (FSA). The approval process for cryptocurrencies in Japan is notoriously difficult, with only 15 cryptocurrencies (including Enjin) being approved for listing on Coincheck.
Japan also has a fiercely competitive cryptocurrency exchange market with over 20 exchanges in operation. Coincheck is one of the largest cryptocurrency exchanges in Japan based on volume, founded in 2014 with over 1.7m users and counting, and prides itself on being the top downloaded cryptocurrency app in Japan.
As Enjin now has its foot in the door of the Japanese market, the Enjin team is now in discussions with various domestic companies and projects. With Japan being the pioneers of the gaming world (think Super Mario, Pokemon and Final Fantasy), it will be interesting to see what innovations Enjin can bring to the space.
Enjin is going to Japan! (Image credit: Coincheck)
Frequently Asked Questions
Does it cost ENJ to transfer tokens on Enjin Chain?
Enjin isn’t a blockchain, rather it’s a project built on Ethereum. In order to transfer Items (non-fungible tokens), you’ll need to use ethereum (similar to how ERC20 tokens work). In the future Enjin is explorer additional scaling options (Efinity) to allow for free item transfers.
What is the most EXPENSIVE item on ENJIN
The Monolith is the most expensive item on ENJIN, with 1,155,777 ENJ locked in the item. At the time of writing, this item is worth $168,000 USD!
What makes ENJIN valuable
ENJIN is a scarce resource, used to lock value into ever item created on the ENJIN platform. This means as time progresses and more games create items on ENJIN, more and more $ENJ will be locked up creating scarcity in supply
Where can I buy Enjin
$Enj is listed on all major exchanges, such as Binance.
Other Resources:
EnjinX – Blockchain explorer that tracks the Ethereum Blockchain, ERC-20 and ERC-1155 items Egamers – Enjin Games news website Everything Enjin – Great site covering Enjin Related News Multiverse Era – Telegram Channel about the Enjin Multiverse Castle Crypto – Coverage of Enjin games AsiaCryptoToday – cover of Enjin Platform
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
