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  • Ethernity Chain ($ERN): Authenticated NFTs for a good cause

    Ethernity Chain ($ERN): Authenticated NFTs for a good cause

    Ethernity Chain is a blockchain-based platform that deals with limited authenticated NFTs from top artists and with endorsements from popular figures in the sporting and entertainment scene.

    Although Bitcoin concentrated on hedging away from government-issued currencies, its blockchain technology opened a much bigger world of possibilities. For example, Ethereum tapped into the technology to build a decentralized computer and power decentralized applications (Dapps). Next came decentralized finance (DeFi). Non-fungible tokens (NFTs) then followed suit.

    However, most NFT projects concentrate on the broad digital artwork space. Consequently, they fail to address specific problems in any of the artwork subsections. This leaves room for platforms such as Ethernity Chain to take over. Below is a detailed overview of the platform and what it brings to the NFT ecosystem.


    Background

    Ethernity Chain is a community-focused project that banks on artworks from top artists and stars.  The project’s team is led by Nick Rose Ntertsas, the platform’s founder and chief executive officer.

    What is Ethernity Chain?

    Ethernity Chain deals with limited authenticated NFTs from top artists and with endorsements from popular figures in the sporting and entertainment scene.

    Its vision is to raise funds for charitable causes while at the same time keeping NFT creators motivated. The charity offerings ride on the project’s for-profit status that allows it to design services for more users compared to non-profit themed networks.

    Apart from charity, Ethernity Chain provides a crucial connection between non-fungible tokens and the wider DeFi industry. Consequently, it enables increased access to rare and collectible virtual artworks designed by reputable artists and features respected public figures. Notably, featured celebrities must approve the NFTs using a digital signature, known as aNFTs.

    What are aNFTs?

    aNFTs are authenticated non-fungible tokens- a unique creation of Ethernity Chain. These aNFTs are authenticated by the creator so that purchasers or traders know it is officially endorsed by them.

    Users can buy these aNFTs using Ethernity Chain’s native token, known as ERN. ERN can be purchased on the market or earned when users LP stake and earn ERN and use these rewards to purchase aNFTs.

    Welcome to the internet
    “Welcome to the internet” limited edition aNFTs for sale on Ethernity Chain (Image credit: Ethernity Chain)

    Pelé charity aNFT collection

    Ethernity Chain has recently released the officially licensed collection from renowned football legend Pelé. The collection will comprise authenticated non-fungible tokens (aNFTs), of which 3-6 pieces will drop on the Ethernity Chain platform on 2 May 2021.

    90% of the proceeds from the sale will go towards the Pelé Foundation, a charity that empowers and educates children battling poverty around the world.

    Major Ethereum Chain Products

    Ethernity Packs

    Here, NFTs have a community focus and employ a lottery model. Notably, these packs have a minimum and maximum price of $50 and $300, depending on rarity. The Ethernity Chain team curates all the collectibles in this category.

    To awaken collectors’ taste buds, the team hides rare NFTs inside random packs, and collectors won’t know what’s inside before purchase. Also, the packs are available at different times on the network. Interacting with this product requires the platform’s native asset, ERN. Note that Ethernity Packs have a connection to STONES.

    STONES

    STONES is a product earned through staking the native token. In other words, it’s a farm-only offering. The farming process involves interfacing your MetaMask wallet with Ethernity Chain using the Ethernity.io platform.

    Note that one ERN coin gives its holder 1000 STONES when locked in the farming contract for one day. Unfortunately, STONES are indivisible. As such, if you unlock your ERN tokens before the completion of the staking cycle, you end up with no rewards.

    Additionally, STONES cannot be transferred from the farming contract, have no monetary bearing, and can’t be swapped with ERN or Ethereum (ETH). This leaves them exclusively for exchanging with a select number of NFTs on the protocol.

    March 24, 2021, marks the first STONES farming spree, with the second slated for the end of April the same year.

    Ethernity Chain ($ERN) Staking and Rewards

    Ethernity Chain runs a staking program for liquidity providers. However, the rewards go to those who choose to interact with the ERN/ETH pair on Uniswap. Staking has a lockup period of 30 days, after which the pool is restarted. The annual percentage yield (APY) for staking fluctuates between 100 and 300% and has a monthly payment plan.

    How the ERN staking process works

    1. First, deposit tokens in Uniswap’s V2 ERN/ETH pair.
    2. In return, the decentralized exchange (DEX) issues LP tokens equivalent to your stake in the pool.
    3. Next, access the staking option on Ethernity and connect your wallet address that holds the assigned LP tokens. Then, approve and lock the tokens into the staking contract known as the Liquidity Reward Program.
    4. Note that Ethernity Chain ties the unstaking event with claiming ERN. As such, unstaking automatically claims the native asset.
    5. Staking rewards are calculated by dividing the amount of LP tokens a staker has in the contract with the total amount of LP tokens padlocked in the staking contract.

    Ethernity Chain ($ERN) Tokenomics

    The total ERN supply is 30 million tokens. Token distribution includes to team/advisors (20%), partnerships (8%), expansion (6%), staking/rewards (12%), and reserves (15%). Also, there’s a 30.6% allocation to private price sale, 3.33% to a public initial digital offering (IDO), and 5% to liquidity.

    However, some of the allocations have different freeze and unlock times. For example, the private sale has a two-month vesting period, while distribution to partnerships has 14 months vesting time.

    Ethernity Chain Strategic Partnerships and Investments

    Ethernity has its eyes set on interacting with the larger cryptocurrency industry. As such, it has inked notable partnerships with major firms building different products. For example, the protocol partnered with Kenetic, a reputable global blockchain-focused firm working to drive the adoption of decentralized protocols by offering investments, technology, tech, and advisory services. Kenetic’s managing partner, Jehan Chu, believes “NFTs are the true missing link between online and offline objects.”

    They have also partnered with Chainlink by integrating Chainlink’s oracle solution to secure the minting and pricing of aNFTs.

    Another notable partnership is with Terra Virtua, an inter-blockchain NFT protocol. Terra Virtua, through its Terra Virtua Kolect platform, provides a tailor-made marketplace for NFT collectors and creators on the web, mobile, and PC environments.

    Conclusion

    With a growing NFT ecosystem, Ethernity Chain provides a specific solution to the sector. For example, its focus on authenticated digital artworks gives collectors assurance of rarity, among other things.

    Notably, the works are authenticated by globally renowned individuals such as Tony Hawk, a skateboarding legend, and Fernando Tatis Jr., a high-profile baseball player. Also, partnering with major firms like Terra Virtua and Kenetic boosts its vision in the future of the non-fungible industry. (https://www.smallhandsbigart.com/)

    Also, other hidden gems inside Ethernity Chain Packs keep the collector’s hope alive. STONES add fun to the NFT farming while staking allows liquidity providers to earn rewards.

    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.

  • Derivatives Trading with FTX Exchange: Ultimate Guide

    Derivatives Trading with FTX Exchange: Ultimate Guide

    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:

    Derivatives Trading is a lucrative market, it is estimated to be worth more than $1 quadrillion all over the world according to Investopedia. This insane valuation is possible because derivatives are available for every type of asset in the world, you have derivatives for stocks, commodities, physical assets, and even cryptocurrency. 

    According to Investopedia, the size is almost 10 times that of the gross domestic product of the entire world. It is important to understand that the notional value and the actual value of the derivatives market are two different things, which can explain such a high valuation.  

    What is Derivatives Trading?

    Diving into the cryptocurrency world can be overwhelming. You are immediately faced with an insurmountable wall of options and information on different types of trades. Each trade may or may not eventually make you money, however, each type of trade has its learning curve, complexities, and barriers to entry. 

    Newcomers may have heard about derivatives trading as a very good way of making money, and they might be curious about derivatives trading as an option to do this. However, as with anything, it is important to make sure you understand the basics first and ensure you have appropriate risk mitigation strategies in place if you do decide to invest.

    This article aims to set out how to learn about derivatives trading, and provides derivatives on FTX Exchange as an example.

    What are Derivatives?

    Derivatives, simply put, is a contract between two parties, the contract is based on an underlying asset which can be anything but. In the traditional sense, it is either a stock or a commodity. Derivatives are popular in the crypto market as well, as more and more traders emerge themselves in all that the flourishing market has to offer. 

    A derivative is not a type of trade rather it is a collection of a few trades. For example future contracts, swaps, options, and warrants, all of which are based upon a contract of an underlying asset. In derivatives trading, the contract is really important, and it is widely used by traders all around the world to hedge risk and commensurate rewards.

    Further details about derivatives

    You can think of derivatives as a secondary asset that represents a contract on the primary asset, so it is directly linked to the value of the primary asset which is called the underlying asset. 

    This may sound jumbled up and complex, however, derivatives are an advanced investing option usually used by experienced traders. 

    Derivatives have two main classes, namely: lock and options. The lock class is made up of swaps, futures, and forward contracts, these contracts are called lock contracts because the parties are locked in the contract up until the life of the contract expires. 

    For example, if a person specifies they will buy or sell a futures contract they have to buy it or sell it at the end of the expiration period. In the options class the holder has the right to buy or sell the asset as specified in the contract, but he is not obligated to do so. Meaning the buyer can hold off on buying the asset and only give the money that he is owed and the seller can also opt to not sell the underlying asset.

    Futures contracts

    Futures contracts are a type of derivatives trade in which the price of the underlying asset affects the contract. It is a contract, as the name suggests, in which the seller and the buyer sign a contract to exchange the asset at a predetermined date with a predetermined price that is set somewhere in the future. 

    Future contracts are based on the expiration date generally, for example, in stocks, future contracts are known based on the month they expire in. Futures contracts are also available for stocks, cryptos, and commodities.

    Equity options

    Equity options derive their value from the underlying stock, the equity options work on two types of trades: calls and puts. Call options are the type of trade in which the holder of the option has the right to buy the asset at a strike price (preset price) and also a time both of which are preset in the contract. In the Put option, the seller has the right to sell the asset on a price and date that is specified in the contract.

    Example of equity options

    It is really easy to understand how options work. For example, a trader anticipates a fall in the price of bitcoin so what he does is that he sells ‘put’ options for the asset to be sold at a certain price, which may be the price before the fall.

    The trader now has a hedge against the fall of the price, if at the time of expiration of the contract the price of the asset has dwindled further he does not lose money, thus creating a very comfortable space for him.

    Differences between options and futures contracts

    For people who are new to futures, it is important to understand there is 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

    There are more than 1,000 crypto exchanges globally, each trying hard to break in and flip the market over its head and acquire a lot of customers. Yet only a select few have succeeded in the endeavor. 

    FTX has been one of the most promising exchanges, the exchange has in a very short time become the ‘go-to’ for professional traders, as it offers options other exchanges cannot. 

    As a result, it is one of the biggest derivative trading platforms for crypto in the world. It is highly recommended by crypto traders that have been working for a long time in the field. 

    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. 

    Learn how to get started with our FTX Exchange Guide.

    How to trade Derivatives on FTX Exchange

    As have previously published guides on how to add cryptocurrency in your wallet on FTX exchange, you can check it out over here. You would need cryptocurrency in your wallet to post collateral for futures so make sure you add some cryptocurrency to your wallet. 

    To trade futures on FTX you would first need to go to the markets tab at the top of the platform’s home page. 

    FTX markets tab
    FTX markets tab

    Once you have reached there you would be able to see the futures section, where several contracts would already be listed.

    FTX futures contracts
    FTX futures contracts

    In the section, you would be able to see almost all kinds of details about the futures, their expiration, price, trading volume, and the change in their value over the day as well. Along with crypto, you can also deal in futures contracts of US-based stocks and also some commodities as well.

    Once you choose the type of future you want to trade, you are taken to the console which has almost all the information one needs to trade the future.

    FTX futures console
    FTX futures console

    In 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 execution and markets tab
    FTX order execution and markets tab

    Futures are a type of trade that is very complex thus requiring a lot of information on the console screen for traders to make a decision. Thus while the console may look clustered it is functional. 

    At the bottom of the console is the history book, where you can take a look at different positions you have had and the ones currently you are in. The data gives you a summary of the performance over time.

    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. 

    Trading options

    Options are traded just like futures on the exchange, a topic that has already been covered on the website. You can either go long or short on a particular contract and the settlement is made at the end equal to the expiration price.

    Expiration of Contract

    FTX’s options are usually settled in USD, it is important to note that on FTX the price of a particular cryptocurrency is based on the FTX crypto index’s average at any time one hour before expiration. This is a common practice to beat volatility in the market. 

    Let’s just assume you short sell two options of BTC each priced at around $300, now the BTC expiration price according to the contract is $35,200. That means that your option is worth $200. 

    Your option gives you the right to buy BTC at $35,000. Now, if the contract expires as such, after expiration you will have essentially a profit of $400 based on your holdings, which means that the $200 above the price of the BTC translates to the $400 profit that you will get at the end.  

    Buying and selling options on FTX

    To trade options on FTX exchange you first need to go to the Options section of the platform. The options can be curated based on the requirements you set.

    FTX options section
    FTX options section

    You can create an option based on your requirements and request a quote on the platform which is the most common way of buying options. 

    There are many people on the platform checking the requests and within 10 seconds you might find a responder to your bid. Then it is up to you to accept, as soon as you accept the quote the contract starts. 

    You can look at the requests you have opened in the ‘My Requests’ section. 

    Quoting Options on FTX

    Quoting is also really simple, you can look at the requests for quotes posted by people on the platform, you can take a look at the requirements set by them and give them a quote. Whichever quote is a better deal would be shown to the person who makes the request. 

    It is important to note that you have no idea if the person posting the request is buying or selling, you have to provide a quotation for both scenarios.

    You can see the requests for quotes in the ‘All Requests’ section.

    Conclusion

    As discussed, FTX was founded as a tool for crypto traders who didn’t have a lot of options to start trading with. Over time the exchange has developed a curated set of options for its customers. 

    The platform is very stable with a  focus on simplicity and minimalism, nothing on the platform is without a purpose. The simplicity makes it very easier for people to start trading on FTX. 

    However, it should be pointed out that futures and options trading are advanced levels of investing and require lots of research, reading, and learning before starting to invest. 

    It is a good way of hedging your risks in the market, however, you should only trade at the start with the money you can afford to lose, reckless investing is not the way to go about it. Hopefully, this guide will help you get started on your crypto trading journey. 

    Check out our other FTX guides

    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.

  • Bitbuy Exchange Review (2023): First Regulated Crypto Exchange in Canada

    Bitbuy Exchange Review (2023): First Regulated Crypto Exchange in Canada

    Bitbuy is a Canadian cryptocurrency exchange platform that offers a secure and easy way to buy, sell, and trade digital assets. Today, we’ll concentrate on Bitbuy’s review and evaluation of the platform based on all of the most important factors.

    Sign up here to get started

    What is Bitbuy?

    Bitbuy is a leading Canadian cryptocurrency exchange platform founded in 2013 by Adam Goldman in Toronto. It is a secure and easy-to-use platform that supports popular cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin, Stellar Lumens and EOS. Bitbuy was originally called InstaBT but was re-branded to its current name as the company expanded. The main goal of the company is to provide Canadians with easy and secure access to Bitcoin and other cryptocurrencies. As the platform continues to improve, more cryptocurrencies will be added in the near future.

    Key Features of Bitbuy

    Key features of Bitbuy include:

    Exchange only for Canadian dollars (CAD). Bitbuy is only available to Canadian citizens and residents and is not available in any other country.

    Simple to use. Bitbuy has two platforms available: Express and Pro. Pro trading caters to experienced traders, whereas Express allows you to buy cryptocurrencies quickly and easily.

    The ability to buy and sell 25 different cryptocurrencies. Cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and many others are digital assets that are revolutionizing the way we transact and store value.

    Regulatory compliance. Bitbuy is a regulatory-compliant platform that is registered as a Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

    OTC desk. Bitbuy’s OTC trading platform is available to high-volume traders and institutional investors.

    Excellent customer service. Bitbuy provides direct email customer support and responds within 12 hours or less.

    Key Advantages of Bitbuy

    Bitbuy crypto exchange has quite a lot to offer, so let’s take a look at each of the aspects separately and see what it’s all about. 

    Security is a top priority

    Bitbuy is one of the most secure and reliable cryptocurrency exchanges in Canada. It is registered by FINTRAC as a Money Services Business (MSB) and is responsible for meeting all obligations under the PCMLTFA and associated Regulations. Every Bitbuy user has to confirm its identity, meaning that the platform ensures there are no fake accounts and scammers on the platform. Bitbuy is also responsible for keeping certain records and have to complete reports related to suspicious transactions, terrorist property, large cash transactions, and electronic funds transfers.

    Centralized and decentralized cryptocurrency exchanges both have their advantages and disadvantages. Centralized exchanges are similar to banks and can be considered safer, but there’s a third-party involvement and you don’t have full autonomy over your wallet. Decentralized exchanges, on the other hand, don’t involve a third party and you have full control over your assets. To ensure your security, whether you’re using a centralized or decentralized exchange, you should always keep your assets in a secure wallet, such as a hardware one.

    Buy & Sell Major Cryptocurrencies

    Bitbuy is a cryptocurrency platform that supports all major coins, including Bitcoin (BTC), Stellar Lumens (XLM), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), EOS (EOS), Ripple (XRP), Decentraland (MANA), Chainlink (LINK), AAVE, Dogecoin (DOGE), Cardano (ADA), Polkadot (DOT), Uniswap (UNI), SushiSwap (SUSHI), Polygon (MATIC), and Solana (SOL). With 17 different coins to choose from, Bitbuy is a great option for those looking to buy, sell, and store cryptocurrencies. However, if you’re looking for less popular tokens, you may want to look elsewhere. Ultimately, it all depends on your personal needs.

    Fiat Support (CAD)

    Bitbuy is a Canadian cryptocurrency exchange that allows users to purchase Bitcoin, Ethereum, and other cryptocurrencies using fiat money. It supports Canadian dollars only, but users can also fund their accounts with cryptocurrencies. Bitbuy is a reliable platform with a variety of positive reviews, making it a great choice for Canadians looking to buy cryptocurrencies.

    Useful Products & Services

    It is easy to use and provides clear navigation with the Express Trade platform, perfect for beginners. PRO Trade platform is created for advanced traders, with additional features such as in-depth market charts, advanced orders, and live order book. Bitbuy OTC is suitable for big trades, allowing you to work directly with one of Bitbuy’s experienced traders and get a live price quote. Bitbuy API is for experienced developers, providing access to 10+ markets with CAD-to-crypto and crypto-to-crypto pairs. Bitbuy also makes it easier by providing automated sign-up and onboarding processes, as well as a new “username” feature for a smoother experience.”

    Built-In Wallets for Every Account

    Bitbuy is a Canadian exchange that takes security seriously. They offer an insured built-in wallet and have partnered with BitGo to provide an offline vault. For those looking for an extra layer of security, hardware wallets like the Ledger Nano X, Trezor Model T, and KeepKey are recommended. These wallets provide a secure way to store cryptocurrencies and are worth the investment for those looking to protect their digital assets. Bitbuy is committed to providing users with the best security measures available, so they can rest assured that their funds are safe.

    Mobile App Available

    Bitbuy is a Canadian cryptocurrency exchange that offers users the ability to buy, sell and trade 7 different cryptocurrencies. The provider offers both a desktop platform and a mobile app that is available for both iOS and Android users. The mobile app features a clear design, is easy to use and navigate and offers the same functionality as the desktop version. Users can fund and withdraw CAD using Interac e-Transfer or bank wire. Bitbuy reviews have praised the platform for its user-friendly design and features, making it a great choice for both beginner and experienced traders.

    It has a 98%+ cold storage policy, 2FA on all transactions, 1:1 Bitcoin insurance, and a recent audit by a third-party blockchain security firm. The platform allows users to fund, buy, sell, and withdraw cryptocurrencies quickly and securely. It also has features that allow users to track currency market prices, orders, and view history. Bitbuy is also launching a new platform that will allow users to modify 2FA options based on their personal preferences. With its strong security and wide range of features, Bitbuy is a great choice for anyone looking to buy, sell, or trade cryptocurrencies.

    Fees are Relatively Low

    Bitbuy is a crypto exchange that supports fiat currencies and offers low deposit fees. When depositing or withdrawing Canada dollars, you will pay from 0.50% to 1.50% depending on the type of deposits and withdrawals – Bank Wire or Interac e-Transfer. Fees for trading are different for market makers and takers, with makers usually paying lower fees than takers. Market makers add liquidity to the market and increase the market depth, while market takers seek liquidity and take it off the book. Bitbuy is a great choice for those looking for a reliable and secure crypto exchange with low fees.

    Bitbuy is a Canadian cryptocurrency exchange platform that offers competitive trading fees. The standard fee is 0.25%, however, when using the ‘Bitbuy PRO’ version, the fee for makers is 0.10% and for takers – 0.20%. When using the ‘Express Trade’ feature, you will only pay 0.20% for each instant trade. Digital cryptocurrency deposits and withdrawals are free, however, processing times vary. Bitcoin deposits take 3 confirmations, Ethereum – 12 confirmations, while Stellar Lumens, Ripple and EOS processing is almost instant. Withdrawal fees vary depending on the currency, for example, Bitcoin (BTC) – 0.001 BTC, Stellar Lumens (XLM) – 26XLM, Bitcoin Cash (BCH) – 0.01 BCH, Ethereum (ETH) – 0.02 ETH, Litecoin (LTC) – 0.05 LTC, EOS (EOS) – 0.03 EOS and Ripple (XRP) – 25 XRP. Bitbuy’s fees are on par with the industry standard and get lower when using Bitbuy PRO.

    Key Disadvantages of Bitbuy

    It’s time to move on to the next section of this Bitbuy review: the platform’s drawbacks.

    A Small Number of Cryptocurrencies

    Bitbuy is a cryptocurrency exchange platform that offers 17 options to choose from, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, EOS, Ripple, Stellar Lumens, LINK, and AAVE. While this is enough for those looking to buy the most popular coins, it is much less than other international cryptocurrency exchange platforms such as Coinbase, Binance, and Kraken, which offer more than 30, 150, and 37 supported cryptocurrencies respectively. Therefore, if you’re looking for a platform with more options, then you should consider other options.

    How to Use Bitbuy?

    If this Bitbuy review convinced you that this platform is exactly what you’re looking for, I’d like to give you a head start by providing you with a step-by-step guide on how to create an account on Bitbuy as well as how to make a deposit to begin trading.

    How to Create an Account on Bitbuy? 

    • Step 1. The first thing you need to do is go to the Bitbuy main page and click “Sign Up to Get Started”. 
    • Step 2. You must now enter the required information: email address, password, and referral code (optional). After that, click “Create an account.”
    • Step 3. Check your email address; you should have received a letter from Bitbuy. If it isn’t there, click “Resend Verification Email.”
    • Step 4. Open the Bitbuy email you received and click “Verify My Email.”
    • Step 5. You can sign up for Bitbuy after your email has been verified.

    How to Make a Deposit on Bitbuy?

    • Step 1. Sign in by clicking “Your Account” in the top right corner of the page.
    • Step 2. After signing in, click the “Add Funds” button.
    • Step 3. You have two funding options: e-Transfer or wire transfer. Remember that wire transfers take longer.
    • Step 4. Enter the amount to be transferred and click “Next.”
    • Step 5. Complete the transaction by logging in to your financial institution’s or online banking platform.

    Conclusion

    Bitbuy is a Canadian cryptocurrency exchange founded in 2013. It offers a secure platform for buying and selling major cryptocurrencies, a built-in wallet, and a mobile app. However, it has relatively high fees, is only available to Canadian citizens, and has some concerning reviews online. It is suitable for beginners but may not be as good for experienced traders. Before buying cryptocurrencies, it is important to also get a secure wallet for your assets. Popular models include Ledger Nano X and Trezor Model T.

    From now to 18th April, you can buy a Ledger Nano X and get $30 BTC for FREE! Click below to buy!

    Buy Ledger Nano X get $30 BTC

    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.

  • Bibox Exchange Review (2023): More for Trading Cryptocurrencies

    Bibox Exchange Review (2023): More for Trading Cryptocurrencies

    Bibox is the world’s first AI-powered digital asset exchange with a Swiss VQF license. It offers robust security, a wide range of trading options, innovative listing programs, and top-notch customer service. This exchange review will include both pros and cons of Bibox, including information about the company, the main features and even more.

    Sign up here to get started.

    What is Bibox?

    Bibox, the pioneering AI-powered digital asset exchange, has been providing robust and secure systems. Moreover, it also provices a wide range of trading options, innovative listing programs, and top-notch customer service since 2017. As one of the few blockchain enterprises with a Swiss VQF license, Bibox has earned the admiration and trust of cryptocurrency experts and traders around the world.

    Bibox offers daily trading services trusted by over 1 million cryptocurrency traders and investors from 160 countries, particularly in Asia, Europe, and North America. With 579 tokens and 826 trading markets, Bibox’s spot daily trading volume exceeds 1 billion US dollars.

    Bibox offers a variety of products. Bibox CopyTrading is a pioneering cryptocurrency trading platform that allows traders to share in the profits of fund management strategies. Additionally, Bibox’s AI-powered Trading Bot helps users maximize their trading profits through advanced quantitative analysis. Furthermore, Bibox’s SELECTED service offers a unique line of listing and trading services. It includes Super Start, Pre-taste, and S-POOL, which only feature high-quality blockchain projects. Bibox users can take advantage of discounted prices and near-zero risk of loss when purchasing project tokens.

    Key Features and Advantages of Bibox

    Low Trading Fees

    When selecting the best crypto exchange platform, it is essential to consider trading fees as they can significantly impact your profits. To maximize your earnings, it is wise to opt for a platform that offers low trading fees. Bibox offers some of the lowest trading fees in the top-tier crypto trading platform industry, with takers paying 0.20% and makers paying 0.075%. This is lower than the industry standard of 0.25% – 0.15%.

    Makers are those who create an order to be filled by someone else, while takers are those who place an order to buy cryptocurrencies at a specific price. Generally, makers pay lower fees than takers. Bibox does not charge any fees for deposits, however, a 1% fee applies for withdrawals. The minimum withdrawal amount is $15.

    Decentralized Exchange

    Bibox is a popular decentralized exchange, allowing users to directly trade cryptocurrencies without any controlling institutions. This type of peer-to-peer (P2P) trading is becoming increasingly popular due to its lack of centralized control. Decentralized exchanges make registration quick and easy, allowing you to start trading without having to provide your personal information.

    Decentralized exchanges such as Bibox offer users more freedom, but they often have lower liquidity than centralized crypto exchanges, resulting in less stable prices for assets. Additionally, there are some issues that people distinguish when discussing decentralized crypto exchanges, which will be discussed further in this Bibox exchange review.

    Easy to Use

    It’s essential to select a platform that makes it easy to buy and sell cryptocurrencies if you’re into daily trading. Fees and security measures are important, but usability should not be overlooked.

    Bibox offers a user-friendly interface, making it ideal for beginners. The exchange provides all the necessary information to make informed decisions. These includes the current value, lowest price per day, fluctuations in the trade, and the highest price for 24 hours. Additionally, Bibox has a mobile app available for IOS and Android devices, which can be downloaded from the App Store and Google Play.

    Very Secure

    Bibox ensures the highest level of security for its users with SSL encryption technology, multi-factor authentication and Google 2-Step Verification.

    For maximum security, it is recommended to store the majority (if not all) of your cryptocurrencies in secure wallets such as Ledger (Nano S and Nano X) and Trezor (One and Model T). These cold wallets keep your private keys offline, ensuring your assets are kept away from prying eyes.

    Key Disadvantages of Bibox

    Despite all the positive aspects of Bibox exchange, there are some drawbacks that should be taken into consideration. For those looking for a reliable cryptocurrency exchange platform, Binance, Kraken, and KuCoin are more suitable options.

    Doesn’t Support Fiat Currencies

    One of the biggest issues with Bibox is that it does not support fiat currencies, meaning users must first purchase cryptocurrencies on another platform and then transfer them to Bibox. To make this process easier, we have provided a step-by-step guide on how to make a deposit at the end of this Bibox review.

    Bibox offers a wide selection of over 50 cryptocurrencies to trade against Ethereum or Bitcoin, including but not limited to:

    • BTC
    • ETH
    • LTC
    • EOS
    • BIX
    • NEO
    • QTUM
    • etc.

    After buying cryptocurrencies, you can choose from a wide range of available options, so you don’t have to worry about the supported coins.

    Negative Reviews Online

    When conducting research for this Bibox review, I encountered a large number of negative reviews. Despite not having any issues when using this platform, I paid close attention to what other customers had to say. It’s wise to be cautious when reading online reviews about any company. Many customers have reported that they were unable to delete their accounts, as well as claims of fake volume and hidden fees.

    Decentralized = Not Controlled

    Bibox is a decentralized exchange, meaning that it operates without a central authority. This is beneficial as it allows users to trade directly with each other, without their personal information being stored on the platform. However, this also means that there is no central authority to provide oversight or protection.

    Since there is no central authority controlling the platform, it is vulnerable to hacking. If the platform is hacked, users will not be able to recover their cryptocurrencies.

    How to Use Bibox Cryptocurrency Exchange?

    How to Create an Account on Bibox?

    Create your account on Bibox quickly and easily by following these simple steps:

    1. Create an account on Bibox by clicking the “Sign Up” button on the homepage.
    2. Sign up with your email and password, and enter a referral code (if you have one) to get started.
    3. Click “Receive SMS” to get a 6-digit code for verification.
    4. Create an account now by adding the code to access our services.

    The Bibox registration process is quick and easy, as it is a decentralized crypto exchange.

    How to Make a Deposit on Bibox?

    Make a deposit to your account quickly and easily with this step-by-step guide. Follow these simple steps below:

    1. Access Funds Quickly by Clicking the “Funds” Button at the Top Right Corner of the Page.
    2. Deposit funds quickly and easily by clicking the “Deposit” button at the top of the page.
    3. Choose the currency you wish to deposit and get started now.
    4. Copy your deposit address by clicking “Click to copy” after selecting the asset.
    5. Transfer your cryptocurrencies from your trading platform or wallet to your deposit address by selecting “Withdraw” or “Transfer”.

    Scan the QR code to quickly and securely transfer your assets.

    If you’re looking for the simplest way to purchase cryptocurrencies, Binance is the perfect choice. This digital currency exchange allows you to easily buy the most popular coins with your credit card. Unfortunately, Bibox does not support fiat currencies, so you cannot purchase BTC, ETH, or any other cryptocurrency on the platform with your credit card.

    Choose reliable wallets like Ledger and Trezor to protect your assets from theft. These hardware wallets will ensure your assets are secure.

    Conclusion

    Bibox is a Singapore-based decentralized cryptocurrency exchange that offers low trading fees, good security measures, and an easy-to-use platform. However, it does not support fiat currencies, is not regulated, and has received multiple negative reviews online.

    It is essential to keep your cryptocurrencies secure at all times when using this platform. To ensure the safety of your digital assets, we recommend using a reliable hardware wallet such as Ledger or Trezor. These wallets are also known as cold wallets as they store your private keys offline.

    This Bibox review should have answered all of your questions and prepared you to join the crypto world. If you prefer exchanges that support fiat currencies and have a better reputation, there are plenty of options to choose from.

    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.

  • Plus Token (PLUS) Scam – Anatomy of a Ponzi

    Plus Token (PLUS) Scam – Anatomy of a Ponzi

    What is Plus Token?

    “Plus Token” was a cryptocurrency Ponzi scheme disguised as a high-yield investment program. Platform administrators closed down the operation in June of 2019. Fraudsters abandoned the scheme by withdrawing over $3 Billion dollars in Cryptocurrencies (Bitcoin, Ethereum, and EOS) and leaving the message “sorry we have run“. This has led to an international manhunt for the platform administrators and creators of Plus Token. Plus token has been blamed for causing Bitcoin prices to fall in 2019 as stolen funds were sold via Bitcoin OTCs.

    PlusToken had a major following in Korea and China – especially among investors not familiar with cryptocurrencies. Plus token was a High Yield investment program that offered massive rewards on “investment” to unsuspecting victims in China and Korea. The scheme offered 9% to 18% monthly returns on investment – with larger investments getting more rewards. This type is similar to other High Yield investment programs like “Bitconnect” which collapsed in January of 2018.

    [wp-compear id=”5217″]

    How did the Plus Token Ponzi Scheme Work?

    Plus Token is a classic Ponzi scheme it lures unsuspecting victims to invest with promises of high returns and low investments. Plus Token maintained an illusion of sustainable business by pretending the funds are used to develop cryptocurrency-related products such as the Plus Token Wallet and Exchange. However, returns are generated by dividing more recent investments to pay off older members. The illusion of a sustainable business is what classifies this as a Ponzi Scheme, as victims actually believe that they are investing in a business that generates high returns.

    Plus Token also had a strong referral element, which gave huge bonuses to any member who referred friends and family into the scheme. Investors were divided into 4 “tiers”, according to how much they invested and how many other referrals they can make. This meant the more a member referred, the exponentially higher the return. Members started to refer their friends and family to invest in large sums of cryptocurrencies including Bitcoin, Ethereum, EOS, and Litecoin.

    Plus Token relied heavily in conferences and meetups to promote the token. The following video is taken at a Plus token gathering.

    Payments stopped 30th June 2019

    Early signs of trouble started surfacing in June of 2019 as users started reporting delays in fund withdraws. Some took to complain on the Chinese social media site “Weibo” citing that they were unable to receive funds despite writing for 35 hours after submitting withdrawal requests (Source Blocktempo).

    Initially, Plus token blamed on “higher miner fees” for the withdrawal delays. They claimed the sent transactions with 1 sat /byte, leading to long delays on the Bitcoin Blockchain. Plus token supporters avidly as their followers to “believe” in the system and disregard the “false information”.

    Ring Leaders tried to convince the community that Plus Token will come back.

    Scammers: “Sorry We have run”

    As funds began moving, one of the transactions carried the note “Sorry, we have run” as a comment to the transaction. This really needs no explanation – organisers of the scam have initiated their exit strategy and fled the country.

    109 members of Plus Token scam have been arrested

    Reports from Chinese news outlet CLS on 30th July 2020 reported that 109 individuals have been arrested in connection with the PlusToken scheme by the Ministry of Public Security. These include all 27 primary suspects thought to be responsible for the scam and another 82 core members.

    Is Plus Token still scamming users?

    On 29th April 2020, there were screenshots of the PlusToken app circulating on Chinese social media of a supposed notice announcing that version 3.0 beta of the app is now online. Subsequently, on 4th May 2020, a further notice was issued by the PlusToken team saying that version 3.0 beta will undergo compatibility synchronization and will stop all transaction functions. The notice further added that once this version is live, some eligible users will receive a reward. However, it seems more like an effort by PlusToken’s ringleaders to placate those who have invested by giving them hope that the project may return.

    Screenshots of the PlusToken app
    Screenshots of the PlusToken app

    Tip of the Iceberg

    PlusToken can be seen as the tip of the Iceberg as there are many other very similar crypto Ponzi schemes and scams. These include Cloud Token, S Block, and other cloud “mining” tokens. At the end of the day, tokens that ‘guarantee’ high returns without a clear and audit-able business plan should generate red flags.

    Laundering stolen funds into exchanges

    Luckily research is being down to track wallets known to be associated with Plus Token (8btc.com, @doveywan, @PeckShield). Work done by @PeckShield has shown funds moving from large wallets (~5000+ Bitcoin) to smaller wallets, and eventually into cryptocurrency exchanges. Due to the large sums of cryptocurrencies moved and actively being sold off – Plus Token played a role in dropping the price of Bitcoin.

    Map showing how Plus token funds are being laundered into Exchanges
    Map showing how Plus token funds are being laundered onto Exchanges (Image credit: @Silkjaer)

    Known amounts scammed – List sum of BTC from identified and tracked addresses. Reports have been circulating that up to ~1% of the entire Bitcoin supply is involved in the scam. Currently more wallets are being added to this list.

    • 70000 BTC ($700,840,000 USD)
    • 789511 ETH ($142,111,980 USD)
    • 26299109 EOS ($92,046,881 USD)

    Known Bitcoin Wallet addresses (Source 1):

    • 1MFgcyJ7ZNSknbTBRaih6zWDE6V1A64tRY (1865 BTC)
    • 3ETAVt2scYBFkBFksuNDk1i5tDLQ2c4zWR (4922 BTC)
    • 3EYsru4LUcN258sENYPu5Py3S5WnqxEcnE (3657 BTC)
    • 3HKs1g7u5a1uU4pC5HaNooYMbL1Lao4mv4 (3928 BTC)
    • 3ESakThMrdVVrbhhcpf9spicyjCg1Uk8Jm (3289 BTC)
    • 33LNws16Wfs12usWBNfa1MSX3YKY6Hdayf (3270 BTC)
    • 3HwY536CxznDxMjiRCFkpx5ykwJbJMZY4w (1725 BTC)
    • 35bCzX3RQEWdquqCPQkmdJdu2K4ut1roUZ (3676.86 BTC)
    • 31owhyALzzPEqUFwRbU5yQR4wNhYEjCiE5 (749.66 BTC)
    • 3PBN3MCpDcZKr7WdyY1ULq1NeGwLNjpkj7 (12000 BTC)
    • 14bwh6gmvol5ntwbvxqjkjdtzv4y5ebtvm (95228 BTC)
    • 33FKcwFhFBKWHh46Ksmxs3QBu8HV7h8QdF (37922 BTC)

    Known EOS Addresses of Plus Token

    • eospstotoken
    • jnhgvbkkfdjf

    Known Ethereum Addresses of Plus Token

    • 0xF4a2eFf88a408ff4c4550148151c33c93442619e
    • 0x997114ca0830e9bee7443368fa27f4af2d4e55a6
    • 0x0f953ef137ee0894cc06383ccb1ef77e76660b5a

    Plus Token Sell-offs Responsible for Bitcoin Price Drop?

    Since as early as August 2019, Chinese cryptocurrency trading groups have already been circulating that due to the sheer amount involved, the scammers trying to dispose of the ill-gotten Bitcoin are pushing prices downward. And this price dump halted on 15th August 2019, coincidentally when Binance was suspended for trading because of a system upgrade.

    Discussion on PlusToken sell-offs
    Discussion on PlusToken sell-offs (Credit: 8BTC)

    In late November 2019, this issue was again brought to the forefront when Twitter user Ergo reported having traced 187,000 BTC of the approximately 200,000 BTC attributed to PlusToken’s investors. As to these funds, Ergo found they were “shuffled” (albeit badly, if at all) and gradually sent to various cryptocurrency exchanges and OTC brokers, primarily Huobi, for sale on the market.

    Ergo’s findings on the PlusToken funds

    Ergo predicts that if all the “mixed” funds were sold from August to November 2019, it would average out to be around 1,300 BTC sold per day. This could lead people to think it would have an effect on Bitcoin prices, which has fallen from USD $9,981.41 on 1st August 2019 to USD $7,182.89 on 4th December 2019.

    Based on Ergo’s estimates of the amounts sold daily, the sell-off of the remaining 58,000 BTC or so Plus Token funds would continue for another 1.5 to 2 months.

    In an apparent pattern, PlusToken scammers move their funds when BTC prices experience volatility. Such was the case on 11th February 2020, when Bitcoin trading at around USD $9,800, almost 12,000 BTC (worth around USD $118 million) from one of the addresses associated with the Plus Token funds were moved and split amongst various other wallets.

    On 7th March 2020, Bitcoin was again trading at over USD $9,000. Again, Plus Token funds were being funneled through mixing services. This time, Twitter user ErgoBTC noticed that a total of 13,000 BTC (worth around USD $210 million) was involved. Analysts such as Kevin Svenson believe the scammers were “slamming the market with sell orders” every time Bitcoin prices went up so as to unload the funds.

    Is there a pattern to the movement of funds associated with Plus Token?

    According to ErgoBTC, the movement of funds to exchanges took a bit of a break from mid-March to early May 2020. Movement to exchanges has since then resumed and around 300-500 BTC/day is being moved to exchanges.

    Last of PlusToken funds moved to exchanges

    On 22nd June 2020, Twitter user Whale Alert found over 26 million EOS (worth over USD$67mil) had been transferred from a wallet associated with PlusToken to an unknown wallet, prompting cryptocurrency traders to go on high alert for potential downward price movement for EOS.

    Indeed on 24th June 2020 we did see a marked dip in EOS prices, though it cannot be confirmed that this was due to a sale of the PlusToken funds.

    EOS prices from 22 to 26 Jun 2020
    EOS prices from 22 to 26 Jun 2020

    Only a matter of a few days later on 24th June 2020, Whale Alert found another huge chunk of PlusToken funds, this time over 789,000 ETH (worth over USD$187 million) had been transferred from a PlusToken wallet to a new address, and yet again to another unknown address.

    These funds were then further split into multiple unknown addresses of varying amounts.

    Twitter user ErgoBTC, who has been following the movement of the PlusToken funds observes that the ETH that was recently transferred is the remainder of PlusToken’s unmixed coins which are now being moved to mixers. The purpose of this is to cloud the movement history of the PlusToken funds, so that they can avoid being flagged by exchanges when they are eventually sold on the market.

    In addition to the movements of EOS and ETH, it’s been a very busy week for PlusToken. So far they have moved over USD$428 million worth of cryptocurrencies to new addresses and the following exchanges: Binance, Huobi, HBTC, OKEx, Gate.io and MXC Exchange.

    Are Exchanges doing anything to deter scammers?

    Those behind Plustoken rely on cryptocurrency Exchanges to dispose of their scammed funds. Cryptocurrency exchanges do have Know Your Customer (KYC) measures in place which should identify and report any such activity since it clearly constitutes money laundering. However previous massive sell-offs by PlusToken took place in Huobi and Okex, thus demonstrating that their KYC and AML measures were ineffective in stopping them in that instance.

    Since the previous selloff, exchanges have stepped up their standards. For example, in reaction to the selloff Huobi has launched Star Atlas, an on-chain analytics tool to identify problematic activities such as fraud and money laundering on their Exchange. Meanwhile, peer-to-peer exchange Paxful has partnered with Chainalysis so that the exchange’s transactions can be monitored in real time.

    In the latest sell off, it has already been found that substantial funds are being mixed and deposited into Binance, Huobi, HBTC, OKEx, Gate.io and MXC Exchange. Nothing has happened yet, but many traders are already watching to see if a market crash could be incoming, whilst questioning whether the affected exchanges will take any action on the funds that are now in their hands.

    Chinese police seized US$4.2b of PlusToken, forfeited to China’s treasury

    Filings from the Yancheng Intermediate People’s Court reveal that authorities have seized 194,775 Bitcoin (BTC), 833,083 Ether (ETH), 1.4 million Litecoin (LTC), 27.6m EOS, 74,167 Dash, 487m XRP, 6bn Dogecoin (DOGE), 79,581 Bitcoin Cash (BCH) and 213,724 Tether (USDT) from 7 individuals convicted in connection with this case.

    This totals around USD$4.2bn worth of cryptocurrencies!

    Court filings have also indicated that the seized cryptocurrencies will be forfeited to the National Treasury. This is because in China, trading and dealing in cryptocurrencies is illegal. So victims have no legal right for return of the seized assets.

    Hence some victims have joked that they have inadvertently contributed to the national treasury.

    What is happening to Plus Token in 2022?

    It seems that the Plus Token saga, which started all the way back in 2018 had drawn to a close in December 2020 when the court in Jiangsu province, China sentenced the ringleaders of the Plus Token scheme to up to 11 years imprisonment. The main ringleader, Chen Bo and 13 other ringleaders were sentenced to between 2 and 11 years in jail. They were also fined various amounts ranging from 120,000 yuan to 6 million yuan. Another associate, Chen Tao, who was responsible for transferring the illegally obtained funds, was sentenced to over 4 years imprisonment.

    As mentioned in the previous section, all the confiscated cryptocurrencies obtained from the Plus Token fraudsters were turned over to the state.

    The Plus Token scam however is not dead in 2022. We can see from various social media outlets that people making periodical videos saying that the Plus Token project is alive and that they are working with a top Asian cryptocurrency exchange. Furthermore, these “influencers” who apparently have connections with those involved with Plus Token allege that once Plus Token is launched, they will not have a native token but instead the Plus Token proceeds will be issued in the form of that exchange’s own token.

    Note however that the “major Asian exchange” in question has never mentioned any working relationship with Plus Token, nor has there been any announcement that they will issue their own native token.

    Plus Token Sources and References

    Chinese Sources and News Coverage

    Special thanks to Matthew Graham for providing the videos and research!

    https://3kemao.com/archives/124864?from=singlemessage&isappinstalled=0 https://www.ccvalue.cn/article/3952.html?from=singlemessage https://mp.weixin.qq.com/s/EJLo-Rjjzz283FOCbzuLuA https://mp.weixin.qq.com/s/HQxl5gKd0105tUIsQ0TQPg https://mp.weixin.qq.com/s/rPtQAo0sf4P_LDM-8K0Z1g

    Crypto Wallet Addresses

    Chainnode Research: https://www.8btc.com/article/440193
    BlockTempo: https://www.blocktempo.com/unable-to-withdarw-plustoken-is-crashing-down/
    Plus Token Wallet Addresses: http://gscaijing.com/archives/21291
    CoinTelegraph https://cointelegraph.com/news/3b-ponzi-scheme-is-now-allegedly-dumping-bitcoin-by-the-hundreds

    Arrests / Man-hunt

    SCMP: https://www.scmp.com/news/asia/australasia/article/3016604/six-chinese-nationals-wanted-beijing-internet-scam-arrested

    SCMP: https://www.scmp.com/economy/china-economy/article/3112115/chinese-cryptocurrency-scam-ringleaders-jailed-us225-billion

    Plus Token sell-offs and Bitcoin price correlation?

    8BTC: https://news.8btc.com/bitcoin-dip-allegedly-a-result-of-incessant-bitcoin-selloffs-from-3-billion-ponzi-scheme

    Findings from Twitter user Ergo: https://twitter.com/ErgoBTC/status/1197496064854634496?s=20

    Updated on 4th December 2019 to include new section- Plus Token Sell-offs Responsible for Bitcoin Price Drop?
    Updated on 18th December 2019 to correct spelling mistakes and more details of how the Ponzi Scheme operated
    Updated on 9th March 2020 on the latest Plus Token moves in 2020.
    Updated on 25th May 2020 on the latest PlusToken prosecutions and ver 3.0 beta of the app.
    Updated on 25th June 2020 on the movements of PlusToken’s remaining unmixed funds in the week of 21st June 2020.
    Updated on 2nd July 2020 on what exchanges are doing in response

    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.

  • Developing story: OKEx suspends withdrawals…but is there more to this?

    Developing story: OKEx suspends withdrawals…but is there more to this?

    What happened?

    On 16th October 2020 OKEx suddenly announced that one of their private key holders (later confirmed to be Star Xu, OK Group’s CEO and Co-founder) is cooperating with a “public security bureau” and is unable to contact them. Therefore the Exchange cannot complete authorisations for transactions and thus decided to suspend all withdrawals of digital assets/cryptocurrencies from 16th October 2020 at 11:00 (HKT).

    The Exchange did this under clause 8.1 of their Terms of Service which provides that, “8.1 Service Change and Interruption: We may change the Service and/or may also interrupt, suspend or terminate the service at anytime with or without prior notice.”

    In particular, their Terms of Service defines their “Services” as the services that OKEx offers through OKEx.com or its app. According to the Terms of Service, you must agree to be bound by it to use the Services, including of course their rights under clause 8. (Tramadol) 1 to suspend it at any time.

    This abrupt suspension has shocked the cryptocurrency community and caused prices of both Bitcoin and Ethereum to plunge. In particular prices for Bitcoin dipped from over USD$11,500 to USD$11,235 within a half-hour period. As of the time of writing, prices have still not yet fully recovered.

    Meanwhile, there are rumours circulating that there is more than what meets the eye and that this suspension was a cumulation of events that were already in motion a few days ago. Let’s take a look at some events today (16th October 2020) which may (or may not) be relevant to this:

    • 1:00a.m.: Twitter user @whale_alert tweets: 5,000 #BTC (57,033,847 USD) transferred from unknown wallet to #OKEx
    • 4:00a.m.: Twitter user @whale_alert tweets: 1,180 BTC (13,588,646 USD) transferred from OKEx to unknown wallet
    • 9:00a.m.: Twitter user @whale_alert tweets: 50,000,000 TRX (1,317,074 USD) transferred from OKEx to unknown wallet.
      11:55a.m.: Chinese crypto media platform 非小號 (Feixiaohao) and UAICOIN publishes notices from OKEx that withdrawals will be suspended from 3:00p.m. onwards. This was also reported in a tweet from Co-founder of Chinese crypto media outlet @redtheminer who also notes the rumours circulating in the Chinese crypto community that over 800 accounts from a “certain large crypto exchange” are involved in cross border money laundering.
    • 12:00p.m.: OKEx announcement that it would suspend withdrawals from 11:00a.m. onwards.
    • 1:00p.m.: OKEx finally tweets their announcement on the withdrawal suspension.
    • 2:00p.m.: OKEx CEO Jay Hao tweets, reassures that all other operations are unaffected and that, “The investigation concerns a certain private key holder’s personal issue only. Further announcements will be made.”
    • 2:51p.m.: Someone asks OKEx support “Why is Star Xu’s Weibo page emptied?” and they replied, “The person you are referring to has no relation to our platform”.
    • 3:51p.m.: Twitter user @whale_alert tweets: 998 BTC (11,333,911 USD) transferred from Huobi to OKEx.

    *All times are stated in HKT unless otherwise specified.

    What will happen to Star Xu?

    Based on the news so far, the speculation is that Xu was detained since around 9th October 2020.

    According to commentary from PRC lawyers, Xu who is in criminal detention would only be permitted to meet or communicate with his lawyers. This would mean that he cannot meet his family or other staff in OKEx to handle the situation at the Exchange.

    PRC lawyers have also commented that under Chinese Law, Xu can be held in detention for a maximum of 37 days (i.e. until 15th November 2020). After this, the People’s Procuratorate (i.e. the prosecuting authorities) will need to decide whether or not to approve an arrest. If an arrest is approved then Xu would continue to be detained pending trial. However, even if an arrest is not approved, if the authorities consider that further investigation is required then Xu may either be released on bail or subject to home detention. According to the PRC lawyers, if Xu’s family does not hear anything further on 15th November 2020 then it can be assumed that an arrest was approved.

    Updates from OKEx

    According to a further announcement on 6th November 2020, withdrawals are STILL suspended. They, however, do clarify that the “concerned party” is only “actively cooperating with a public security bureau in an investigation” and NOT arrested under criminal detention.

    In a new update, they do say that they have sought legal support and guidance and by doing this has “made contact with the concerned party”. OKEx has explicitly said they cannot disclose any further information. Notably the announcement does not say whether this will result in withdrawals being able to reopen.

    This does appear to be a step in the positive direction though, since according to the commentary from some Chinese lawyers a detained person is only permitted to meet with his own lawyers, rather than that of a company he is the CEO of.

    Nevertheless OKEx in its latest Twitter post continues to reassure affected users that there has been no withdrawals from the Exchange since 16th October 2020 and that 100% of funds can be withdrawn when withdrawals can be resumed.

    A few observations

    There are reports from Chinese media that Xu was in fact already taken in by Police for investigation a week ago, whilst 2 executives that were also detained have since been released on bail. His arrest is causing a stir because he holds the private keys to OKEx’s funds, and according to Glassnode’s data, OKEx holds around 200,000 BTC i.e. USD$2.3 billion worth of Bitcoin.

    There are reports that Xu was taken in for investigation in relation to matters unrelated to OKEx. In particular, it was in relation to funds he had borrowed from a Shanxi-based underground bank for the purposes of the backdoor listing of OKC Holdings on the Hong Kong Stock Exchange in 2019.

    We’ve already mentioned this in our previous newsletter about the KuCoin hack. Please take your cryptocurrencies off exchanges and store them offline in a hardware wallet. If you don’t have one yet, please consider getting one. Check out our Ledger Nano X review or buy it here.

    Withdrawals will resume on or before 27th November 2020

    On 19th November 2020, OKEx announced they would reopen unrestricted withdrawals on or before 27th November 2020. They will also be launching significant loyalty reward campaigns for their users as a show of gratitude to their community and for the inconvenience caused to them.

    We also note the announcement confirms that one of OKEx’s private key holders (likely to be Star Xu) has completed assisting investigation with authorities and has returned to his “normal business functions”. It is also confirmed that OKEx was not involved in any alleged wrongdoing or illegal activities. So for now we can all breathe a sigh of relief for Xu and OKEx.

    JUST IN: Details of OKEx loyalty programs released!

    As mentioned in the previous section, OKEx said they would launch loyalty programs for their users as a show to gratitude.

    On 24th November 2020, OKEx announced the following reward and compensation programs after withdrawals open on 27th November 2020.

    Users that made deposits, held tokens or traded during the withdrawal suspension period will be issued a one-time payment to users based on their assets and transaction conditions. The funds for this payment will come from 20% of OKEx’s total income from futures and perpetual swap transaction fees over the past 7 weeks which will be put into an incentive fund. The asset weight calculation will also be doubled for $OKB.

    Users with assets exceeding 10,000 USDT before 4:00pm UTC on 23rd November 2020 will have part of their service fees waived and refunded once withdrawals resume in the form of a rebate card valued between 100 to 1,000 USDT.

    For all users, there will be a Happy Friday Reward Program. This will start on 4th December 2020 and continue every Friday thereafter. To be eligible, users need to have daily average assets on OKEx or daily average trading volume greater than or equal to 100 USDT, and have KYC verification level 2 or higher. Users will get a BTC reward equivalent to OKEx’s futures and perpetual swap transaction fee income for that week * 10%* of the users daily average total asset value or trading volume (as the case may be)/ daily average asset values or daily average trading value of all users (as the case may be).

    Note that for the purposes of calculating the rewards, if a user’s daily average asset value exceeds 10,000 USDT, it would be calculated as 10,000 USDT. Similarly, if the user’s daily average trading volume exceeds 30,000 USDT, it would be deemed as 30,000 USDT.

    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.

  • CertiK ($CTK) and CertiK Chain: What is in the Ecosystem?

    CertiK ($CTK) and CertiK Chain: What is in the Ecosystem?

    CertiK aims to provide a secure platform where blockchain infrastructure and decentralized applications can be developed. Its ecosystem consists of security layers that exist below the blockchain level, including the DeepSEA compiler, the CertiK Virtual Machine (CVM), and CertiKOS. Its native token, $CTK, has launched in Binance Launchpool on 27 October 2020. Below is a detailed overview of the CertiK ecosystem, including the CertiK chain.

    Background

    The CertiK Foundation supports the CertiK platform. The organization champions trust in blockchain systems. Its efforts are displayed through the development of a secure network that can boost confidence in decentralized systems. Furthermore, the CertiK Foundation is lead by renowned computer professors.

    What is CertiK?

    CertiK is a decentralized smart contract platform powering Dapps. Additionally, it supports inter-chain communication and runs on the Certik Chain.

    The system is primed for highly-specialized use cases. The protocol employs a PoS variation called delegated proof-of-stake (DPoS) and uses the Cosmos software development kit (SDK).

    The CertiK Foundation has taken upon itself to restore the trust in distributed platforms by employing cutting-edge security technologies and techniques. A key milestone achieved by CertiK is the provision of provable trust in a decentralized platform. Apart from focusing on security, the network also addresses performance and token economics.

    CertiK Token ($CTK)

    The economic aspect of the platform relies on the platform’s native currency, CTK. CTK’s major offering is being a utility token. (Provigil) Therefore, it helps power the crucial aspects of the CertiK ecosystem.

    For example, the token provides a mode of payment and settlement among the platform’s users.

    However, the token does not give its holders the right to interact and does not act as an investment into CertiK Foundation. Being issued inside a PoS-powered system, the token carries various benefits to incentivize holders to participate in staking and securing the network.

    Apart from being used on the CertiK protocol, CTK is a significant ingredient in the CertiK Chain. Here, the token is used to pay for transaction fees.

    In return, the fees reward staking nodes on the chain. Also, the token is used to reward those who delegate their CTK holding to validator nodes.

    CTK Token Allocation
    CTK Token Allocation (Image source: Binance Research)

    The token’s first issuance was achieved through two private sales that sold a total of 38 million CTK tokens worth a cumulative $39,430,000. Apart from the private sale 1 & 2 (29.0% & 9.0% respectively), the token distribution allocated 1.5% of its total supply to Binance Launchpool, 10.0% to the CertiK team, 25% to the CertiK Foundation, 17.5% to the community pool, and 8.0% to the CertiKShield pool.

    What is CertiK Chain?

    CertiK Chain is a blockchain protocol powering the CertiK ecosystem. It is highly secure and has cross-chain interoperability. To effectively achieve its mission, the platform incorporates key components such as a security oracle and a CertiKShield pool.

    Let’s dig into each of these components.

    CertiK Chain
    CertiK Chain (Image Source: CertiK Chain Whitepaper)

    CertiK’s Security Oracle

    The platform’s security oracle compresses audit reports to make them available on-chain. Basically, audit reports hold information as to the reliability of smart contracts. But, the reliability of smart contracts can be sabotaged by the data it uses to make decisions.

    With these reports living outside blockchain platforms, it poses a security threat prompting CertiK to bring them on-chain through its security oracle. Consequently, the network can effectively verify the security of a smart contract.

    Note that this component allocates scores depending on a smart contract’s latest audit report. The scores give an overview of a contract’s code reliability.

    CertiK Security Oracle
    CertiK Security Oracle (Image Source: CertiK Chain Whitepaper)

    More than just scoring contracts, the security oracle can track and report unaudited smart contracts. A distributed security team handles such reports. Using the CertiK Oracle Combinator, results from the security team are aggregated into a single score that can be accessed online. And, of course, the security team is rewarded.

    Luckily, this functionality is crucial in a decentralized finance (DeFi) setting where unaudited smart contracts are wreaking havoc. For example, by incorporating the CertiK’s security oracle, the responsibility of an audit is shifted from the contract creator to the contract users.

    CertiKShield Pool

    The CertiKShield pool is a unique component meant to minimize the risks emanating from the private nature of (most) cryptocurrencies. This may include losses from both avoidable and unavoidable circumstances such as house fires.

    The shield works by providing a flexible pool of CTK tokens. Since the token uses on-chain governance mechanisms, it can be used to compensate losses sprouting from inaccessibility and/or theft.

    In other words, this operates as an insurance platform. But, its decentralized nature allows it to receive inputs from all involved individuals before settling a claim.

    The CertiKShield Pool is made up of collateral providers and shied purchasers. Collateral providers earn staking rewards while shield purchasers pay for requested protection.

    CertiK Chain Architecture

    The main components of the CertiK Chain are baked together in an architecture that can achieve provable trust. Apart from the security oracle and the shield pool, the network’s backbone comprises a virtual machine and the DeepSEA toolchain.

    CertiK Virtual Machine (CVM)

    The CVM effectively eliminates the errors that may be introduced when converting smart contract code from human-based language to machine language. Although these errors may be unknown to contract developers, they pose a severe security risk.

    Being a security-first decentralized platform, the CVM relies on the output of DeepSEA, a certified compiler. The compiler’s output includes bytecode and mathematical proofs. The proofs can be used to isolate smart contracts’ code that doesn’t meet the security standards.

    DeepSEA Toolchain

    DeepSEA is a compiler and a programming language that’s hailed for its security. Notably, the CertiK-native tool is developed in conjunction with researchers from leading learning institutions such as Columbia and Yale University.

    DeepSea ToolChain
    DeepSea ToolChain (Image Source: CertiK Chain Whitepaper)

    The toolchain can determine the complex correctness properties of smart contracts. As such, it enhances the security of the network and products built on top of it.

    CertiK Governance

    The CertiK protocol uses on-chain governance methods to enable community involvement in decision-making. However, to vote for proposals, CTK holders can either delegate their voting powers to validators or vote directly. Validator nodes ensure the smooth running of the platform through powering activities such as block production.

    CertiK accommodates five types of proposals from its community:

    • Plain text: These are proposals that request modification of things like altering the number of incentives paid to validators.
    • Software upgrade: They lead to code modifications. They may include proposals to add new features.
    • Bounty: Examples of proposals in this category include those touching on creating chain artifacts and conducting security audits.
    • Community pool spend – They cater for the transfer of funds from a pool to an individual address, for instance, an individual developing a CertiK-specific product or upgrade.
    • Certifier: They are submitted by a certifier with a request to add or remove a certifier. Note that certifiers and validators vote on proposals.

    Conclusion

    In a space where malicious actors are always on the prowl for weaknesses in DeFi-focused smart contracts, CertiK provides the much-needed peace of mind. In addition, enabling a decentralized contract audit removes the need for DeFi users to solely rely on reports provided by the team, which, in some cases, are anonymous.

    From the security oracle to the reimbursement pools, to DeepSEA, the network structurally achieves a security-first approach with provable trust.

    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

    The DeFi series on this website also covers topics not explored on YouTube. For an introduction on what is DeFi, check out Decentralized Finance (DeFi) Overview: A guide to the HOTTEST trend in cryptocurrency

    Tutorials and guides for the ESSENTIAL DEFI TOOLS:

    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.

  • CUDOS: monetizing excess computing resources?

    CUDOS: monetizing excess computing resources?

    CUDOS aims to let users sell their excess computing resources through a collaborative consumption network platform.

    In the over 11 years since the launch of the first blockchain, Bitcoin, we have seen a need to connect decentralized networks with real-world data to spur the networks’ usage. The first solution is to introduce layer 2 chains to process transactions before committing them on the underlying immutable protocols.

    However, in the rapidly changing blockchain and physical world, we need a platform that is Turing complete, unlike Bitcoin. One that can handle virtually anything we throw at it without hitting a memory or processing power bottleneck. This is what CUDOS aims to do.

    Background

    In 2017 Matt Hawkings founded the CUDOS protocol. In the past, Hawkings worked in different technology companies in various capacities, such as being the chief technical officer of CORETX and the managing director of C4L.

    Other team members include Andrew Sturmey (CTO), Pete Willis (Development Manager), Joan Garcia I Tormo (Data Scientist), and Richard Poole (Lead Developer/ Architect). The development team works under Cudo Ventures.

    Notably, the project’s advisors come from reputable firms such as AMD, Sony Entertainment, and ESET UK.

    What is CUDOS?

    The CUDOS network is a decentralized layer two chain bringing cloud computing functionalities to decentralized platforms.

    CUDOS uses a group of smart contracts that sit at the center of the computing functionalities. Also, the smart contract acts as oracles to interface off-chain data with blockchains and vice versa.

    Since blockchains use different programming languages, CUDOS’ Turing completeness enables data processing for a wide range of distributed protocols regardless of their underlying programming language. This means that you can process data for Python and Go-programmed networks with ease.

    How CUDOS Works

    To incorporate Turing-completeness and merge blockchain and cloud computing, CUDOS uses validator nodes known as CVNs (CUDOS Validator Nodes).

    Smart contracts allow blockchain developers to interact with CVNs by specifying the number of validator nodes to process their desired data.

    The benefit of this approach is that it enables developers to choose the ideal configuration depending on the task at hand.

    Where a task spreads across multiple nodes, the nodes share individual results with each other for consensus. Note that agreement can either be conducted outside or inside the blockchain. Off-chain consensus minimizes the transaction costs.

    Notably, to be eco-friendly, the project taps into the idle computing power of data centers and other computing devices that would wish to contribute their power to earn incentives.

    How CUDOS works
    How CUDOS works

    On the surface, a developer interacts with Ethereum smart contracts, which in turn pings to the CUDOS oracle contract. From here, it connects to validator nodes, either on-chain or off-chain. Validator nodes then interface with CUDO data centers that operate on top of the CUDOS platform.

    CUDOS Use Cases

    Being Turing complete means the platform can process almost anything. Consequently, this expands CUDOS’ use cases. At its basic structure, the network can be used as a layer two oracle to deliver data to and from smart contracts.

    Furthermore, its computing capabilities make it a perfect fit for decentralized finance (DeFi) applications, scientific research, data analytics, artificial intelligence, and video rendering.

    Advantages of Using CUDOS

    CUDOS has numerous benefits due to its unique approach of connecting off-chain and on-chain systems. Key among them include;

    • Efficiency enhancement – The protocol improves efficiency for developers to optimize workflows and improve the accuracy of results.
    • Cost Reduction – It is estimated that CUDOS’ users save more than 75% compared to when using traditional cloud computing services.
    • Flexible management – With CUDOS, you decide how much computing power you need; there are no limits. In addition, it allows users to compute how much processing power they need before running a task.

    CUDOS’ Token (CUDOS) and Governance

    Interestingly, the network and its native token share the same name, CUDOS.

    CUDOS token use cases

    The CUDOS token has 3 main use cases.

    • Gaming: The Cudo platform allows gamers to rent out their spare computational capacity for tasks such as video rendering, AI computing and scientific research. CUDOS tokens are given as a reward for their efforts. These can then be used to access others’ excess computing resources so they can play games that push their hardware past its limits.
    • Charity: Users can donate their computer’s idle resources to charity. Currently, cryptocurrency miners can use Cudo to contribute the tokens they have mined into their selected charity’s preferred payout currency and deliver this to the charity.
    • Staking: The CUDOS token can be staked to participate in securing the network.

    Note that stakers’ rewards emanate from revenues generated on the protocol. Staking takes two forms. You can stake the base asset to become a validator node, or you can delegate your coins to a staking node to earn staking rewards.

    You may have noticed the token doesn’t directly have governance capabilities. This is because CVNs handle the governance aspect. CVNs’ integrity during the decision-making process is determined through a trust score. The score takes into consideration its stake and past behaviors.

    How do you become a CUDOS Validator Node?

    To become a CUDOS Validator Node, a node has to stake 2 million CUDOS tokens (with a minimum 3-month lockup). Fortunately, a validator node receives a percentage of the transaction fees charged on tasks. Also, they receive staking rewards. On the other hand, developers benefit from enhanced security provided by CVNs’ hardware encryption.

    CUDOs’ layer 2 network will run up to a maximum of 100 validators, so slots are limited!

    Staking on the CUDOS Protocol

    CUDOS supports delegated staking. With this scheme, CUDOS token holders stake their tokens with validators who then interact with the protocol. Validators’ stake amount determines the kind of jobs a CVN will receive. For example, the bigger the stake, the larger the jobs, the higher the rewards.

    the CUDOS token also acts as a governance token and the stake size is a measure of a validator’s voice in governance matters. If a validator misbehaves, the network confiscates its stake. For instance, if they fake the outcome of a task to save on computational power.

    Note that individual validators can decide whether or not to involve delegators when making decisions.

    If you wish to un-stake your CUDOS tokens, be aware that the un-bonding period takes a total of 21 days.

    Staking rewards on the CUDOS network

    CUDOS will pay out staking rewards over a 10 year period. The first and second year reward levels are fixed, and from year 3 onwards the reward levels will be decided by community vote using the governance mechanism.

    CUDOS is also giving a ‘lockup rewards multiplier’ when you have staked your tokens for a set period. Currently, they plan to give a 50% bonus after staking for 6 months and a 100% bonus for a 12 month locked stake.

    Conclusion

    The CUDOS protocol brings a new dimension to the possibilities of blockchain technology. By being Turing complete, the protocol can handle many tasks from different blockchains regardless of their programming language. Another noble approach is the use of data centers and allowing everyone from desktop PC users to mobile device users to lease their idle computing power.

    Its base asset gives holders incentives to either delegate their coins or actively handle tasks on the network. With the current rise in DeFi and blockchain adoption, CUDOS opens the door wider to the world of unlimited possibilities.

    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.

  • MXC Exchange Allies With Solana to Launch Liquidity Sharing Protocol Raydium on M-Day

    MXC Exchange Allies With Solana to Launch Liquidity Sharing Protocol Raydium on M-Day

    Following MXC Exchange’s declaration of support for Solana-based USDC-SPL protocol earlier in March 2021, the rapidly rising Seychelles-based exchange platform has announced its listing of another Solana project – Raydium, which is set to be launched on MXC’s M-Day program on March 18, promising exchange users the chance to win 4,500 Ray tokens during the unveiling of the project.

    Raydium on Solana

    Raydium’s listing is a step forward for both Solana and MXC Exchange, building an even stronger bond that will benefit both platforms tremendously.

    Raydium is a market maker that offers high transaction processing speeds, a stable platform, shared liquidity, and super reduced transaction fees for its users. Built on Solana’s blockchain, Raydium was designed to take advantage of the order flow on the Solana-powered decentralized exchange (DEX) called Serum.

    The project will see users enjoy the best prices as well as the flexibility to move digital assets across different pools on the network and beyond. Serum supports asset swaps through multiple blockchains.

    Raydium’s decision to operate on Solana’s network was by no means an accident. The developers were able to lock on an opportunity to provide fast, reliable, and cheap transactions while cutting down on the high costs that would otherwise have been expended on Ethereum due to gas fees.

    For example, in order to swap, farm, harvest, or unstake on Ethereum’s native automated market maker (AMM), you would be spending about $100. While the same transactions on Raydium cost only about 10 cents. The wide margin in fees afforded by Solana makes it the ideal platform to build a next-level market maker like Raydium.

    Raydium’s Launch on M-Day

    MXC Exchange’s devotion to innovative crypto projects is only rivaled by their allegiance to their users’ interests. This is the drive behind the 21st M-Day offering to all users who participate. The offer grants those who do not sell their Ray tokens 24-hours after the launch the ability to redeem them for the assets the Ray tokens was initially bought with.

    Participants would also be entitled to join a jackpot draw, a tradition in M-Day events. The schedule is listed below:

    1. Ticket claim: 22:00 March 17th – 17:00 March 18th, (UTC+8) 
    2. Draw result will be released at 19:00 (UTC+8), March 18th
    3. Asset exchange will be made at 19:30 (UTC+8), March 18th

    At the core of the activities on Raydium is the “RAY token” which currently has 18.5 million tokens in circulation. The supply is set to peak at 555 million tokens. The token would receive SPL token support on MXC AND will be listed as a trading pair that includes RAY-USDC and RAY-USDT.

    Raydium and MXC Collaboration

    MXC initially demonstrated its commitment to be at the forefront of the most promising crypto projects with their listing of Solana’s USDC-SPL listing. This new union with Raydium spells a future pregnant with more inspiring collaborations.

    With MXC exchange users getting privileged access to Solana’s products at their early stages, like the cheap and fast access they enjoy with USDC.

    The partnership also speaks highly of MXC’s insight. The team has once again demonstrated their incredible intuition, being able to spot promising projects like Raydium before any other exchange. An element that has contributed to their extraordinary growth since it launched in April 2018.

    Raydium-MXC Synergy

    The founder of Raydium, AlphaRay expressed his delight in the partnership in a statement where he said:

    “We are excited to partner with MXC to grow the Raydium and Solana ecosystem together. MXC’s strength in retail communities will greatly help Raydium to grow and bring highly efficient, low-cost DeFi products to the retail market.”

    The enthusiasm was echoed by MXC exchange’s VP, Katherine Deng, who stated how pleased the team back at MXC was to bring their users the opportunity to take advantage of Raydium’s listing on M-Day, stating:

    “M-Day gives users the chance to participate in discounted token sales of new and exciting projects like Raydium, while also giving them an opportunity to win awards.”

    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.

  • TotemFi ($TOTM): Combining prediction markets and DeFi

    TotemFi ($TOTM): Combining prediction markets and DeFi

    TotemFi is a blockchain-based prediction platform that operates on both the Ethereum and BSC networks, interfacing the prediction markets world with the decentralized finance (DeFi) ecosystem.

    In the predictions market, it’s either you agree with the system or leave the space. The ecosystem exists as a closed cave without a way to know whether you’ll get to enjoy the rewards even if you make a correct prediction. Blockchain technology came to the forefront to offer multiple solutions to the problems of traditional markets, and the predictions market should not be left out. Unfortunately, decentralized projects in the prediction world are yet to solve critical issues such as counterparty risks, accessibility, and bias.

    Fortunately, TotemFi is among the few reliable blockchain-based prediction platforms that aim to solve significant problems in traditional prediction markets through the use of, for instance, audited smart contracts. Additionally, it guards against cases where an individual’s prediction gets influenced by another. In this guide, we shall take a comprehensive tour of this project.

    Background

    Jolyon Layard leads the team as the CEO. He has a bachelor’s degree in mathematics and economics. Before joining TotemFi, he was a corporate tax associate at Grant Thornton LLP, CFO at Happy Space UK, and worked at One Young World in different capacities.

    Other key members include Harry Horsfall (CMO), Henry (CBO), and Dan (PR & Community). Note that the team members’ backgrounds cut across various industries such as cryptocurrency, brand management, and communications.

    DuckDao incubates the project in collaboration with Trustology, Ferrum Network, BlockPass, Certik, Lauchpool, among others. Its list of strategic partners includes Bluenode Capital, Alphabit, MoonWhale, and Nabais Capital.

    What Is TotemFi?

    TotemFi is a blockchain-based prediction platform operating on both the Ethereum network and Binance Smart Chain (BSC). Notably, the protocol interfaces the prediction markets world with the decentralized finance (DeFi) ecosystem. TotemFi offers solutions to five major ills in the prediction markets world.

    1. Financial risk – The platform guarantees that stakers will receive their incentives. As such, there is no way a staker will lose their input in the protocol.
    2. Incentivization – The conventional prediction market fails to form a clear incentivization route for individual and group participants. TotemFi breaks this hurdle by rewarding both parties for logical predictions.
    3. Accessibility – TotemFi uses decentralized applications (Dapps) to reduce and hopefully eradicate friction during the prediction process. It does this using a professional but easy-to-use user interface. The protocol take’s it a level higher by not penalizing inaccurate projections.
    4. Echoed influence – This happens when the market is influenced by factors such as partial media highlights and politics. The effect is largely felt on centralized prediction networks. To counter the impact, the project employs decentralization. Consequently, it distributes viewpoints and media sources.
    5. Counterparty risk – Verified and audited staking smart contracts help in building a trustless prediction platform. In return, it boosts user confidence and ensures that participants maintain ownership and control of their stake.

    How does TotemFi Work?

    The protocol works by interacting with various critical sections. Some of the areas include staking pools, prediction ranges, as well as results and tie breakers. (brownshvac.net)

    Staking Pools

    TotemFi staking pools provide a safe place for users to deposit their coins while waiting for the prediction of the price of cryptocurrencies like Bitcoin. These pools have varying maturity durations between 15 and 60 days. However, a pool only takes to the skies if it either reaches the maximum time limit or the pool’s allocation becomes full.

    Furthermore, the maturity date marks the end of the prediction date. For instance, a pool with a maturity length of sixty days means participants must predict the price of Bitcoin (BTC) in the next two months.

    Notably, TotemFi uses a single data source such as an oracle to check the prices of the assets, which enhances consistency and trust.

    TotemFi automatically births another pool with similar specifications to provide timeliness once a pool hits its allocation threshold.

    Prediction Range

    The range determines how far a participant can go with their price forecast. The number of the protocol’s native tokens, TOTM, held by a participant determines their projection range. More tokens mean a higher range and vice versa.

    However, TotemFi’s step function determines the range. The function gives the correlation between the TOTM stake size, the step size, and the range increase.

    Results and Tie Breaker

    In a prediction, the possibilities of a tie are very high. In case of a tie, the first person to provide the correct prediction becomes the winner. Also, this process applies in case a tie situation involves more than one participant. In such a scenario, users ranking is done in a chronological format.

    Staking Rewards and Price Pools

    Stakers receive guaranteed incentives. However, the rewards depend on the pool’s maturity time, staked amount, and staking time. Assuming that a staker lets their stake run peacefully for their entire pool maturity time, they’re likely to receive a tentative annual percentage rate (APR) of 60%, 65%, and 75% for pools with a maturity time of 15, 30, and 60 days, respectively.

    On the other hand, the prize pool contains both BTC and TOTM tokens. For example, in the case of a correct prediction, the winner takes home 0.03375 BTC and 1,687 TOTM coins, while the third in the winning queue gets 0.0110 BTC and 495 TOTM tokens.

    TotemFi Tokens (TOTM)

    TOTM has a fixed supply of 10 million tokens. This entire amount was excavated during the token generation event (TGE).

    The tokens go to advisors (8.5%), community development (10%), team (15%), seed (4.5%), and public sale (4.5%). Additionally, staking rewards get 16.5%, while strategic development, liquidity pool, and private sale get 15%, 6%, and 20%, respectively.

    TOTM tokenomics
    TOTM tokenomics (Image credit: TotemFi)

    Notably, the allocated coins are locked for varying months. For example, TOTM issued to staking have a lockup period of 48 months, while those meant for private sale have a five-month lockup period.

    Apart from rewarding predictions, TotemFi’s native asset acts as a governance token. Therefore, its holders are capable of taking part in critical decisions such as pool mechanics.

    Conclusion

    TotemFi is set to revolutionize an industry that is relatively underserved. Fortunately, a decentralized approach allows participants to blame themselves for not getting the forecasts right. Additionally, its use of blockchain increases participants’ confidence.

    Moreover, guaranteed incentives for stakers, as well as not penalizing incorrect predictions, allows everyone to participate, opening the door to broader adoption. Most importantly, the experience of the TotemFi core team, incubators, and advisors sets the project apart from other blockchain-based prediction networks targeting.

    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.

  • Risk Management Strategies in Crypto Derivatives Trading

    Risk Management Strategies in Crypto Derivatives Trading

    What is Derivatives Trading?

    A derivative is a contract based on an underlying financial asset such as a stock, bond, or currency. The value of the underlying asset is subject to changes according to market conditions. 

    Traders can use derivatives to earn profits by speculating future price movements of the underlying asset, a strategy becoming increasingly popular among cryptocurrency traders.

    Why the Need for Risk Management?

    The cryptocurrency market is volatile and speculative.

    Everyone will take losses, including the most experienced professional traders. That is the name of the game. 

    Without risk management, a trader could deplete their budget and the game is over. The most important goal is to stay in the game. By analyzing platforms like Online Casinos Schweiz, traders can gain insights into managing their funds wisely. As long as the trader is still playing, they can make up for losses. 

    For that reason, it’s important to know when to take losses, how to manage risk, and generally aim to make more good trades than bad ones. 

    Important Things to Consider Before Trading 

    First, a trader should determine their total budget. 

    It does not matter if it is $100 or $100,000,000. The essential point is to have a given budget freely available. Traders should not use loaned money, which has to be paid back at a deadline. Using retirement money is not encouraged either. 

    A trader’s budget should be considered as “play money”. If a trader is emotionally attached to that money, these emotions can affect their trading decisions. A trader should aim to be a calm and collected statistician, not a passionate and desperate gambler.

    Once a budget has been allocated, the next step is to look for a trade. There are tools available to find trades such as fundamental, sentiment, and technical analysis. But before entering a trade, a trader should determine the risk size, entry price, and stop loss.

    The general rule of thumb for new traders is to risk at most 1% of the budget per trade. 

    The entry price might be the current market price or the limit set for an order.

    Finally, it is essential to decide a stop loss before one enters a trade. How can a trader pick a stop loss? Technical analysis is the only available method, apart from randomly picking something. A trader can look at support and resistance levels, or trendlines.

    These are the four ingredients for risk management: Budget, risk size, entry price, and stop loss. Having these ingredients will make it easier to manage risks when trading.

    Transaction or Trade Volume

    The volume of a transaction or trade is also known as “position size”. The position size is defined in relation to a trader’s risk tolerance and the size of their budget. 

    What are some risk management formulas that traders can use to determine their position size?

    Here is one example:

    Position Size = (Risk x Budget) / (Entry Price – Stop Loss)

    Let’s say the trader has a budget of $10,000 and wants to buy Bitcoin for $30,000 with a stop loss at $29,500 and a risk of 1%.

    Their position size would be (1% x $10,000) / ($30,000 – $29,500) = $100 / $500 = 0.2. They can buy 0.2 Bitcoin for this trade to stay within their risk tolerance and budget.

    Some consider it advisable to make this calculation before every single trade. It can be tempting to take larger risks. (Zolpidem) However, this can be a recipe for disaster given the volatile crypto markets. 

    It’s always safer to stick to the math and be the calm statistician. 

    A trader can make a spreadsheet, where they can enter the parameters and it computes the position size or risk for them. This way it only takes a few seconds per trade and a trader can easily manage risks with every trade.

    Stop Loss Orders

    Stop loss (or just “stop”) is an order that traders can set to automatically close losing trades. It is the primary tool for risk management because traders can manage trades effectively during abrupt and unexpected market changes. 

    For instance, if there was some reported hacking, it could prompt a large price movement for the asset. If a trader has open trades and they happen to be in the opposite direction of the market movement, then they could be in danger of losing all their invested funds. A stop loss to sell will automatically prevent that from happening, which is why traders should always place a sell stop to avoid considerable losses.

    Traders can also use a buy stop to buy when a target price is hit. A buy stop can be useful for automatically buying into target entry points.

    Stick to the Trading Strategy

    A trading strategy is only effective when a trader sticks with it, in sickness and in wealth. 

    Trading is a matter of getting the law of averages to work in one’s favour, so maintaining discipline is vital for consistent and profitable trading. 

    That being said, a trader’s strategy should be developed to fit their own goals, risk tolerance, and lifestyle. It should be based on reality, not on hope. 

    If a trader tries to copy someone else’s trading strategy without truly understanding it, chances are they will be incompatible with the strategy and will have trouble following it.

    At the end of the day, each trader is accountable for their own trade decisions and therefore must be cautious when deciding on a trading strategy and seeking market opportunities. 

    Avoid Emotional Trading

    There are two main emotions that will try to sway a trader from their strategy: fear and greed. These emotions are the culprits behind FOMO.

    FOMO – the fear of missing out – is when a trader is afraid of missing out on a huge trading opportunity in the market. When FOMO happens, traders are susceptible to abandoning their strategy to chase the trading opportunity. 

    Greed can cause a trader to buy when prices are high because they are afraid of missing out on future gains, and fear can cause a trader to sell when prices are low because they are afraid of losing too much.

    Fear and greed are amplified when a trading decision is based on hype rather than research and calculated strategy.

    Understanding one’s emotions and keeping them under control will help traders avoid taking uncalculated risks caused by FOMO, and other emotional trading mistakes such as revenge trading.

    Revenge trading happens when a trader tries to force a trade to recover from a loss. It’s driven by anger suffered from the loss and lust to make it all back quickly. This type of trading can easily cause a trader to invest more than they can afford to lose.

    When a trader is overexposed in an asset, they aren’t trading or investing, they are gambling. When one gambles in general, things start going wrong, both logistically and psychologically.

    Final Words: Risk, Reward, and Statistics

    General wisdom says that it is best to invest and trade using small amounts of the total capital set aside for cryptocurrency.

    That wisdom is rooted in two general concepts: 

    1. Risk / Reward
    2. Statistics

    Statistically, the larger the bid size, the more potential risk / potential reward per position. 

    Reward is nice, but to ensure rewards over time it is vital to limit risk.

    The reality is that the risk of large bid sizes (relative to the total budget) outweigh the potential rewards statistically, over time, on average.

    Consider a budget of $100. Now consider using that entire budget and losing 50% twice in a row, as opposed to using half the budget and doubling it twice. One leaves you with $25 and the other gets you to $225.

    If $100 turns into $25, getting back to $100 will be a real challenge.

    But if 5% of $100 is risked, that’s a total of $5. Even if lost, getting back to $100 from $95 is much easier. Sure, it will take more time to get to $225 using smaller bets, but statistically there will be many more opportunities to make gains and avoid losses.

    There will be more room for skill, and less reliance on luck. Remember that anyone can get lucky, but luck can and usually will run out. Statistics are usually a safer bet.

    Sources:
    https://phemex.com/blogs/risk-management-in-cryptocurrency-derivatives-trading
    https://www.coininsider.com/risk-management-in-crypto-trading/
    https://learn.bybit.com/trading/crypto-trading-risk-management/
    https://www.axi.com/int/blog/education/5-effective-ways-to-fight-revenge-trading#:~:text=Step%20back%20temporarily&text=Take%20a%20day%20off%20or,consider%20revising%20your%20trading%20plan
    https://cryptocurrencyfacts.com/the-basics-of-risk-management-and-position-sizing-in-cryptocurrency

    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.

  • Bitfinex Exchange Review (2023): Wide, Advanced, and Secured

    Bitfinex Exchange Review (2023): Wide, Advanced, and Secured

    Bitfinex is a veteran cryptocurrency trading platform with a long history, but its past is not without controversy, leaving many to question its legitimacy. But for those looking for a secure and feature-rich cryptocurrency exchange, Bitfinex is worth checking out, offering users a range of security and other features that rival those of Coinbase and Binance.

    Sign up here to get started

    What is Bitfinex?

    Bitfinex is a premier destination for experienced traders from around the world. It is one of the top exchanges in terms of recognition and trading volume, serving all but a few countries. It supports both fiat-to-crypto and crypto-to-crypto trades, allowing users to buy and sell cryptocurrencies with ease. Finex is a secure platform with advanced features such as margin trading, lending, and order types. It also offers a mobile app for trading on the go. With its user-friendly interface and low fees, Bitinex is an ideal choice for traders of all levels.

    Bitfinex is a cryptocurrency exchange platform that offers a wide range of features, including margin trading, limit and stop orders, and over-the-counter (OTC) trades. It has an intuitive interface with easy-to-navigate dashboards and menus, and robust security measures. Despite this, Bitfinex has been hacked twice (in 2015 and 2016). Since then, it has improved its security and compensated lost funds to every user. Bitfinex is a reliable and secure platform for trading cryptocurrencies, offering a wide range of features and tools to help users make informed decisions.

    Key Features of Bitfinex

    Bitfinex is known for its core features such as:

    Exchange Trading: Central limit order books that let users to deposit, trade, and withdraw digital tokens.

    Margin Trading: By receiving funding from the margin funding platform, qualified customers can trade with up to 10x leverage.

    Margin Funding: The P2P financing market in which users can earn interest by lending funds to other users who trade with leverage.

    OTC Desk: Trades can be conducted directly between parties using Bitfinex instead of going through open order books.

    Ability to Purchase Cryptocurrency Using Debit or Credit Cards: OWNR and Mercuryo, third paty payment processors, are accepted by Bitfinex for cryptocurrency purchases.

    High Liquidity: As one of the leading exchanges in terms of daily BTC/USD trading volume, Bitfinex ensures price stability and trader confidence.

    Good Customer Support: For 24/7 support and a comprehensive knowledge base, users of Bitfinex can rely on email support with responses within 12 hours.

    Security: Bitfinex is a secure cryptocurrency exchange that takes extra precautions to protect user funds, such as cold storage, DDoS protection, encryption, and regular backups, as well as additional security measures like whitelisting, 2FA, U2F, and suspicious activity analysis.

    Variety of Trading Options: Trading participants have access to limit, market, stop, trailing stop, fill or kill, iceberg, OCO, hidden, and post-only limit orders in addition to funding and leverage trading.

    Market Pairs: About 100 market pairs are available on the platform, including those for well-known coins like Bitcoin, Ethereum, Ripple, and EOS as well as well-liked alternative coins like TRON, Stellar, NEO, 0x, QTUM, and many others.

    Key Advantages of Bitfinex

    Bitfinex is a popular cryptocurrency exchange that has been providing users with a secure and reliable trading platform for over five years, earning positive reviews from users along the way.

    A Cryptocurrency Exchange Targeted Toward Professional Traders

    Bitfinex is a cryptocurrency exchange platform that is mostly aimed at crypto trading professionals. It offers advanced order types such as limit, stop-limit, stop, fill or kill, and scaled, as well as the ability to customize the interface. Advanced crypto traders can also view more-informative charts. This makes Bitfinex a great option for professional traders, as evidenced by the many user Bitfinex reviews.

    Plenty of Trading Pairs (400+)

    Crypto trading pairs are an important factor for professional cryptocurrency traders. Bitfinex offers over 400 different trading pairs, including both fiat-to-crypto and crypto-to-crypto options. This wide selection of trading pairs allows traders to find the best option for their needs, and potentially make more profits. With Bitfinex, users can take advantage of low fees, taxes, and account limits to maximize their profits. With so many options available, traders can find the perfect crypto trading pair for their needs.

    High-Level Security Features

    Bitfinex is a popular cryptocurrency exchange platform that offers a wide range of features and services. It has suffered some security issues in the past, but the platform has taken steps to ensure that its users are protected. It has implemented two-factor authentication, cold storage, and other measures to ensure the safety of user funds. Additionally, it has a dedicated security team that monitors the platform 24/7 and responds quickly to any potential threats. With these measures in place, users can rest assured that their funds are safe and secure on the Bitfinex platform.

    Bitfinex is a secure cryptocurrency exchange that pays close attention to IP addresses and user information. It also offers additional security measures such as allowing withdrawals from a single, set IP address and cold cryptocurrency storage. Cold storage refers to keeping crypto coins in hardware devices that are not connected to the internet, making them virtually impossible to access. (caldwell.edu) With these security measures in place, users can rest assured that their funds are safe and secure on the Bitfinex platform.

    The exchange keeps 99.5% of its users’ crypto assets in cold storage devices, which is one of the best security features that it employs. Many users of the exchange agree that Bitfinex has learned from past controversies and that the current security measures in place are both reliable and adequate. This ensures that users’ funds are kept safe and secure, giving them peace of mind when trading on the platform.

    Derivative Trading Option

    Bitfinex is a popular cryptocurrency exchange that offers its users a variety of trading options, including derivatives. Derivatives are contracts that are tied to the asset being traded, such as Ethereum. This allows users to invest in an asset without actually purchasing it, allowing them to take advantage of market opportunities quickly and easily. Bitfinex reviews are positive, with users appreciating the convenience and flexibility of the platform.

    5 Different Fiat Currencies are Supported

    It is a cryptocurrency exchange that allows users to make deposits with five different fiat currencies – USD, EUR, GBP, JPY, and CNH – via wire transfer. This makes it easier for users to purchase cryptocurrencies without having to go through the tedious process of transferring other coins from their wallet. Bitfinex also offers a wide range of trading options, making it a great choice for both experienced and novice traders. With its user-friendly interface and secure platform, Bitfinex is a great choice for those looking to buy and sell cryptocurrencies.

    Key Disadvantages of Bitfinex

    Despite its many features and benefits, Bitfinex has had a controversial past which may raise questions about its legitimacy.

    Conflicting History

    Bitfinex, one of the world’s leading cryptocurrency exchanges, experienced two major break-ins in 2015 and 2016, resulting in the loss of user funds. In response, the exchange reimbursed all affected users in full. The hacks had a major impact on the crypto community, and served as a warning to other exchanges to strengthen their security. Since then, Bitfinex has taken steps to ensure their platform is as secure as possible, and have received positive reviews from users.

    Perhaps Not Appropriate for New Traders

    It is an exchange built for professional traders. It offers a wide range of features, but these may be difficult to understand for beginners. If you are new to crypto trading and want an easy-to-use platform, Coinbase may be a better option. Bitfinex is known for its security, but users should be aware that it may not be suitable for those with little knowledge of financial markets and investments.

    Fees

    It has a “maker” and “taker” fee model, with taker fees ranging up to 0.2%. Deposits are free, and withdrawals cost a bit depending on the cryptocurrency. Bitfinex is a great choice for traders looking to save money on fees while trading cryptocurrencies.

    How to use Bitfinex?

    Bitfinex is a popular cryptocurrency exchange that offers users a secure and easy way to buy and sell digital assets. Let’s take a look at how the actual registration process on the site works.

    Step 1: Go to the official Bitfinex website.

    Step 2: On the upper-right part of the screen, press Sign Up.

    Step 3: In order to open up an account, you’ll have to do the usual – create a username and password, and provide Bitfinex with your email address.

    Step 4: Now, you’ll be asked to confirm your email address.

    Step 5: You will now need to re-log into your account. And, that’s it – you’re in!

    Registering with Bitfinex is fast and easy, with two-factor authentication and identity verification available for added security.

    Conclusion

    Bitfinex is a popular cryptocurrency exchange that offers a wide range of financial and analytical tools. It is secure and has low fees, making it a great option for experienced traders with a varied portfolio of crypto assets. However, if you’re just starting out, there are better options out there, such as Binance or Coinbase. Before trading on Bitfinex, make sure to read up on the platform and understand the risks involved.

    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.