Kryptos im Streaming, Teil III: Vier gute Bitcoin-Dokus ...

Meet the YFDAI Team!

Meet the YFDAI Team!

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Over the course of mere months, the DeFi space has grown to the tune of billions in 2020. While DeFi has earned its title as the next hottest crypto trend, its popularity has shown to be a double-edged sword. Reports of scams and “rug pulls” have volleyed into crypto news outlets, social media, and discussion groups, damaging the reputation of the DeFi space.
DeFi is unique in that the tenets of trust and decentralization has normalized the practice of anonymity to the point where nearly every single DeFi team launches anonymously. While the freedom to create DeFi tools does support the notion that anyone should be able to create an honest financial protocol for the goodwill of the people, the opposite effect often occurs. If the past few months has proven anything, it’s that the normalization of anonymity has acted as both the greatest weapon and the greatest defence for fraudulent actors and dishonest entities. Because of this, DeFi is often seen as a free-for-all minefield as countless exit scams and “rugpulls” have become the norm. Having this as an accepted vice of DeFi shouldn’t mean investors should normalize risk of losses. It should inspire projects to set a higher standard in the DeFi space.
We are excited to announce that the YFDAI team has taken the tenets of decentralized finance and expanded on them. As a DeFi protocol, we champion decentralization and the collective action of the community to pave the road towards true transparency and security for all. After countless hours of legal counseling, we’re proud to announce that we will be among the very few DeFi projects to go public and among the first to set a new precedent for the DeFi space.
Say hello to the YFDAI team.
Meet Pritha Paul (Olivia) — Chief Strategic — Volunteer

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Olivia is both a software engineer and a Businesswoman. Having been an avid fan of blockchain and trader of cryptocurrencies, Olivia felt the need to contribute her expertise to the cryptocurrency space. This desire prompted her to create YFDAI, one of DeFi’s most secure and trusted protocols. Seeing the cryptocurrency space as a professional programmer, Olivia knows the importance of making a clean and secure DeFi protocol.
With the rate of fraudulent projects ascending contemporaneously with the rise of DeFi, Olivia knew it was crucial to have a trusted and well-secured protocol that can guide as an example for other projects to follow. Along with this idea, Olivia felt that for DeFi to reach its highest potential, there needed to be an ecosystem that protects investors and supports DeFi projects looking to bring real value to the space. With this in mind, Olivia came up with YFDAI’s signature SafeSwap and LaunchPad platforms.
Olivia has a number of qualifications and holds a bachelor’s in Computer Applications. Some of her advanced programming languages include: C, C++, JAVA, Python, Oracle.
https://www.linkedin.com/in/pritha-paul-olivia-a576b71b9/
Meet Tapas Paul (Rocky) — Lead Dev — Volunteer

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Doubling as a software developer and website designer, Tapas carries ample experience in web development and design. Having been familiar with cryptocurrencies for years, his initial descent into the space came in the golden year of 2017. Since then, Tapas has been engaged in crypto and felt the need to create a truly honest and secure DeFi platform together with Pritha. Tapas’s vast expertise in web development and blockchain gives YFDAI an edge in becoming one of the top DeFi protocols in the space.
Tapas has a diverse range of tech experience that range from creating web applications and front-end designs for various startups to working as a senior blockchain developer for distributed solidity systems for complicated DAPPs. Since then, Tapas has provided Ethereum and TRON consulting to multiple blockchain startups entering the space.
Some of Tapas expertise and advanced programming languages include- Solidity, Web3 TronWeb, JavaScript, MongoDB, ExpressJS, ReactJS Node.JS React Native, HTML5, CSS3, Distributed Ledger Technology , Ethereum and TRON DAPPs, Authentication systems, Real Time Web Apps.
https://www.linkedin.com/in/tapas-paul-rocky-4609781b2/
Meet Ankit Ruthala (Thore) — Chief Business Development — Volunteer

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Thore carries a Bachelor’s in Mechanical Engineering with fundamental engineering and dynamics experience. He has extensive background experience in both engineering and blockchain development. With the ever-increasing level of innovation that is occurring in the blockchain and cryptocurrency space, Thore felt the need to contribute his own knowledge and expertise to the field. Thore’s extensive experience in the field is projected into the YFDAI project with the end-user in mind. Being proficient in both blockchain literacy and technical analyses, Thore understands the cryptocurrency space from both a developer and investor perspective.
https://www.linkedin.com/in/ankit-runthala-752a4785
Meet Wesley — Security Consultant — Volunteer

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Wesley specializes in Infrastructure and security management with a background in economics. Having been involved in the cryptocurrency scene for over three years, Wesley has had ample exposure to the world of blockchain and cryptocurrencies. Since 2017, Wesley has worked as an agent for BTC Direct and in Binance community management.
https://www.linkedin.com/in/wesley-thijssen-223813134/
Meet Cristian- Graphic Designer — Volunteer

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Despite his previous work experience as a computer programmer, Cristian found his niche excelling in graphic design and maximizing brand identity. After winning over 400 graphic design competitions, Cristian now works as a dedicated graphic designer. Living by the mantra of “every profession is an act of service”, Cristian’s passion is manifested through his works in design, brand awareness, and customer satisfaction.
https://99designs.com/profiles/oakbrand
Meet Cris Content Writer — Volunteer

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Cris first began his cryptocurrency journey in the summer of 2017. Since then, he has been obsessed with everything cryptocurrency and blockchain related. After being featured on a series of cryptocurrency publications on Medium, Cris found his way into writing and managing a variety of cryptocurrency startups. Cris now continues pursuing his passion in cryptocurrency while balancing life as a university student.
https://www.linkedin.com/m/in/cris-montoya-1738b61b9-Cris/
Meet Christof Waton — Business Development Consultant — Volunteer

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Christof currently holds a bachelor’s in data communication and is currently completing his masters in Digital Currencies. His initial descent into cryptocurrencies came when he first bought Bitcoin in 2014. Since then, Christof has led his professional career in a variety of fields in and out of the crypto space. Within the crypto space, Christof has held positions as chief business development officer for both ExMarkets and CoinMargin. Outside of the crypto space Christof led as a consultant for both Dubai Hills Fund and Verifo, an e-money institution. After years of experience in both the financial and crypto industry, Christof has experienced cryptocurrency through the lens of a professional, investor, and an enthusiast.
https://www.linkedin.com/in/watonchristof/
Meet Philip Dow — Head Advisor — Volunteer

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Phil operates as a strategic executive with a high-level background in project management, business development, and marketing. Phil first brought his expertise to the cryptocurrency field in 2016. Phil carries a wealth of knowledge as his years in crypto garnered him key connections with a variety of different cryptocurrency partners ranging from, developers, project CEOs, and marketing.
For the past 4 years Phil has brought coverage to a multitude of different blockchain companies, each offering unique expertise and applications in a wide variety of fields.
https://www.linkedin.com/in/philipdow55/
Now that the team identities have been released this dispels the “Elephant in the room”. The fact that the team chose to become non-anon opens up many doors that would otherwise be closed. The specifics of those opportunities will be made clear in the upcoming whitepaper and future announcements.
Even though the names and faces of the founders behind the project have been revealed, please note that there are many people who are working on the YFDAI project on a contractual basis and volunteer basis who have not been included in the disclosure. There are experts and advisors in the fields of business development, economics, law, and other areas vital to any business that play a major role in the success of YFDAI and who share the vision of the founders to clean up the DeFi space and offer a safe, reliable, and secure suite of DeFi products to the public.
While the team behind a crypto project is vital, the ultimate success of any DeFi project relies on the technology, the code, and the community. YFDAI’s technology and code have been designed to be bulletproof in order to maximize the safety and security for the end user. In the not too distant future, YFDAI’s business model envisions the everyday decisions to ultimately be made by you, the community, by way of the DAO as governance is turned over to the token holders.
To ensure we are operating as securely and compliantly as possible YFDAI has been incorporated as a Technology business in Singapore:
Company Name — Tejster Technologies PTE. LTD. Registration No — 202031933C Address — 50,Raffles Place,#37–00,Singapore Land Tower, Singapore (048623)
To finalise the compliance aspect YFDAI is in the process of obtaining full Financial Services regulation by means of receiving compliance and registration in the Republic of Estonia.
This will be a two stage process with an initial Virtual Currency Exchange and E-Wallet licence currently being sought. YDFAI’s legal representatives have moved this to an advanced stage and expect this to be finalized in Q4 2020. It is at this point that the team shall resume their full job titles and the term “Volunteer” will no longer be required.
The licenses will open up a plethora of opportunities which will be fully detailed in our soon to be released whitepaper and will also provide YFDAI with a level of accreditation that will provide users with full peace of mind.
Once YFDAI secures the Financial Services accreditation listed above, YFDAI will have full insurance coverage of the project’s financial holdings and transactions, including project wallets and user funds.
Thank you for your support and we look forward to setting a new standard of self regulation that will revolutionize the DeFI arena and level the playing field for all participants while minimizing the fraud and desecration of the bad actors who have infiltrated the DeFi space.
- YFDAI Team
Visit us on our website and chat with us on Telegram!
Website: https://www.yfdai.finance
Telegram Community: https://t.me/yfdaifinance
Telegram Announcements: https://t.me/yfdai
Linkedin: https://www.linkedin.com/company/yfdai-finance
submitted by YFDAIFinance to u/YFDAIFinance [link] [comments]

Madbyte News - October 1, 2020


What was Bitcoin's value over the last several years on October 1st? In 2012 it was super low at $11 USD, with the first halving only 2 months away. In 2013 it was at $127 and the Cyprus banking crisis hit the financial markets. Also, during 2013 was the first time Bitcoin passed the price of gold for a brief moment.
In 2014 it was valued at $387. By the end of the year it was given the title by The Guardian as the worst investment of the year. Mt.Gox exchange had failed and Ethereum did its ICO (Initial Coin Offering) and the silk road website was taken down. Tim Draper bought a good chunk of Bitcoins at auction and was predicting it to go to $10,000.
In 2015 it was lower at $238 but in 2016 the price was at $614 with the second halving having happened. During 2017 it reached a lofty $4404. 2017 also was when ICOs became popular with a few blockchain projects raising over $200 million. In 2018 Bitcoin was at $6601 and the ICO frenzy died. During 2019 it was $8334 and some exchanges continued to get hacked. Bakt opens futures trading and bitcoiners are talking about the third halving in 2020. And so today bitcoin is valued at about $10,600.
Most of those years saw massive changes up and down in value. For example, in 2013, there was a massive rise of 10,250% from $12 to $961 but in 2014 it dropped 52%. If you look at Bitcoin valuations from the October 1st lens it seems like a great time to buy especially after a halving.
We continue to see Bitcoin as the number one crypto for a portfolio even though almost every week we see another new cryptocurrency pop up. Some of them even hit the top 10 on Coinmarketcap very quickly. For example, UNI (Uniswap) is up over 2700% on Binance since it was listed on Sept.17, 2020. But history shows that most altcoins over the long term are not very successful.
Be careful of FOMO but happy investing, From the Madbyte Team.
-- In summary, Bitcoin, on October 1st was: 2020 - $10600 2019 - $8334 2018 - $6601 2017 - $4404 2016 - $614 2015 - $238 2014 - $387 2013 - $127 2012 - $11
submitted by cryptocronix to madbyte [link] [comments]

How to trade Bitcoin Future

How to trade Bitcoin Future


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Bitcoin is troublesome to use.
But bitcoin’s isue may build it additional valuable.
So, what’ reality regarding bitcoin’s future?
Bitcoin mining may be a senseless waste of energy.
As bitcoin hits mainstream media, the subject of bitcoin mining
bubble regarding to pop.For ten years, the media has enjoyed painting bitcoin as a bubble concerning to pop. They’ve gleefully pronounced the bubble popped and bitcoin dead … over 350 times. However the reality regarding bitcoin is that it keeps coming back back. Why?

Charlie Munger called bitcoin “worthless artificial gold.” Others in the media have likened bitcoin to a bubble, a “tulip mania,” and different strong statements
Each time bitcoin improves itself (like with Segwit
Segregated Witnesses. A protocol implemented by Bitcoin to extend transaction speed. SegWit allows a lot of transactions to be written into a single block on a blockchain.

or the Lightning Network), or will increase in value, the media is keen and ready to jump on it, decrying and denouncing it.
Therefore what’s the reality behind bitcoin’s price -- is it extremely a bubble?
The reality regarding bitcoin is straightforward; it's experiencing the same rise and fall cycles as each new technology and asset catego
The web also experienced a bubble. Shares of dotcom firms rose by a thousandpercent on a daily basis. Then it all tumbled down. However we have a tendency to’re still using the web, aren’t we have a tendency to? More than ever, in fact.

Stocks conjointly experienced big boom and bust cycles, especially in their early days.

We might feel like stocks have been around forever -- and to us they need. However stocks conjointly had a starting, and a rough one too. Once upon a time in 1531, when the first stocks were invented, they saw extraordinary volatility, scams, and no regulation. In fact, before stock exchanges, they were sold at occasional shops -- just like cryptocurrencies were sold on la peer to peer

marketplace, before exchanges came online.
Even property, viewed by the majority as “the safest investment” experienced a dramatic cycle. Business Insider reported that “Between 2006 and 2014, nearly ten million homeowners in America saw the foreclosure sale of their own homes.” And tens of thousands became homeless as a result of of it. Nevertheless --- we have a tendency to’re still living in homes, aren’t we?

The future of bitcoin would possibly be the identical as that of stocks, bonds, assets, and the web. It rises and falls like all the others, and it is currently terribly volatile -- but that’s as a result of it’s young.

Stocks have been around for 400 years. Dotcom corporations for forty years. Bitcoin is solely 10 years previous -- and cryptocurrencies, normally, are even younger. But slowly, they will become a part of our daily lives.

Rich investors are manipulating costs!
Look at this headline from the Independent: “Bitcoin price Crash: 'Manipulative Whales

Whale
A very wealthy individual capable of creating massive trades.
View full glossary
' cause Cryptocurrency Market Meltdown!”
It’s sensationalism, pure and straightforward. The article goes on to rant against these therefore-known as “whales” -- individuals who own voluminous dollars of BTC -- as evil-doers who’s solely thought is profit.

This type of sensationalism is meant to harm Bitcoin’s future; to scare people faraway from doing research and thinking for themselves.

Nonetheless, this statement is somewhat true. Up to eighty five% of Bitcoin’s supply is solely owned by onepercent of wallet addresses.




But there’s an important point to be made about these numbers. Most of the prime percentage of wallets is not owned by whales -- but by exchanges

Exchange
On-line platforms on which people can buy and sell cryptocurrencies.
View full glossary
.
However their result is getting smaller and smaller.
A company referred to as Chainalysis -- that makes a speciality of analyzing the Bitcoin blockchain

-- found that “the actual threat that all whales pose to the cryptocurrency economy is relatively low. If they sold off their entire holdings, it'd be effectively a $3.9 billion sale at current costs. That’s not even tenpercent of this total market capitalization of Bitcoin.”
This is as a result of, as I hinted above, several of those wallets holding such vast sums are the ‘cold wallets

’ (wallets held offline) belonging to major exchanges like Coinbase, Kraken, Binance, and more. These wallets cannot be used to manipulate the price, diminishing the potential impact of enormous ‘whales’ selling their positions.
Bitcoin is simply too slow for use as a currency.
The reality regarding Bitcoin is that yes, it's slower than VISA, Mastercard, and alternative centralized electronic payment systems.

Paying together with your credit cards takes seconds and the network can handle payments around the globe twenty fouseven. But, though Bitcoin can additionally be used around the world, confirmation

of payment takes an average of 10 minutes; during the bitcoin craze recently 2017, confirmation times might take hours.
Moreover, VISA on average processes around 2,00zero transactions per second (tps). This means the amount of payments individuals make per second on the network. VISA includes a maximum of twenty four,00zero TPS. Bitcoin, by distinction, has a maximum of ten TPS. This argument has been place forward by several critics over the years and picked up by the media as the doom of bitcoin’s future.

However Bitcoin could be a technology that evolves.
Now let’s assume regarding Bitcoin’s past for a moment. The coin and its underlying technology -- the blockchain -- are only ten years previous. When the web was ten years old -- the year was 1989. Do you keep in mind the net in 1989? I sure do.



payments in exchange for not revealing sensitive info. So, in bound ways that, BTC and cryptocurrencies offer hackers a lot of options.
However money continues to be king for every criminality.
Though it’s true that hackers and phishers do typically ask for payment in BTC

There’s an aphorism: “money talks.” It means that that if you would like to get something done -- the best argument you can build is to place down a stack of money. When Bitcoin rose to fame, the primary headlines focused around Bitcoin being the prime choice for criminality.

But Lilita Infante, Special Agent for the DEA (Drug Enforcement Administration) has some contradictory info regarding this. She was one among a ten-person Cyber Investigative Task Force team whose primary aim was the dark web and crypto-related investigations. This cluster is no little force. They collaborate with the Department of Justice, FBI, and also the Bureau of Alcohol, Tobacco, Firearms and Explosives. And she went on the record to talk regarding what share of bitcoin transactions are literally being employed for illegal things; she said that “illegal activity has shrunk to about 10 p.c.”

Only tenp.c of all the transactions on the Bitcoin network could be used for illegal things. Which number is falling.

The fall in Bitcoin’s use among criminals is due to several factors. The most prominent factor is that Bitcoin is no longer anonymous. Sciencemag wrote a full report on how governments are developing and using techniques to explore the Bitcoin blockchain and notice criminals by tracing their bitcoin payments.

Paying with bitcoin isn’t simple.
I’ve heard this argument flow into widely throughout the years. I still hear it from my grandpa each vacation dinner. He didn’t see a Bitcoin checkout option at the grocery when he bought the turkey -- therefore it’ll never be used.



Perhaps Bitcoin is on its means to being such a store of worth. For 10 years now bitcoin has been ready to be saved and retrieved and exchanged -- and it’s worth has only gone up (bumpy but up).

Need to get more cryptocurrencies? Check out our top 5 cryptocurrencies to shop for, whether you’re a beginner or an experienced investor!

Bitcoin is difficult to use.
Bitcoin, like all new technologies, isn't the most user-friendly.

You would like to line up a wallet, bear in mind a seed phrase, and several additional steps. Sending and receiving BTC

payments additionally involves steps of copy/pasting long strings of random letters and numbers. It’s powerful, I hear ya.


I additionally keep in mind all the steps I needed to require to send emails back when those were new. Insert a CD from AOL into my computer. Install AOL. Unplug my phone line. Plug in my Modem. Wait for it to make all those noises and finally connect. Then set up my AOL email and password. It was quite the method.

My grandfather never thought emails would come out and even my mother said folks would perpetually like handwriting letters (and using a physical dictionary for spell check!) and sending through the post.


Think about it the approach we tend to assume about gold. Not everyone has gold. It’s also a bit difficult to own.

If you wish to own gold for its ‘store of price’ properties, you wish to seek out a specialized look to buy investment gold. You need to store it somewhere, sort of a personal safe or a bank vault, and bear in mind the password. This is somewhat troublesome.

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Perhaps Bitcoin’s problem will facilitate it retain its value, just like gold
You Might Conjointly Like: The 5 est Bitcoin Sports Betting Sites
https://www.cryptoerapro.com/bitcoin-future/
submitted by cryptoerapro to u/cryptoerapro [link] [comments]

COSS should do whatever it can to stay afloat

I just want to start by saying that I saw this coming around 2 years ago and posted about it here. My biggest concern that COSS never seemed to understand is that exchanges survive on TRADING VOLUME, not listing fees. Sure, listing fees are a nice bonus and in massive bull markets you can milk projects for a lot, but in bear markets nobody will pay listing fees and it is not a sustainable business model to force coins/projects to pay massive amounts to list. An exchange that relies solely on listing fees will always go under in a bear market. Ignoring Binance as an outlier that can still collect listing fees, the exchanges that are thriving now are the ones that have all the coins a person could want, like Kraken, and listed those coins because it made their exchange better for the longrun.
Meanwhile, COSS continuously tried to milk great projects like Nano for listing fees rather than listing them for the long-term benefit of the exchange. Yes, some people didn't want to trade on Coss due to the low volume on many markets, but the nail in the coffin was not having all the major popular projects listed that people wanted.
Anyway, on to the point of the post:
Coss should try to stay afloat for awhile longer. If that means dropping nearly all employees, selling the platform to a company with the funds to maintain it, anything- Coss should try to stay open and give crypto a chance. We have just endured a vicious downward spiral over multiple years and all projects are in bad shape in general.
I have seen this happen in every single crypto cycle (although this one is the most severe, due to the amount valuations rose in 2017). From 2014-2016, exchanges and crypto companies were closing left and right. Circle got rid of their bitcoin wallet and tried to compete with Venmo. And what happened? Every single one of those exchanges and companies ended up regretting it, big time. Many never were able to get back in because it was too late. It felt like crypto was dead and hopeless during that entire 3 year period - morale was just as bad as it is now.
The companies that managed to stay open through that 2014-2016 bear market (usually running at a loss for years) became GIANTS when the market flipped. Small companies like Bittrex became massive as people flooded back into the space, like they always do after huge crypto bear markets start to come to an end. People start wanting to try to buy the bottom, and the bottom starts rising...
I don't work for Coss and I don't claim to know its financial situation, so perhaps it's simply impossible for the company to continue on running without funds. Obviously they are a bit strapped for cash considering the 2nd ICO attempt and such. But I just want to say that:
It's tough to say where crypto is headed and if it will ever be successful. I think it has a great chance to "make it", but who knows. But one thing is certain - closing down now guarantees that you will 100% be excluded from any/all bull runs that might occur in the future. Staying afloat and running at absolute minimum capacity (minimum support/no new dev work, just maintenance, as the exchange works pretty well right now) will at least give COSS a chance to survive and possibly even thrive in the future again. I hope they choose the latter option.
submitted by Cryptore to CossIO [link] [comments]

US Tax Guide for ETH and other cryptocurrencies

Introduction:  
Greetings, fellow ethtraders! Happy New Year! In the next few months, taxpayers across the US will be filing their 2017 tax returns. As an Enrolled Agent and a ETH/cryptocurrency investor and enthusiast, I wanted to write up a brief guide on how your investments in ETH and other cryptocurrencies are taxed in the US.
 
 
1. Are ETH/cryptocurrency realized gains taxable?
Yes. The IRS treats virtual currency (such as cryptocurrency) as property. That means if you sell ETH, BTC, or any other cryptocurrency that has appreciated in value, you have realized a capital gain and must pay taxes on this income. If you held the position for one year or less, it is a short-term capital gain which is taxed at your ordinary income tax rate. If you held the position for more than one year, it is a long-term capital gain which is taxed at your long-term capital gains tax rate. In most cases, this is 15%, but could also be 0% or 20% depending on your specific ordinary income tax bracket.
 
2. If I sell my ETH for USD on Coinbase but do not transfer the USD from Coinbase to my bank account, am I still taxed?
Yes. The only thing that matters is that you sold the ETH, which creates a taxable transaction. Whether you transfer the USD to your bank account or not does not matter.
 
3. If I use my ETH to buy OMG or another cryptocurrency, is this a taxable transaction?
Most likely yes. See #4 below for a more detailed explanation. If assuming crypto to crypto trades are not able to be like-kind exchanged, then continue on to the next paragraph here.
This is actually two different transactions. The first transaction is selling your ETH for USD. The second transaction is buying the OMG with your USD. You must manually calculate these amounts. For example, I buy 1 ETH for $600 on Coinbase. Later on, the price of 1 ETH rises to $700. I transfer that 1 ETH to Bittrex and use it to buy 37 OMG. I have to report a capital gain of $100 because of this transaction. My total cost basis for the 37 OMG I purchased is $700.
 
4. If I use my ETH to buy OMG or other cryptocurrency, could that be considered a tax-free like-kind exchange?
Probably not. The new tax law says that like-kind exchanges only pertain to real estate transactions. This was done with Section 13303, which replaced “property” with “real property” for all of Section 1031 (page 72 near the bottom). My personal interpretation:
In 2018 and going forward, cryptocurrencies can definitely not be like-kind exchanged.
In 2017 and before, it is a very gray area. I personally am not taking the position that they can be like-kind exchanged, because if the IRS went after a taxpayer who did this, the IRS would probably win and the taxpayer would owe taxes, interest, and probably penalties on every single little gain made from trading one cryptocurrency for another.
Here is a great interpretation of why trading cryptocurrency for cryptocurrency is probably not a like-kind transaction.
In my opinion, the biggest factor is that like-kind exchanges must be reported on Form 8824 and not just ignored. Therefore, if a taxpayer is claiming like-kind exchanges on crypto to crypto exchanges, he or she would have to fill out a Form 8824 for each individual transaction of crypto to crypto, which would be absolutely cumbersome if there are hundreds or thousands of such trades.
Here is another article about like-kind exchanges.
Here is the American Institute of CPAs' letter to the IRS, dated June 10, 2016, asking them to release guidance on whether crypto to crypto can be like-kind exchanged or not. The IRS has not responded to the letter.
 
5. How do I calculate the realized capital gain or loss on the sale of my cryptocurrency?
The realized gain or loss is your total proceeds from the sale minus what you purchased those positions for (your cost basis). For example, you bought 1 ETH for $300 in June of 2017. In December of 2017, you sold that 1 ETH for $800. Your realized gain would be $800 - $300 = $500. Since you held it for one year or less, the $500 would be a short-term capital gain taxed at your ordinary income tax rate.
 
6. Which ETH's cost basis do I use if I have multiple purchases?
The cost basis reporting method is up to you. For example, I buy my first ETH at $300, a second ETH at $530, and a third ETH at $400. Later on, I sell one ETH for $800. I can use:
FIFO (first in first out) - cost basis would the first ETH, $300, which would result in a gain of $500.
LIFO (last in first out) - cost basis would be the third ETH, $400, which would result in a gain of $400.
Average cost - cost basis would be the average of the three ETH, $410, which would result in a gain of $390.
Specific identification - I can just choose which coin's cost basis to use. For example, I can choose the second ETH's cost basis, $530, which would result in the lowest capital gains possible of $270.
 
7. If I end up with a net capital loss, can I claim this on my tax return?
Capital gains and capital losses are netted on your tax return. If the net result of this is a capital loss, you may offset it against ordinary income on your tax return, but only at a maximum of $3,000 per year. The remaining losses are carried forward until you use them up.
 
8. What is the tax rate on my capital gains?
If long-term, the tax rate is 0%, 15%, or 20%, depending on your ordinary income tax bracket. If short-term, the tax bracket you’ll be in will depend on your total income and deductions. The ordinary income tax brackets are 10%, 15%, 25%, 28%, 33%, 35%, and 39.6% in 2017 and 10%, 12%, 22%, 24%, 32%, 35%, and 37% in 2018 and going forward.
Here are the 2017 and 2018 ordinary income tax brackets.
Here are the 2017 and 2018 long-term capital gains tax brackets.
Here is a detailed article on how the calculation of long-term capital gains tax work and how you can take advantage of the 0% long-term capital gains rate, if applicable.
 
9. If I mine ETH or any other cryptocurrency, is this taxable?
Yes. IRS Notice 2014-21 states that mining cryptocurrency is taxable. For example, if you mined $7,000 worth of ETH in 2017, you must report $7,000 of income on your 2017 tax return. For many taxpayers, this will be reported on your Schedule C, and you will most likely owe self-employment taxes on this income as well. The $7,000 becomes the cost basis in your ETH position.
 
10. How do I calculate income for the cryptocurrency I mined?
This is the approach I would take. Say I mined 1 ETH on December 31, 2017. I would look up the daily historical prices for ETH and average the high and low prices for ETH on December 31, 2017, which is ($760.35 + $710.12) / 2 = $735.24. I would report $735.24 of income on my tax return. This would also be the cost basis of the 1 ETH I mined.
 
11. Can I deduct mining expenses on my tax return?
If you are reporting the income from mining on Schedule C, then you can deduct expenses on Schedule C as well. You can deduct the portion of your electricity costs allocated to mining, and then you depreciate the cost of your mining rig over time (probably over five years). Section 179 also allows for the full deduction of the cost of certain equipment in year 1, so you could choose to do that if you wanted to instead.
 
12. If I receive ETH or other cryptocurrency as a payment for my business, is this taxable?
Yes. Similar to mining, your income would be what the value of the coins you received was. This would also be your cost basis in the coins.
 
13. If I received Bitcoin Cash as a result of the hard fork on August 1, 2017, is this taxable?
Most likely yes. For example, if you owned 1 Bitcoin and received 1 Bitcoin Cash on August 1, 2017 as a result of the hard fork, your income would be the value of 1 Bitcoin Cash on that date. Bitcoin.tax uses a value of $277. This value would also be your cost basis in the position. Any other hard forks would probably be treated similarly. Airdrops may be treated similarly as well, in the IRS' view.
Here are a couple more good articles about reporting the Bitcoin Cash fork as taxable ordinary income. The second one goes into depth and cites a US Supreme Court decision as precedent: one, two
 
14. If I use ETH, BTC, or other cryptocurrency to purchase goods or services, is this a taxable transaction?
Yes. It would be treated as selling your cryptocurrency for USD, and then using that USD to purchase those goods or services. This is because the IRS treats cryptocurrency as property and not currency.
 
15. Are cryptocurrencies subject to the wash sale rule?
Probably not. Section 1091 only applies to stock or securities. Cryptocurrencies are not classified as stocks or securities. Therefore, you could sell your ETH at a loss, repurchase it immediately, and still realize this loss on your tax return, whereas you cannot do the same with a stock. Please see this link for more information.
 
16. What if I hold cryptocurrency on an exchange based outside of the US?
There are two separate foreign account reporting requirements: FBAR and FATCA.
A FBAR must be filed if you held more than $10,000 on an exchange based outside of the US at any point during the tax year.
A Form 8938 (FATCA) must be filed if you held more than $75,000 on an exchange based outside of the US at any point during the tax year, or more than $50,000 on the last day of the tax year.
The penalties are severe for not filing these two forms if you are required to. Please see the second half of this post for more information on foreign account reporting.
 
17. What are the tax implications of gifting cryptocurrency?
Small gifts of cryptocurrency do not have a tax implication for the gift giver or for the recipient. The recipient would retain the gift giver's old cost basis, so it could be a good idea for the gift giver to provide records of the original cost basis to the recipient as well (or else the recipient would have to assume a cost basis of $0 if the recipient ever sells the cryptocurrency).
Large gifts of cryptocurrency could start having gift and estate tax implications on the giver if the value exceeds more than $14,000 (in 2017) or $15,000 (in 2018) per year per recipient.
Here's a good article on Investopedia on this issue.
An important exception applies if the gift giver gives cryptocurrency that has a cost basis that is higher than the market value at the time of the gift. Please see the middle of this post for more information on that.
 
18. Where can I learn even more about cryptocurrency taxation?
Unchained Podcast: The Tax Rules That Have Crypto Users Aghast
IRS Notice 2014-21
Great reddit post from tax attorney Tyson Cross from 2014
 
19. Are there any websites that you recommend in helping me with all of this?
Yes - I have used bitcoin.tax and highly recommend it. You can import directly from an exchange to the website using API, and/or export a .csv/excel file from the exchange and import it into the website. The exchanges I successfully imported from were Coinbase, GDAX, Bittrex, and Binance. The result is a .csv or other file that you can import into your tax software.
I have also heard good things about cointracking.info but have not personally used it myself.
 
20. Taxation is theft!
I can't help you there.
 
 
That is the summary I have for now. There have been a lot of excellent cryptocurrency tax guides on reddit, such as this one, this one, and this one, but I wanted to post my short summary guide on ethtrader which hopefully answers some of the questions you all may have about US taxation of ETH and other cryptocurrencies. Please let me know if you have any more questions, and I’d be happy to answer them to the best of my ability. Thank you!
Regarding edits: I have made many edits to my post since I originally posted it. Please refresh to see the latest edits to my guide. Thank you.
 
Disclaimer:
The information contained within this post is provided for informational purposes only and is not intended to substitute for obtaining tax, accounting, or financial advice from a professional.
Any U.S. federal tax advice contained in this post is not intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
Presentation of the information via the Internet is not intended to create, and receipt does not constitute, an advisor-client relationship. Internet users are advised not to act upon this information without seeking the service of a tax professional.
submitted by Nubboi to ethtrader [link] [comments]

Beginner’s Guide to BitMEX

Beginner’s Guide to BitMEX

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Founded by HDR Global Trading Limited (which in turn was founded by former bankers Arthur Hayes, Samuel Reed and Ben Delo) in 2014, BitMEX is a trading platform operating around the world and registered in the Seychelles.
Meaning Bitcoin Mercantile Exchange, BitMEX is one of the largest Bitcoin trading platforms currently operating, with a daily trading volume of over 35,000 BTC and over 540,000 accesses monthly and a trading history of over $34 billion worth of Bitcoin since its inception.

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Unlike many other trading exchanges, BitMEX only accepts deposits through Bitcoin, which can then be used to purchase a variety of other cryptocurrencies. BitMEX specialises in sophisticated financial operations such as margin trading, which is trading with leverage. Like many of the exchanges that operate through cryptocurrencies, BitMEX is currently unregulated in any jurisdiction.
Visit BitMEX

How to Sign Up to BitMEX

In order to create an account on BitMEX, users first have to register with the website. Registration only requires an email address, the email address must be a genuine address as users will receive an email to confirm registration in order to verify the account. Once users are registered, there are no trading limits. Traders must be at least 18 years of age to sign up.
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However, it should be noted that BitMEX does not accept any US-based traders and will use IP checks to verify that users are not in the US. While some US users have bypassed this with the use of a VPN, it is not recommended that US individuals sign up to the BitMEX service, especially given the fact that alternative exchanges are available to service US customers that function within the US legal framework.
How to Use BitMEX
BitMEX allows users to trade cryptocurrencies against a number of fiat currencies, namely the US Dollar, the Japanese Yen and the Chinese Yuan. BitMEX allows users to trade a number of different cryptocurrencies, namely Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Tezos and Zcash.
The trading platform on BitMEX is very intuitive and easy to use for those familiar with similar markets. However, it is not for the beginner. The interface does look a little dated when compared to newer exchanges like Binance and Kucoin’s.
Once users have signed up to the platform, they should click on Trade, and all the trading instruments will be displayed beneath.
Clicking on the particular instrument opens the orderbook, recent trades, and the order slip on the left. The order book shows three columns – the bid value for the underlying asset, the quantity of the order, and the total USD value of all orders, both short and long.
The widgets on the trading platform can be changed according to the user’s viewing preferences, allowing users to have full control on what is displayed. It also has a built in feature that provides for TradingView charting. This offers a wide range of charting tool and is considered to be an improvement on many of the offering available from many of its competitors.
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Once trades are made, all orders can be easily viewed in the trading platform interface. There are tabs where users can select their Active Orders, see the Stops that are in place, check the Orders Filled (total or partially) and the trade history. On the Active Orders and Stops tabs, traders can cancel any order, by clicking the “Cancel” button. Users also see all currently open positions, with an analysis if it is in the black or red.
BitMEX uses a method called auto-deleveraging which BitMEX uses to ensure that liquidated positions are able to be closed even in a volatile market. Auto-deleveraging means that if a position bankrupts without available liquidity, the positive side of the position deleverages, in order of profitability and leverage, the highest leveraged position first in queue. Traders are always shown where they sit in the auto-deleveraging queue, if such is needed.
Although the BitMEX platform is optimized for mobile, it only has an Android app (which is not official). There is no iOS app available at present. However, it is recommended that users use it on the desktop if possible.
BitMEX offers a variety of order types for users:
  • Limit Order (the order is fulfilled if the given price is achieved);
  • Market Order (the order is executed at current market price);
  • Stop Limit Order (like a stop order, but allows users to set the price of the Order once the Stop Price is triggered);
  • Stop Market Order (this is a stop order that does not enter the order book, remain unseen until the market reaches the trigger);
  • Trailing Stop Order (it is similar to a Stop Market order, but here users set a trailing value that is used to place the market order);
  • Take Profit Limit Order (this can be used, similarly to a Stop Order, to set a target price on a position. In this case, it is in respect of making gains, rather than cutting losses);
  • Take Profit Market Order (same as the previous type, but in this case, the order triggered will be a market order, and not a limit one)
The exchange offers margin trading in all of the cryptocurrencies displayed on the website. It also offers to trade with futures and derivatives – swaps.

Futures and Swaps

A futures contract is an agreement to buy or sell a given asset in the future at a predetermined price. On BitMEX, users can leverage up to 100x on certain contracts.
Perpetual swaps are similar to futures, except that there is no expiry date for them and no settlement. Additionally, they trade close to the underlying reference Index Price, unlike futures, which may diverge substantially from the Index Price.
BitMEX also offers Binary series contracts, which are prediction-based contracts which can only settle at either 0 or 100. In essence, the Binary series contracts are a more complicated way of making a bet on a given event.
The only Binary series betting instrument currently available is related to the next 1mb block on the Bitcoin blockchain. Binary series contracts are traded with no leverage, a 0% maker fee, a 0.25% taker fee and 0.25% settlement fee.

Bitmex Leverage

BitMEX allows its traders to leverage their position on the platform. Leverage is the ability to place orders that are bigger than the users’ existing balance. This could lead to a higher profit in comparison when placing an order with only the wallet balance. Trading in such conditions is called “Margin Trading.”
There are two types of Margin Trading: Isolated and Cross-Margin. The former allows the user to select the amount of money in their wallet that should be used to hold their position after an order is placed. However, the latter provides that all of the money in the users’ wallet can be used to hold their position, and therefore should be treated with extreme caution.
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The BitMEX platform allows users to set their leverage level by using the leverage slider. A maximum leverage of 1:100 is available (on Bitcoin and Bitcoin Cash). This is quite a high level of leverage for cryptocurrencies, with the average offered by other exchanges rarely exceeding 1:20.

BitMEX Fees

For traditional futures trading, BitMEX has a straightforward fee schedule. As noted, in terms of leverage offered, BitMEX offers up to 100% leverage, with the amount off leverage varying from product to product.
However, it should be noted that trading at the highest leverages is sophisticated and is intended for professional investors that are familiar with speculative trading. The fees and leverage are as follows:
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However, there are additional fees for hidden / iceberg orders. A hidden order pays the taker fee until the entire hidden quantity is completely executed. Then, the order will become normal, and the user will receive the maker rebate for the non-hidden amount.

Deposits and Withdrawals

BitMEX does not charge fees on deposits or withdrawals. However, when withdrawing Bitcoin, the minimum Network fee is based on blockchain load. The only costs therefore are those of the banks or the cryptocurrency networks.
As noted previously, BitMEX only accepts deposits in Bitcoin and therefore Bitcoin serves as collateral on trading contracts, regardless of whether or not the trade involves Bitcoin.
The minimum deposit is 0.001 BTC. There are no limits on withdrawals, but withdrawals can also be in Bitcoin only. To make a withdrawal, all that users need to do is insert the amount to withdraw and the wallet address to complete the transfer.
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Deposits can be made 24/7 but withdrawals are processed by hand at a recurring time once per day. The hand processed withdrawals are intended to increase the security levels of users’ funds by providing extra time (and email notice) to cancel any fraudulent withdrawal requests, as well as bypassing the use of automated systems & hot wallets which may be more prone to compromise.

Supported Currencies

BitMEX operates as a crypto to crypto exchange and makes use of a Bitcoin-in/Bitcoin-out structure. Therefore, platform users are currently unable to use fiat currencies for any payments or transfers, however, a plus side of this is that there are no limits for trading and the exchange incorporates trading pairs linked to the US Dollar (XBT), Japanese Yen (XBJ), and Chinese Yuan (XBC).
BitMEX supports the following cryptocurrencies:
  • Bitcoin (XBT)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Litecoin (LTC)
  • Ripple Token (XRP)
  • Monero (XMR)
  • Dash (DASH)
  • Zcash (ZEC)
  • Cardano (ADA)
  • Tron (TRX)
  • EOS Token (EOS)
BitMEX also offers leverage options on the following coins:
  • 5x: Zcash (ZEC)
  • 20x : Ripple (XRP),Bitcoin Cash (BCH), Cardano (ADA), EOS Token (EOS), Tron (TRX)
  • 25x: Monero (XMR)
  • 33x: Litecoin (LTC)
  • 50x: Ethereum (ETH)
  • 100x: Bitcoin (XBT), Bitcoin / Yen (XBJ), Bitcoin / Yuan (XBC)

Trading Technologies International Partnership

HDR Global Trading, the company which owns BitMEX, has recently announced a partnership with Trading Technologies International, Inc. (TT), a leading international high-performance trading software provider.
The TT platform is designed specifically for professional traders, brokers, and market-access providers, and incorporates a wide variety of trading tools and analytical indicators that allow even the most advanced traders to customize the software to suit their unique trading styles. The TT platform also provides traders with global market access and trade execution through its privately managed infrastructure and the partnership will see BitMEX users gaining access to the trading tools on all BitMEX products, including the popular XBT/USD Perpetual Swap pairing.
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The BitMEX Insurance Fund

The ability to trade on leverage is one of the exchange’s main selling points and offering leverage and providing the opportunity for traders to trade against each other may result in a situation where the winners do not receive all of their expected profits. As a result of the amounts of leverage involved, it’s possible that the losers may not have enough margin in their positions to pay the winners.
Traditional exchanges like the Chicago Mercantile Exchange (CME) offset this problem by utilizing multiple layers of protection and cryptocurrency trading platforms offering leverage cannot currently match the levels of protection provided to winning traders.
In addition, cryptocurrency exchanges offering leveraged trades propose a capped downside and unlimited upside on a highly volatile asset with the caveat being that on occasion, there may not be enough funds in the system to pay out the winners.
To help solve this problem, BitMEX has developed an insurance fund system, and when a trader has an open leveraged position, their position is forcefully closed or liquidated when their maintenance margin is too low.
Here, a trader’s profit and loss does not reflect the actual price their position was closed on the market, and with BitMEX when a trader is liquidated, their equity associated with the position drops down to zero.
In the following example, the trader has taken a 100x long position. In the event that the mark price of Bitcoin falls to $3,980 (by 0.5%), then the position gets liquidated with the 100 Bitcoin position needing to be sold on the market.
This means that it does not matter what price this trade executes at, namely if it’s $3,995 or $3,000, as from the view of the liquidated trader, regardless of the price, they lose all the equity they had in their position, and lose the entire one Bitcoin.
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Assuming there is a fully liquid market, the bid/ask spread should be tighter than the maintenance margin. Here, liquidations manifest as contributions to the insurance fund (e.g. if the maintenance margin is 50bps, but the market is 1bp wide), and the insurance fund should rise by close to the same amount as the maintenance margin when a position is liquidated. In this scenario, as long as healthy liquid markets persist, the insurance fund should continue its steady growth.
The following graphs further illustrate the example, and in the first chart, market conditions are healthy with a narrow bid/ask spread (just $2) at the time of liquidation. Here, the closing trade occurs at a higher price than the bankruptcy price (the price where the margin balance is zero) and the insurance fund benefits.
Illustrative example of an insurance contribution – Long 100x with 1 BTC collateral
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(Note: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments.
The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,978, representing $1 of slippage compared to the $3,979 bid price at the time of liquidation.)
The second chart shows a wide bid/ask spread at the time of liquidation, here, the closing trade takes place at a lower price than the bankruptcy price, and the insurance fund is used to make sure that winning traders receive their expected profits.
This works to stabilize the potential for returns as there is no guarantee that healthy market conditions can continue, especially during periods of heightened price volatility. During these periods, it’s actually possible that the insurance fund can be used up than it is built up.
Illustrative example of an insurance depletion – Long 100x with 1 BTC collateral
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(Notes: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments.
The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,800, representing $20 of slippage compared to the $3,820 bid price at the time of liquidation.)
The exchange declared in February 2019, that the BitMEX insurance fund retained close to 21,000 Bitcoin (around $70 million based on Bitcoin spot prices at the time).
This figure represents just 0.007% of BitMEX’s notional annual trading volume, which has been quoted as being approximately $1 trillion. This is higher than the insurance funds as a proportion of trading volume of the CME, and therefore, winning traders on BitMEX are exposed to much larger risks than CME traders as:
  • BitMEX does not have clearing members with large balance sheets and traders are directly exposed to each other.
  • BitMEX does not demand payments from traders with negative account balances.
  • The underlying instruments on BitMEX are more volatile than the more traditional instruments available on CME.
Therefore, with the insurance fund remaining capitalized, the system effectively with participants who get liquidated paying for liquidations, or a losers pay for losers mechanism.
This system may appear controversial as first, though some may argue that there is a degree of uniformity to it. It’s also worth noting that the exchange also makes use of Auto Deleveraging which means that on occasion, leveraged positions in profit can still be reduced during certain time periods if a liquidated order cannot be executed in the market.
More adventurous traders should note that while the insurance fund holds 21,000 Bitcoin, worth approximately 0.1% of the total Bitcoin supply, BitMEX still doesn’t offer the same level of guarantees to winning traders that are provided by more traditional leveraged trading platforms.
Given the inherent volatility of the cryptocurrency market, there remains some possibility that the fund gets drained down to zero despite its current size. This may result in more successful traders lacking confidence in the platform and choosing to limit their exposure in the event of BitMEX being unable to compensate winning traders.

How suitable is BitMEX for Beginners?

BitMEX generates high Bitcoin trading levels, and also attracts good levels of volume across other crypto-to-crypto transfers. This helps to maintain a buzz around the exchange, and BitMEX also employs relatively low trading fees, and is available round the world (except to US inhabitants).
This helps to attract the attention of people new to the process of trading on leverage and when getting started on the platform there are 5 main navigation Tabs to get used to:
  • **Trade:**The trading dashboard of BitMEX. This tab allows you to select your preferred trading instrument, and choose leverage, as well as place and cancel orders. You can also see your position information and view key information in the contract details.
  • **Account:**Here, all your account information is displayed including available Bitcoin margin balances, deposits and withdrawals, and trade history.
  • **Contracts:**This tab covers further instrument information including funding history, contract sizes; leverage offered expiry, underlying reference Price Index data, and other key features.
  • **References:**This resource centre allows you to learn about futures, perpetual contracts, position marking, and liquidation.
  • **API:**From here you can set up an API connection with BitMEX, and utilize the REST API and WebSocket API.
BitMEX also employs 24/7 customer support and the team can also be contacted on their Twitter and Reddit accounts.
In addition, BitMEX provides a variety of educational resources including an FAQ section, Futures guides, Perpetual Contracts guides, and further resources in the “References” account tab.
For users looking for more in depth analysis, the BitMEX blog produces high level descriptions of a number of subjects and has garnered a good reputation among the cryptocurrency community.
Most importantly, the exchange also maintains a testnet platform, built on top of testnet Bitcoin, which allows anyone to try out programs and strategies before moving on to the live exchange.
This is crucial as despite the wealth of resources available, BitMEX is not really suitable for beginners, and margin trading, futures contracts and swaps are best left to experienced, professional or institutional traders.
Margin trading and choosing to engage in leveraged activity are risky processes and even more advanced traders can describe the process as a high risk and high reward “game”. New entrants to the sector should spend a considerable amount of time learning about margin trading and testing out strategies before considering whether to open a live account.

Is BitMEX Safe?

BitMEX is widely considered to have strong levels of security. The platform uses multi-signature deposits and withdrawal schemes which can only be used by BitMEX partners. BitMEX also utilises Amazon Web Services to protect the servers with text messages and two-factor authentication, as well as hardware tokens.
BitMEX also has a system for risk checks, which requires that the sum of all account holdings on the website must be zero. If it’s not, all trading is immediately halted. As noted previously, withdrawals are all individually hand-checked by employees, and private keys are never stored in the cloud. Deposit addresses are externally verified to make sure that they contain matching keys. If they do not, there is an immediate system shutdown.
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In addition, the BitMEX trading platform is written in kdb+, a database and toolset popular amongst major banks in high frequency trading applications. The BitMEX engine appears to be faster and more reliable than some of its competitors, such as Poloniex and Bittrex.
They have email notifications, and PGP encryption is used for all communication.
The exchange hasn’t been hacked in the past.

How Secure is the platform?

As previously mentioned, BitMEX is considered to be a safe exchange and incorporates a number of security protocols that are becoming standard among the sector’s leading exchanges. In addition to making use of Amazon Web Services’ cloud security, all the exchange’s systems can only be accessed after passing through multiple forms of authentication, and individual systems are only able to communicate with each other across approved and monitored channels.
Communication is also further secured as the exchange provides optional PGP encryption for all automated emails, and users can insert their PGP public key into the form inside their accounts.
Once set up, BitMEX will encrypt and sign all the automated emails sent by you or to your account by the [[email protected]](mailto:[email protected]) email address. Users can also initiate secure conversations with the support team by using the email address and public key on the Technical Contact, and the team have made their automated system’s PGP key available for verification in their Security Section.
The platform’s trading engine is written in kdb+, a database and toolset used by leading financial institutions in high-frequency trading applications, and the speed and reliability of the engine is also used to perform a full risk check after every order placement, trade, settlement, deposit, and withdrawal.
All accounts in the system must consistently sum to zero, and if this does not happen then trading on the platform is immediately halted for all users.
With regards to wallet security, BitMEX makes use of a multisignature deposit and withdrawal scheme, and all exchange addresses are multisignature by default with all storage being kept offline. Private keys are not stored on any cloud servers and deep cold storage is used for the majority of funds.
Furthermore, all deposit addresses sent by the BitMEX system are verified by an external service that works to ensure that they contain the keys controlled by the founders, and in the event that the public keys differ, the system is immediately shut down and trading halted. The exchange’s security practices also see that every withdrawal is audited by hand by a minimum of two employees before being sent out.

BitMEX Customer Support

The trading platform has a 24/7 support on multiple channels, including email, ticket systems and social media. The typical response time from the customer support team is about one hour, and feedback on the customer support generally suggest that the customer service responses are helpful and are not restricted to automated responses.
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The BitMEX also offers a knowledge base and FAQs which, although they are not necessarily always helpful, may assist and direct users towards the necessary channels to obtain assistance.
BitMEX also offers trading guides which can be accessed here

Conclusion

There would appear to be few complaints online about BitMEX, with most issues relating to technical matters or about the complexities of using the website. Older complaints also appeared to include issues relating to low liquidity, but this no longer appears to be an issue.
BitMEX is clearly not a platform that is not intended for the amateur investor. The interface is complex and therefore it can be very difficult for users to get used to the platform and to even navigate the website.
However, the platform does provide a wide range of tools and once users have experience of the platform they will appreciate the wide range of information that the platform provides.
Visit BitMEX
submitted by bitmex_register to u/bitmex_register [link] [comments]

How to trade Ethereum

How to trade Ethereum

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Ethereum is the second largest cryptocurrency by capitalization after Bitcoin, founded in 2014 by Vitalik Buterin. The work of the ether is based on smart contracts technology, which was first implemented in this cryptocurrency. Smart contracts allow to conclude transactions between users without intermediaries, and the program code controls the fulfillment of the obligations of both parties.

Where you can trade Ethereum

Ethereum is traded on all cryptocurrency exchanges, as it is the main altcoin. The most popular trading platforms are Binance and BitMEX. To store ether, you need to have a wallet, such as MyEtherWallet. If you plan to trade, there is no need to buy cryptocurrency through exchangers, but you can buy it on the exchange directly - Binance added support for ruble and currency pairs, including ETH/RUB.

How to trade

The Ethereum price chart is represented by the Trading View resource, which is integrated into the Trade-mate.io service. In your account you can connect three exchanges Binance, BitMEX and Poloniex. In addition to advanced Tradingview charts service provides smart trade functionality with trailing stops and autotrade, allowing you to copy trades of other traders and trading bots.
The Ethereum volatility allows you to use any classic strategies inherited from Forex. If the foreign exchange market has long acquired immunity to technical analysis, the crypto market allows you to make a profit due to the immaturity of the industry. The most popular trading indicators are Bollinger Bands, Fibonacci Levels, RSI and others. A detailed description is easy to find on the Internet, but do not forget about the main rule - set up stop losses, because any cryptocurrency can collapse by 20% or more in a few hours. Trade-mate.io will help to extract the maximum profit, because smart trade allows you to automatically rearrange the stop loss as long as the price rises.

Little trick

Special attention is focused on Ether because of its popularity, so the coin is quite sensitive to news. Even rumors can lead to strong growth or collapse of this cryptocurrency. For example, fake information about the death of the founder of the project at the end of June led to a strong price collapse.

https://preview.redd.it/yx3yjqmcum541.png?width=762&format=png&auto=webp&s=39578308f01912d3b45df2e5dc13ec53f0c2e96a
submitted by mrhadow to matetrade [link] [comments]

How and why on earth did cryptocurrency become what is is today and should we seriously do something aboout it?

My first thought is - rather fittingly - the genesis block of BTC. Specifically the message:
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

Today, over 10 years later, this kind of message might as well read:
Coindesk(dot)com xx/xx/2019 Crypto whales and miners on the brink of a second bailout for cryptocurrency exchanges

Bitfinex being perhaps the most iconic example. Losing 850 million USD just like that thanks to transnational government agencies, they faced a similar fate as banks in the housing crisis. Total wipe-out. Just like banks, these monolithic exchanges are too big to fail. Failure would mean a global financial crisis in crypto, much like mt.gox. Not that different from the banks that got bailed out by institutions, Bitfinex received the same treatment, except from whales, investment funds, rich corporate entities and such. They covered for the whole loss basically, allowing things to keep operational at least. There wasn't really any demand for another tether, so without it, it could have been an economic meltdown in crypto. Hearing about similar offers made by other rich entities operating in the crypto scene to Binance after their hack, I'm starting to think this has become an even bigger, more common thing with crypto exchanges than it has been with banks.
It's rich people in positions of power protecting their own interests, except that in the proper spirit of crypto, it's quite secretive, likely (pseudo)anonymous and way less transparent than what the central banks did. Due to the nature of this technology, it can be hard to grasp what the actions taken by Bitfinex mean. To my understanding, they minted a new coin, LEO (witty name for a token under these circumstances..) and basically just decided it's market cap is 1 billion, then in a private sale, managed to somehow pull off the biggest ever ICO in the history of crypto, 1 billion of funding in just 10 days for what appears to me as basically printing money in order to cover for accounting, as this exclusive club taking part in the sale of LEO committed into buying said tokens using the money Bitfinex previously printed in order to manipulate the markets and profit, USDT that is. Can't remember any ICO in the past where the minimum barrier for an individual to participate was 1 million dollars and for companies, groups, or funds 100+ million.

We traded the tyranny of the banking system for a system that eventually reached centralization of power to a much greater degree, accompanied with lack of regulation and oversight which we all welcomed. I have observed and participated in the scene for at least 9 years, so almost from the very beginning, seeing the rise of first altcoins for example and all the crazy phenomena which emerged and how the community dealt with them, evolving in the process. There has been a distinct pattern that can be traced back to these early days, where some group of people would figure out how to use this new technology in all kinds of creative ways which under normal circumstances would have been considered fraud, collusion... all kind of things we did NOT want. So when the majority aka victims became aware, we always protested accordingly. Pre-mined cloned coins that were hyped over social media only so the creators would profit? We decided they were worthless.
So these people, having a very lucrative way of essentially scamming people dreaming of moons came up with a solution: there will be no pre-mine, but coins were launched under the radar and only people with power (many BTC) were informed. In case you aren't familiar, when a new minable coin is released and there's only a handful of miners, a significant portion of the tokens in circulation are mined in an insanely fast manner, first 10% of total supply generated in a matter of hours perhaps, giving everyone who managed to mine on the day of launch a major advantage. We decided the secrecy was equally bad and they openly announced these coins, directing masses to use mining pools, only for them to be be under DDOS during the launch.

That pattern eventually evolved to ICO's and everything else we see today. Ripping people off in sophisticated enough ways that we put up with it. After all, we could always get lucky from the 'generous' pump & dump groups they were organizing and offering to us. The system may have changed, but the philosophy is the same: people with the most money either as individuals or a group exploiting 'lesser' people and groups, concentrating power (BTC) in the process much akin to 'rich get richer while poor get poorer'. 10 years onwards, thanks to the financial side (trading), the whole crypto economy is still not only using but dependent on market manipulation and all kinds of deceiving schemes.

This has been a major obstacle to wide-scale adoption, despite powerful people trying to convince us that manipulating prices to the level of a bubble will lead to people thinking this technology is great and start using it. In reality, many among the general population either had or started having doubts about these bitcoins. Imagine if they tried to sell internet and all of it's possibilities solely through nigerian prince scam spam.

Then there's the miners, one of if not the most powerful entity in cryptoscene as a whole. Naturally their power and influence only grew, significant investments were made. I remember conversations with some chinese guy mining LTC back in 2014, he was always like "Yay, the newest shipment of 300 AMD GPU's came straight out the factory". Must have had thousands. Asics had begun dominating BTC mining and they weren't cheap either. Not to mention all that electricity too. Where I'm leading you with this, is the current situation where we have established mining companies with ASICs dedicated solely to BTC mining for efficiency, probably pretty much useless for anything else. Valuations of 100's of millions if not billions at their peak. Then we realized how stupid it is to waste electricity like that when we could do it in a better way, Proof-of-Stake. Instant conflict of interest hindering further innovation due to competition instead of the opposite. The mining giants refuse to go out quietly and many have been mining BTC at a loss (electricity) for a long time now, effectively needing a pump to dump those mined BTC just to cover their operating costs in the past as they naturally didn't want to sell them at a loss.
Side-note: I think the current pump is due to a lot of BTC miners quitting and cashing out of BTC in a way that doesn't bankrupt them. To make matters force, they can effectively coerce both whales and crypto exchanges to co-operate in order to pump the prices because if the miners go out of business, everyone utilizing BTC for profit is in big trouble. So if they say they need a pump to dump, they get one. Bail-outs for miners too for christ sake.

Luckily, we have alternatives being heavily developed, but I fear for a financial meltdown for crypto before they reach a mature stage. Not a very popular subject to my knowledge, because in the near future, somebody has to pay the bill and this time it ain't covered by taxes collected. This awesome technology has been primarily abused and exploited, with people innovating in the are of 'get-rich-quick' schemes more than the technology itself. Ethereum was supposed to be a paradigm shift, but it became another instrument of the same scheme, even though it helped push tech forward some.

Remember that this is a time of decentralization. It's up to us, the collective, to do something about this if we want (or even can for that matter). Ironically, we stuck with the old mindset of 'just wait it out and The Man will fix it for us eventually' which was supposedly a thing of the past.

So I ask you: What are your opinions about the current state of affairs in crypto, especially the financial side? Do you feel it's all good and if so, why? Any and all input is welcome. Let's make the scene a better place and show good example to the pagans who doubt us due to our dubious practices in the past and even today, furthering acceptance and adoption instead of laser-point focus on profit to the point the system collapses.
submitted by RanCestor to CryptoCurrency [link] [comments]

Playing with fire with FinCen and SEC, Binance may face a hefty penalty again after already losing 50 percent of its trading business

On 14 June, Binance announced that it “constantly reviews user accounts to improve (their) platform security and to comply with global compliance requirements”, mentioning that “Binance is unable to provide services to any U.S. person” in the latest “Binance Terms of Use” attached within the announcement.
According to the data from a third-party traffic statistics website, Alexa, users in the U.S. form the biggest user group of Binance, accounting for about 25% of the total visitor traffic.
In the forecast of Binance’s user scale compiled by The Block, the largest traffic is dominated by users in the U.S., surpassing the total of the ones from the second place to the fifth place.
Also, considering that the scale of digital asset trading for the users in the U.S. far exceeds that of the users of many other countries, it could mean that Binance may have already lost 50 % of the business income by losing users in the U.S. Apparently, such an announcement by Binance to stop providing services to users in the U.S. means Binance has no other alternative but “seek to live on.”
So, what are the specific requirements of the U.S. for digital asset exchanges and which of the regulatory red lines of the U.S. did Binance cross?
Compliance issues relating to operation permission of digital asset exchanges
In the U.S., the entry barrier for obtaining a business license to operate a digital asset exchange is not high. Apart from the special licencing requirements of individual states such as New York, most of the states generally grant licences to digital asset exchanges through the issuance of a “Money Transmitter License” (MTL).
Each state has different requirements for MTL applications. Some of the main common requirements are:
Filling out the application form, including business address, tax identification number, social security number and statement of net assets of the owneproprietor Paying the relevant fees for the licence application Meeting the minimum net assets requirements stipulated by the state Completing a background check Providing a form of guarantee, such as security bonds
It is worth noting that not all states are explicitly using MTL to handle the issues around operation permission of digital asset exchanges. For instance, New Hampshire passed a new law on 12 March 2017, announcing that trading parties of digital assets in that state would not be bound by MTL. Also, Montana has not yet set up MTL, keeping an open attitude towards the currency trading business.
On top of obtaining the MTL in each state, enterprises are also required to complete the registration of “Money Services Business” (MSB) on the federal level FinCEN (Financial Crimes Enforcement Network of the U.S. Treasury Department) issued the “Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies” on 18 March 2013. On the federal level, the guideline requires any enterprise involved in virtual currency services to complete the MSB registration and perform the corresponding compliance responsibilities. The main responsibility of a registered enterprise is to establish anti-money laundering procedures and reporting systems.
However, California is an exception. Enterprises in California would only need to complete the MSB registration on the federal level and they do not need to apply for the MTL in California.
Any enterprise operating in New York must obtain a virtual currency business license, Bitlicense, issued in New York
Early in July 2014, the New York State Department of Financial Services (NYSDFS) has specially designed and launched the BitLicense, stipulating that any institutions participating in a business relevant to virtual currency (virtual currency transfer, virtual currency trust, provision of virtual currency trading services, issuance or management of virtual currencies) must obtain a BitLicense.
To date, the NYSDFS has issued 19 Bitlicenses. Among them includes exchanges such as Coinbase (January 2017), BitFlyer (July 2017), Genesis Global Trading (May 2018) and Bitstamp (April 2019).
Solely from the perspective of operation permission, Binance has yet to complete the MSB registration of FinCEN (its partner, BAM Trading, has completed the MSB registration). This means that Binance is not eligible to operate a digital asset exchange in the U.S. FinCEN has the rights to prosecute Binance based on its failure to fulfil the relevant ‘anti-money laundering’ regulatory requirements.
Compliance issues relating to online assets
With the further development of the digital asset market, ICO has released loads of “digital assets” that have characteristics of a “security” into the trading markets. The Securities and Exchange Commission (SEC) has proposed more comprehensive compliance requirements for digital asset exchanges. The core of the requirements is reflected in the restrictions of offering digital assets trading service.
In the last two years, the SEC has reiterated on many occasions that digital assets that have characteristics of a security should not be traded on a digital asset exchange
In August 2017, when the development of ICO was at its peak, the SEC issued an investor bulletin “Investor Bulletin: Initial Coin Offerings” on its website and published an investigation report of the DAO. It determined that the DAO tokens were considered ‘marketable securities’, stressing that all digital assets considered ‘marketable securities’ would be incorporated into the SEC regulatory system, bound by the U.S. federal securities law. Soon after, the SEC also declared and stressed that “(if) a platform offers trading of digital assets that are securities and operates as an “exchange,” as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration.”
On 16 November 2018, the SEC issued a “Statement on Digital Asset Securities Issuance and Trading,” in which the SEC used five real case studies to conduct exemplary penalty rulings on the initial offers and sales of digital asset securities, including those issued in ICOs, relevant cryptocurrency exchanges, investment management tools, ICO platforms and so on. The statement further reiterates that exchanges cannot provide trading services for digital assets that have characteristics of a security.
On 3 April 2019, the SEC issued the “Framework for ‘Investment Contract’ Analysis of Digital Assets” to further elucidate the evaluation criteria for determining whether a digital asset is a security and providing guiding opinions on the compliance of the issuance, sales, holding procedures of digital assets.
As of now, only a small number of digital assets, such as BTC, ETH, etc. meet the SEC’s requirement of “non-securities assets.” The potentially “compliant” digital assets are less than 20.
Early in March 2014, the Inland Revenue Service (IRS) has stated that Bitcoin will be treated as a legal property and will be subject to taxes. In September 2015, the U.S. Commodity Futures Trading Commission (CFTC) stated that Bitcoin is a commodity and will be treated as a “property” by the IRS for tax purposes.
On 15 June 2018, William Hinman, Director of the Corporate Finance Division of the SEC, said at the Cryptocurrency Summit held in San Francisco that BTC and ETH are not securities. Nevertheless, many ICO tokens fall under the securities category.
So far, only BTC and ETH have received approval and recognition of the U.S. regulatory authority as a “non-securities asset.”
Since July 2018, the SEC has investigated more than ten types of digital assets, one after another, and ruled that they were securities and had to be incorporated into the SEC regulatory system. It prosecuted and punished those who had contravened the issuance and trading requirements of the securities laws.
Although there are still many digital assets that have yet to be characterised as “securities”, it is extremely difficult to be characterised as a “non-securities asset” based on the evaluation criteria announced by the SEC. As the SEC’s spokesperson has reiterated many times, they believe the majority of ICO tokens are securities.
Under the stipulated requirements of the SEC, Coinbase, a leading U.S. exchange, has withdrawn a batch of digital assets. The assets withdrawn included digital assets that had been characterised as “securities” as well as those that have high risks of being characterised as “securities.” However, it is worth noting that although the risk to be characterised as “securities” for more than ten types of digital assets, which have not been explicitly required by SEC to be withdrawn, is relatively small, they are not entirely safe. With the further escalation of the SEC’s investigations, they could still be characterised as securities and be held accountable for violating their responsibilities. However, this requires further guidance from the SEC.
*Coinbase’s 14 types of digital assets that have yet to be requested for withdrawal
Poloniex announced on 16 May that it would stop providing services for nine digital assets, including Ardor (ARDR), Bytecoin (BCN), etc. under the compliance guidelines of the SEC. On 7 June, Bittrex also announced that it would stop providing trading services to U.S. users for 32 digital assets. The action of the SEC on its regulatory guidance was further reinforced apparently.
In fact, it is not the first time that these two exchanges have withdrawn digital assets under regulatory requirements. Since the rapid development of digital assets driven by ICO in 2017, Poloniex and Bittrex were once leading exchanges for ICO tokens, providing comprehensive trading services for digital assets. However, after the SEC reiterated its compliance requirements, Poloniex and Bittrex have withdrawn a considerable amount of assets in the past year to meet the compliance requirements.
In conclusion, the takeaways that we have got are as follows: Under the existing U.S. regulatory requirements of digital assets, after obtaining the basic entry licences (MSB, MTL), exchanges could either choose the “compliant asset” solution of Coinbase and only list a small number of digital assets that do not have apparent characteristics of a security, and at all times prepare to withdraw any asset later characterised as “securities” by the SECs; or choose to be like OKEx and Huobi and make it clear they would “not provide services to any U.S. users” at the start.
Binance has been providing a large number of digital assets that have characteristics of a security to U.S users without a U.S. securities exchange licence, so it has already contravened the SEC regulatory requirements.
On top of that, it is also worth noting that the rapid development of Binance has been achieved precisely through the behaviours of “contrary to regulations” and “committing crimes.” Amid the blocking of several pioneering exchanges, such as OKCoin, Huobi, etc. providing services to Chinese users in the Chinese market under new laws from the regulatory authorities, Binance leapfrogged the competition and began to dominate the Chinese market. Similarly, Binance’s rapid growth in the U.S. market is mainly due to its domination of the traffic of digital assets withdrawn by Poloniex and Bittrex. One can say that Binance not only has weak awareness of compliance issues, but it is also indeed “playing with fire” with the U.S. regulators.
In April 2018, the New York State Office of Attorney General (OAG) requested 13 digital asset exchanges, including Binance, to prepare for investigations, indicating it would initiate an investigation in relations to company ownership, leadership, operating conditions, service terms, trading volume, relationships with financial institutions, etc. Many exchanges, including Gemini, Bittrex, Poloniex, BitFlyer, Bitfinex, and so on, proactively acknowledged and replied in the first instance upon receipt of the investigation notice. However, Binance had hardly any action.
Binance has been illegally operating in the U.S. for almost two years. It has not yet fulfilled the FinCEN and MSB registration requirements. Moreover, it has also neglected the SEC announcements and OAG investigation summons on several occasions. The ultimate announcement of exiting the U.S. market may be due to the tremendous pressure imposed by the U.S. regulators.
In fact, the SEC executives have recently stressed that “exchanges of IEO in the U.S. market are facing legal risks and the SEC would soon crack down on these illegal activities” on numerous occasions. These were clear indications of imposing pressure on Binance.
Regarding the SEC’s rulings on illegal digital asset exchanges, EtherDelta and investment management platform, Crypto Asset Management, it may not be easy for Binance to “fully exit” from the U.S. market. It may be faced with a hefty penalty. Once there are any compensation claims by the U.S. users for losses incurred in the trading of assets at Binance, it would be dragged into a difficult compensation dilemma. It would undoubtedly be a double blow for Binance that has just been held accountable for the losses incurred in a theft of 7,000 BTC.
Coincidentally, Binance was tossed out of Japan because of compliance issues. In March 2018, the Financial Services Agency of Japan officially issued a stern warning to Binance, which was boldly providing services to Japanese users without registering for a digital asset exchange licence in Japan. Binance was forced to relocate to Malta instead. Binance may have to bear hefty penalties arising from challenging the compliance requirements after it had lost important markets due to consecutive compliance issues.
The rise of Binance was attributed to its bold and valiant style, grasping the opportunity created in the vacuum period of government regulation, breaking compliance requirements and rapidly dominating the market to obtain user traffic. For a while, it gained considerable advantages in the early, barbaric growth stage of the industry. Nonetheless, under the increasingly comprehensive regulatory compliance system for global digital asset markets, Binance, which has constantly been “evading regulation” and “resisting supervision” would undoubtedly face enormous survival challenges, notwithstanding that it would lose far more than 50 per cent of the market share.
https://www.asiacryptotoday.com/playing-with-fire-with-fincen-and-sec-binance-may-face-a-hefty-penalty-again-after-already-losing-50-percent-of-its-trading-business/
submitted by Fun_Judgment to CryptoCurrencyTrading [link] [comments]

Rating for FatBTC

Trust 9.6/10
FatBTC exchange has a great reputation online although the community is still growing.
Fees 9.8/10
The exchange’s 0.2% trading fee is attractive and below average.
Customer Support 9.2/10
The exchange answers to inquiries fast and professionally.
Ease of Use 9.5/10
It is easy to trade on FatBTC with the exchange's currencies.
Overall rating:
The true user experience of FatBTC will be evaluated as the community grows. Its liquidity grows high, making it easy for traders to feel attracted to the exchange.
Is FatBTC reliable? - Full Exchange Review
Quick inner navigation:
  1. What is FatBTC?
  2. FatBTC Fees
  3. FatBTC Verification
  4. Special Features
  5. How to use FatBTC?
Although there are over a dozen cryptocurrency exchanges with high reviews, traders are always looking for new trading platforms to experiment with. Coinmarketcap.com lists 212 exchanges, some with 24 hours trading volumes of more than $700000. FatBTC, a global exchange, ranks 22th with a daily trading volume of $17 million. The biggest exchange based on daily trading volume is BitMex, an exchange most notable for trading Bitcoins against US dollars. The largest cryptocurrency to cryptocurrency exchange is Binance, with a 24-hour trading volume of $1.84 billion. Bitfinex comes in third and popular US-based exchange, GDAX, ranks eighth.
FatBTC ranks at number 8, has gained a lot of popularity since December 2017. The company claims to now have more than 100,000 daily traders. The following FatBTC exchange review explores all the important aspects of the trading platform.
What is FatBTC?
Launched in 2014, FatBTC targeted global traders. The official language on the website is now available in multiple languages, such as English, Chinese(Trading), Chinese (Simplified), Portuguese, Spanish,Russian and etc. It lists more than 100 cryptocurrencies, both popular and less popular cryptocurrencies. The exchange offers four main services:
► Purchase of Bitcoins can use USD, EUR, VND through bank transfer
► An online cryptocurrency wallet
► Purchase and selling of cryptocurrencies
► Speculative investment exchange, Fatcoin
The platform has been open and welcoming to traders from all parts of the world.
There are currently no limits to buying or selling any of the cryptocurrencies listed on the exchange. The average daily trading volume for Ethereum against Bitcoins, for example, is $36,800. With such a trading volume, an investor who purchases ether coins worth $10,000 and above will have trouble buying or selling the coins.
Buying Payment Method
As a Chinese focused market, FatBTC facilitates buying of the following cryptocurrencies using USD, EUR, VND via bank transfer: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, DogeCoin, EOS, Dent, Dragon Coin, Kin Coin.
If you live outside China, you can fund your account using Bitcoins or Ethereum coins. You also have the option to add funds using popular altcoins Like Bitcoin Cash and Ripple.
Selling Payment Methods
FatBTC pairs most cryptocurrencies with Bitcoin, Ethereum.You can sell any cryptocurrencies, or receive Bitcoins or ether coins. According to the website’s daily trading volume, most traders sell their cryptocurrencies in either Bitcoins.
Available Cryptocurrencies
At the time of writing, FatBTC Lists 24 cryptocurrencies. Most of the coins on the exchange contribute Less than 5% of daily trading volumes. In fact, Bitcoin, Ethereum and Bitcoin Cash contribute 84% of the exchange’s daily trading volume.63.35% of all trading involves Chinese Yuan and Bitcoins. The top 13 cryptocurrencies contribute less than 1% of daily trading volumes. Bitcoin, Bitcoin Cash, Litecoin, and EOS are the top most popular cryptocurrencies on FatBTC.Less popular but rising cryptocurrencies on the exchange include TRON, Electra, and Dogecoin.
FatBTC Fees
With fixed 0.2% trading fees, the FatBTC exchange has Lower fees than most exchanges. FatBTC exchange has lower fees than most exchanges. The average trading fee is 0.25%, with a few exchanges offering up to 1%. Here is how FatBTC fares regarding fees compared to popular cryptocurrency exchanges. Some exchanges charge a maker versus taker fee, whereby sellers, who provide Liquidity to the coin, are makers. Takers are traders buying the coins. Some exchanges charge a fixed trading fee irrespective of whether you are buying or selling a cryptocurrency.
Exchange Maker Taker Fixed fee
GDAX 0% 0.25%
Bitfinex 0.1% 0.2%
HitBTC 0.1%
Binance 0.1%
Poloniex 0.15% 0.25%
Kraken 0.16% 0.26%
As you can see above, only Binance and HitBTC beat FatBTC in fees. However, FatBTC does not charge deposit fees, while some exchanges that purport to charge low or no trading fees do. The exchange does, however, charge a slightly high withdrawal fee of 0.5% Bitcoins.
FatBTC Verification
Creating an account on the trading platform is fast and easy. To register, the exchange asks for your email address where they send a verification code. Once you enter the code, you can create a password and log in immediately. No additional details are requested.
FatBTC Special Features
► Bonus Giveaways
To attract more traders to the platform, FatBTC is constantly offering bonuses and gifts to their traders. When promoting the introduction of Newifi Gold, for example, the exchange promised to giveaway a Tesla electric car, a tour, Apple devices, and bonuses to the top 10 traders.
► Live Announcements
The trading platform has an announcement tab on the left corner where news and important information is regularly updated. On top of that, there is a live chatbox where you can ask for assistance 24/7.
► Customer Support
The exchange has three main ways mode of communication with traders:
► A live chatbox.
► A ticket system where traders can submit their messages.
► Social media on Telegram, email, and Twitter.
So far, there have been no significant complaints about the exchange's customer support. If anything, most traders appreciate the exchange’s quick customer care.
How to use FatBTC?
The trading platform has a fairly easy user interface. You can access any of the services on FatBTC by following these steps:
Step 1: Create an Account
As already mentioned, creating an account on the exchange only requires a genuine email address. Through the email address, the exchange provides a verification code which helps you create an account. Verification to log in on the exchange is your email address and a password.
Step 2: Fund your Account
Except for Chinese traders who can fund their accounts using the local currency, most traders will have to fund their accounts using Bitcoins or Ethereum.FatBTC provides a deposit address unique to each cryptocurrency. Fund your account with a minimum of 0.05Bitcoins, and you can begin trading on the exchange.
Step 3: Trade
This exchange is a little bit unique. The website separates trading into four:
► Bitcoin Market
► Ethereum Market
► Fatcoin Market
Step 4: Withdraw Funds
As already mentioned, the minimum coin withdrawal amount is an equivalent of 0.05 Bitcoins. There is a fixed withdrawal fee of 0.005 Bitcoins. The Deposit and Withdrawal tab can be accessed on the far right corner of your screen. When depositing coins, you lock them with a unique password that you also use when withdrawing them.
In a Nutshell
FatBTC is fast-growing, thanks to a user-friendly, responsive website and good customer support It’s fast-growing, thanks to a user-friendly, responsive website and good customer support.
Thank you for reading our FatBTC review above. Hopefully, it will help you make an informed decision of whether to trade on the platform or not.
submitted by Lesley-Eden to fatbtc [link] [comments]

Rating for FatBTC

Trust 9.6/10
FatBTC exchange has a great reputation online although the community is still growing.
Fees 9.8/10
The exchange’s 0.2% trading fee is attractive and below average.
Customer Support 9.2/10
The exchange answers to inquiries fast and professionally.
Ease of Use 9.5/10
It is easy to trade on FatBTC with the exchange's currencies.
Overall rating:
The true user experience of FatBTC will be evaluated as the community grows. Its liquidity grows high, making it easy for traders to feel attracted to the exchange.
Is FatBTC reliable? - Full Exchange Review
Quick inner navigation:
  1. What is FatBTC?
  2. FatBTC Fees
  3. FatBTC Verification
  4. Special Features
  5. How to use FatBTC?
Although there are over a dozen cryptocurrency exchanges with high reviews, traders are always looking for new trading platforms to experiment with. Coinmarketcap.com lists 212 exchanges, some with 24 hours trading volumes of more than $700000. FatBTC, a global exchange, ranks 22th with a daily trading volume of $17 million. The biggest exchange based on daily trading volume is BitMex, an exchange most notable for trading Bitcoins against US dollars. The largest cryptocurrency to cryptocurrency exchange is Binance, with a 24-hour trading volume of $1.84 billion. Bitfinex comes in third and popular US-based exchange, GDAX, ranks eighth.
FatBTC ranks at number 8, has gained a lot of popularity since December 2017. The company claims to now have more than 100,000 daily traders. The following FatBTC exchange review explores all the important aspects of the trading platform.
What is FatBTC?
Launched in 2014, FatBTC targeted global traders. The official language on the website is now available in multiple languages, such as English, Chinese(Trading), Chinese (Simplified), Portuguese, Spanish,Russian and etc. It lists more than 100 cryptocurrencies, both popular and less popular cryptocurrencies. The exchange offers four main services:
► Purchase of Bitcoins can use USD, EUR, VND through bank transfer
► An online cryptocurrency wallet
► Purchase and selling of cryptocurrencies
► Speculative investment exchange, Fatcoin
The platform has been open and welcoming to traders from all parts of the world.
There are currently no limits to buying or selling any of the cryptocurrencies listed on the exchange. The average daily trading volume for Ethereum against Bitcoins, for example, is $36,800. With such a trading volume, an investor who purchases ether coins worth $10,000 and above will have trouble buying or selling the coins.
Buying Payment Method
As a market, FatBTC facilitates buying of the following cryptocurrencies using USD, EUR, VND via bank transfer: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, DogeCoin, EOS, Dent, Dragon Coin, Kin Coin.
If you live outside China, you can fund your account using Bitcoins or Ethereum coins. You also have the option to add funds using popular altcoins Like Bitcoin Cash and Ripple.
Selling Payment Methods
FatBTC pairs most cryptocurrencies with Bitcoin, Ethereum.You can sell any cryptocurrencies, or receive Bitcoins or ether coins. According to the website’s daily trading volume, most traders sell their cryptocurrencies in either Bitcoins.
Available Cryptocurrencies
At the time of writing, FatBTC Lists 24 cryptocurrencies. Most of the coins on the exchange contribute Less than 5% of daily trading volumes. In fact, Bitcoin, Ethereum and Bitcoin Cash contribute 84% of the exchange’s daily trading volume.63.35% of all trading involves Chinese Yuan and Bitcoins. The top 13 cryptocurrencies contribute less than 1% of daily trading volumes. Bitcoin, Bitcoin Cash, Litecoin, and EOS are the top most popular cryptocurrencies on FatBTC.Less popular but rising cryptocurrencies on the exchange include TRON, Electra, and Dogecoin.
FatBTC Fees
With fixed 0.2% trading fees, the FatBTC exchange has Lower fees than most exchanges. FatBTC exchange has lower fees than most exchanges. The average trading fee is 0.25%, with a few exchanges offering up to 1%. Here is how FatBTC fares regarding fees compared to popular cryptocurrency exchanges. Some exchanges charge a maker versus taker fee, whereby sellers, who provide Liquidity to the coin, are makers. Takers are traders buying the coins. Some exchanges charge a fixed trading fee irrespective of whether you are buying or selling a cryptocurrency.
Exchange Maker Taker Fixed fee
GDAX 0% 0.25%
Bitfinex 0.1% 0.2%
HitBTC 0.1%
Binance 0.1%
Poloniex 0.15% 0.25%
Kraken 0.16% 0.26%
As you can see above, only Binance and HitBTC beat FatBTC in fees. However, FatBTC does not charge deposit fees, while some exchanges that purport to charge low or no trading fees do. The exchange does, however, charge a slightly high withdrawal fee of 0.5% Bitcoins.
FatBTC Verification
Creating an account on the trading platform is fast and easy. To register, the exchange asks for your email address where they send a verification code. Once you enter the code, you can create a password and log in immediately. No additional details are requested.
FatBTC Special Features
► Bonus Giveaways
To attract more traders to the platform, FatBTC is constantly offering bonuses and gifts to their traders. When promoting the introduction of Newifi Gold, for example, the exchange promised to giveaway a Tesla electric car, a tour, Apple devices, and bonuses to the top 10 traders.
► Live Announcements
The trading platform has an announcement tab on the left corner where news and important information is regularly updated. On top of that, there is a live chatbox where you can ask for assistance 24/7.
► Customer Support
The exchange has three main ways mode of communication with traders:
► A live chatbox.
► A ticket system where traders can submit their messages.
► Social media on Telegram, email, and Twitter.
So far, there have been no significant complaints about the exchange's customer support. If anything, most traders appreciate the exchange’s quick customer care.
How to use FatBTC?
The trading platform has a fairly easy user interface. You can access any of the services on FatBTC by following these steps:
Step 1: Create an Account
As already mentioned, creating an account on the exchange only requires a genuine email address. Through the email address, the exchange provides a verification code which helps you create an account. Verification to log in on the exchange is your email address and a password.
Step 2: Fund your Account
Except for Chinese traders who can fund their accounts using the local currency, most traders will have to fund their accounts using Bitcoins or Ethereum.FatBTC provides a deposit address unique to each cryptocurrency. Fund your account with a minimum of 0.05Bitcoins, and you can begin trading on the exchange.
Step 3: Trade
This exchange is a little bit unique. The website separates trading into four:
► Bitcoin Market
► Ethereum Market
► Fatcoin Market
Step 4: Withdraw Funds
As already mentioned, the minimum coin withdrawal amount is an equivalent of 0.05 Bitcoins. There is a fixed withdrawal fee of 0.005 Bitcoins. The Deposit and Withdrawal tab can be accessed on the far right corner of your screen. When depositing coins, you lock them with a unique password that you also use when withdrawing them.
In a Nutshell
FatBTC is fast-growing, thanks to a user-friendly, responsive website and good customer support It’s fast-growing, thanks to a user-friendly, responsive website and good customer support.
Thank you for reading our FatBTC review above. Hopefully, it will help you make an informed decision of whether to trade on the platform or not.
submitted by hot-summer-night to FatCoin [link] [comments]

Rating for FatBTC

Trust 9.6/10
FatBTC exchange has a great reputation online although the community is still growing.
Fees 9.8/10
The exchange’s 0.2% trading fee is attractive and below average.
Customer Support 9.2/10
The exchange answers to inquiries fast and professionally.
Ease of Use 9.5/10
It is easy to trade on FatBTC with the exchange's currencies.
Overall rating:
The true user experience of FatBTC will be evaluated as the community grows. Its liquidity grows high, making it easy for traders to feel attracted to the exchange.
Is FatBTC reliable? - Full Exchange Review
Quick inner navigation:
  1. What is FatBTC?
  2. FatBTC Fees
  3. FatBTC Verification
  4. Special Features
  5. How to use FatBTC?
Although there are over a dozen cryptocurrency exchanges with high reviews, traders are always looking for new trading platforms to experiment with. Coinmarketcap.com lists 212 exchanges, some with 24 hours trading volumes of more than $700000. FatBTC, a global exchange, ranks 22th with a daily trading volume of $17 million. The biggest exchange based on daily trading volume is BitMex, an exchange most notable for trading Bitcoins against US dollars. The largest cryptocurrency to cryptocurrency exchange is Binance, with a 24-hour trading volume of $1.84 billion. Bitfinex comes in third and popular US-based exchange, GDAX, ranks eighth.
FatBTC ranks at number 8, has gained a lot of popularity since December 2017. The company claims to now have more than 100,000 daily traders. The following FatBTC exchange review explores all the important aspects of the trading platform.
What is FatBTC?
Launched in 2014, FatBTC targeted global traders. The official language on the website is now available in multiple languages, such as English, Chinese(Trading), Chinese (Simplified), Portuguese, Spanish,Russian and etc. It lists more than 100 cryptocurrencies, both popular and less popular cryptocurrencies. The exchange offers four main services:
► Purchase of Bitcoins can use USD, EUR, VND through bank transfer
► An online cryptocurrency wallet
► Purchase and selling of cryptocurrencies
► Speculative investment exchange, Fatcoin
The platform has been open and welcoming to traders from all parts of the world.
There are currently no limits to buying or selling any of the cryptocurrencies listed on the exchange. The average daily trading volume for Ethereum against Bitcoins, for example, is $36,800. With such a trading volume, an investor who purchases ether coins worth $10,000 and above will have trouble buying or selling the coins.
Buying Payment Method
As a Chinese focused market, FatBTC facilitates buying of the following cryptocurrencies using USD, EUR, VND via bank transfer: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, DogeCoin, EOS, Dent, Dragon Coin, Kin Coin.
If you live outside China, you can fund your account using Bitcoins or Ethereum coins. You also have the option to add funds using popular altcoins Like Bitcoin Cash and Ripple.
Selling Payment Methods
FatBTC pairs most cryptocurrencies with Bitcoin, Ethereum.You can sell any cryptocurrencies, or receive Bitcoins or ether coins. According to the website’s daily trading volume, most traders sell their cryptocurrencies in either Bitcoins.
Available Cryptocurrencies
At the time of writing, FatBTC Lists 24 cryptocurrencies. Most of the coins on the exchange contribute Less than 5% of daily trading volumes. In fact, Bitcoin, Ethereum and Bitcoin Cash contribute 84% of the exchange’s daily trading volume.63.35% of all trading involves Chinese Yuan and Bitcoins. The top 13 cryptocurrencies contribute less than 1% of daily trading volumes. Bitcoin, Bitcoin Cash, Litecoin, and EOS are the top most popular cryptocurrencies on FatBTC.Less popular but rising cryptocurrencies on the exchange include TRON, Electra, and Dogecoin.
FatBTC Fees
With fixed 0.2% trading fees, the FatBTC exchange has Lower fees than most exchanges. FatBTC exchange has lower fees than most exchanges. The average trading fee is 0.25%, with a few exchanges offering up to 1%. Here is how FatBTC fares regarding fees compared to popular cryptocurrency exchanges. Some exchanges charge a maker versus taker fee, whereby sellers, who provide Liquidity to the coin, are makers. Takers are traders buying the coins. Some exchanges charge a fixed trading fee irrespective of whether you are buying or selling a cryptocurrency.
Exchange Maker Taker Fixed fee
GDAX 0% 0.25%
Bitfinex 0.1% 0.2%
HitBTC 0.1%
Binance 0.1%
Poloniex 0.15% 0.25%
Kraken 0.16% 0.26%
As you can see above, only Binance and HitBTC beat FatBTC in fees. However, FatBTC does not charge deposit fees, while some exchanges that purport to charge low or no trading fees do. The exchange does, however, charge a slightly high withdrawal fee of 0.5% Bitcoins.
FatBTC Verification
Creating an account on the trading platform is fast and easy. To register, the exchange asks for your email address where they send a verification code. Once you enter the code, you can create a password and log in immediately. No additional details are requested.
FatBTC Special Features
► Bonus Giveaways
To attract more traders to the platform, FatBTC is constantly offering bonuses and gifts to their traders. When promoting the introduction of Newifi Gold, for example, the exchange promised to giveaway a Tesla electric car, a tour, Apple devices, and bonuses to the top 10 traders.
► Live Announcements
The trading platform has an announcement tab on the left corner where news and important information is regularly updated. On top of that, there is a live chatbox where you can ask for assistance 24/7.
► Customer Support
The exchange has three main ways mode of communication with traders:
► A live chatbox.
► A ticket system where traders can submit their messages.
► Social media on Telegram, email, and Twitter.
So far, there have been no significant complaints about the exchange's customer support. If anything, most traders appreciate the exchange’s quick customer care.
How to use FatBTC?
The trading platform has a fairly easy user interface. You can access any of the services on FatBTC by following these steps:
Step 1: Create an Account
As already mentioned, creating an account on the exchange only requires a genuine email address. Through the email address, the exchange provides a verification code which helps you create an account. Verification to log in on the exchange is your email address and a password.
Step 2: Fund your Account
Except for Chinese traders who can fund their accounts using the local currency, most traders will have to fund their accounts using Bitcoins or Ethereum.FatBTC provides a deposit address unique to each cryptocurrency. Fund your account with a minimum of 0.05Bitcoins, and you can begin trading on the exchange.
Step 3: Trade
This exchange is a little bit unique. The website separates trading into four:
► Bitcoin Market
► Ethereum Market
► Fatcoin Market
Step 4: Withdraw Funds
As already mentioned, the minimum coin withdrawal amount is an equivalent of 0.05 Bitcoins. There is a fixed withdrawal fee of 0.005 Bitcoins. The Deposit and Withdrawal tab can be accessed on the far right corner of your screen. When depositing coins, you lock them with a unique password that you also use when withdrawing them.
In a Nutshell
FatBTC is fast-growing, thanks to a user-friendly, responsive website and good customer support It’s fast-growing, thanks to a user-friendly, responsive website and good customer support.
Thank you for reading the FatBTC review above!
submitted by PuzzleheadedPut to fatbtc [link] [comments]

Rating for FatBTC

Trust 9.6/10
FatBTC exchange has a great reputation online although the community is still growing.
Fees 9.8/10
The exchange’s 0.2% trading fee is attractive and below average.
Customer Support 9.2/10
The exchange answers to inquiries fast and professionally.
Ease of Use 9.5/10
It is easy to trade on FatBTC with the exchange's currencies.
Overall rating:
The true user experience of FatBTC will be evaluated as the community grows. Its liquidity grows high, making it easy for traders to feel attracted to the exchange.
Is FatBTC reliable? - Full Exchange Review
Quick inner navigation:
  1. What is FatBTC?
  2. FatBTC Fees
  3. FatBTC Verification
  4. Special Features
  5. How to use FatBTC?
Although there are over a dozen cryptocurrency exchanges with high reviews, traders are always looking for new trading platforms to experiment with. Coinmarketcap.com lists 212 exchanges, some with 24 hours trading volumes of more than $700000. FatBTC, a global exchange, ranks 22th with a daily trading volume of $17 million. The biggest exchange based on daily trading volume is BitMex, an exchange most notable for trading Bitcoins against US dollars. The largest cryptocurrency to cryptocurrency exchange is Binance, with a 24-hour trading volume of $1.84 billion. Bitfinex comes in third and popular US-based exchange, GDAX, ranks eighth.
FatBTC ranks at number 8, has gained a lot of popularity since December 2017. The company claims to now have more than 100,000 daily traders. The following FatBTC exchange review explores all the important aspects of the trading platform.
What is FatBTC?
Launched in 2014, FatBTC targeted global traders. The official language on the website is now available in multiple languages, such as English, Chinese(Trading), Chinese (Simplified), Portuguese, Spanish,Russian and etc. It lists more than 100 cryptocurrencies, both popular and less popular cryptocurrencies. The exchange offers four main services:
► Purchase of Bitcoins can use USD, EUR, VND through bank transfer
► An online cryptocurrency wallet
► Purchase and selling of cryptocurrencies
► Speculative investment exchange, Fatcoin
The platform has been open and welcoming to traders from all parts of the world.
There are currently no limits to buying or selling any of the cryptocurrencies listed on the exchange. The average daily trading volume for Ethereum against Bitcoins, for example, is $36,800. With such a trading volume, an investor who purchases ether coins worth $10,000 and above will have trouble buying or selling the coins.
Buying Payment Method
As a market, FatBTC facilitates buying of the following cryptocurrencies using USD, EUR, VND via bank transfer: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, DogeCoin, EOS, Dent, Dragon Coin, Kin Coin.
If you live outside China, you can fund your account using Bitcoins or Ethereum coins. You also have the option to add funds using popular altcoins Like Bitcoin Cash and Ripple.
Selling Payment Methods
FatBTC pairs most cryptocurrencies with Bitcoin, Ethereum.You can sell any cryptocurrencies, or receive Bitcoins or ether coins. According to the website’s daily trading volume, most traders sell their cryptocurrencies in either Bitcoins.
Available Cryptocurrencies
At the time of writing, FatBTC Lists 24 cryptocurrencies. Most of the coins on the exchange contribute Less than 5% of daily trading volumes. In fact, Bitcoin, Ethereum and Bitcoin Cash contribute 84% of the exchange’s daily trading volume.63.35% of all trading involves Chinese Yuan and Bitcoins. The top 13 cryptocurrencies contribute less than 1% of daily trading volumes. Bitcoin, Bitcoin Cash, Litecoin, and EOS are the top most popular cryptocurrencies on FatBTC.Less popular but rising cryptocurrencies on the exchange include TRON, Electra, and Dogecoin.
FatBTC Fees
With fixed 0.2% trading fees, the FatBTC exchange has Lower fees than most exchanges. FatBTC exchange has lower fees than most exchanges. The average trading fee is 0.25%, with a few exchanges offering up to 1%. Here is how FatBTC fares regarding fees compared to popular cryptocurrency exchanges. Some exchanges charge a maker versus taker fee, whereby sellers, who provide Liquidity to the coin, are makers. Takers are traders buying the coins. Some exchanges charge a fixed trading fee irrespective of whether you are buying or selling a cryptocurrency.
Exchange Maker Taker Fixed fee
GDAX 0% 0.25%
Bitfinex 0.1% 0.2%
HitBTC 0.1%
Binance 0.1%
Poloniex 0.15% 0.25%
Kraken 0.16% 0.26%
As you can see above, only Binance and HitBTC beat FatBTC in fees. However, FatBTC does not charge deposit fees, while some exchanges that purport to charge low or no trading fees do. The exchange does, however, charge a slightly high withdrawal fee of 0.5% Bitcoins.
FatBTC Verification
Creating an account on the trading platform is fast and easy. To register, the exchange asks for your email address where they send a verification code. Once you enter the code, you can create a password and log in immediately. No additional details are requested.
FatBTC Special Features
► Bonus Giveaways
To attract more traders to the platform, FatBTC is constantly offering bonuses and gifts to their traders. When promoting the introduction of Newifi Gold, for example, the exchange promised to giveaway a Tesla electric car, a tour, Apple devices, and bonuses to the top 10 traders.
► Live Announcements
The trading platform has an announcement tab on the left corner where news and important information is regularly updated. On top of that, there is a live chatbox where you can ask for assistance 24/7.
► Customer Support
The exchange has three main ways mode of communication with traders:
► A live chatbox.
► A ticket system where traders can submit their messages.
► Social media on Telegram, email, and Twitter.
So far, there have been no significant complaints about the exchange's customer support. If anything, most traders appreciate the exchange’s quick customer care.
How to use FatBTC?
The trading platform has a fairly easy user interface. You can access any of the services on FatBTC by following these steps:
Step 1: Create an Account
As already mentioned, creating an account on the exchange only requires a genuine email address. Through the email address, the exchange provides a verification code which helps you create an account. Verification to log in on the exchange is your email address and a password.
Step 2: Fund your Account
Except for Chinese traders who can fund their accounts using the local currency, most traders will have to fund their accounts using Bitcoins or Ethereum.FatBTC provides a deposit address unique to each cryptocurrency. Fund your account with a minimum of 0.05Bitcoins, and you can begin trading on the exchange.
Step 3: Trade
This exchange is a little bit unique. The website separates trading into four:
► Bitcoin Market
► Ethereum Market
► Fatcoin Market
Step 4: Withdraw Funds
As already mentioned, the minimum coin withdrawal amount is an equivalent of 0.05 Bitcoins. There is a fixed withdrawal fee of 0.005 Bitcoins. The Deposit and Withdrawal tab can be accessed on the far right corner of your screen. When depositing coins, you lock them with a unique password that you also use when withdrawing them.
In a Nutshell
FatBTC is fast-growing, thanks to a user-friendly, responsive website and good customer support It’s fast-growing, thanks to a user-friendly, responsive website and good customer support.
Thank you for reading our FatBTC review above. Hopefully, it will help you make an informed decision of whether to trade on the platform or not.
submitted by ContentWitness to Investmentcoin [link] [comments]

Rating for FatBTC

Trust 9.6/10
FatBTC exchange has a great reputation online although the community is still growing.
Fees 9.8/10
The exchange’s 0.2% trading fee is attractive and below average.
Customer Support 9.2/10
The exchange answers to inquiries fast and professionally.
Ease of Use 9.5/10
It is easy to trade on FatBTC with the exchange's currencies.
Overall rating:
The true user experience of FatBTC will be evaluated as the community grows. Its liquidity grows high, making it easy for traders to feel attracted to the exchange.
Is FatBTC reliable? - Full Exchange Review
Quick inner navigation:
  1. What is FatBTC?
  2. FatBTC Fees
  3. FatBTC Verification
  4. Special Features
  5. How to use FatBTC?
Although there are over a dozen cryptocurrency exchanges with high reviews, traders are always looking for new trading platforms to experiment with. Coinmarketcap.com lists 212 exchanges, some with 24 hours trading volumes of more than $700000. FatBTC, a global exchange, ranks 22th with a daily trading volume of $17 million. The biggest exchange based on daily trading volume is BitMex, an exchange most notable for trading Bitcoins against US dollars. The largest cryptocurrency to cryptocurrency exchange is Binance, with a 24-hour trading volume of $1.84 billion. Bitfinex comes in third and popular US-based exchange, GDAX, ranks eighth.
FatBTC ranks at number 8, has gained a lot of popularity since December 2017. The company claims to now have more than 100,000 daily traders. The following FatBTC exchange review explores all the important aspects of the trading platform.
What is FatBTC?
Launched in 2014, FatBTC targeted global traders. The official language on the website is now available in multiple languages, such as English, Chinese(Trading), Chinese (Simplified), Portuguese, Spanish,Russian and etc. It lists more than 100 cryptocurrencies, both popular and less popular cryptocurrencies. The exchange offers four main services:
► Purchase of Bitcoins can use USD, EUR, VND through bank transfer
► An online cryptocurrency wallet
► Purchase and selling of cryptocurrencies
► Speculative investment exchange, Fatcoin
The platform has been open and welcoming to traders from all parts of the world.
There are currently no limits to buying or selling any of the cryptocurrencies listed on the exchange. The average daily trading volume for Ethereum against Bitcoins, for example, is $36,800. With such a trading volume, an investor who purchases ether coins worth $10,000 and above will have trouble buying or selling the coins.
Buying Payment Method
As a market, FatBTC facilitates buying of the following cryptocurrencies using USD, EUR, VND via bank transfer: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, DogeCoin, EOS, Dent, Dragon Coin, Kin Coin.
If you live outside China, you can fund your account using Bitcoins or Ethereum coins. You also have the option to add funds using popular altcoins Like Bitcoin Cash and Ripple.
Selling Payment Methods
FatBTC pairs most cryptocurrencies with Bitcoin, Ethereum. You can sell any cryptocurrencies, or receive Bitcoins or ether coins. According to the website’s daily trading volume, most traders sell their cryptocurrencies in either Bitcoins.
Available Cryptocurrencies
At the time of writing, FatBTC Lists 24 cryptocurrencies. Most of the coins on the exchange contribute Less than 5% of daily trading volumes. In fact, Bitcoin, Ethereum and Bitcoin Cash contribute 84% of the exchange’s daily trading volume.63.35% of all trading involves Chinese Yuan and Bitcoins. The top 13 cryptocurrencies contribute less than 1% of daily trading volumes. Bitcoin, Bitcoin Cash, Litecoin, and EOS are the top most popular cryptocurrencies on FatBTC.Less popular but rising cryptocurrencies on the exchange include TRON, Electra, and Dogecoin.
FatBTC Fees
With fixed 0.2% trading fees, the FatBTC exchange has Lower fees than most exchanges. FatBTC exchange has lower fees than most exchanges. The average trading fee is 0.25%, with a few exchanges offering up to 1%. Here is how FatBTC fares regarding fees compared to popular cryptocurrency exchanges. Some exchanges charge a maker versus taker fee, whereby sellers, who provide Liquidity to the coin, are makers. Takers are traders buying the coins. Some exchanges charge a fixed trading fee irrespective of whether you are buying or selling a cryptocurrency.
Exchange Maker Taker Fixed fee
GDAX 0% 0.25%
Bitfinex 0.1% 0.2%
HitBTC 0.1%
Binance 0.1%
Poloniex 0.15% 0.25%
Kraken 0.16% 0.26%
As you can see above, only Binance and HitBTC beat FatBTC in fees. However, FatBTC does not charge deposit fees, while some exchanges that purport to charge low or no trading fees do. The exchange does, however, charge a slightly high withdrawal fee of 0.5% Bitcoins.
FatBTC Verification
Creating an account on the trading platform is fast and easy. To register, the exchange asks for your email address where they send a verification code. Once you enter the code, you can create a password and log in immediately. No additional details are requested.
FatBTC Special Features
► Bonus Giveaways
To attract more traders to the platform, FatBTC is constantly offering bonuses and gifts to their traders. When promoting the introduction of Newifi Gold, for example, the exchange promised to giveaway a Tesla electric car, a tour, Apple devices, and bonuses to the top 10 traders.
► Live Announcements
The trading platform has an announcement tab on the left corner where news and important information is regularly updated. On top of that, there is a live chatbox where you can ask for assistance 24/7.
► Customer Support
The exchange has three main ways mode of communication with traders:
► A live chatbox.
► A ticket system where traders can submit their messages.
► Social media on Telegram, email, and Twitter.
So far, there have been no significant complaints about the exchange's customer support. If anything, most traders appreciate the exchange’s quick customer care.
How to use FatBTC?
The trading platform has a fairly easy user interface. You can access any of the services on FatBTC by following these steps:
Step 1: Create an Account
As already mentioned, creating an account on the exchange only requires a genuine email address. Through the email address, the exchange provides a verification code which helps you create an account. Verification to log in on the exchange is your email address and a password.
Step 2: Fund your Account
Except for Chinese traders who can fund their accounts using the local currency, most traders will have to fund their accounts using Bitcoins or Ethereum.FatBTC provides a deposit address unique to each cryptocurrency. Fund your account with a minimum of 0.05Bitcoins, and you can begin trading on the exchange.
Step 3: Trade
This exchange is a little bit unique. The website separates trading into four:
► Bitcoin Market
► ETH Market
► FatCoin Market
Step 4: Withdraw Funds
As already mentioned, the minimum coin withdrawal amount is an equivalent of 0.05 Bitcoins. There is a fixed withdrawal fee of 0.005 Bitcoins. The Deposit and Withdrawal tab can be accessed on the far right corner of your screen. When depositing coins, you lock them with a unique password that you also use when withdrawing them.
In a Nutshell
FatBTC is fast-growing, thanks to a user-friendly, responsive website and good customer support It’s fast-growing, thanks to a user-friendly, responsive website and good customer support.
Thank you for reading our the FatBTC review above. Hopefully, it will help you make an informed decision of whether to trade on the platform or not.
submitted by Timely-Avocado to investmenttoken [link] [comments]

Top 10 Richest People in the World, in Bitcoin

Bitcoin has been given the nickname “digital gold”. This is because of its characteristic as a store of wealth. Many big investors are resorting to Bitcoin as a good place to put their money. The reason for this is not just because it can be sustained, but also because of the high tendency of appreciation in value. Here we shall be considering the top 10 richest people in the world, in Bitcoin.
We will take a look at their net worth, and how much that amounts to in Bitcoin. We will also consider their primary business and a little bit of their history. How they started out in the Bitcoin ecosystem and what they have achieved so far will also enable us to understand more about them.
So, here is a list of the top 10 richest people in the world, in Bitcoin.
10. Matthew Roszark
Matthew Roszark is the founder of Tally Capital, and co-founder of Bloq. Roszark is widely known as the man who gave Richard Branson and Bill Clinton their first Bitcoins. Roszark made it early into the Bitcoin space and participated in the very first ICO in 2013. Although that wasn’t what it was called at the time.
Roszark has investments in 20 startups in the cryptocurrency ecosystem, some of which have gone ahead to do great things. Some of the startups that he invested in include Coinbase, Kraken and BTCC.
Roszark’s net worth is $1 billion, which amounts to 102,712.94 BTC (at the time of writing).
  1. Anthony Di Iorio
Anthony Di lorio is the founder of Jaxx and Decentral, and co-founder at Ethereum. Having studied a bit of economics and trying to find out the true essence of money after the recession of early 2000, Di lorio discovered Bitcoin and decided to explore. He started a Toronto Bitcoin-meetup, where he met his eventual co-founder of Ethereum, Vitalik Buterin.
Di lorio contributed his personal funds towards the coding of Ethereum, and has since been involved in a number of other crypto assets. Some of them include Qtum, VeChain and ZCash.
Di lorio is a serial investor who commits to projects at an early stage, then after levelling up, he pulls his funds and moves on to something new. His net worth of $1 billion is the equivalent of 102,712.93 BTC.
  1. Michael Novogratz
This CEO of Galaxy Digital is also popular in the field of macro hedge fund management. Novogratz started investing in cryptocurrencies in 2013 and two years later he left his position at Fortress Investment Group to focus on crypto.
In the cryptocurrency industry, Novogratz is known as a seasoned trader who believes that the crypto market as it is today is a bubble. According to him, his aim is to make as much money as possible from the bubble before it bursts.
Novogratz is worth $1 billion which is the equivalent of 102,712.92 BTC
  1. Cameron and Tyler Winklevoss
The Winklevoss twins arrived in the face of the public through the controversial law suit against Facebook for intellectual property theft. They eventually won the case and were paid $11 million in compensation.
With many Silicon Valley startups not wanting to get into Facebook’s black book, the twins seemed to not have where to invest their money. They were introduced to Bitcoin by Brooklyn-based investor David Azar in 2012, and found their new investment ecosystem.
Over the years, the astronomic rise in Bitcoin price has turned their $11 million investment to a $1 billion portfolio of 102,712.91 BTC.
  1. Matthew Mellon
Matthew Mellon’s money started as old money which he inherited from family sources. However, through his “crazy” investment approach, he has been able to build a fortune out of his family inheritance.
Having bought into Bitcoin some years ago, Mellon abandoned his early investments and sold his Bitcoins at some point. His attachment with the banking industry and the XRP feasibility attracted him to the coin.
Mellon spent $2 million to acquire XRP tokens a few years back. That investment has grown to $1 billion, in the equivalence of 102,712.90 BTC.
  1. Zhao Chaopeng
Zhao Chaopeng popularly known as CZ, is the founder of cryptocurrency exchange, Binance. Within one year of its launch, Binance became the largest cryptocurrency exchange in terms of volume.
The platform’s tokens were sold at a price of 10 cents during its ICO. At the time of writing, the price of the coin has risen to over $27 and CZ owns a huge volume of the coins.
In 2014, CZ sold his house in Shanghai, which was practically all he had, to go all out into Bitcoin. Today, his net worth is $1.3 billion, which is equivalent to 133,523.65 BTC.
  1. Brian Armstrong
Brian Armstrong is the CEO of Coinbase, the largest cryptocurrency exchange in America. Coinbase was founded in 2012, and is the most patronized cryptocurrency exchange in the US. The exchange has also expanded, and is now available in many countries of the world.
In 2018, the exchange embarked on a financing round that saw it raise $300 million, and the company is now valued at $8 billion.
Armstrong’s net worth stands at $1.3 billion, with equates to 133,523.64 BTC.
  1. Jihan Wu
Johan Wu is the co-founder of Bitmain, a China-based Bitcoin mining giant. Together with Micree Zhan Ketuan, they have grown Bitmain to become a household name in the industry, and the main supplier of ASIC-chip miners. Wu is also popular for his open support of Bitcoin Cash.
Wu is estimated to be worth up to $1.5 billion, which translates in Bitcoin to 154,065.75 BTC.
  1. Chris Larsen
Chris Larsen is the co-founder of Ripple, a company which was founded in 2012 with Jed McCaleb, the founder of Mt Gox.
Larsen is regarded as a self-made billionaire, with the bulk of his wealth coming from cryptocurrency enterprises. Ripple boasts many top end customers in its portfolio. Among the list includes Bank of America, Santander and Mitsubishi Financial.
Larsen’s net worth is estimated at $1.5 billion, which is equivalent to 154,065.74 BTC.
  1. Micree Zhan Ketuan
Zhan is the co-founder of Bitmain technologies. Bitmain is regarded as the biggest Bitcoin mining company in China. The company is also known to specialize in the sale of ASIC-chip miners.
Zhan is an electrical engineer by training and is the builder of the ASIC chips on the Bitmain hardware. He is an acclaimed self-made billionaire whose source of wealth is the manufacturing and sales of cryptocurrency mining chips.
Zhan’s net worth is estimated at $2.7 billion, which when converted to Bitcoin is 215,692.05 BTC.
Conclusion
The dominant investment industry concept is evolutionary. At different eras of existence, different industries have produced different money magnates. Serial investors at the same time have found ways of aligning with the prevailing markets as the times change.
With the advent of Bitcoin and blockchain technology, the digital assets ecosystem appears to be making a strong statement in the wealth sector. The number of self made billionaires within this sector is a testimony to the impact of this concept in today’s world.
The top 10 richest people in the world, in Bitcoin, parades some names that can stand side-by-side with money magnates of traditional industries. With more developments likely to emerge in the crypto ecosystem, it will not be surprising to see the number of crypto-made billionaire skyrocket in the near future.
https://medium.com/@4kingsocials/top-10-richest-people-in-the-world-in-bitcoin-94183268189b
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The Rise and Rise of Bitcoin FULL MOVIE Binance CEO: US Regulations, Binance Dex, IEOs Discussion - The Rise and Rise of Bitcoin The Rise and Rise of Bitcoin  Official Trailer (2014 ... Boom Bust Cryptocurrency Special The Rise and Rise of Bitcoin FULL MOVIE 2014 *HD1080P ...

Der unaufhaltsame Aufstieg von Bitcoin (2014) ... („The Rise and Rise of Bitcoin “) kostenlos ansehen. Banking on Africa: The Bitcoin Revolution (2020) Wenn Bitcoin boomt, wächst der Kryptomarkt nirgendwo schneller als in Afrika. Es gibt kaum Länder auf der Welt, wo Bitcoin häufiger verwendet wird als beispielsweise in Nigeria. Banking on Africa: The Bitcoin Revolution untersucht die ... Directed by Nicholas Mross. With Gavin Andresen, Brian Armstrong, Margaux Avedisian, Vitalik Buterin. A computer programmer becomes fascinated with the digital currency Bitcoin, and through his involvement in the Bitcoin community, we learn about the impending global impact of this amazing new technology. Bitcoin Rise Is Based on Fundamentals while Ethereum Rise Is Speculative, Says Bloomberg Aug 6 2020 · 13:35 UTC by Tolu Ajiboye · 3 min read Photo: Depositphotos Bitcoin’s short-term trend has grown somewhat unclear as of late, with the cryptocurrency being unable to extend its momentum past $13,800 This level has historical significance, as it is where BTC’s uptrend stalled back in the summer of 2019 when it rallied The sharp rise in the US Dollar’s ... Binance’s Rise to the Top. Low fees, shrewd marketing, and a huge number of available cryptocurrencies allowed Binance to grow from a fledgling startup in 2017 to the most popular crypto exchange in the world in a mere 180 days. Sustained innovation and operational skill have allowed Binance to maintain this dominance. Released in 2014, The Rise and Rise of Bitcoin offers an optimistic look at the early days of Bitcoin, when the digital token and “currency of the internet” was still a novelty. The documentary follows Daniel, a computer programmer who bet big on Bitcoin in its infancy, knowing that the technology would be world-changing. Though the days of basement mining rigs are mostly over, The Rise ... Binance Coin provides access to various features on the Binance exchange.While the asset was initially an ERC-20 token, migration to the Binance Chain (BEP2) took place in late April 2019. “Binance Effect”: ... For example, from early 2014 to early 2015, the price of Bitcoin fell by 75%, while UTXO cap actually rose by 15%; in the most recent bear period from the beginning of 2018 through November 2018, the price of Bitcoin fell nearly 70%, while UTXO cap only fell 5%. This echoes the findings of Calderón (2018), who utilized the CSAD model 12 to demonstrate that crypto ... It took 5 months for the price to hit its next peak at the beginning of June 2014 ($650). Bitcoin price and market capitalization between May 1st 2017 and May 21st 2019; source: Coinmarketcap . Let’s take a look now at the infamous 2017 hype. Notice the similarity between the two runs. The peak has been reached on the 17th of December 2017, at just under $20000. Less than a month later in ...

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The Rise and Rise of Bitcoin FULL MOVIE "2014" *HD* - YouTube

As part of CIGI’s Cinema Series, a documentary entitled The Rise and Rise of Bitcoin was screened on October 20, 2016. In this discussion following the film, CIGI Senior Fellow Julie Maupin ... official trailer for The Rise and Rise of Bitcoin In this video I'll cover a model of expanding markets called the j-curve. If you enjoyed the video, please leave a like, and subscribe! Referenced Article: h... Watch The Rise and Rise of Bitcoin Full Movie IN HD Visit :: http://watch4kmovies.club/movie/292607/ Télécharger : - http://watch4kmovies.club/movie/292607/ ... We take a deep dive into Binance –With CEO ChangPeng “CZ” Zhao. We ask CZ about what he’s most excited about, whats going to happen to US customers of Binance.com, and the Binance DEX. We ... The Rise and Rise of Bitcoin YouTube Movies. 2014 · Documentary; 1:36:08. Watch CNBC's full interview with Warren Buffett, Charlie Munger and Bill Gates - Duration: 2:06:07. THE WORLD WILL NEVER BE THE SAME AGAIN! - Dan Peña Create Quantum Wealth - Duration: 28:04. Create Quantum Wealth Recommended for you Watch The Rise and Rise of Bitcoin Full Movie IN HD Visit :: http://getbestmovies.xyz/movie/292607/ Télécharger : - http://getbestmovies.xyz/movie/292607/ A ...

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