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Five Promising Cryptocurrency Exchanges | Coinspeaker

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If you are one of these traders who are looking for crypto exchanges, this article is for you.

The cryptocurrency market is having the best time of the year. Bitcoin keeps going higher, and many smaller-cap altcoins have been doing very well as well. Analysts predict that crypto exchanges and Bitcoin are ready for massive growth, and things start to get real this year due to the ongoing COVID-19 pandemic.

Yes, there are not many industries that can grow during the time of the pandemic. When the mainstream economy looks worse as time goes by, the cryptocurrency space has been growing slowly but surely. After crypto big drop back in early March, things started to recover since then. In fact, BTC price has recently been doing better than before the infamous March drop.

Following the Bitcoin price, many altcoins are also enjoying the time of their life. Many crypto traders now start to look for alternative crypto exchanges to get a better deal out of their pockets. We have more Bitcoins coming into crypto exchanges more than coming out of them.

So, if you are one of these traders who are looking for crypto exchanges, you might want to read this article further. Here are the five most promising cryptocurrency exchanges in the world right now.

WhiteBIT

WhiteBIT is one of the most promising crypto exchanges right now. It offers fiat-to-crypto with Euro (EUR), Ukrainian Hryvnia (UAH), Russian Ruble (RUB), and Turkish Lira (TL) coming soon. It also offers a full-fledged derivatives trading market with 5x leverage (they plan to expand the maximum leverage to 15x in the near future). It’s rare to see a crypto exchange that offers a full-fledged derivatives market while still allowing fiat-to-crypto at the same time.

What’s even better is that their crypto withdrawal only takes minutes to process even though they store 95% of all crypto assets in cold wallets. They care about their users’ security while still honoring withdrawal requests as fast as possible. As of now, WhiteBIT has over 180,000 users, around 35,000 of which are trading actively every day.

Level01

Level01 is a P2P exchange that is working on decentralizing the vast derivatives market. The platform allows users to trade in a fair and secure environment using its revolutionary artificial intelligence algorithm known as FairSense.

The algorithm helps users trade like professionals by estimating the actual market value for the contracts they seek to trade and providing them with real-time fair price value for all that are participating in the asset market. The exchange allows for quick trade executions that are settled by smart contracts using a hybrid trading engine that matches trades on cloud serves. Users can trade derivatives and options in Forex, digital currencies, stocks, commodities, and indices on the platform.

Users need a Tradeline within the level01 app, which allows them to add assets from their private wallets into the platform to fund trades. Currently, the app accepts ETH, stablecoins USDT, TUSD, DAI, and its native token LVX. The token is now on offer on Digifinex with a USDT pairing (LVX-USDT), with a BTC pairing coming soon. LVX was added on CoinMarketCap.com last month and has been one of the best performers with an ROI of 68% since publication on CMC.

Nominex

Nominex is a fast-growing crypto exchange that allows users to buy and sell cryptocurrencies with minimal risk. Registration on the platform is quite simple, and the platform requires no KYC to trade up to 3 BTC. On the exchange, users can buy crypto using credit cards with fast deposits and withdrawals. The platform stores 99% of all funds using multisig cold wallets, and users can set two-factor authentications to secure their accounts.

Also, users have access to advanced order types and can trade 13 coins with 31 pairings. The platform charges low commissions with 0.02% for limitless trading, 0.01% for market makers, and offers discount cards for active traders. There is also an excellent referral program with eight types of bonuses for users. To make trading more fun, the platform features daily contests using demo accounts where winners can be awarded up to 1000 USDT as a prize. The exchange also has a native token NMX that acts as a utility token on the platform.

FTX

Another promising exchange is FTX. It offers up to 101x leverage, and it has many creative tokens that are not available elsewhere. FTX was the first exchange that offered 3x BTC BULL, 3x BTC BEAR, 3x ETH BULL, and 3x ETH BEAR tokens – which means that your profit or loss could potentially go as high as 3x of normal spot trading. And as you can see from the name, 3x BEAR means that you would make a profit when the price of BTC or ETH goes down. 3x BULL means you would make a profit when the price goes up.

Unlike normal futures markets, you wouldn’t have to worry about margin, interests, and all the other confusing terms with these leveraged tokens.  Basically, FTX allows you to get exposed to leveraged trading without any technical knowledge. Besides leveraged tokens, FTX also offers standard derivatives platform, index, and even hashrate futures.

Digitex Futures

Another very promising crypto exchange is Digitex Futures. It is a derivatives platform with a strong user base. The Initial Coin Offering (ICO) of DGTX token was launched in January 2018 to fund the development of Digitex Futures. However, the development itself took more than 2 years to complete. Digitex Futures already has plenty of fans and loyal users, even before they officially launch.

The main strength of Digitex Futures is its zero-fee trading commission policy. Unlike other derivatives platforms where you have to pay hefty fees for every transaction, Digitex Futures does not take any commission from your transaction. If you are a scalper or high-frequency trader, you might want to take a look at it. The exchange itself makes money by selling DGTX tokens from their treasury account.

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Can You Buy Crypto on One Exchange and Sell on Another?

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Question: Can you buy cryptocurrency on one exchange and sell it on a different exchange?

Answer: Yes.

Question: Why would you want to do this, and what is it called?

Answer: It’s call Arbitrage, and cryptocurrency investors do it to make money.

Just like any other asset, cryptocurrencies are worth what someone else is willing to pay for them. And as it happens, Bitcoin is worth more in certain areas of the world, as well as between different exchanges. This means there is a profit margin that savvy traders can exploit -and it is perfectly legal.

This is a practice known as arbitrage, where you buy Bitcoin (or another cryptocurrency) on one exchange and then sell in on a different exchange where it has a higher value. Arbitrage is a common market practice; cryptocurrency investors did not invent the practice. It is simply buying from one exchange and selling the same asset on another exchange so the owner can turn a profit.

Why Is Arbitrage Work Done?

The reason why you might buy Bitcoins in Canada and turn around to sell them immediately elsewhere is that there will always be variations of the cost of Bitcoin, from one exchange to another. And sometimes there is a large enough variation that you can make a substantial profit.

Exchanges price cryptocurrencies at what they can sell them for. That means that larger exchanges can move larger amounts of Bitcoin faster than smaller ones can. This also means that they can sell Bitcoin at a lower price.

On the other hand, smaller exchanges move smaller amounts of Bitcoin, so they have to charge more for Bitcoin. It is almost like shopping at a convenience store versus shopping at Costco -volume discounts apply.

The Math and Profit Margins

The potential profit from arbitrage varies greatly, of course. It also has a lot to do with how advanced you are as a cryptocurrency trader. That’s because if you are going to make this work, you need to know which exchanges are selling Bitcoin for more and which for less.

But if done correctly, arbitrage can be very profitable.

Here is a little bit of hypothetical math to show you how the profit is earned through arbitrage.

Bitcoin is selling for $1000 on exchange A

Bitcoin is selling for $1050 on exchange B

You buy 100 Bitcoin at $1000 on A for a total of $100 000

You then sell them on B for $105 000

That is a profit of $5000 in a matter of hours ($50 x 100 = $5000)

When to Try Arbitrage



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Japanese E-commerce Rakuten Incorporates Bitcoin, Ethereum and Bitcoin Cash to Its Platform

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Rakuten users will be able to shop using Bitcoin, Ethereum, and Bitcoin Cash.

Japanese e-commerce and online retailing company Rakuten Inc (TOKYO: 4755) has added crypto services to its payment platform. According to an announcement through its official webpage, Rakuten users will be able to shop using Bitcoin, Ethereum, and Bitcoin Cash.

The move by Rakuten to adopt cryptocurrencies in its platform is a major plus for the entire crypto market. The firm is reported to have over 95 million registered users according to a report by JPMorgan.

According to the press release, users of Rakuten’s crypto wallet can now exchange the selected digital assets for the firm’s e-money, Rakuten Cash, to charge its Pay app and Point credit card. Moreover, Rakuten has noted that the service will be done at zero fees. Whereby the minimum charge amount is set at 1000 yen and the charge upper limit of up to 100,000 yen per month.

Notably, the firm indicated that one must be a Rakuten registered member to use the service. Besides, one must have a physical trading account for Rakuten wallet. As a result of the new Rakuten crypto services, Rakuten customers can now purchase with crypto from thousands of merchants across Japan that accept Rakuten Pay and Rakuten Point Card.

In a bid to lure more customers into the new crypto services, Rakuten introduced a campaign to promote the services. According to the campaign, “up to 1,000 points will be given by charging Rakuten Cash from crypto-assets.”

Rakuten and Its Bitcoin Adoption

The Rakuten Payment Co. Ltd. was established back in 2019 to develop payment systems for the entire parent company. Some of the notable developments include Rakuten Pay, which is a real store payment, Rakuten Pay that is an app payment, Rakuten Point Card, Rakuten Edy, and Rakuten Check.

Notably, the Rakuten Wallet was conceived around three years ago during the 2017/2018 crypto bull rally. On the other hand, the Rakuten Cash is the online electronic money used by the Rakuten Group.

Although Rakuten has only adopted three crypto assets, most customers are not likely to use Ethereum due to the high fees involved. Bitcoin and Bitcoin Cash are going to be the winners of the deal as they offer cheaper transaction fees. However, Bitcoin Cash with its fast processing speed and low fees is going to be the favorite among most Rakuten customers.

The Rakuten crypto involvement is set to put it at a better vantage point in competitive aspects. Remember digital payments, particularly crypto assets, have gained traction during the ongoing coronavirus pandemic.

The huge exposure of the selected crypto assets by Rakuten to its customers will further fuel the ongoing bull rally. Notably, institutional investors have been largely attributed to the ongoing bull rally that has seen Bitcoin trade at its all-time high almost $60k last week.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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How Lightening Network Is Using Binance Smart Chain to Secure Privacy for DeFi Users

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Lightening Cash is a project that uses zero-knowledge proofs to provide users with an assurance of privacy in their blockchain-based transactions.

Even by the standards of the fast-moving cryptocurrency markets, the rise of decentralized finance has been remarkable. Only one year after hitting the $1 billion milestone, the total value locked in DeFi exceeded $40 million in February this year.

While other platforms are now making headway in propagating their own DeFi ecosystems, the vast majority of that growth has taken place on the Ethereum blockchain. Ethereum often comes under fire for its lack of scalability and high transaction fees, and rightly so.

However, there’s another issue with Ethereum-based DeFi that’s less frequently discussed – privacy. Every single transaction that takes place on Ethereum is recorded publicly. If you give someone your public wallet address, they can find out how much crypto you’re holding.

In the context of DeFi, the issue comes with even bigger problems. Ethereum’s transparency promotes front-running in DeFi. Front-running generally occurs in arbitrage transactions where traders attempt to profit from price differentials across exchanges.

The problem is that once a DEX transaction is broadcast to the network, even before it’s included in a block, it’s possible that another user, or more commonly, a bot, will see the same opportunity. They swoop in, bid a higher gas price so that a miner will include their transaction in a block first, and take the profit away from the trader. The practice is rife, as demonstrated in an August 2020 blog post from programmer Dan Robinson, who told of how his team ended up losing out on $12k worth of profit to a front-running bot.

Therefore, it’s evident that the privacy issue on Ethereum isn’t a trivial problem. Thankfully, at this point in DeFi, crypto innovators are beginning to emerge with solutions, and one such example is Lightening Cash, developed on the fast-growing Binance Smart Chain.

What Is Lightening Cash?

Lightening Cash is a project that uses zero-knowledge proofs to provide users with an assurance of privacy in their blockchain-based transactions. Zero-knowledge proofs, or ZKPs, protect user privacy with a layer of encryption that allows data to be shared between parties without disclosing the actual data itself. This means that the validating nodes on a network can verify a transaction but without having to see or publicly record all of the details of the transaction. It’s the same technology that Zcash uses to ensure privacy.

Lightening Cash is based on the same protocol as Zcash but operates on the Binance Smart Chain (BSC). BSC launched in September 2020 as a means of overcoming the lack of smart contract capabilities on the original Binance Chain. It offers several benefits for applications, including low fees, fast throughput, and compatibility with the Ethereum Virtual Machine.

Lightening Cash operates as a layer through which users can funnel transactions into DeFi protocols running on the BSC via the Lightening Cash user interface. Users pay a small fee in the native LIC token, which is forwarded into the project’s Treasury. The Treasury fund is used as a mechanism to help manage the price of LIC tokens, which is designed with long-term sustainability in mind.

LIC Token

A core challenge with many farmed tokens is that they end up being highly inflationary, which is ultimately not a sustainable source of value. Holders will simply dump the tokens once they reach a high enough value, forcing prices down. Lightening Cash aims to overcome this with a buy-back program.

Fees accrued in the Treasury will be used to buy LIC tokens from Pancake Swap, helping to provide a deflationary effect. This will offset the inflationary pressure that comes with offering LIC as rewards for farming and staking. The project aims for LIC tokens to provide a high APY but ensuring a price level that doesn’t incentivize dumping.

The LIC token will be issued under a fair launch model. Fifty million tokens will be released, with 35% allocated for farming, 33% going towards operations, development, team, and advisers, 12% to a community program, 15% held in reserve, and 5% to providing liquidity on PancakeSwap. Much of the token supply is also subject to an unlocking period, with the reserve supply subject to community governance for release.

The LIC token will be set at an initial listing price of $0.038 on PancakeSwap, meaning the initial market cap is $203,300.

Conclusion

As the first privacy protocol on the Binance Smart Chain, Lightening Cash stands a good chance of gaining adoption by BSC-based applications. However, the project aims to become a blockchain-agnostic protocol, which will provide significant scope for further growth. Given the privacy challenges faced by DeFi users, it seems likely that we can expect to see more from Lightening Cash and other privacy-preserving technologies in the future.

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Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.



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