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  • 2020 cryptocurrency exchange news recap

    2020 cryptocurrency exchange news recap

    After our 2020 Roundup article where we reviewed this year’s biggest trends, let’s now dive deeper into what happened in the world of crypto exchanges.

    The surge of Defi and its DEXs (decentralized exchanges) has collapsed CEXs’ (centralized exchanges) volumes drastically. If Uniswap is the clear King of DEXs, the same we can probably say for Binance among CEXs, where it leads on both rankings for spot and derivatives. But the fight against decentralized exchanges has just started and new ideas and concepts are needed to keep up with the competition.

    As we shall see, the CEXs that managed to better keep up against Defi are the ones that tried and innovated the most, sometimes directly inspired by DEXs.

    Uniswap

    Uniswap is the clear winner among all kinds of exchanges in 2020.

    Uniswap TVL in 2020
    Uniswap TVL in 2020

    Its TVL (total value locked) has literally skyrocketed in the second half of the year, reaching more than $3 billion in November before dropping when $UNI pools ended giving rewards to Liquidity Providers.

    Uniswap has constantly been the most used Dex in crypto and has terribly helped Defi’s growth. It is “The” place where to find new listings and the deepest liquidity on Ethereum. If you are looking for an existing ERC-20 token, you can be sure it is there. Anyone can open a new pool, it is as simple as providing some tokens plus some Ethereum on the platform, and it’s done. 

    Uniswap doesn’t have a order book: the platform relies on an AMM (Automatic Market Maker) system to provide for trading liquidity. Although purists may miss order books, AMM has proven to be a new and successful way to swap tokens.

    In September, the platform distributed 150 million $UNI (their new governance token) to anyone who came in touch with the website, whether just swapping or pooling liquidity. A minimum of 400 tokens were sent to each user, for a value of around $1500 in the first hours of its existence (for patient holders, the value tripled in during the day).

    This airdrop attracted so much attention to the platform that other protocols did or are planning to do the same thing in the next future. With Uniswap V3 and all of its innovations expected to be released pretty soon, some can only wonder where $UNI can go!

    If any of you has been sleeping throughout the last months and still hasn’t claimed his tokens, you can follow our video guide here!

    How to claim free $UNI on Uniswap

    Binance 

    Binance succeded at remaining the biggest Cex for volumes, with a daily ATH of $15 billion in spot trading and of $37 billion in futures (up by 34 billion compared to 2019!). It retains the first position on both rankings. (Ativan)

    Part of their success is due to numerous initiatives that they introduced throughout 2020.

    In April, Binance presented their Card (later on Binance also acquired Swipe, a multi-asset digital wallet and Visa debit card platform), which is now supported in more than 180 countries.

    One of the most important innovation on the year is “Launchpool”, which lets users farm new tokens like in Defi. Stakers can accumulate rewards prior to a listing that will happen directly on Binance after a few weeks (usually). Moreover, Launchpool offers single-token staking so users don’t even have to be wary of Impermanent Loss. Projects like Bella Protocol ($BEL), Flamingo ($FLN) and $WING have were presented via Launchpool.

    September has been a great month for Binance. They firstly launched Binance Smart Chain, a blockchain created to run parallel to Binance Chain where devs can create Smart Contracts and Defi solutions. The exchange then immediately introduced “Liquid Swap”, a new trading platform that allows users to reap the benefits of Defi, with the first AMM product in any CEX ever. Users can pool their funds on Liquid Swap earning trading fees like on a AMM DEX. 

    Simultaneously Binance Labs, the venture arm of the exchange, has continued investing in new projects to empower crypto. They helped, among others, 1inch, Dodo and Math.

    On a side note, after the launch of Binance U.S. in 2019, the “.com” platform has now slowly been giving a 14 days notice to U.S. customers (both those who went through KYC and those who simply access the website from within the country) advising to withdraw funds before the account is blocked. It appears that customers who use VPNs are “safe” for the moment.

    FTX

    Ftx, the known derivatives exchange led by the omnipresent Sam Bankman–Fried, has surely been on the cutting edge among CEXs this year. The team worked very hard trying to anticipate trends and they seem really good at giving their customers what they have been hoping for.

    “Why should we trade crypto and stocks on separate exchanges?” That’s probably what Sam asked himself at a certain point. So, no sooner said than done, the answer arised: tokenized stocks. Two partnerships with CM-Equity (Germany) and Digital Assets AG, DAAG (Switzerland), were decisive for the accomplishment. Although trading stocks on FTX looks similar to trading crypto, it is important to notice the difference.

    “CM-Equity is fully regulated in Germany, and is a licensed financial institution permitted to offer these products. All FTX users who trade tokenized stocks may also have to become customers of CM-Equity, and pass through CM-Equity’s KYC and compliance. Furthermore, all trading activity may be monitored for compliance by CM-Equity. CM-Equity custodies the equities at a third party brokerage firm. CM-Equity (not FTX Trading LTD) provides the brokerage services”.

    Unlike in traditional markets, FTX’s Tokenized stocks will be tradable 24/7, and as of now they are more than 50, among which Netflix, Facebook, Apple and Amazon.

    FTX.US (the american arm) also put themselves (and the legitimacy of cryptocurrency) in the public eye as one of the top donors of the Biden’s Democratic Presidential Campaign. In particular, Sam donated $5,22M. While the real reasons remain probably unknown, we hope it will mark a step towards crypto recognition by authorities.

    Last but not least, we can’t forget to mention that the same team behind FTX is responsible for the creation of Project Serum, one of the most successful non-ETH order-book based Dex, running on the Solana chain (which handles around 50,000 tps).

    Get the latest insider dig on the happenings of the crypto world with Sam Bankman-Fried (FTX, Alameda, Serum)

    Sushiswap

    Sushiswap launched in August as a fork of Uniswap with added rewards by the anonymous founder Chef Nomi. We were then at the peak of the “Defi bull summer” and the success was sudden. Its TVL gained great traction but some drama was due to happen. A week after, the anonymous dev removed its liquidity and sold $14 million worth of $ETH, starting a 50%+ drop in price. At that point, an offer was made by Sam Bankman-Fried to step in and remove Chef Nomi from the project.

    Highs and lows have followed since then, but Sushiswap is still the second DEX for TVL (around 33% less than Uniswap) and one of the most successful. Many are the partnerships and its advisors are among the best that crypto can offer. Even though some will neve forget that Sushiswap literally “stole” liquidity from Uniswap, migrating pools to their platform and thus reducing Uniswap’s TVL dramatically, many are ready to bet that this project is here to stay.

    Mt.Gox

    December the 15th was the due date for Mt.Gox exchange creditors to finally receive part of their loss funds after years. The exchange repeatedly lost cryptocurrencies between 2011 and 2014, when it filed for bankruptcy. 140,000 $BTC (almost $4 billion dollar worth as of now) have since then been found and should be sent to users as partial refunds.

    As suspected by many, it looks like the deadline has not been respected and creditors are still waiting for their money. A few days ago, someone noted a transaction from a Mt.Gox wallet, something which led many believe that the distribution had actually started.

    Unfortunately that was not the Mt.Gox rehabilitation plan wallet, but the F2Pool cold wallet. There has been no confirmation that the creditors had received any fund yet.

    BTC Markets accidentally exposed their users’ names and email addresses 

    BTC Markets, an australian crypto exchange, has mistakenly send out a compromised marketing round of emails. During a routine operation, instead of individually sending out email to their customers, personal data was exposed in the “to” field. The emails were sent in batches so that each user data had been potentially seen by 999 other people.

    The mistake didn’t directly compromise sensible info such as passwords so funds remained safe, but this type of error is something that can definitely worry crypto adopters and possibly make them change platform. Users don’t want strangers to know they own crypto, and we hope that this kind of mistake won’t happen again.

    Kraken, the first to win Bank Charter Approval in the U.S.

    Kraken is the world’s first Cryptocurrency Exchange to get approved as Special Purpose Depository Institution (SPDI) by the State of Wyoming. “Kraken Financial”, this the name, is the “first digital asset company in U.S. history to receive a bank charter recognized under federal and state law, and will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets”.

    The exchange will enable its clients to bank seamlessly between digital assets and national currencies and will be regulated in similar manners to other U.S. banks. The SPDI is a “custody bank” but for digital assets (such as cryptocurrencies) and it’s required by law to always maintain 100% reserves of its FIAT deposits.

    Huobi exchange

    It all started with big $USDT (and other currencies) transactions spotted moving in and out of the exchange, the largest in China, on November the 2nd. At the same time, rumors of one of the Chairman being arrested increased the FUD which led to a sharp dump in price of $HT, the Huobi token, and to a rush in withdrawing $USD out of the platform. The exchange then denied all the allegations and the situation returned back to normal in the next days.

    More info can be found in this article.

    Okex

    We have extensively covered the Okex story in our developing article.

    On October the 16th, all the withdrawals were suddenly halted on the platform and the suspension has lasted until November the 27th when all operations were reopened without restrictions. As confirmed later on, the original cause was one of the exchange’s private key holders cooperating with the authorities. He was therefore unable to complete the authorization processes needed to allow external transactions.

    Star Xu, the person held in custody by the police, has been investigated for matters that have nothing to do with the exchange. Xu was allegedly assisting the authorities (he is now back to normal business activity) about funds he borrowed from a Shanxi-based underground bank in 2019.

    Kucoin

    Kucoin, one of the leading crypto exchanges based in Hong Kong, suffered a security breach on September the 26th. The total amount stolen, a whopping $281 million in $BTC,$BSV $LTC and other coins, is one of the largest in crypto history. The hacker (or hackers) was somehow able to take possession of the centralized exchange’s hot wallets private keys, achieving the ability to move funds around. He then withdrew and started dumping them on DEXs. Kucoin immediately transferred the rest of the funds to new wallets and suspended all deposits and withdrawals.

    It appears that Kucoin hot wallets’ private keys hadn’t been changed for over 3 years at the moment of the breach, which is another confirmation that the famous saying “not your keys, not your crypto!” is an evergreen.

    We must hope that all these attacks will be helpful in the long run, enabling stricter security procedures by exchanges and platforms, necessary if crypto final goal is mainstream adoption!

    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.

  • ChainGuardians ($CGG): play games to earn cryptocurrency?

    ChainGuardians ($CGG): play games to earn cryptocurrency?

    ChainGuardians is powered by the technology that allows digital asset tokenization, creating an ecosystem where blockchain meets play. Here, users can have fun on the platform while earning rewards in the form of cryptocurrency. They can also participate in popular blockchain activities such as mining or staking without much complexity.

    Check out our interview with Co-founders Emma Liu and Idon Liu (from 23:00 onwards)

    Background

    The team behind ChainGuardians built the platform to create an enjoyable and worthwhile blockchain gaming experience for its players. According to the team, the majority of the gaming content is still currently only accessible on web browsers but they are planning to create an independent gaming platform for it.

    What is ChainGuardians?

    ChainGuardians is a cryptocurrency-meets-anime-themed blockchain collectible game powered by non-fungible tokens (NFT). The game is available both on mobile and web platforms, making it very accessible to its users. It is also built on top of Ethereum while its in-game assets are based on the ERC-721 standard.

    The goal of ChainGuardians is to introduce a gaming element in the blockchain ecosystem, implementing chain analysis technology and advanced game economics to govern the platform’s mechanics.

    All in-game assets are considered crypto-collectible NFTs. These are, for example, weapons, armors, and even the in-game characters i.e. Guardians. The purpose of having them tokenized is to make sure that they are unique and safe against counterfeiting.

    All the collectibles, as well, are of limited quantity. They can also be either bought or sold on secondary NFT marketplaces.

    While there are a lot of blockchain-based games today, according to the team behind ChainGuardians, their difference is that their governance is more community-based. There are other steps that the team said they were doing differently against others, which are:

    • The constant development of end-game content and platform playability;
    • Introduction of multiple game modes, including player-versus-player modes;
    • Rebalancing of Guardians, lower ranking characters, items, and game economy, as they are needed;
    • The constant development of the battle meta;
    • Introduction of ‘Bring Your Own NFT,’ where users can integrate their own NFTs on the platform;
    • Loyalty reward system;
    • Bot prevention system; and
    • Commencement of events and competitions to encourage player activity.

    The platform offers a free-to-play NFT mining game and a role-playing game (RPG). Players can earn rewards for participating in either of the two.

    For the game’s newcomers who just want to try out the game modes first, the platform offers a guardian simulation mode. For this mode, users will not need to own any crypto-collectible, or NFTs. This means, however, that their progress will not be factored in the actual game economy. They will also not be entitled to rewards in the simulation mode as well.

    Crypto Boost is another feature made available on the platform. This gives existing cryptocurrency holders additional incentives in playing the game. To ensure that the accounts are in good crypto standing, their transaction history and holdings will be evaluated through Chain Analysis.

    NFT Mining Game

    Players can choose to participate in the game’s ecosystem by staking NFTs partnered by ChainGuardians. The process here is really simple. Users can either purchase their own NFT for staking or select from its supported projects called the “CryptoVerse Alliance.”

    After a player has chosen an NFT to mine, they can start mining. Rewards for mining NFTs are ChainGuardians Credits (CGC). These can be used to make in-game purchases on ChainGuardians RPG or for conversion to the ChainGuardians Governance (CGG) token (more on this later). Furthermore, this is free-to-play.

    ChainGuardians RPG

    Playing the RPG is another option for users to earn rewards from the platform. Basic game achievements, such as the increase in your character’s level or winning against other in-game enemies, can give the player CGC rewards.

    The goal of the players here is to work together to take down in-game enemies such as GateKeepers. This will help their characters gain power, credits, armaments, and other tools that they’ll need to progress in the game.

    The game is also a turn-based battle game, but when a player is not active, the platform allows AI-based battles that factor in the attribute of a player’s character.

    CGC rewards can be redeemed for CGG tokens or other available services on the platform.

    There is a daily schedule for the redemption of CGG and it factors in the activity of the player on the platform. The RPG is also free-to-play. 

    ChainGuardians play and earn
    How to play and earn on the ChainGuardians ecosystem (Image credit: ChainGuardians)

    CGG Token

    CGG is ChainGuardians’ Governance token. It is an ERC-20 token that represents a user’s stake in the platform. CGG holders can take part in important protocol decisions as well as earn rewards for continuously participating in the ecosystem.

    Chainguardians CGG tokenomics
    ChainGuardians ($CGG) tokenomics (Image Credit: ChainGuardians)

    There are many ways to earn an income from using CGG. Here are some ways:

    Liquidity Provider Token

    The platform has a liquidity pool backed by the POWER token. This is the ecosystem’s liquidity provider token. Users who stake CGG in the platform’s liquidity pool are entitled to POWER rewards which they can redeem later on. The pool supports the CGG and ETH trading pair of the platform.

    In addition, users can choose to just provide CGG pairs on the platform’s liquidity pool. They can also earn POWER in doing so.

    NFT Staking

    CGG holders can stake their tokens on the platform’s supported NFTs. This way, they can potentially earn more NFTs and partner tokens as their reward.

    Governance

    The platform’s governance is community-based, which means that CGG holders are the ones voting on the ecosystem’s mechanics and protocols. Some of these decisions cover the following:

    • Future in-game characters and their abilities;
    • Game economics and balancing schemes;
    • APY for stakers and the supported NFTs; and,
    • Hash rates for NFT miners.

    Conclusion

    The game is indeed an interesting use case for blockchain technology. Apart from the introduction of NFTs, it also features a liquidity mining and staking option that many cryptocurrency holders find easy to work with. 

    The project has done good work in integrating advanced blockchain concepts into a more gamified experience for users.

    With the successful application of most blockchain technologies such as governance tokens, NFTs, mining, perhaps the next step for ChainGuardians is to make a scalable platform should more players join. All in all, the project is a promising display of the blockchain’s capacity while easing them towards the basic concepts that back most projects in DeFi.

    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.

  • FinxFlo ($FXF): Cost-saving crypto trading?

    FinxFlo ($FXF): Cost-saving crypto trading?

    Despite the apparent growth of the crypto ecosystem, one major problem faced by traders is the cost. Many retail traders often fall victim to exchanges that quote unfair asset prices. Unfortunately, these shortcomings can lead to distortions in the market. This is where FinxFlo comes in to provide a solution.

    FinxFlo is a platform that seeks to allow its users to trade with 25+ exchanges (DeFi and CeFi based) from a single interface, with a one-time KYC verification process. Therefore, traders on FXF can access the best price for the asset to be traded. With just one account and one KYC process, traders can maximize the prices and rates provided by the platform.

    Furthermore, the brokerage also enables traders to make informed decisions by providing them with accurate and real-time information and ensuring transparency.

    Background

    Founded in 2019, Finxflo comprises a multi-cultural team of individuals with successful stints in various industries such as Law, Finance, Fintech, etc.

    The CEO and Co-founder, James Gillingham, is a household name in the world of investments, who has once owned a trade algorithm platform, which he sold off later at the tender age of 23 in a big deal.

    Along with Thomas Plaskocinski, he is channeling all that experience towards creating a simple yet effective solution to most traders’ problems, namely, market volatility.

    FinxFlo operates under an exemption granted by the Monetary Authority of Singapore (MAS) within the Payment Services Act 2019. Meanwhile, further regulatory approvals in other jurisdictions are underway.

    What is FinxFlo?

    FinxFlo is a crypto brokerage platform that aggregates offers from the top exchanges to create a fair market environment and provide more liquidity.

    Using Decentralized Finance (DeFi) model and concepts, FinxFlo doubles as a price aggregator platform with brokerage services to help traders and investors identify the best buy and sell positions for digital assets.

    That way, they can avoid the risks that exist within the crypto markets. But not only that, FinxFlo offers its users the privilege to trade at a low fee.

    Through its native token, FXF, users can earn rewards by engaging themselves in various activities available on the platform (more details in the subsequent sections). 

    In short, the platform combines the best of Defi and CeFi into a single product.

    The Advantages of FinxFlo

    FinxFlo advantages
    FinxFlo advantages (Image credit: FinxFlo)

    Smart Order Routing

    It’s the proprietary concept at the heart of the FinxFlo trade algorithm. Whenever a user enters an order, the platform automatically compares available prices on different exchanges and selects the user’s overall best option.

    With it, users are ensured to derive maximum returns on their investment without having to swap platforms.

    Dark Pool Trading

    Front running, which closely resembles the popular pump and dump strategy, occurs when, as in most cases, a whale investor moves to cause a sudden change in the price of assets by creating a large transaction.

    Cryptocurrencies are not immune to such manipulation. But this is where the Dark Pool feature comes in. The function protects users from unsuspected market movements by enabling users to exit a trade in the case of such events swiftly. At the same time, if the user can pull profits with his position, the trade will be allowed to continue.

    A Unitary portal

    In trying to keep pace with this fast-evolving industry, most crypto traders end up owning even more than five accounts with different exchanges to access the extra privileges offered on each.

    But thanks to FinxFlo’s one account, one KYC, one wallet, and one interface policy, users can have all their needs met on a single portal without losing any of the benefits that come with having multiple accounts.

    Furthermore, FinxFlo’s combination of the Ethereum and Tron blockchain network means, for the first time, traders can access different asset pairs not available elsewhere.

    Token Mining

    On other exchange platforms, traders’ rewards are the profits they make with successful orders. On Finxflo, even the list performing traders get rewarded for their activities.

    This process is also referred to as Trade Mining.

    FinxFlo Fees

    On FinxFlo, a trading fee of 0.1% (for each buy or sell order) is deducted at the execution point. In addition, fund withdrawals are completely free.  

    Exchange Security

    Security and safety are arguably the most sensitive issues users worry about when selecting a good crypto exchange. For several years, various protocols and upgrades have been developed to address this issue but theft and hacks are still on the rise.

    For this reason, FinxFlo has partnered with Fireblock to insure users’ assets and also provide top-level security based on the latest cybersecurity technology.

    FinxFlo token (FXF)

    FXF is the utility token of the platform, which is built as a blockchain 3.0 asset to facilitate interoperability between two separate networks, Ethereum (as an ERC20 coin) and Tron (as a TRC20 coin).

    To enjoy some of the most exciting benefits of the ecosystem, users must hold the FXF coins. Aside from that, there are other lucrative benefits that come with having an FXF token in one’s FinxFlo account such as staking and yield farming.

    FXF token is available for trading on Uniswap, Gate.io and Bilaxy.

    FinxFlo tokenomics
    FinxFlo tokenomics (Image credit: FinxFlo whitepaper)

    Staking

    Trading fees accumulated over time are distributed to users through a reward pool system. To be eligible, token holders would need to stake their FXF holdings on the network. Users would have their rewards distributed via a smart contract relative to their staked coins.

    Yield Farming

    Similar to other DeFi platforms, FinxFlo offers a yield farming program. But unlike how it is being provided on other exchanges, FXF token holders are automatically listed as Liquidity Providers (LPs).

    These locked tokens are used to create funds, which serve as margins for FinxFlo exchange partners. In return, LPs get additional FXF assets as rewards. Most crypto investors utilize this process (called Liquidity Mining) to create additional income streams for themselves.  

    Conclusion

    With all the recent hype centered around crypto such as the Gamestop and Dogecoin debacle, major corporations like Tesla buying into Bitcoin, etc., many newcomers are now eager to join the blockchain movement, which also exposes them to massive risk.

    Fortunately, Finxflo’s vision to mitigate the risks of trading overhyped digital assets. Therefore, if the project becomes widely adopted, the crypto universe will see an even bigger influx of new individuals who will actively participate in trading, liquidity mining, as well as other crypto activities.

    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.

  • XFai ($XFIT): Can it resolve the liquidity and gas fee issues in DeFi?

    XFai ($XFIT): Can it resolve the liquidity and gas fee issues in DeFi?

    XFai is a decentralized oracle service provider that aims to address liquidity and gas issues in decentralised exchanges (DEXs) through a so-called DEX Liquidity Oracle which will revolutionise cryptocurrency trading whilst reducing gas fees.

    If you are a regular DEX trader, you might notice that there are times when you can’t complete trades. This happens often with small-cap tokens that do not have enough liquidity. In this case, traders have two options, either to wait it out until there’s enough liquidity or to increase price slippage tolerance. But either way, it can result in huge losses on the part of a small-cap token holder.

    XFai wants to address this problem by empowering DEXs with liquidity that can be supplied to small-cap tokens. This equalizes the playing field for every single trader, allowing them to execute their strategy without having to shoulder massive costs just because a DEX might not have enough liquidity on any particular trading pair.

    Check out our interview with XFai’s Chief Scientist, Taulant Ramabaja.

    Background

    The problem with many DEXs today is liquidity. While liquidity pools and profit-generating DeFi systems like yield farming have offered revolutionary solutions in the last year or so, DEXes still face this concern. This leaves many traders vulnerable to huge price slippages and losses. And if the issue persists, cryptocurrency traders might be discouraged and go back to trading mostly on centralized exchanges despite having less options.

    This is what XFai worked is trying to solve.

    XFai, which was co-founded by Geoffrey Khan, was developed in order to deal with the problems hounding DeFi markets today. It has gained a substantial amount of support, garnering investments from companies like AU21 Capital, LD Capital, and Roger Ver, one of the earliest adopters of blockchain technology and the CEO of Bitcoin.com. It is also worth mentioning that they were able to generate over $3.8 million within the first 12 hours of their private sale.

    What is XFai?

    XFai is a decentralized oracle service provider with the aim of addressing liquidity and gas issues in DEXs through a DEX Liquidity Oracle (DLO). This means that the protocol’s role is not only limited to supplying data to price feeds and engaging with smart contracts, but is also capable of actively providing and managing token liquidity in partner DEXs such as Uniswap.

    The primary goal of the project is to support small cap tokens and token holders by establishing a system that helps them earn better rewards. In other words, the project seeks to help them gain as much in incentives as they can, just like how a holder of a large cap token does.

    DEX Liquidity Oracle

    XFai’s DLO is powered by the XFai smart contract, which allows users to stake small cap tokens that can later be supplied to Uniswap pools according to corresponding price ranges and existing orders. The biggest trades facilitated on Uniswap exchanges will be provided with the liquidity collected from the DLO.

    This does not just benefit large volume trades for small cap tokens, but also those who supply liquidity on the same tokens. They receive rewards when they do so as well. The good thing about DLO is that it does not require liquidity providers to supply all the assets supported in a liquidity pool. They can choose to simply supply a single token in a pool, which also mitigates the risks of impermanent loss on their end.

    What supports this function further is its real-time price feed from centralized exchanges. Furthermore, the liquidity from the DLO is easily accessible to DEXs, addressing the issue on price slippage. This is exactly the goal of the XFai team, to support the current DEXs in the market and not to present itself as a competitor.

    How Does XFai Work?

    First, the user has to add tokens on the DLO liquidity vault/pool. The DLO is governed by a smart contract that also sends the tokens to partner DEXes when liquidity is needed. Note that users do not need to supply multiple assets at a time anymore, thereby reducing their exposure.

    Second, the DLO looks into the data from existing order books from other exchanges to determine existing prices and trading volume. Then, it comes up with a synthetic curve which they will use in order to pair DLO liquidity with partner DEXs.

    Then, there is a smart contract that governs how and when liquidity is supplied to a DEX using the synthetic curve. The goal of the contract is to ensure that enough liquidity is met by AMMs in order to avoid price slippage while allowing small cap token holders to supply liquidity without incurring impermanent loss.

    XFIT Token

    XFIT token is XFai’s native, utility token, which can be used as a medium of exchange, store of value, and means of payment for transaction fees. But more than that, it also has governance and reward functions. Liquidity farming is accessible in XFIT and all other DLO pairs.

    To start liquidity mining, holders can stake their tokens in select pools to earn proportional rewards. Each time the DLO profits from the trades conducted by its platform users, token holders earn additional XFIT. They can either redeem XFIT tokens to be later sold to the market, or they can decide to return their rewards back to liquidity pools in order to increase their stake position.

    In addition, XFIT token holders are also entitled to discounts on transaction fees if they use XFIT. They can also make direct swaps from XFIT to any other token in the protocol as long as they are supported by the DLO.

    XFai Liquidity Generation Event: How to stake XFIT

    The XFai liquidity generation event is a way to allow users to become involved with XFai’s XFIT token early, and stake them in the liquidity pool in order to earn increased, sustained yield throughout the launch period.

    To participate, users can go on the XFai website and click on “Farm”, then choose your preferred pool. Note that the APY is synced for all pools so they earn the same amount of APY as each other. Then click “Connect Wallet” to connect using MetaMask, once connected the dashboard will automatically calculate how much XFIT you can purchase with the amount in your wallet. Select the amount you want to stake and hit “Farm”.

    Whilst farming, you have the option to either Add to Farm, which allows you to increase your stake or Harvest, which allows you to claim your XIFT rewards.

    To claim your rewards, click “Harvest” and you would be presented with the option to Harvest XFIT or Harvest XFIT and unstake. Harvest XFIT allows you to claim the XFIT tokens gained into your wallet whilst keeping the staked amount in the liquidity pool to keep farming more XIFT rewards. On the other hand, Harvest XFIT and unstake means you can claim your XFIT rewards and unstake the staked amount (or any part of it) from the pool.

    The XFai LGE will be from 16th April to 7 May 2021.

    For a full guide on how to farm XFIT, click here.

    Conclusion

    Perhaps one of the largest factors that stop people from completely shifting their cryptocurrency trading activities to DEXs is the liquidity problem, apart from the fees. It is difficult to execute trades with low liquidity and even if they often do, sometimes, it takes multiple slippage tolerance adjustments before a trade gets to be completed.

    While this can look trivial for some people, this is something that can’t be neglected. If XFai takes off, the DeFi space might experience a better market situation. If traders do not have to be burdened by price slippages and if liquidity further improves through the same solutions the XFai team did, DEXs can be even more alluring to everyone, which would help speed up adoption.

    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.

  • Top Best Cryptocurrency Exchanges in 2022

    Top Best Cryptocurrency Exchanges in 2022

    This is an update of our previous top crypto exchanges article for 2021. A lot has changed since then and here’s what to look for in 2022.

    The easiest way to start trading cryptocurrencies such as Bitcoin is through a cryptocurrency exchange, and in this article, we list what we consider to be the top cryptocurrency exchanges in 2022 with the beginner user in mind. For this article, exchanges which we at Team Boxmining use frequently are listed in Tier 1, exchanges we occasionally use are listed in Tier 2, down to those which we seldom or do not use at all are listed in Tier 3. However, this is only based on our personal preference only. Potential users should also always check if the exchange is supported in their country as there are geographical restrictions. 

    Check out our latest video where we talk about our picks for the best cryptocurrency exchanges in 2022:

    https://www.youtube.com/watch?v=YRocD5PqvZ8
    Best Cryptocurrency Exchange in 2022? (EXCLUSIVE trading fee discounts)

    Tier 1 Exchanges

    Binance

    Binance exchange
    Binance supports over 100 cryptocurrencies and is available in 180 countries

    Founded in 2017 and currently serving over 13.5 million active users worldwide, Binance allows you to buy, sell, and trade cryptocurrency with low fees. You also have the option to earn interest on your cryptocurrencies by staking them for a period of time to earn an interest rate of between 0.5%-10%.

    Binance supports trading of over 400 different types of cryptocurrencies and with more being added almost every week. In fact, Binance has become so popular as a cryptocurrency exchange that the mere news of new coins being listed can cause the tokens’ prices to skyrocket. 

    Cryptocurrencies can be purchased on the Exchange through a variety of ways: PayPal, bank transfer, credit card, and debit card (although they charge a hefty 4.5% fee). It is worth noting however, that users cannot simply exchange their US dollars for cryptocurrencies. Nevertheless, the aforementioned purchase methods should be sufficient for most, if not all cryptocurrency traders.

    As for security measures, Binance not only has an asset fund as insurance in case of misappropriated user funds but also provides two-factor authentication.

    Binance also has its own native token- BNB, which comes 4th in terms of trading volume. The token can be used for various features and discounts on the exchange.

    Binance does have a US version of its exchange for US users at Binance.US which was launched in September 2019. Although Binance.US will have fewer cryptocurrencies available for trading and features in order to be compliant with US regulations.

    Binance is Team Boxmining’s second most frequently used exchange. Binance is easy to use, their team is always quick to respond if there are any issues with the exchange, and pioneered many of the special features we come to expect today such as Initial Exchange Offerings (IEOs). Binance also caters to experienced traders with advanced trading options and plenty of analytics. Novice users will inevitably experience a learning curve, but once you find your way around, it becomes almost second nature.

    Check out Binance Exchange Review 2021: Best Crypto Exchange? For a detailed look at what Binance has to offer. 

    Sign up for Binance here!

    KuCoin

    kuCoin exchange
    Its focus on security and intuitive design has attracted fervent supporters for KuCoin

    KuCoin is a relatively new cryptocurrency exchange that has quickly developed a fervent fan base thanks to its intuitive design and high level of security. The Exchange is highly regarded for its large number of different cryptocurrency pairs, which means users can purchase a wide variety of cryptos. 

    The Exchange is also spreading into new regions at a rapid pace. In just 1 year their adoption rate for different countries has skyrocketed. For example, in Latin America, there was a 171% increase, in Africa a 130% increase, and in Asia a 67.5% increase.

    KuCoin supports over 500 cryptocurrencies which means you can trade lots of small-cap tokens with low trading fees. At team Boxmining, we find that if we want to trade small-cap coins, we would need to use our MetaMask and then trade on different platforms and different DEXs. And if it’s an ERC 20 token you would have to pay ridiculously high gas fees which are really not practical. So, if these small-cap tokens are already on KuCoin, then you can save yourself a lot of unnecessary costs.

    KuCoin also allows you to use trading bots through their mobile app. Trading bots can
    automatically buy and sell your cryptocurrencies so you don’t have to be online all the time to follow the market. However, it’s not always clear how they’re investing your money, and you need to understand the cryptocurrency trading strategies they use. Also, if you’re buying and holding cryptocurrencies for the long term, these bots may not be able to help you a lot.

    On the downside, Kucoin is a crypto-only exchange, which means you will need another exchange if you’re looking to purchase coins with fiat currency such as HKD, USD or CAD. That means that Kucoin is not a great option for anyone just getting started with cryptocurrency, but if you are an experienced trader then KuCoin is a great way to diversify your cryptocurrency portfolio.

    SwissBorg

    SwissBorg
    SwissBorg is a popular choice amongst European users and has a very intuitive and user-friendly app.

    SwissBorg was launched in December 2017, they are based in Switzerland and are fully compliant with Swiss Law, making them hugely popular amongst the European cryptocurrency trading community. The Exchange is available in over 100 countries (although currently not supported in the US). Please note however that for some countries, the full range of features offered by SwissBorg may not be available.

    SwissBorg supports over 30 cryptocurrencies and 16 fiat currencies. New cryptocurrencies are continuously being added and users can vote for the next cryptoasset to be listed on their app. Users can directly fund their SwissBorg accounts via bank transfer, and SwissBorg does not charge any fees for bank transfers.

    Another popular feature is SwissBorg’s multi-award-winning app which allows users to access their crypto wallets and trade on the go.

    To keep ahead of the yield farming and decentralized finance (DeFi) craze, SwissBorg offers their Smart Yield account for yield farming, which allows users to get exposure to farming without much prerequisite knowledge. The Smart Yield feature does this by scanning and finding a range of DeFi and CeFi (Centralized Finance).

    SwissBorg’s native token $CHSB is a multi-utility token that entitles holders to lower fees when buying/selling Bitcoin, CHSB and stablecoins on the Exchange. Other benefits include being able to have 2x yield on your USDC, BTC, ETH, XRP, and CHSB holdings.

    Learn more about SwissBorg with our in-depth guide- SwissBorg ($CHSB): What is it?

    Sign up for SwissBorg with our exclusive link to get FREE CHSB!

    Coinbase

    coinbase exchange
    Coinbase offers a more limited selection of cryptocurrencies but makes up for it with high security and ease of use

    Coinbase was launched in 2012 and currently has over 30 million users spanning 103 countries. While Coinbase may not offer a wide variety of cryptocurrencies, the San Francisco-based exchange platform is still a top favorite among many investors due to its highly secure and easy-to-use platforms. Also, Coinbase is the first stop for many beginner traders (especially those from the US) as they have a very easy-to-use mobile app, you can directly fund your Coinbase account from your bank account. Coinbase is also particularly popular in the US since it is the first publicly listed US crypto exchange and it is compliant with US regulations.

    Coinbase’s popularity stems from the fact that their platform has one of the fastest and easiest cryptocurrency buying processes, which along with their claim to have never been hacked, makes them an ideal choice for beginners who are looking to get started with cryptocurrency investment. Advanced users can also opt for Coinbase Pro, which has more trading features.

    Coinbase supports hundreds of digital currencies, however, in terms of the number of cryptocurrencies supported, it definitely loses out to other major crypto exchanges in this respect. Coinbase also charges higher fees compared to most other exchanges, charging $0.99-$2.99 per purchase under a $200 transaction and an additional 0.5% fee depending on the amount traded. However many novice or infrequent traders consider this a fair price to pay for the convenience the platform offers and the fact that it is one of the few exchanges available to US users.

    As mentioned earlier, Coinbase does charge higher fees compared to other cryptocurrency exchanges on the market, hence we have prepared our popular guide- Coinbase Fees: How to Avoid Them.

    Tier 2 Exchanges

    eToro

    eToro exchange
    From social trading to crypto, eToro boasts a whopping 17 million users worldwide

    Established in 2007, eToro was originally a social trading exchange that launched its cryptocurrency platform in 2018. It has since grown to a user base of over 17 million users worldwide.

    The main factor to note about eToro is that it is extremely simple to use, which can be both positive and negative. eToro currently only offers the 6 major cryptocurrencies: Bitcoin, Bitcoin Cash, Etherium, Litecoin, XRP, and XLM. This means that the platform is perfect for those looking to trade in only the biggest cryptos using a simple interface.

    In addition, the only fiat that this exchange deposits in is USD, which works out great if you are a US-based trader but not so much if you’re interested in dealing with other currencies.

    Whilst we at Team Boxmining do not use eToro, our friends who only occasionally trade cryptocurrencies are big fans due to its simplicity. However, the downside is the lack of supported cryptocurrencies, features and trading discounts. 

    Kraken

    Kraken exchange
    Founded in 2011, Kraken is considered to be one of the more established exchanges

    One of the more established cryptocurrency exchanges, Kraken was founded in 2011 then relaunched in 2013. Kraken has a wide variety of cryptocurrencies available for trade, and currently supports over 200 traders globally.

    Kraken also offers margin trading and futures trading. With its margin accounts, you can borrow up to five times your account balance to trade crypto assets. Futures trading — contracts which allow you to buy or sell an asset at a set price on an upcoming date — is available for Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple.

    The Exchange also offers its own futures trading platforms. But institutional clients can take advantage of expert insights, one-on-one consultations, account management support, and more.

    Kraken is hugely popular amongst European cryptocurrency enthusiasts due to its range of features. 

    Tier 3 Exchanges

    OceanEx

    oceanex exchange
    OceanEX is built using cutting edge AI tech, but is a bit lacking in liquidity

    OceanEX was launched in 2018 by BitOcean Global, a fully registered and licensed Japanese trading platform. BitOcean Global consists of core members with past experience from Morgan Stanley, BNP Paribas, and Deloitte. 

    With a variety of features to improve user and trading safety, OceanEX is the trading hub of the VeChainThor Ecosystem. The main advantages promoted by OceanEX are its AI security, tailor-made services, lightning fast trading, and global support. However, the platform lacks liquidity which makes buying and selling coins difficult.

    Coincheck

    coincheck exchange
    Coincheck is the go to if you’re living in Japan

    Coincheck is a Japanese-based cryptocurrency exchange founded in 2012 that also functions as a Bitcoin wallet. The platform is simple and user-friendly and boasts competitive fees, along with features such as cashback for paying utility bills. However, the coins available for trade are limited, and the majority of the additional features are available in Japan only. 

    Tier 4 Exchanges

    Bisq

    bisq exchange
    Bisq does not require user verification, which for some people is a security risk

    Launched in 2014, Bisq is a decentralised exchange with servers distributed worldwide and offers a large variety of cryptocurrencies and fiats for trading.

    However, unlike other exchanges Bisq does not require verification of user accounts, which raises the question of trader safety.

    HitBTC

    hitbtc exchange
    HitBTC also raises security concerns due to the nature of their KYC processes

    Designed for the more experienced trader interested in dealing with altcoins, HitBTC was founded in 2013 and based in Chile. 

    Main concerns surrounding HitBTC are the lack of transparency and clear KYC (Know Your Customer) processes, which raises red flags about the security of the platform. In addition, users have reported that support is slow, with resolutions of issues taking up to several weeks. 

    Conclusion

    Tier 1:

    • Binance
    • KuCoin
    • SwissBorg
    • Coinbase

    Tier 2:

    • eToro
    • KuCoin

    Tier 3:

    • OceanEx
    • Coincheck

    Tier 4:

    • Bisq
    • HitBTC

    Of course, this list is meant to be a guide when selecting the best cryptocurrency exchange for your individual needs, and conducting thorough research and background checks will go a long way in protecting your digital wealth. Be sure to spend some time when choosing your own exchange, and you can enjoy the peace of mind knowing that your coins are in the right hands. 

    In addition, exchange fees are usually a huge factor in choosing which exchange to use. Hence we have compiled our ESSENTIAL guide on How to Save Money on Crypto Exchange Fees.

    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.

  • Huobi Exchange Review (2023): Low Fees, User-Friendly and Top-Notch Security

    Huobi Exchange Review (2023): Low Fees, User-Friendly and Top-Notch Security

    Huobi, one of the oldest and most reliable cryptocurrency exchanges on the market, offers a wide range of features and benefits for crypto enthusiasts to explore and take advantage of. We’ll look at Huobi’s key attributes as well as the kinds of advantages you may anticipate if you decide to make it your primary cryptocurrency trading platform. We’ll talk about the exchange’s security, supported coins, and a lot more topics.

    Sign up here to get started

    What is Huobi?

    Huobi, a leading digital asset exchange, was founded in 2013 by Leon Li, a former Oracle engineer. Huobi quickly gained momentum in the emerging Bitcoin market in China, and harnessed investments from leading investors, including the Sequoia Capital group. In just three months after its live launch, Huobi made over $4 billion in turnover, and by 2014, the exchange had quadrupled its turnover. Huobi has since become a leader in the Asian crypto market, providing a secure and reliable platform for digital asset trading. With its innovative technology and experienced team, Huobi is committed to providing users with a safe and convenient trading experience.

    Huobi, reported a turnover of $247 billion in 2016, which is almost half of the world’s cryptocurrency exchange market share. After the Chinese authorities dropped the banhammer on the cryptocurrency exchanges operating in China, Huobi decided to relocate to Singapore and globalize its operations. It began exploring markets in Japan, Russia, Korea, and other countries. Huobi has since become a leading crypto exchange in the global market, offering a wide range of services and features to its users. With its innovative approach and commitment to providing a secure and reliable trading platform, Huobi has become a trusted name in the crypto industry.

    Key Features of Huobi

    Simple User Interface: Huobi’s professional interface and functionalities make navigating their website a breeze, providing users with access to price feeds, charting tools, and market depth data.

    Various Order Types: Offering a variety of order types including Limit, Market, and Stop Limit orders, as well as margin trading with 5x leverage and a 0.1% fee for 24 hours on Bitcoin (BTC) and Litecoin (LTC).

    Flash Trade: Huobi’s Flash Trade feature allows users to experience real-time trading with an order book, chart index, and market chart, making it an exciting way to trade during times of high volatility.

    Compatible with various platforms: The Huobi platform is compatible with multiple platforms like Mac, Windows, iOS, and Android.

    Security: Huobi, incorporated in Singapore with advanced crypto regulations, provides robust security measures such as 2-factor authentication to protect users’ accounts.

    Swift Customer Service: Huobi offers fast and reliable customer service, with its customer support team providing prompt responses to any trading issues within the hour.

    Key Advantages of Huobi

    We will start off by talking about the actual advantages that users will experience when using the exchange. The finest features of this platform are mentioned in a number of user Huobi exchange reviews that have been published online; among them, the prominence of the supported cryptocurrency coins stands out.

    Supports 300+ Cryptocurrencies

    Huobi is a cryptocurrency exchange that offers its users the ability to trade and exchange over 300 different cryptocurrencies. This includes both the most popular coins such as Bitcoin, Ethereum, and Litecoin, as well as some of the less-known crypto assets. Huobi’s wide selection of coins gives users the ability to purchase and invest in multiple different assets on the same platform, allowing them to diversify their portfolios and explore new opportunities. Huobi also offers a variety of features such as margin trading, spot trading, and futures trading, making it a great choice for both experienced and novice traders.

    Very Low Fees

    Huobi is a leading cryptocurrency exchange that offers its users some of the best fees on the market. Whether you’re starting out with crypto or looking to trade higher amounts, Huobi is a great choice for those looking for competitive fees. Multiple Huobi exchange reviews left online confirm that the platform offers great prices for its users. Huobi is a reliable and secure platform that is trusted by millions of users around the world. With its competitive fees and secure platform, Huobi is a great choice for those looking to trade cryptocurrencies.

    Crypto trading involves two terms – “maker” and “taker”. A ‘maker’ is someone who performs the payments, while a ‘taker’ is a person who receives it. Huobi exchange reviews show that the fees for both makers and takers are usually below 0.2%, which is significantly lower than most other exchanges. Additionally, Huobi Pro reviews show that users who hold Huobi tokens can get even lower fees. This makes Huobi a great option for those looking to trade crypto without having to pay high fees.

    Top-Notch Security Features

    Huobi is a reliable and secure cryptocurrency exchange, offering users a safe and secure trading experience. The exchange keeps up to 98% of its users’ crypto assets in cold wallet devices, which are offline hardware devices used to store cryptocurrencies and tokens. This ensures that a potential hacker won’t be able to access your funds, as it’s impossible to breach the security of a cold wallet without stealing the physical device. Additionally, Huobi’s User Protection Fund ensures that, if anything were to happen to your crypto assets, and their security was compromised, you’d be compensated for your losses. All in all, Huobi is a safe and secure crypto trading option.

    24/7 Customer Support

    Huobi is a cryptocurrency exchange that offers reliable and live customer support 24/7. This is a great feature that sets it apart from other exchanges, as many of them only offer email support. With Huobi, you can be sure that you’ll be able to get help with any issue you might be facing at any time of the day. The customer support team is knowledgeable and experienced, and can provide assistance with any issue you might have. This makes Huobi a great choice for anyone looking for a reliable and secure cryptocurrency exchange.

    Credit / Debit Cards – Accepted!

    Huobi accepts both credit and debit card payments, allowing users to quickly and conveniently fund their accounts. Huobi also offers promotions and discounts to help users save money on their trades. With its user-friendly interface and secure platform, Huobi is a great choice for both experienced and novice traders.

    Key Disadvantages of Huobi

    From the Huobi Pro reviews, it is clear that the majority of the more unfavorable comments Huobi receives are more about the functionality the platform lacks than the things it does offer.

    Trading Exclusively in Cryptocurrencies (No Other Assets)

    Huobi is a cryptocurrency exchange that allows users to trade a variety of digital assets. While this can be seen as a pro for hardcore crypto fans, some user Huobi exchange reviews point out that it only allows users to trade cryptocurrencies and not other assets. This could be a con for those who would like to use Huobi as their standalone exchange. Ultimately, it all depends on the user’s financial portfolio-building preferences.

    An Unregulated Exchange

    Huobi falls under the laws of the Republic of Seychelles. What this means is that the company behind the exchange is not regulated by any major financial institution. This could be seen as both a pro and a con, depending on your stance regarding crypto regulations. For those who want to honor the philosophy behind crypto, the unregulated nature of the exchange might not be too big of a deal. However, if you are looking for a regulated and secure exchange platform, Binance and KuCoin are some of the best alternatives.

    How to Use the Huobi Cryptocurrency Exchange?

    Users can exchange their preferred crypto coins in Huobi by following these steps:-

    • Visit the homepage of Huobi exchange and click on the “Trade” button.
    • Click on the “Exchange” tab and choose the digital currency and the preferred amount that they want to exchange.
    • Confirm the amount and the USDT worth of crypto coins that they wish to exchange with bitcoin or any other crypto coins.
    • Click on the “Confirm” tab to complete the transaction.

    How to Register on Huobi?

    The registration process involves the following steps:

    Step 1: Go to Huobi’s official website.

    Step 2: Press Sign Up. You’ll be redirected to a new window, where you’ll have to fill out some relevant information. 

    Step 3: Now, you’ll have to verify your account by entering the code that was sent to your email.

    Step 4: Once you’ve done that, you’ll be redirected to the main page of the exchange. That’s it!

    The signup process was quite simple, as you can probably see by now. It only takes a minute and is incredibly simple, according to the majority of user Huobi exchange reviews!

    How to Deposit Funds into Your Huobi Account?

    Let’s look at Huobi’s credit or debit card payment options as the last point in our evaluation of Huobi’s exchange.

    Step 1: Navigate to the Buy Crypto button on the top-left of your main exchange page.

    Step 2: Here, you’ll have to choose a credit card payment option, and enter the amount of money that you’d like to spend on Bitcoin. 

    Step 3:If you still haven’t finished your verification, you will now be prompted to do so. You must give Huobi your address and a photo of identification during the brief verification process.

    Step 4: The necessary amount of cryptocurrency will be funded into your Huobi wallet once your transaction has been completed and you have successfully passed verification. All done!

    Huobi Exchange makes crypto purchasing fast and simple, as evidenced by the countless positive user reviews.

    Conclusion

    Huobi is a top-tier cryptocurrency exchange platform that offers users a secure and easy-to-use platform. With over 300 different crypto assets available and the ability to purchase cryptocurrencies with a credit or debit card, Huobi is a great choice for those looking to get into the crypto market. The majority of funds are kept in cold storage devices, providing users with an extra layer of security. User reviews of Huobi are overwhelmingly positive, making it a great choice for those looking to get into the crypto market. If you’re looking for even better alternatives, take a look at our list of the top-rated crypto exchange platforms, such as Binance and KuCoin.

    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. (Alprazolam) 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.

  • 1inch Exchange, Mooniswap and Chi GasToken: The ultimate review and guide

    1inch Exchange, Mooniswap and Chi GasToken: The ultimate review and guide

    1inch Exchange is a decentralized exchange (DEX) aggregator, designed to roll liquidity and pricing from major DEXs into one platform, offering users the cheapest trades, lowest slippage, and access to a wide range of ERC-20 tokens. According to CoinGecko the exchange has support for 152 Coins and 158 trading Pairs and a Total Volume of over US$ 4 billion. We also take a look at the Exchange’s automatic market maker (AMM)-Mooniswap and their Chi GasToken.


    Summary

    • 1inch is a non-custodial DEX aggregator, with all trades being performed within a single transaction from a user’s Ethereum-based wallet.
    • Popular DEXs integrated into the 1inch protocol include Oasis, Kyber Network, Uniswap, Mooniswap, Balancer and many more. This means that users can swap between nearly any kind of ERC-20 token.
    • The native 1INCH token is both a governance and utility token.
    • The platform has its own gas token “Chi” to help users, especially seasoned traders and arbitrageurs, to reduce gas costs for transactions.
    • The 1inch team has also introduced Mooniswap, a next-generation automated market maker (AMM) with virtual balances, enabling liquidity providers to capture profits otherwise captured by arbitrageurs.

    Let’s look at some of 1inch Exchange features in detail.

    Overview

    DEXs have becoming increasingly popular among users with their varied advantages over its centralized counterparts namely self-custody, increased security, listing autonomy and diversity of coins.

    However, some of the major drawbacks come in the form of thin order books with low liquidity leading to high slippage and expensive transaction cancellations. Moreover, as every order gets submitted to the blockchain, anyone can see a transaction before it gets mined. This visibility leaves every trade susceptible to interception as front runners can pay a higher gas price to incentivize the network to mine their transaction first.

    1inch Exchange is a non-custodial DEX aggregator that aims to tackle the issues of the thin order book and front running.

    Users can swap as well as place limit orders for a wide variety of tokens.

    It is designed to roll liquidity and pricing from all major DEXs into one platform therefore trades via 1inch can be split across exchanges, to minimize slippage and provide the best pricing possible for the desired trade. Mooniswap, Oasis, Kyber Network, Uniswap, 0x Relays and others are all integrated into the 1inch protocol.

    The price and liquidity available from each platform are clearly displayed to the user, along with gas fees. This saves the user both time and clicks, avoiding the need to open multiple exchanges and assess the order books. (www.traveltalktours.com)

    How Does 1inch exchange work?

    1inch Exchange was founded in May 2019 by Sergej Kunz and Anton Bukov, two Russian developers who came together to audit smart contracts. Before founding 1inch, the duo participated and won several bounties at hackathons for MakerDAO, Set Protocol, and Kyber Network.

    To get started, visit https://1inch.exchange/

    How to swap tokens

    The 1inch.Exchange will greet you with the following interface with the option to swap tokens:

    Swap tokens
    Swap tokens

    You can choose which different DEXs you want to place your swap offer on. This is the defining feature that gives users access to a much bigger order book than what would otherwise be available on individual DEXs.

    Users connect their Ethereum wallet, by clicking the yellow “Connect Wallet” button. Once connected, users can select which assets they would like to exchange, and the best available rates. They can also toggle on/off specific exchanges, depending on their preferences. Scrolling down, users can also view the exchange rate going at each individual platform, as well as how much it varies from the best price.

    Exchange rate on each platform is displayed
    Exchange rate on each platform is displayed and difference with best price

    After selecting the assets and the amount to swap, to proceed with the trade, click “SWAP NOW”.

    verify your token swap
    Verify your token swap

    A user will then be asked to confirm their trade. Ensure that the details are correct, and then select “VERIFY”.

    approve transaction in wallet
    Approve transaction in wallet

    Finally, the user will need to approve the transaction within their wallet, and the trade will be processed on the blockchain.

    Transaction successful
    Transaction successful

    How to place a limit order

    Users can also choose to place a limit order on 1inch exchange by clicking on the top right option next to swap:

    Place limit order
    Place limit order

    Staking tokens on 1inch

    Moreover, by clicking on the “Earn” tab next to the limit Order, 1inch provides a platform that allows users to stake tokens and collect revenue from several liquidity pools like Aave, Compound, Uniswap, Balancer, Mooniswap, and so on.

    Stake tokens
    Earn feature allows users to stake tokens in various liquidity pools

    Most decentralized applications (dApps) ask users to allow the app to interact with their wallet.

    Because 1inch is a non-custodial application, it needs to continuously interact with various crypto wallets. 

    1inch calls has integrated a feature called “infinity unlock,” which once unlocked, allows trading activity to occur unhinged. This saves in gas fees each time the application calls to verify an unlock. For power users who interact with DeFi protocols, this can ultimately save them a lot of money.

    1inch Exchange fees

    1inch exchange does not charge any withdrawal fees. The only fee is a network fee which is charged by the exchange the user is routing through (e.g. Uniswap, Kyber Network etc), the amount of which depends on the gas price at the time of transaction execution. Since this fee is charged by the other exchange, 1inch does not actually benefit from this fee in any way. However, users do have the option of saving gas fees by using 1inch’s Chi GasToken.

    1INCH token: What is it?

    On 26th December 2020, the independent Board of the 1inch Foundation released the 1INCH token.

    Free tokens are being distributed to the community to celebrate the launch of 1INCH token. Wallets that have interacted with 1inch until 12:00a.m. on 24th December 2020 (UTC) will get 1INCH tokens provided that 1 of the 3 conditions have been met: (1) at least 1 trade before 15th September 2020; (2) at least 4 trades in total; or (3) trades for a total of at least USD$20.

    The token is both a governance and utility token. As a governance token, 1INCH will be used to govern its network protocols and thus allowing it to be governed under the Decentralised Autonomous Organisation (DAO) model.

    To catch up with the farming phase, 1inch has also started a new liquidity mining program with 6 liquidity pools (1INCH-ETH, 1INCH-DAI, 1INCH-WBTC, 1INCH-USDC, 1INCH-USDT and 1INCH-YFI). This is to bootstrap the 1inch Liquidity Protocol by using the 1INCH token as a utility connector token. To incentivise people to participate, 1INCH tokens will be distributed to users that provide liquidity to these pools. Furthermore, during the first 2 weeks of this program (i.e. until 9th January 2021) an additional 0.5% of 1INCH’s total supply will be distributed to liquidity providers.

    1INCH tokenomics

    The current total supply is 1.5 billion 1INCH tokens.

    On 26th December 2020 (i.e. launch day), 6% of the total supply will be issued. Other tokens will continue to be released over time as follows:

    • 30% has been allocated to community incentives which will be unlocked and distributed over 4 years.
    • 14.5% will go towards protocol growth and a development fund, also to be unlocked over a 4-year period.

    Is 1inch Exchange safe?

    1inch Exchange is a non-custodial DEX aggregator. This means your cryptocurrencies are not held by the Exchange at any time, unlike some centralised exchanges where your cryptocurrencies are stored in their wallets for trading. It is also worth noting that 1inch Exchange so far has a spotless record of not suffering any hacks or vulnerabilities so far.

    Chi GasToken

    Chi Gastoken, known as “Chi” was launched by 1inch in June 2020.

    The innovative project placed first at DeFi’s “Hack Money” event in May 2020 and was made available to users thereafter.

    Gas is similar to fees banks charge on money transfers. Unfortunately, it’s nearly impossible to predict the exact size of the gas fee due to market volatility. You can monitor the Ethereum network’s gas fee on a daily basis on Eth Gas Station.

    What is the Chi GasToken? Does it really help save transaction fees?

    The Chi GasToken is an ERC20 token meant to be used on 1inch exchange to pay transaction costs. Chi is pegged to the Ethereum network’s gas price. When the gas price is low, the Chi price is also low, and the vice-versa.

    The idea is similar to the GasToken token concept but with some improvements: Buying (minting) Chi saves you 1% in comparison to minting GasToken (GST2). Whereas the selling (burning) of Chi saves you 10%, compared with GST2.

    Mooniswap: What is it?

    Automated market makers (AMM) are smart contracts that create a liquidity pool of ERC20 tokens, which are automatically traded by an algorithm rather than an order book. This effectively replaces a traditional limit order-book with a system where assets can be automatically swapped against the pool’s latest price.

    Unfortunately, traders conducting front-running can steal from liquidity providers by trading on the price swings making this problem undeniably important.

    In August 2020, the 1inch team released their novel automated market maker (AMM), Mooniswap. This new AMM can keep most of the slippage revenue in the pool by maintaining virtual balances for different swap directions. When a swap happens, a market maker does not automatically apply the invariant algorithm and displays the new prices for upcoming trades. The AMM improves exchange rates for arbitrage traders slowly, over approximately a 5-minute time period. As a result, arbitragers can collect only a portion of slippage, while the rest remain in the pool shared among liquidity providers. By such a delay in price updates, the market maker creates a highly competitive environment for arbitrageurs forcing them to perform trades at less profitable prices, which in turn add value to the liquidity providers.

    The team has done multiple simulations of Mooniswap performance based on real-world data and compared the results with Uniswap V2. Below, you can find the charts that display trading volume, cumulative price slippage, the income of Uniswap V2 liquidity providers, along with the prediction of Mooniswap liquidity providers income.

    comparison of uniswap and mooniswap income
    Comparison of Uniswap V2 LP income with potential Mooniswap LP income on different pools

    On average Mooniswap is expected to generate 50% to 200% more income for liquidity providers than Uniswap V2 due to redirection of price slippage profits.

    Conclusion: Pros and cons of 1inch Exchange

    Here are some pros and cons of 1inch exchange based on our user experiences:

    Pros

    • The Exchange’s interface is very clear and intuitive with a good track record without any hacks so far.
    • 1inch exchange does not charge any withdrawal fees, except for the network fee.
    • Liquidity is a significant issue on decentralized exchanges. Not only is liquidity low on DEXes in general, but this liquidity is further fragmented across several different DEXes, worsening the problem making large-volume trades susceptible to significant slippage. 1inch solves this by splitting orders across exchanges yet keeping the trade within one transaction.
    • Chi GasTokens help users, especially those who trade on a daily basis and arbitrageurs, to reduce gas costs for their transactions.
    • Their novel automated market maker (AMM) used in Mooniswap capitalizes on user slippages and protects traders from front-running attacks.

    Cons

    • Even with helpful tutorials by the 1inch team, there is still a steep learning curve to make use of the many features the Exchange has to offer. New crypto investors are restricted from trading in this platform since it does not accept any deposit method other than cryptos.
    • The infinity unlock feature might act as a potential point of attack for hackers. Even though unlocking transactions one at a time is slightly more expensive, it is more secure as users aren’t always linked to the protocol should it be compromised.
    • We have seen the dominance of Uniswap grow tremendously over a small time period. If a single DEX ends up becoming far more significant than its competitors, the role of DEX aggregators could diminish.

    In conclusion, we find that the benefits of the 1inch Exchange far outweigh the drawbacks as it attempts to solve some of the direst issues plaguing the growth of the DeFi ecosystem. The platform is definitely geared towards traders with a bit more experience, particularly those who trade the major cryptocurrencies and across multiple DEXs. Over time as users overcome the initial learning curve and user experience improves in this industry, 1inch might emerge as one of the most important trading platforms for the rapidly expanding DEX ecosystem.

    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.

  • Newsletter #14

    Newsletter #14

    Red flags of the week

    Value DeFi ($VALUE) vaults suffered $6 million flash loan exploit, similar to Harvest’s

    If it wasn’t for the recent Bitcoin’s rally, this could have been known as the Hack Season. More and more projects, especially in decentralised finance (DeFi), are getting attacked and no smart contract seems to be safe anymore.

    On Nov 14 at 10:45 AM EST, mere hours after the release of Vault Phase 2 which was celebrated on Twitter as the ”highest security, the best return and the greatest community“ in crypto, a complex “double” flash loan attack exploited the MultiStables vault of ValueDefi Protocol. In what was later defined as one of the most complex attacks seen in DeFi, the hacker used two flash loans, with Aave and Uniswap, to steal USD $6 million.

    A Post-Mortem article by the Team explained what happened: the attack took 80k ETH through a flash loan on Aave, bought 116 million DAI and 31 million USDT, deposited 25 million DAI in the Vault, got back 24 million mvUSD and swapped 91 million DAI and 31 million USDT to USDC. The mvUSD were then withdrawn from DAI and the 80k ETH plus fees returned to Aave. Finally, 33 million DAI were bought back and 2 were sent back to the Deployer (as other times have happened lately). The culprit did this by taking advantage of vulnerabilities within Value DeFi vaults.

    Origin Dollar ($OUSD) has lost millions in a flashloan attack

    Three days later, it was Origin dollar ($OUSD)’s turn to be attacked.

    The Yield-generating stablecoin project suffered a loss of funds of $7 million, $1 million of which were deposits by Origin’s founders, employees and the company itself. The team is still looking into exactly how the attack was carried out but they suspect it was a flash-loan transaction that seems to be the root of the attack.

    Allegedly, following the attack, the hacker was able to sell some of the stolen OUSD, DAI and ETH on Uniswap and Sushiswap. the attacker is also washing the stolen funds using RenBTC.

    You can read the detailed explanation of the exploit in this updated article by the Origin team.

    This was the fifth flash loan attack for Defi in the last month, after Harvest Finance, Akropolis, CheeseBank and Value.

    Overall, according to CipherTrace, Defi hacks are credited to around $100 million in 2020 so far.

    Crypto Exchange Liquid Says User Data Possibly Exposed in Security Breach

    As officially confirmed, crypto Exchange Liquid as been hacked on 13th November.

    The attack consisted in one of the hosting providers incorrectly transferring the account control and domain to a malicious actor which gained access to some of the internal email accounts. This breach resulted in user data exposure. As they stated:

    “We believe the malicious actor was able to obtain personal information from our user database. This may include data such as your email, name, address and encrypted password. We are continuing to investigate whether the malicious actor also obtained access to personal documents provided for KYC such as ID, selfie and proof of address, and will provide an update once the investigation has concluded.”

    This could possibly lead to identity thefts, spam emails and phishing attempts. Even though the team doesn’t believe it would pose an immediate threat for its users, they suggest “that all Liquid customers change their password and 2FA credentials at the earliest convenience”.

    UNI farming ends…what happens next?

    As the $UNI farming was coming to its planned end on 17th November, speculations on the future price of $ETH and of the Uniswap token were emerging, and the first Uniswap Community Call didn’t succeed in establishing any definite decision on the platform’s future steps. More than USD $2 billion worth were locked in four pools that were giving $UNI rewards (ETH-DAI, ETH-USDC, ETH-USDT, ETH-WBTC); all money that were destined to flow back on the market. As $ETH price was in the mid $300 before the farming started in September, many were fearing for an imminent dump as people would swap it to stable coins or more investment-appealing altcoins. Price was not the only concern for Uniswap, as all that pooled money meant very slow slippage on the Dex as well.

    To seize the moment, Sushiswap ($SUSHI) announced an increase in rewards for the same four pools on their platform. Exactly one hour later, Hayden Adams (inventor of Uniswap) advanced a new proposal to continue with the rewards for an additional 2 months at half the rate of the genesis distribution. The proposal is now awaiting the consensus check phase, before farming could restart on 4th December.

    Sushiswap and Uniswap TVL
    Sushiswap and Uniswap TVL (Image credit: DeFi Pulse)

    In the meantime, as we can observe in the next image, the Uniswap TVL has significantly dropped at the expenses of Sushiswap’s, which increased reaching a similar net value to that of its main competitor.  

    Bitcoin continues its rally


    In the aftermath of the US elections, even if the result is still controversial, $BTC continues its rally like it couldn’t care less. In the last days its Market Cap even reached an ATH of $350 billion, surpassing the Dec 16 2017’s previous high (due to $BTC inflation, even if the price is not at ATH there are more coins in circulation than 3 years ago, resulting in a higher market cap). The price is currently over $18k! Finally!

    Bitcoin price chart
    Bitcoin price chart (Image credit: Coingecko)

    As $BTC was growing lately, one could bet that the media would start covering the news as well, and that is exactly what happened. We have seen BBC, CNBC’s Fast Money, CNN and many more interviewing “experts” and speculating about the next ATH, paired with a lot of old and new memes being shared everywhere. With wide coverage and more retailers getting onboard fearing of missing out (Paypal’s crypto service reached $25 million in trading volume in the first month since launch) could this mean that the (local) top is getting closer?

    While all of this was happening, it looks like things for Chinese miners are not that good. Wu Blockchain reported that 75% of the surveyed miners are struggling to pay their electric bills. This is due to the restrictions the Chinese government is applying on crypto making it very difficult to buy and sell into $CNY. Many miners have seen their bank cards frozen or their machines shut down because they didn’t have cash to pay the electric bill.

    Therefore, there is also speculation that this big rally has not only been driven by an increase in demand, but also because the dump activity by miners, that creates constant sell pressure, has slowed down.

    What the fork Bitcoin cash?!

    On 15th November Bitcoin Cash ($BCH) has undergone a protocol upgrade, as established by the roadmap.

    This update contained a Hard Fork which has split the chain into two, BCHN and BCHA after block #661647. The reason why this is happening is because of a disagreement on the current state of the blockchain between the Bitcoin Cash Node and the Bitcoin Cash ABC communities after a proposed update by Amaury Sechet (ABC) had been rejected. It looks like $BCHN will be the dominant part as 80% of the miners showed support before the split and it is now 667 blocks ahead.

    This is not the first fork for $BCH as it was, itself, the result of a Bitcoin fork in 2017.

    How’s ETH2 staking race going?

    Less than a week before the deadline, the ETH staked on the Ethereum 2 mainnet are less than half of what’s needed to trigger the start of the Beacon Phase 0. As anticipated by many sources, the community is expecting a decisive increase in deposits rate in the last days before the deadline. If the minimum requirements will be met by 24th November, ETH2 will launch on 1st December, otherwise it will automatically start 7 days after the threshold will be met.

    In a recent AMA, Danny Ryan, Core Researcher at the Ethereum Foundation answered users’ concerns about the possibility of a failed launch. Ryan says the Foundation does have a solution, which is to adjust the threshold down to around 100k+ ETH which they consider to be sufficient. This will avoid leaving the staked ETH in limbo. Ryan also noted that for those who did stake, there will be high rewards for these early adopters. Their Github page also goes into more details on other alternatives.

    Here’s 5 things you NEED to know about ETH 2.0

    Also, learn more about this staking race and its potential implications:

    https://youtu.be/VqEP_c4jhvc
    Will Ethereum 2.0 (ETH) launch successfully?

    OKEx Exchange is finally resuming withdrawals!

    More than one month after the Okex Exchange decided to suspend all cryptocurrency withdrawals, the team has just announced that operations will reopen on or before 27th November. They also reassure that 100% of users’ funds are safe.

    The official announcement confirmed that one of Okex’s private key holders was cooperating with the authorities in a case that has nothing to do with the Exchange itself. They specified that although “OKEx has always used a backup mechanism for private key holders to ensure that each private key holder can trigger the activation of the backup private key in the event of long-term incapacitation, such as death or memory loss”, this particular scenario caught them off guard as no strategy had been prepared for.

    Significant loyalty campaigns will be announced as a sign of gratitude to the community.

    Follow the OKEx developing story here.

    Boxmining happenings: Interviews, giveaways and more!

    • Why do we need privacy and scaling on the blockchain? Privacy is the next big leap for blockchain technology as can be used to allow anonymous data sharing, exchanges without front running, and the real fungibility of tokens. We spoke to Prof. Dawn Song about the need for privacy-preserving smart contracts and how this is implemented on Oasis Protocol ($ROSE): https://youtu.be/JQzKKOV_ycA
    • After months of work our NEWLY REDESIGNED website is up!! https://boxmining.com/
    • We have a fantastic collaboration with the DuckDao team for a chance to win (in our opinion) the best NFT EVER!

    Upcoming events

    *All times are in UTC unless otherwise specified

    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.

  • Tidal Finance ($TIDAL): customized insurance for cryptocurrencies?

    Tidal Finance ($TIDAL): customized insurance for cryptocurrencies?

    Tidal finance has developed a protocol to protect capital invested in Liquidity Pools (LP) from data breaches and hacks through insurance pools.

    The DeFi space grew exponentially in 2020— unperturbed by the general uneasiness surrounding the pandemic. By the end of the year, the total value locked (TVL) in LPs have grown from $500 million to $27 billion. 

    Attracted by the prospects of blockchain technology and its huge potential returns, LP providers had deposited billions in dollars worth of crypto assets to the advancement of the DeFi subsector.  But with increased hacks and security breaches, LPs are becoming significantly more skeptical about their investments. This is where Tidal Finance comes in with a solution.

    Background

    Chad Liu, the founder of Tidal Finance, is an engineer and mathematician who had noticed that the Defi industry was stagnated by insufficient risk tolerance.

    And in 2020, Liu was introduced to Co-founder Dan Raykhman (now CTO), with whom he shared the same vision. Liu had a background in finance and business. And together, they ventured to capitalize on their expertise to build a decentralized insurance market — now Tidal Finance.

    What is Tidal Finance?

    Tidal finance is an open market that allows users to create programmable insurance pools for different asset configurations. 

    Essentially, Tidal Finance is a market that encourages the creation of liquidity pools while also providing the resources necessary to protect the LP provider’s capital.

    Tidal gets LP providers to create reserve capital for different pools. This way, many mutual cover pools are created. Whenever a user wishes for additional protection for (insure) his capital, he can purchase any of the available mutual coverage.

    Tidal finance is built on the Polkadot network where it functions similarly to Balancer, but with improved security against loss capital, to improve liquidity for various emerging crypto assets.

    Insurance Pool

    Tidal Finance provides a framework that allows users to create customizable insurance pools. Each pool, regardless of asset-pair, can be covered by different terms (premium, cover period, etc.) LPs are then at the luxury of choosing which pool best satisfies their needs. There are currently 3 asset pairs that are covered: COMP.DAI, Aave.ETH, and Uni. (ETH, WBTC).ETH.

    How Tidal Finance Works

    The platform is an open market. That is, it only provides the tools needed to create an insurance pool. Therefore, users can configure pools using these tools to create an abundant insurance market that offers different conditions and terms (for different pools of protocols, tokens, and other assets) to LPs looking to stake their digital assets. 

    At the heart of every insurance pool is a Reserve Smart Contract. Here, reserve funds are provided by LPs. This helps to increase the reserve capital efficiency, protocol auditing, and improve risk management.

    To ensure that the insurance pool created is sustainable, a vetting process is carried out while the insolvency risk is examined. And if the pool is assessed to hold out, it is allowed into the market where LPs and Insurance buyers can interact freely.

    How Tidal Finance works
    How Tidal Finance works (Image credit: Tidal Finance)

    Basic Single Asset vs. Multi-Asset Pools

    Basic single asset pools involve coverage for single asset types. While the risks involved are straightforward and pretty easy to calculate, the rewards are comparatively smaller.

    On the other hand, multi-asset pools combine different assets and smart contracts to make a fairly complex insurance pool. It allows sufficient leverage as well as risk for high reward potentials.

    Features of Tidal Finance

    Tidal Finance is an aggregate of highly functional features that allows the creation of an insurance pool. 

    Pool Creation Template

    Insurance pool templates are created by choosing from the available list, smart contracts, and assets to be covered. Then, other parameters can be customized, including the coverage duration and leverage ratio.

    Auditors can now look at the template to assess the insolvency risk during the vetting process. 

    Approved pool templates are made available on the Tidal market for LPs to use. Furthermore, LPs can find pool templates that meet their specific token/protocol needs. 

    Pool Statistics and Ranking 

    The Tidal market provides a statistical display of the performance of available pool templates. The statistical data are collected from previously created pool templates.

    Each pool template is indexed into a ranking list. The ranking provides the weighted average of key metrics, including current & max pool capital, current and max return on capital, current and max covered amount, capital reserve ratio, etc. 

    Users can also search through available pools using the ranking order. 

    Controlling Algorithm

    Tidal uses algorithms to regulate the activities of pool creators to mitigate risk exposure. The combined effects of several algorithms guide pool creators to manage risk effectively. At launch, tidal would provide a list of rules to guide the activities of each insurance pool. These rules were constructed to mitigate risk and ensure the success of insurance pools. 

    Controlled algorithms that would be initiated at launch would enforce these guidelines.

    Earn returns with Tidal Finance liquidity pools

    Tidal Finance also lets you provide liquidity into their 3 liquidity pools to earn returns. The lockup period ranges from 30-90 days and the apparent return ranges from 20% to 300%.

    Tidal Finance liquidity pools
    Tidal Finance liquidity pools (Image credit: Tidal Finance)

    Tidal Token ($TIDAL)

    Tidal Finance’s token $TIDAL is the native token to the Tidal platform. The token is vital to the platform’s smooth operation as it allows holders to vote on important decisions regarding the project and rewards all the various participants.

    When the Tidal protocol generates revenue, holders of the $TIDAL token are entitled to a percentage of it based on their staked amount and purchased amount of covers. This scheme is intended to incentivize users to participate actively in the Tidal community. Other than the small percentage reserved for this purpose, the rest of the revenue is deposited in the treasury wallet, which is an emergency backup fund for insurance pools running out of reserves. 

    The distributed percentage is adjusted frequently to prevent inflation.

    Governance

    The tidal protocol is managed by a Decentralized Autonomous Organization (DAO). It is made up of stakeholders that are LPs, Pool creators, and other users. But any other holder of the token qualifies as a member of the Tidal DAO.

    Members of the DAO are able to propose changes and vote on them in a transparent approach. However, issues with higher stakes are left to the deliberation of long-term holders alone. 

    Partnership with Reef Finance

    Tidal has partnered with another member of the Polkadot ecosystem, Reef Finance. The aim of this partnership is to promote decentralised smart contract insurance solutions to increase security for platform users. In particular, Tidal Finance will be empowering Reef Finance users by allowing them to create customized insurance pools.

    Conclusion

    Individuals and other entities are likely to be motivated to participate in liquidity pools when their capitals are safeguarded. This would provide the much-needed liquidity for upcoming blockchain projects and accelerate the growth of the cryptocurrency industry.

    Designed to launch on Polkadot’s network, one of the highest growing crypto ecosystems in 2020, Tidal Finance holds high expectations among investors and liquidity miners. Could Tidal truly bring forth the long-overdue coverage needed in the DeFi space? Online time will tell. LPs, for one, would definitely be rooting for it.

    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.

  • Unbound Finance (UNB/UND): unlocking liquidity from AMM pools

    Unbound Finance (UNB/UND): unlocking liquidity from AMM pools

    Unbound Finance (UNB/UND) is a decentralised protocol that aims to unlock liquidity from automated market maker (AMM) pools. This allows users to instantly obtain crypto credit lines, as well as providing high-yield earning opportunities.

    Background

    Unbound Finance was launched in October 2020 by a publicly known team. It’s currently in the testnet phase and no token sale has been conducted yet. The team has claimed that they have major exchanges’ CEOs onboard as angels and currently working on audits for mainnet launch in the near future. It’s supported by Tomo Chain, Zilliqa, Frontier, Fuse Network, Enjin, among others.

    What is Unbound Finance?

    Unbound Finance is a decentralized protocol slated to unlock more use cases for liquidity pool tokens from the AMM market. Unbound is aiming to unleash the potential of these powerful assets and promote their further usage in DeFi protocols, without the need to redeem those liquidity pools tokens. It will also enable minting of a decentralized collateralized stablecoin called UND, synthetic Ethereum, and other synthetic assets with LPTs as collateral.

    It’s essentially a derivative layer of automated market makers (AMMs) or orderbook-less decentralized exchanges (DEXes) tasked with ‘unlocking’ the total value locked (TVL) in DeFi protocols. This mechanism can retrieve liquidity from DEXs like Uniswap, Balancer, Bancor, Curve, etc.

    According to the official documents, it will be debt and liquidation-free thanks to the use of high-quality liquidity pairs, large collateral ratios, and backup funds.

    Unbound Finance supported AMMs
    Unbound Finance supported AMM protocols (Image credit: Unbound Finance)

    Synthetic Assets

    Having introduced the term Synthetic assets, it’s a good idea to clarify what they mean. Synthetics are, as the name dictates, not the real thing but a copy of the original. It means that it is a representative of the underlying asset.

    Generally, this is accomplished by tracking the price of an asset through on-chain oracles, which allows for their continuous availability and 24/7 trading, as well as usage in protocols. Synthetic assets can range from cryptocurrencies, fiat, stocks, index funds, precious metals, foods, bonds, and many more. If anything has a price in the market, it can be turned into a synthetic asset.

    Aims And Objectives

    The protocol is trying to become the primary source of liquidity provision for Liquidity Pool tokens (LPTs) in order to bring existing liquidity pools into active usage, act as an LPT treasury, mint and manage the synthetic assets tracking the price of an underlying, establish LPT role as collateral, create pools of liquidity pools, develop instruments for margin trades and yield compounding, and safeguard against loan liquidations.

    Fees

    Unbound Finance charges a fee for minting assets. Fees will be distributed as follows:

    • 20% SAFU fund-
    • 40% UND-DAI liquidity pool
    • 20% team fund: this will be for further development of the project.

    Unbound Finance Services

    There are three primary services provided by the protocol. These include minting, unlocking, and earning services.

    Minting

    Unbound Finance allows users to mint the UND stablecoin and other synthetic assets by providing their LPT tokens as collateral. This allows them to put the value of their LPTs to use without having to liquidate them in a convenient manner, allowing them to access the funds immediately. The users are charged a minting fee and can only generate the synthetics according to the Loan-to-Value (LTV) ratio. 

    Unlocking

    After the users return their borrowed funds, the UND or synthetics are burned and the collateral is released. Since the contracts are perpetual and devoid of an expiry date, the users can return the funds at any time without any deadline. There is no fee charged by the protocol for unlocking collateral.

    Earning

    Another service provided by the platform is the earning facility, where the liquidity providers are given rewards for providing liquidity to the platform pools. The rewards are competitive, variable, and derived largely from the initial mint transaction fees.

    Unbound Finance Tokens (UNB/UND)

    The primary token of the platform is the Unbound Finance (UNB) token, used for governance purposes and user participation. It can be used to signal intent on important parameters and tuning the performance of the protocol. UNB is an inflationary token and users staking the it will receive rewards to offset the yearly inflation of 4%.

    The second token type on the protocol is the synthetics, minted from depositing LPT collateral and being withdrawn/burned once the borrowed amount has been successfully repaid. They don’t have a fixed cap and their actual amount in circulation will remain variable.

    UNB tokenomics
    UNB tokenomics (Image credit: Unbound Finance whitepaper)

    Unbound Finance – Supported Liquidity Pools

    Unbound Finance is currently available on testnet only, but supports the following:

    • Uniswap
    • Balancer
    • Bancor
    • Mooniswap
    • Curve.Fi
    • Kyber

    In the future, the liquidity pools of Dodo, Fulcrum, 0x, and Black Hole will be made available too.

    Here’s their tutorial on how to use to the Unbound Finance testnet.

    Conclusions

    The first decentralized orderbook-less exchange was Bancor. And since then, DEXs have exploded in numbers and currently compete well against their centralized counterparts. However, the users providing the liquidity and getting the LPT tokens are stuck with an asset, which ironically isn’t liquid by itself. Unbound Finance seems to be the likely answer to address the shortcomings of LPT tokens.

    Their further inclusion in the DeFi protocols and newfound uses will surely help boost liquidity and derivatives trading. The promise of no debt and no liquidation is another bonus point, as users can make use of the capital borrowed against collateral, without any fear of losing them. The perpetuity of the contracts allows the borrowed amount to be paid at any time.

    Even though Unbound Finance is in its infancy and available only on testnet. The concept and the premise are powerful. Its execution remains to be seen, but if successful, it will be the first of its kind to allow users to mint assets against liquidity pool tokens (LPTs). Hence, it’s likely to set the tone for the upcoming projects and the integrations within the existing ones.

    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.

  • Benchmark Protocol ($MARK): Supply Elastic Collateral and Hedging Device

    Benchmark Protocol ($MARK): Supply Elastic Collateral and Hedging Device

    Benchmark Protocol ($MARK) is a supply elastic, stablecoin-alternative that connects traditional finance with the cryptocurrency market by revolving around the volatility index. It provides liquidity to the DeFi space during periods of high volatility to optimize value and stability.

    Background

    Founded by David Mass, the Benchmark protocol aims to bridge the digital currency market to traditional financing. The project was set in motion by a team composed of investors, blockchain engineers, and financial experts to strengthen security and the efficacity of loan collateral within the blockchain.

    The sudden selling pressure experienced by the crypto market in march of 2020 prompted the team to act as they understood the risks within DeFi. The Birth of Benchmark exhibits the unique drive of the ambitious team behind the platform.

    Ultimately, Benchmark’s team looks to be a household name within the market by staying relevant within the mainstream DeFi space and optimizing their product to the needs of the blockchain.

    What is Benchmark Protocol?

    Benchmark Protocol is a supply-elastic collateral and hedging system driven by a volatility index. Simply put, the Benchmark Protocol lessens liquidation events and hedges risk with its very own cryptocurrency, the $MARK token.

    Benchmark Protocol Dashboard (Source: Benchmark Protocol website)

    Furthermore, Benchmark’s algorithm functions as a rule-based utility that adjusts supply, and is supported by the CBOE volatility index (VIX) and deviations from the target metric, which is equal to 1 Special Drawing Rights (SDR) unit. The Benchmark team believes that implementing the SDR creates a larger and far more efficient use case rather than exposure to just one currency.

    The Benchmark Protocol provides a dynamic and supply-elastic token in the MARK token, as it manages to connect traditional capital markets to DeFi. The platform’s protocol is unique and efficient; completely separate from the crypto market prices and trends.

    The protocol prides itself as an ideal hedge exhibiting total transparency with all users and transactions making a secure and reliable solution for the DeFi sector. Its immutability is robust enough to prevent systematic risk arising from cease and desist orders.

    Benchmark’s innovative approach has isolated the recurring issue of overshooting the target peg within the varying market conditions. Through the MARK token, the platform can effectively rebalance supply within a 5-hour window after the New York Stock Exchange (NYSE) ensuring the reduction of arbitrage activity for token users.

    The distinct algorithm effectively adjusts to trends within DeFi while implementing traditional finance market strategies. The protocol actively monitors and regulates the total supply of tokens to compensate for anticipated price movements. This method helps in reducing excessive amplitudes of price percentage changes.

    SDR

    SDR Breakdown (Source: Benchmark Protocol website)

    Since its implementation by the International Monetary Fund (IMF), the international reserve asset SDR has been an important factor concerning the health of the international financial system. SDR value is supported by five currencies: the Euro, Chinese renminbi, Japanese yen, U.S. dollar, and British pound sterling.

    The Benchmark Protocol has been targeting the SDR’s historic price of $1.4075, with a long-term view utilizing macro-exposure to the world’s most established currency basket. The SDR is a superior and secured peg that will not face a tough path should the US Dollar experience strong inflation.

    The Benchmark Protocol primarily benefits from SDR diversified and global currency risk instead of single currency risk, which will attract more users globally, thereby, contributing to the growth of the project long term.

    Volatility Index (VIX)

    Described as the market’s “fear indicator”, VIX is a real-time market index used to estimate the market’s expectations for the relative strength of near-term price changes and volatility typically within the S&P 500 index (SPX).

    The blockchain-based platform relies on the VIX as an accurate and suitable predictive element for price development. The VIX enables the platform to be ahead of its competitors by allowing it to be more dynamic and proactive in the DeFi market.

    The Press

    The platform values Liquidity providers a great deal, as they are essential for the proper operation of the MARK token as a stable collateral utility. Furthermore, liquidity mining is an essential component of the Benchmark Protocol during the bootstrap phase.

    The Press is the second phase of Benchmark’s liquidity providers rewards distribution program. It is the largest token allocation with 27% of the total supply provided to liquidity mining initiatives that compensate the liquidity providers’ active participation in the Benchmark network. The Press will feature core MARK Pairs, such as MARK-ETH and MARK-USDC on Uniswap.

    The team plans to implement The Press for a period of 3 to 7 years, all depending on distribution velocity.

    MARK Token

    Built on the Ethereum blockchain, Mark Token is Benchmark’s native asset. MARK is an ERC-20 utility token and was released to the market while taking into consideration SDR and the VIX. So, MARK is secured to the world’s most stable currency (the SDR). Additionally, the token’s rebalances are smart and fast, derived from VIX.

    Overall, Benchmark’s native token can be described as a supply-elastic collateral utility designated to increase liquidity during periods of high volatility and in direct correspondence with global equities markets.

    MARK is a dynamic digital asset separate from other crypto implementations as it does not rival traditional fiat or paper currencies, which enables token holders to rely on a global currency risk profile versus a single currency risk profile. Additionally, through the platform’s utility token, users are shielded from inflation and further benefit from collateralization of risks.

    XMARK Token

    xMARK is another ERC-20 utility token within the platform, which represents MARK but is not affected by rebases. xMark is designed to help move the platform towards on-chain governance. The token is minted by holders staking MARK tokens within the single-asset staking platform and is currently available on Binance Smart Chain and Quickswap.

    Conclusion

    Overall the Benchmark protocol manages to deal with the issues of volatility and inconsistency within the blockchain elegantly. Through MARK and xMARK utility tokens, users are ensured that rules-based, non-dilutive, and supply-elastic collateral will facilitate their crypto journey.

    The DeFi sector is set to benefit tremendously from such technology, which provides a unique product that is currently lacking in the blockchain.

    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.

  • OKX Exchange Review (2023): Strong Security, Cheap, and Good Functionality

    OKX Exchange Review (2023): Strong Security, Cheap, and Good Functionality

    OKX is a leading cryptocurrency exchange offering a comprehensive one-stop marketplace for spot trading, derivatives, and other crypto-related services. Offering a wide range of services, from margin trading and mining pools to decentralized options and cloud services, making it an ideal platform for both novice and experienced traders.

    Sign up here to get started

    What is OKX?

    OKX is a popular crypto brokerage and trading platform that provides users with a secure and easy-to-use platform to acquire and trade cryptocurrencies. It supports multiple cryptocurrencies and provides low trading fees, making it a great choice for those looking to invest and make a profit. This OKX exchange review will answer all of your questions about the company and the platform itself, helping you to decide whether or not it’s suitable for you. It is important to pay attention to all the pros and cons to make the right choice, as the number of people investing and trading in cryptocurrencies has been significantly increasing over the last few years.

    Founded in 2017, the platform has grown to become a major player in the crypto space, offering a wide range of services. According to a recent report, OKX has over 20 million registered users and a daily trading volume of over $2 billion. The company has recently rebranded to OKX, but many people still refer to it as OKEx. If you’re looking for alternative exchanges, Binance and Coinbase are considered to be leaders in the space.

    Key Features of OKX

    Option for a decentralized exchange: In addition to standard DEX trading, OKX’s decentralized platform also provides swap trading, liquidity pools, farm pools, a decentralized wallet, and other features for individuals who like to exchange in a decentralized way.

    Enhanced security measures: Security is prioritized by OKX, as evidenced by the requirement for two-factor authentication, smartphone verification, Google Authenticator options, and anti-phishing code.

    Margin trading: There are many tools available for customers to use in order to trade, including margin trading with up to 125x leverage, perpetual trading, futures trading, and options trading.

    Finance options: There are several financial alternatives accessible, some of the broadest in the market, including Earn, which enables you to make passive income on your cryptocurrency holdings, Loan, Jumpstart token staking function, mining pool, OKX bridge feature, OKB utility token, OKX Cloud, and OKX Blockdream Ventures.

    Fiat-to-crypto on-ramp: You can change your fiat currency into cryptocurrency with OKX, which supports 400+ trading pairs and accepts Apple Pay, Visa, Mastercard, bank transfers, Alipay, WeChat Pay, etc. Also, they support more than 30 cryptocurrencies, including the Canadian dollar (CAD), the Chinese yuan (CNY), the euro (EUR), the Japanese yuan (JPY), the Hong Kong dollar (HKD), the Chilean peso (CLP), and many others.

    Key Advantages of OKX

    In order to understand why so many individuals selected OKX over other platforms, I’d like to start my evaluation with its advantages. Maybe OKX is just what you’re looking for, who knows?

    650+ Trading Pairs, 340+ Cryptocurrencies

    OKX is a popular cryptocurrency exchange platform that supports more than 340 cryptocurrencies and offers over 650 trading pairs. It supports multiple fiat currencies, including EUR, USD, GBP, CAD, JPY, and AUD. You can also choose from multiple payment options, including credit/debit card, bank transfer, PayPal, Payeer, Skrill, GooglePay, and ApplePay. With its wide range of options, OKEx is a great choice for those looking to buy, sell, and trade cryptocurrencies.

    Good Functionality

    It has more than 650 pairs to choose from, including Bitcoin, Ethereum, and Tether. With up to 100x leverage, users can multiply their funds and get more profit. However, it is important to note that options trading and borrowing crypto can be risky and should only be done by experienced traders. OKX is a great platform for those looking for a comprehensive cryptocurrency trading experience.

    When it comes to buying, selling, and trading cryptocurrencies, OKX is not like other exchanges. It also enables:

    • Lending and borrowing crypto
    • Trading on margin
    • Spot trading
    • Options trading

    You probably already know that there aren’t many systems that can give you this capability if this isn’t your first time reading an OKX exchange review.

    Tight Security

    OKX is a secure crypto exchange that provides robust security features. When registering, OKX will recommend you to use multi-factor authentication – 2FA or MFA – for extra security. You can also set an anti-phishing code that will be sent together with all emails from OKX. Furthermore, OKX has its own cold wallet that will keep your private keys offline, providing an extra layer of security for your assets. With these features, OKX ensures that your cryptocurrencies are safe and secure.

    Comes with Mobile App

    The OKX mobile app is a great way to trade on the go. It is compatible with iOS, Android, macOS, and Windows, and can be easily downloaded from Google Play and App Store. With over 264,000 reviews and an average score of 4.5, customers are highly satisfied with the app’s user-friendly design, clear layout, and glitch-free performance. Download the OKX app to manage your account from the palm of your hand and enjoy the ultimate trading experience.

    Friendly Customer Service

    OKX is a crypto exchange platform that provides 24/7 customer support. According to user reviews, OKX customer service is helpful and responds quickly. My personal experience was the same – OKX support provided the information that I was looking for. Therefore, it’s fair to state that OKX has really good customer support, which is not as common as you might think.

    Low Fees

    OKX is a popular cryptocurrency exchange that offers competitive trading fees for both regular and advanced users. For regular users, the maker fee is 0.08% and the taker fee is 0.1%. For advanced traders, the maker fee is 0.06% and the taker fee is 0.08%. VIP members get even lower trading fees. All of the relevant information can be found on the dedicated trading fee page on OKX. This makes OKX an attractive option for crypto-enthusiasts and day traders who are looking for competitive fees.

    Key Disadvantages of OKX

    Despite its attractive features, OKX also has some drawbacks that can affect your trading experience.

    Not Especially Beginner Friendly

    OKX is a great platform for experienced traders, offering a wide range of features such as margin trading, spot trading, options trading, and crypto lending and borrowing. However, these features can be too advanced and risky for newbie traders. To help new users get familiar with the platform, OKX Academy provides tutorials, trading ideas, industry analysis, and a blockchain glossary. With thorough research and practice, newbies can easily get the hang of OKX and start trading with confidence.

    How Can I Start Trading on OKX?

    OKX is a leading cryptocurrency exchange platform that offers a wide range of services and features. It has a user-friendly interface, low fees, and a wide selection of trading pairs. It also provides advanced trading tools and features such as margin trading, futures trading, and spot trading. The platform is highly secure and offers a variety of payment methods. It also has a mobile app for iOS and Android devices. Overall, OKX is a great choice for those looking for a reliable and secure cryptocurrency exchange platform.

    How to Register on OKX?

    • Step 1: Go to the OKX website.
    • Step 2: Click the “Sign up” button, which you’ll find on the top-right of the page.
    • Step 3: Enter your email address and password. Instead of an email address, you can use your phone number.
    • Step 4: Click “Sign up”.

    After creating your account, you will need to fill in additional information to verify that it’s you. To do that, you will only need your ID or passport number.

    How to Make a Deposit on OKX?

    Make a deposit as soon as you register. You only need to buy cryptocurrency to do that. You won’t encounter any difficulties because OKX offers you a variety of payment methods.

    Choose from the payment methods below and deposit credit in your account:

    • Credit/debit card
    • Bank transfer
    • PayPal
    • Payeer
    • Skrill
    • GooglePay
    • ApplePay
    • etc.

    You have a virtually limitless number of alternatives when buying cryptocurrency on OKX.

    Conclusion

    OKX is a Malta-based cryptocurrency trading platform that was founded in 2017 and is now one of the most popular crypto exchange platforms. It offers low fees, supports more than 340 cryptocurrencies and over 650 trading pairs, and provides features such as margin trading, spot trading, options trading, lending, and borrowing crypto. While it is a great platform for experienced traders, newbies may find it difficult to use due to its extensive features. If you are looking for an alternative exchange, ByBit, Binance, KuCoin, and Kraken. are some of the leading cryptocurrency exchanges in the industry, each with its own set of benefits.

    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.