Bobby Ong, Co-Founder and COO of CoinGecko, sat down in an interview with Boxmining on 4th August 2020. They talked about Decentralised Finance (DeFi), Decentralised Exchanges (DEX), whether 2020 will be a breakout year for a bull run, and more.
What is CoinGecko?
CoinGecko is a Singapore-based company founded in 2014 by TM Lee and Bobby Ong. It is one of the most popular cryptocurrency data aggregators today. Apart from tracking price, volume, and market capitalization, the platform also records community growth, open-source code development, major events, and on-chain metrics. Basically, Coingecko helps its users quantitatively evaluate and rank crypto assets.
Here’s some of our KEY TAKEAWAYS from the interview. You can also watch it here:
DeFi Wave – Decentralized finance on the rise
According to Ong, the DeFi momentum isn’t slowing down. He believes that DeFi still presents enormous opportunities to democratize financial services to everyone. He also said that Q2 2020 was exceptionally great for DeFi tokens and now it’s everyone’s favorite. Meanwhile, we’ve seen CoinGecko FINALLY answering our prayers for the past few weeks and creating a DeFi coin ranking.
Trends and Challenges
In terms of trends, Q2 and Q3 2020 are going to be all about DeFi. When doing analytics, the team found that Uniswap was the most popular exchange in Q2. Everyone in July 2020 everyone was just looking at Uniswap and in fact it was even more popular than centralised exchanges, solidifying their view that DeFi is going to be the hottest trend.
In terms of challenges, he believes that adding DEXs to the CoinGecko platform was definitely a big challenge because they do not have a rest API. So CoinGecko cannot just integrate DEXs just like how they used to add centralized exchanges. Ong and his team spent a lot of time trying to figure out how to get all of the data from DEXs onto CoinGecko. But they have finally overcome this challenge and found a solution to getting the on-chain data and integrating it with Coingecko. That is why CoinGecko can now show data for Uniswap, Balancer, Gnosis Protocol and other many DEXs.
How does CoinGecko identify scam cryptocurrency projects?
Initially, to ensure users get the most complete info, CoinGecko would be very lenient in listing the information of any coin listed on any exchange, including DEXs. However, they discovered a lot of scam coins showing up on Uniswap. For example, some people would create new tokens, list it on Uniswap, provide some liquidity to attract others to buy, and after a while take out all the liquidity leaving people with bags of tokens that can’t be sold.
Hence CoinGecko had to tighten their policy on what information is listed on their platform. Now they have a blanket policy whereby they will not list coins that are only traded on Uniswap unless it is properly checked and vetted by the CoinGecko team. And they do this by contacting the project itself.
Ong also notes that Uniswap is working on compiling an maintaining a decentralised list of legitimate coins which other aggregators such as CoinGecko can contribute to so that users can watch out for fake coins which are listed on Uniswap. This is a good sign, as it means there is clearly an effort to tackle these scam projects by different platforms.
How does CoinGecko tackle fake volume on exchanges?
As for fake volumes on cryptocurrency exchanges, CoinGecko does something unique, which is to look at order book spread and ±2% depth for each trading pair cited on CoinGecko. When CoinGecko first looked at order book depth a year ago, they found numerous instances where an exchange would report millions in trade volume, but the volume was clearly created by bots. Worse still, when you do put in an order, it would trigger the bots to stop trading. Hence, in reality, you can’t even actually trade $10 of coins in there!
Ong considers that Automated Market Makers (AMM) such as Uniswap or Balancer are game changes because so long as there is liquidity inside the pool, there is real depth. And even if the price may not always be the best, users can still know for sure whether there is some liquidity in there. Though save of course, if the token creators are trying to pull an exit scam as mentioned above.
Is this a bull run?
Talking about the growing demand for DeFi protocols, Ong said that everyone in the crypto space wants to witness the same 2017-18 bull run phase. He said, “The next six months will be crucial in determining whether we are going to enter the bull run or not. I think we are still in the early innings like maybe the first base of an actual bull run.” His reasoning behind this stems from observations on the number of page views on his platform. He noticed that in the past year or so they have around 15 million monthly page views and the growth was quite stagnant. However, in the past 1 or 2 months, they have noticed the traffic has increased by around 1.5 to 2 times. He considers that the increase in traffic on CoinGecko can be attributed to existing cryptocurrency enthusiasts looking into DeFi, but we are not at the stage yet where outsiders are coming in and checking out cryptocurrency like in 2017. Therefore, according to Ong, the market hype is real, but we are not seeing a massive bull run yet.
We asked Ong a bit more on this. Does he think we are entering a bull market, or is this just a fakeout zone where prices will just eventually dip like some of the short-lived hypes in 2019? Ong admits he does have a conservative side, but at the same time, a part of him feels we are almost there for the next bull run. This is because if we look at a typical cycle, bear markets usually last between 3-4 years, and we have already been in a bear market since 2018. Finally, he also mentions his friend’s observations from analysing Bitcoin’s weekly charts that 2020 won’t be a breakout year, but rather it would likely be in 2021. Ong agrees with this analysis and certainly sees we are building ground and setting the scene for a 2021 bull market.
Thank you again to Bobby Ong for sitting down with us for an interview! Follow Bobby Ong’s twitter and check out CoinGecko!
Orion Protocol ($ORN) offers a unique liquidity aggregator that connects major exchanges into one simple platform. Orion sees traders having difficulty in performing profitable transactions from popular exchanges. And while there are many exchanges to choose from, the liquidity in these exchanges remains an issue and not everyone has the time to research which exchange offers the best returns. Hence Orion wants to set itself apart, not by competing with exchanges, but by aggregating their order books into one simple terminal.
Background
Alexey Koloskov, CEO and Co-Founder of the Orion Protocol, launched the project in 2020 in a bid to deal with the problems of large exchanges monopolizing the cryptocurrency exchange market. In his view, both centralized and decentralized exchanges have their fair share of issues. Centralized exchanges are vulnerable to hacks, whilst decentralized exchanges are still relatively underdeveloped.
Hence accordingly to Yanush Ali, CSO of Orion Protocol, their project is exactly what the cryptocurrency industry needs today as it is a truly decentralized platform that meets the demands of businesses and consumers alike.
What is Orion Protocol?
Orion Protocol is an open-sourced, decentralized finance project mainly created to aggregate liquidity from different major liquidity providers i.e. exchanges. Primarily, Orion helps users get the best return out of their funds while lowering the risks associated with going onto multiple exchanges (both centralized and decentralized).
Orion operates by collecting the liquidity offered across multiple exchanges in the cryptocurrency market into a single, universal API. This API combines multiple order books from exchanges in order to make it easier for users to make trading calls whenever they wish to.
For example, when the user makes an order and a single API call is made, Orion itself will split and route this action to multiple exchanges at once. This leads to them being able to find lower buy and sell spreads and eventually the best exchange prices for users.
With Orion, traders do not have to bother themselves too much with APIs from different exchanges, data formats, modes, and order types. They can just focus on executing their trades or managing their assets.
In addition, Orion seeks to address another risk from centralized exchanges — hacking. Hot wallets usually provided by online cryptocurrency exchanges are susceptible to hacking. Recent reports already revealed how vulnerable centralized exchanges (and even decentralized ones) are. And users have no option but to deposit their cryptocurrencies there for trading, which inevitably puts them at risk. Orion’s non-custodial solutions try to solve this by letting users freely manage their assets on the platform, whenever and however they want, without ever giving up their private keys just to do so.
Along with Orion’s multi-currency wallet, it is easier to keep track of your portfolio’s overall performance as they can easily be found in just a single API. The hassle in using and maintaining multiple wallets just to trade in multiple exchanges is eliminated.
Since Orion is open-sourced, third-party developers can join the protocol and make their own decentralized applications on top of it.
Orion Products
Orion aims to be a one-stop shop, so naturally they have a whole suite of products and ecosystem for traders. Let’s take a look at them in turn.
Orion Trading Terminal
The trading terminal is Orion’s platform to allow traders and investors to conveniently execute trades in its universal API. In just a single call, users can make trade orders that will be automatically executed across different exchange platforms in search for the best spot prices.
If users want to invest in emerging blockchain initiatives or are interested in purchasing new tokens, they can also perform such transactions with Orion’s trading terminal.
Portfolio management application
Instead of having to check different accounts from multiple exchanges one by one just to monitor your portfolio, Orion simplifies the process by collecting all relevant information together in a single tool for the user.
Orion’s portfolio management application allows users to monitor and record their activity across exchanges, set alarms for arbitrage opportunities, and automate asset management processes, among others.
All these processes do not require the user to give up custody over their funds because the application offers a non-custodial portfolio management feature. Surrendering your private keys to a third party is no longer necessary.
App store
Orion has a marketplace of decentralized applications that users can access to purchase Orion-based software. Many of these software may be third-party developments built on top of the protocol. Some applications users can gain access to are:
Arbitrage apps;
Algorithmic trading bot; and,
Payment integration systems.
Enterprise trade
While interoperability is a concern for some aggregators, Orion has developed a system made to address this. Orion has its own extension that firms and traders can embed into their own software to provide access to Orion’s API.
Liquidity boost plugin for exchanges
Orion has its own plug-in that centralized and decentralized exchanges can place on their own platforms to contribute to Orion’s aggregated liquidity. This also helps bring market-makers to exchanges at a reasonable fee.
Orion shared liquidity pool — brokers are liquidity providers who hold funds in exchanges while also executing orders on behalf of the users. They stake a minimum amount of ORN tokens to join the liquidity pool. The more ORN they have, the more fees they get from executing orders.
DEX launcher
This is the platform where users can launch their own decentralized exchange with access to Orion’s liquidity. It is not just a simple method to open new exchanges but also provides instant liquidity.
Orion Token ($ORN)
Orion Protocol’s native utility token, $ORN, is an ERC-20 token. The token supply is capped at 100,000,000 ORN and the circulating supply is around 3.8 million coins. Orion claims it is committed to ensuring ORN’s sustainability and they aim to achieve this through several means:
providing uses for the token;
non-inflationary staking;
diminishing supply;
benefits for holders; and
refund opportunities.
Uses for ORN
ORN can be used throughout its various products. For example:
Orion terminal: Users receive fee discounts when paying using ORN, and can earn terminal transaction fees and interest by staking ORN tokens.
Decentralized brokerage: brokers are required to stake ORN in order to be chosen to execute trades. Whilst non-brokers can stake ORN to vote for their chosen broker.
Orion Enterprise: All licensing fees generated will be used to buy ORN from the market and removed from the total supply.
Non-inflationary staking
Currently Orion has a multi-exchange pre-staking initiative and according to them, it yields a 39% APR. Apparently it is so lucrative that 50% of circulating ORN ahs already been staked.
Upon Mainnet launch in Q4 2020, Orion will utilize a Delegated Proof of Broker (DPoB) staking model. This model has 2 components: Broker Stakers and Non-broker Stakers. Brokers run the Orion Broker Software, which automatically executes trades routed there from Orion’s liquidity aggregator. The more ORN staked by the Broker, the more likely they are chosen to execute trades. Brokers can also increase their chances of getting chosen through Non-broker Stakers who stake ORN to “vote” for their chosen Broker to execute the trades. Both Broker Stakers and Non-Broker Stakers receive rewards. Broker Stakers receive a portion of fees from each trade they execute, whilst Non-Broker Stakers a variable reward share offered by the Brokers in exchange for their vote.
The DPoB model for staking ORN is non-inflationary because, under existing mechanisms used by other exchanges, miner/staker benefits are typically minted as new tokens which hurts the underlying asset over time. Orion departs from this existing mechanism because Orion does not mint tokens for the purpose of giving rewards, instead, DPoB stakers receive rewards that are generated through Orion’s 13 revenue streams. This in turn preserves the necessity and the value of the ORN token.
Diminishing supply
Orion actively removes ORN from ciruclation (thus increasing its value over time) through the following means:
Staking: Under the DPoB model, both Broker and Non-Broker stakers remove their ORN from the circulating supply. The rewards generated are compounded into their stake which further reduces circulating supply.
Licensing fees: 100% of licensing fees generated from Orion’s DeFi solutions will be used to purchase ORN from the market and removed from circulation.
Refunds: ORN tokens refunded via the Dynamic Coin Offering (DYCO) will be destroyed.
Benefits for ORN holders
As seen above, Orion Terminal users get fee discounts when paying using ORN and stakers get additional incentives.
Refund opportunities
Orion is the first project ever to implement a DYCO. 80% of the funds which were raised during the token sale were set aside to buy-back holders’ tokens if they so requested. Any refunded tokens will be burned.
Orion’s token sale had ended on 14th July 2020 and as mentioned above ORN is already listed on several exchanges. In the upcoming Q4 2020 we can expect the launch of the public mainnet, decentralized brokerage and Orion price oracle. Most importantly upon public mainnet launch the DPoB staking model will be place.
Here’s a look at Orion’s roadmap:
Conclusion
The challenge for traders and investors is how they can make sure that the transactions they make are still profitable. This is because day-to-day market prices can be manipulated by crypto whales and other large investors as they influence overall liquidity.
Orion’s aggregated liquidity promised to solve this issue and so far, it is off to a good start. With Orion, no single entity or investor can influence its aggregated liquidity. Users can consider this platform if they want to execute trades that are much more profitable, or if they just simply want to have a better view of how their portfolio is performing on different exchanges.
Decentralised Finance (DeFi) series: tutorials, guides and more
With content for both beginners and more advanced users, check out our YouTube DeFi series containing tutorials on the ESSENTIAL TOOLS you need for trading in the DeFi space e.g. MetaMask and Uniswap. As well as a deep dive into popular DeFi topics such as decentralized exchanges, borrowing-lending platforms and NFT marketplaces
More videos and articles are coming soon as part of our DeFi series, so be sure to SUBSCRIBE to our Youtube channel so you can be notified as soon as they come out!
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
Uniswap is an automated liquidity protocol and is one of the most popular decentralised exchanges (DEX) out there because of the surge in popularity of decentralised finance (DeFi). Users can become liquidity providers for a pool on Uniswap by depositing an equivalent value of each underlying token in return for other tokens in the pool. In this article, we look at why Uniswap is so popular and provide a tutorial suitable for both beginners, and some advanced tips and hacks for more advanced users.
You can also check out our Uniswap Guide with a walkthrough of their various features, tips and tricks here:
Key features of Uniswap
Uniswap has 2 major elements or features known as Swap and Pool:
Swap: Uniswap’s Swap feature allows users to swap between Ethereum (ETH) and different ERC-20 tokens.
Pool: Uniswap’s Pool Allows users to earn through providing liquidity. This is done by depositing tokens into a smart contract and you would receive pool tokens in return.
Why is Uniswap so popular? Advantages of the Exchange
Self-custodial: Uniswap allows you to retain full custody of your funds. So there is no risk associated with centralised exchanges where you could stand to lose your funds if the exchange is hacked or goes bankrupt.
No Know Your Customer (KYC) process: Because Uniswap allows you to retain custody of your funds they do not require you to go through a lengthy KYC process and disclose your full name, passport details etc. It also means getting started on the Exchange will be much quicker and will drastically reduce the chances of your personal information falling into the wrong hands if the Exchange is hacked.
Low trading fees: Uniswap only charges a flat fee of 0.30% per trade. This is much cheaper than most decentralised exchanges.
Access to new coins: Usually with centralised exchanges, different cryptocurrency or DeFi projects will need to go through a vetting process with the exchange before their coin or token is listed for trading. However, since Uniswap is decentralised and owing to their popularity, a lot of projects are instead choosing to launch on Uniswap directly. So with Uniswap, users can get their hands on these new tokens first. And with crazy fluctuations in token prices, especially when they first launch, many traders consider it crucial to be the first ones there.
Is Uniswap safe or a scam? Disadvantages and risks
Transaction failure: When swapping coins on Uniswap, transactions can be at risk of failing. This is mostly for 3 reasons. Firstly, you paid too little gas fees and the transaction took longer than the hard deadline coded into the transaction. Secondly, you had specified a maximum price that you would be prepared to pay per token but the price exceeds the maximum before the transaction is completed. Lastly, there is insufficient liquidity in the pool. In these cases, your transactions are “reverted” i.e. reset as if the transaction never occurred, so you would not lose your funds. So it cannot really be said that Uniswap is a scam.
Fake coins: Anyone can list their tokens on Uniswap, so there are people out there who list fake coins on Uniswap in the hopes of being able to scam people into sending their funds for these coins. So Uniswap users need to be extra careful in this respect- see our section below on identifying and avoiding fake coins on Uniswap which teaches you how to double-check you are sending funds to the correct transaction.
Uniswap beginners guide
Uniswap allows users to connect directly to their Exchange, the following wallets are supported: MetaMask, WalletConnect, Coinbase Wallet, Fortmatic and Portis.
Connecting MetaMask to Uniswap
If you don’t have a MetaMask wallet yet, learn to set one up with our MetaMask tutorial.
On Uniswap, click “Launch App” and then “Connect to a wallet”. Choose the MetaMask wallet (or whichever other wallets you want to connect with) and click “Connect wallet”. A popup window would appear showing your account, choose the wallet then click “Next” and “Connect”. Then you are all set!
How to use Uniswap’s Swap feature
Uniswap allows you to swap between ERC-20 tokens. On the Swap tab, choose the amount of ERC-20 tokens you want to swap. Choose the token you want to swap to by clicking the down arrow under “To”. A list will appear and you can choose the token you want to swap to, or if your token is not on the list you can paste the address of the token. Uniswap will display an estimate of how many tokens you would receive after the swap. To confirm, click “Swap”.
You will then be taken to a page to confirm your swap (see left image below). There are several figures you need to look out for here:
the amount you are swapping from, and the amount you will receive;
minimum sent: which is the guaranteed minimum amount you would receive if the price drops whilst the transaction is processing;
price impact: the difference between the market price and the price estimate provided by Uniswap due to trade size; and
liquidity provider fee: amount of fees you will be paying to Uniswap. This is generally 0.03% of the transaction.
Once you’ve confirmed your swap, a pop-up window would appear (see right image below) to confirm the gas prices to be paid for this swap since it is an Ethereum transaction. Input the gas prices you wish to pay and click “confirm”.
Once the transaction is completed, Uniswap will let you know and provide you with a link to Etherscan to show your transaction details. Here you can check how many tokens you actually got out of the swap, and the amount of transaction fees that were paid.
Uniswap advanced tips and tricks
Failed transactions: why does it happen and how to avoid them?
Transactions on Uniswap can fail if the prices of the input currency drops such that it does not fulfil your preset criteria. When a transaction fails, all your sent Ethereum would be reverted back to you. So you do not lose your original funds. However the Ethereum gas fee does get deducted and it is not refunded.
To avoid failed transactions, you can look out for other people who are also trying to do the same transaction as you. To do this click “…” on Uniswap go to “Analytics” and search for your intended trading pair to see how many other people are also trying to do the same swap. If the price of the token you want to swap for is increasing in value, you may want to increase the amount of gas fees. This will speed up your transaction and beat your other competitors to lock in the swap price.
How to get faster / speed up Uniswap transactions
Get faster or speed up your transactions by essentially outbidding other competitors who are trying to process the same transaction. This is by paying more gas fees than others. To see how much gas fees to pay go to Ethereum Gas Station and see the recommended gas prices for fast, standard and safe transactions. As a tip for getting fast transactions, we suggest paying around 10% more than the recommended price for fast transactions. You can input the amount of gas prices you wish to pay in the MetaMask pop-up window before you confirm your transaction (see above section on how to use Uniswap’s Swap feature).
Fake coins on Uniswap: How to identify and avoid them
Because any coin can be added to Uniswap, there are lots of scam or fake coins on the Exchange. Cryptocurrency transactions are irreversible, so if you accidentally send your funds to buy these scam coins or tokens you will not be refunded. The logo and ticker of these fake coins can look exactly like the real ones, so you need to be careful.
You can verify if the coin or token is real by checking it on Coingecko. To do this, look up the coin or token you want to exchange to on Coingecko, at the bottom of the page find and click on the trading pair for Uniswap (see image on left). You will then automatically be taken back to Uniswap and the token will have been imported (see image on right).
Another way to verify that the token is genuine is to check it on Etherscan (see below). Again on Coingecko, find the token and click on the etherscan.io explorer. On the Etherscan window, you will be able to see the contract number for the token. Match this contract number with the number in the address bar in your web browser for Uniswap.
Warning: Do NOT search for the token or its address on Etherscan. Always link to Etherscan via Coingecko or the project’s official website. This is because Etherscan itself lets you search for all tokens and transactions on the blockchain, including the fake ones.
How to adjust slippage tolerance
Slippage in trading occurs when the price at which the order is eventually executed does not match the price at the time you confirmed the transaction. When trading on Uniswap, this is referred to as “slippage tolerance” and is expressed as a percentage.
For coins or tokens whose price is on the way up, there may be a lot of competition to process the transaction and get those tokens. In that case, you can increase the chances of your transaction being processed faster by increasing your slippage tolerance. This will also avoid failed transactions.
To adjust your slippage tolerance, click on the gear icon located at the top right-hand corner on the Uniswap browser. There you can adjust your slippage tolerance. This will, in turn, decrease the minimum amount that is guaranteed to be sent to you. That is, it will increase the chances of your transaction going through but at the cost of potentially receiving fewer cryptocurrencies.
Mobile trading: How to use Uniswap on your phone
Prices of cryptocurrencies are always fluctuating, so serious traders want to be able to trade their cryptocurrencies on the go. Uniswap allows you to connect your mobile wallet. Simply go onto Uniswap on your browser and follow the same steps as you would on your PC. This allows the same wallet to appear on your PC and your mobile phone. The following mobile wallets are supported: MetaMask, Trustwallet, Coinbase wallet, Rainbow, Argent, imToken, Pillar, Safe, Math, and Fortmatic.
From our user experience, it’s not the most convenient feature since you need to multitask between several windows. BUT it does fulfil the objective of being able to trade cryptocurrencies on the go.
Uniswap Liquidity Pool guide
Uniswap has liquidity pool which is essentially pools of various tokens that sit in smart contracts. Users can exchange the tokens in the pools using Ethereum as a conduit. And a main feature of Uniswap is that anyone can create new exchange pairs in a liquidity pool for any token, unlike centralised exchanges where the exchange dictates what trading pairs are available.
First off, note that for liquidity pools you need to deposit both an equal value of Ethereum and the token that you want to participate with. So say I want to participate in the ETH/USDT pool, I would need to deposit an equivalent amount of ETH and USDT into the pool at the same time. The funds you supply to these pools will be traded by other people and so there will be fluctuations in the ratios of ETH and USDT that you have.
This is because if someone wants to sell ETH for USDT, they will tap into your liquidity pool and the USDT that you supplied to the pool would be used to buy up the ETH- this whole concept is known as Automated Market Making (AMM). As a result of this, there would be a higher ratio of USDT compared to ETH in your pool. Conversely, if someone wants to sell their USDT for ETH, they would take ETH out and shrink your ETH liquidity. Thus the liquidity pool is like scale, whereby if your ETH goes down by 10 dollars, then your USDT should correspondingly up to by 10 dollars.
So why would liquidity providers do this? It is because they receive a Liquidity Provider Fee from those who are conducting swaps in their liquidity pool. As mentioned earlier in this article, Uniswap charges a flat fee of 0.3% for each transaction. This 0.3% is actually then split in proportion amongst all the liquidity providers of that pool based on their contributions.
And Uniswap is not the only liquidity pool provider out there, so many people try to find and contribute to the most profitable pools in order to earn more liquidity provider fees. Pools.fyi is one such website that a lot of people use to try and find the best liquidity pools.
What’s the difference between Uniswap version 1 and 2?
Uniswap has launched an improved version of their Exchange, simply referred to as version 2. The main difference between these versions is that version 2 offers ERC-20 to ERC-20 token pools, native price oracles and flash swaps.
Decentralised Finance (DeFi) series: tutorials, guides and more
With content for both beginners and more advanced users, check out our YouTube DeFi series containing tutorials on the ESSENTIAL TOOLS you need for trading in the DeFi space e.g. MetaMask and Uniswap. As well as a deep dive into popular DeFi topics such as decentralized exchanges, borrowing-lending platforms and NFT marketplaces
More videos and articles are coming soon as part of our DeFi series, so be sure to SUBSCRIBE to our Youtube channel so you can be notified as soon as they come out!
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
PrimeXBT is based in the Seychelles and was launched in 2018 as a Bitcoin-based exchange platform offering various products such as leveraged trading in cryptocurrencies, Forex, indices and commodities. Today they are ranked no.24 of all derivatives exchanges with over USD$250 million in daily trade volume according to CoinGecko. They serve clients from over 150 countries and the platform is available in 16 languages: English, Malay, Chinese, German, Spanish, French, Hindi, Indonesian, Italian, Japanese, Korean, Portuguese, Russian, Thai, Turkish and Vietnamese. The Exchange was also recently recognised as the Best Bitcoin Platform for Margin Trading at the 2020 ADVFN International Financial Awards. In this review and guide we look at several features of PrimeXBT, our user experiences and give you a step-by-step guide on how to get started.
No KYC required: You only need to provide your email and country of residence to register for an account. No address proof is required.
Customisable trading interface: Users can enable, disable or move various information panels on their trading page. They can also add various widgets such as orders, watchlists or positions etc.
Annotate trading charts: On their Analysis page, you can overlay different trading pairs, insert up to 50 technical indicators, mark and save trading charts for further study.
Up to 1000x leverage: PrimeXBT offers up to 100x leverage for trading cryptocurrencies, stock indices and commodities. For Forex trades, up to 1000x leverage is available. (https://www.air-inc.com/
Wide range of products: PrimeXBT offers cryptocurrency trading, as well as trading indices, Forex and commodities. For fast results, traders can also try out Turbo, one of PrimeXBT’s unique trading features.
Let’s look at some of PrimeXBT’s features in detail.
PrimeXBT offers more than cryptocurrency trading
PrimeXBT offers cryptocurrency trading, as well as trading indices, Forex, and commodities. PrimeXBT supports trading in 5 cryptocurrencies: BTC, ETH, LTC, XRP and EOS; with trading pairs between these cryptocurrencies and USD and BTC only. Unfortunately, the Exchange does not seem to be jumping onto the DeFi train, unlike their competitors. So unless they start listing some DeFi coins and fast, we are concerned they may be overshadowed by more aggressive exchanges.
For Forex, the following 7 foreign currencies can be traded on PrimeXBT: USD, EUR, GBP, AUD, NZD, CAD, CHF and JPY. However the Exchange does also offer trading pairs with other currencies such as SGD, RUB and TRY. Traders can also trade the following 10stock indices: S&P 500, NASDAQ 100, FTSE 100, EURO STOXX 50, CAC 40, NIKKEI 225, DJI, ASX 200, GER30 (DAX30), IBEX 35 and HK-HSI.
Lastly, the Exchange provides commodities trading, this is done entirely digitally through the Exchange and its CFDs without having to physically handle gold bars and oil barrels etc. The following 5 commodities are available for trading on PrimeXBT: Gold, Silver, BRENT, CRUDE and NAT. GAS.
Margin trading is offered by PrimeXBT. The Exchange offers up to 100x leverage for trading cryptocurrencies, stock indices and commodities. For Forex trades, up to 1000x leverage is available. Obviously there are serious risks involved in doing this because if the position goes against what you traded your losses will be correspondingly magnified. Hence margin trading should be for very experienced traders only and even so, extreme caution must always be exercised.
Turbo trading: How to guide
PrimeXBT offers a unique product called Turbo trading, and as the name suggests it is basically trading on turbo mode. All you need to do is predict if a chosen asset’s price will be higher or lower than the current price after a specified period. Both the specified period (which will be between 30 seconds to 15 minutes) and the potential profit ratio will depend on the asset chosen and this will be calculated and displayed to you before you confirm your trade.
Taking the below image as an illustration, I predicted that BTC/USD prices would go up in 10 minutes (i.e. when the chart reaches the circular green arrow). I invested 0.0002 BTC and the potential profit was calculated for me at 0.000013 BTC, or 65% of what I put in if my prediction was correct. However if my prediction was wrong, I would lose the 0.0002 BTC I had put in.
We think this feature would be very attractive to novice traders, and even advanced traders who something quick and simple for a change. We tried out this feature and enjoyed knowing what the potential outcomes would be before we put in the trade and found ourselves excitedly fixated on the trading screen during the whole period.
Note that PrimeXBT Turbo trading is not available to citizens and residents of the following countries: USA, Canada, United States Minor Outlying Islands, American Samoa, Israel, Japan, Algeria, Ecuador, Iran, North Korea, Sudan, Syria and Crimea.
Supported currencies and payment methods
PrimeXBT only supports BTC deposits. For some locations, you can buy Bitcoin with your credit (Visa or Mastercard) or debit card and deposit this directly to your Exchange wallet. PrimeXBT only accepts payments in USD, EUR and GDP and a minimum purchase of 0.002BTC is required. You will be required to select your location beforehand and the Exchange will let you know if your location supports this feature.
For security reasons, to buy BTC on PrimeXBT you will need to provide the following personal details: email, country of residence and identification document (ID card, driver license or passport). The Exchange will also email you a code to enter at checkout to confirm your email.
PrimeXBT Fees
Deposit and withdrawal fees
PrimeXBT does not charge fees or deposits into your Exchange wallet or for transferring from one wallet to another on your own PrimeXBT account. The Exchange charges 0.0005 BTC for withdrawals.
Trading fees
PrimeXBT charges 2 types of trading fees: a trade fee and overnight financingfee. Trade fees are 0.05% for cryptocurrencies, 0.01% for stock indices and commodities, and 0.001% for Forex.
Overnight financing fees are charged if traders do not open or close their leveraged position within the same trading day (i.e. 0:00 UTC) and it is a percentage of the daily funding rate depending on the liquidity of the underlying asset. Taking BTC/USD for example, the overnight financing fee is 0.04166% of the daily funding rate for both long and short positions.
PrimeXBT has competitive fees compared to other exchanges if you are a casual or small volume trader. However most other exchanges have discounts for high volume traders by way of VIP tiers, or discounts for holders of an exchange’s native token. PrimeXBT does not have such discounts so there is little incentive for users who trade more, especially if other exchanges have comparatively cheaper trading fees for larger trade volumes.
PrimeXBT offers its services to over 150 countries except for citizens and residents from the following locations: USA, Canada, Seychelles and countries currently under economic sanctions by either the United Nations or the European Union.
Security: Is PrimeXBT safe?
PrimeXBT uses numerous security tools and measures. From our user experience, we can see on the front end that the Exchange uses 2-factor authentication (via. Google Authenticator) and sends a confirmation email letting us know we’ve logged in. We do see some additional security features not typically found elsewhere. One such feature is mandatory whitelisting of destination addresses for Bitcoin withdrawals i.e. users can only withdraw their Bitcoin to addresses they have previously whitelisted.
On the back end, PrimeXBT utilises cold storage of digital assets using multi-signature technology, DDOS protection and cryptographic hashing for all passwords and encryption of all other sensitive data, among others. They also conduct full risk checks after every order placement and execution, and regular testing and assessments by their technical team.
We also note that the Exchange currently has a good track record of no hacks or discovered vulnerabilities so far. Nevertheless users should still remain careful and vigilant with their security measures e.g. not leaving all their funds on the Exchange.
We found PrimeXBT to be very open and transparent about themselves and what they do. For example answers to any questions we had about them can be found on their website. Their website and tutorials are a detailed one-stop resource for how to use their platform and their explanations are very clear and well organised. This is very positive and it certainly points to the Exchange being reliable.
How to register for a PrimeXBT account
PrimeXBT claims their registration process only takes 40 seconds and indeed we found it to be very fast and convenient. No KYC procedures were required. To register, simply fill in your email and choose a password.
The Exchange would then send you an email asking you to confirm your email address. Confirm this and you will be brought back to the main page where you would be asked to select your country of residence. No address proof is required for this step.
Confirm your email and country of residence
Once you have confirmed these details you are all set!
Registration complete!
How to deposit and withdraw cryptocurrencies on PrimeXBT
Deposits
As a Bitcoin-based exchange, PrimeXBT only allows you to deposit Bitcoin. Users can either deposit Bitcoin directly from another cryptocurrency wallet or if their location is supported, purchase Bitcoin with their credit/debit cards.
To deposit Bitcoin from another wallet, click on “Account” on the top bar and “Deposit” on the sidebar. There you will find your Bitcoin wallet address.
For some locations, you can buy Bitcoin using your credit (Visa or Mastercard) or debit card. To do this click “Buy Bitcoin”on the Deposits page. You will then be required to input how much Bitcoin you wish to purchase. Confirm this by clicking “Buy”. Please note that PrimeXBT only accepts payment in USD, EUR and GDP and a minimum purchase of 0.002BTC is required.
Buy Bitcoin
You would then be asked to provide your email and country of residence. The email address is so that the Exchange can send you a code to enter at checkout as a security measure. You are required to choose your country of residence because some locations do not support Bitcoin purchases, and the page will instantly let you know if this is the case. If Bitcoin purchases are supported you would be required to provide photographs of your identification document (ID card, driver license or passport) and your payment details.
Provide details for payment
Afterwards you would be required to confirm your purchase and at checkout, enter the code previously sent to your email address. The Bitcoin you purchase would automatically be sent to your Exchange wallet.
We found depositing Bitcoin from another wallet to be very simple. As for buying Bitcoin, the steps were easy to follow but we found it excessive in terms of all the information you need to provide. After all, we are depositing Bitcoin into an account, not withdrawing. We don’t expect to require an ID copy AND a picture of us holding said ID when buying items from other online retailers. So in all honesty, unless you do not use any other exchanges and you are buying Bitcoin for the very first time, we foresee most people would just buy Bitcoin elsewhere and transfer it to the Exchange.
Withdrawals
Withdrawals from PrimeXBT require a few additional steps compared to other exchanges because they have a mandatory whitelist of destination addresses. Note also that the Exchange only supports Bitcoin withdrawals, so any other asset must be converted to Bitcoin first before withdrawing.
To withdraw, go to “Account” on the top bar and “Withdraw” on the sidebar. Select “Add new address” and type in the address you wish to send your Bitcoin to together with a name for this address in the “Comment” field, then click “Add new address”.
The Exchange will send you an email asking you to confirm the new Bitcoin withdrawal address. To confirm, click “Confirm new address”.
Confirm new address
Back on the Exchange’s Withdraw page, the new address will show up on the list of destination addresses. Select the address you want to send your Bitcoin to and the amount you wish to send. On the right, you would be able to see details of the send i.e. the destination address, the transfer amount, transfer fee and the actual amount which would be sent. To confirm, click “Submit to withdraw”.
The Exchange’s limitation of only allowing Bitcoin withdrawals can be troublesome since you would need to first convert everything to Bitcoin, which may result in losses if prices fall. We also found the whitelist process to be a bit annoying at first, but as it is for security we consider it a fair tradeoff. It however won’t cause that much inconvenience in the long run if you usually only send Bitcoin to a few specific addresses e.g. your hardware wallet.
Trading on PrimeXBT
One thing we really liked about PrimeXBT is that when you log in to your account for the first time, each page will have a pop up tutorial covering topics such as how to fund your trading account, how to place your first order etc. For a subsequent refresher, you can always click the question mark “?” on the top right hand corner for more tutorial videos. So getting started with trading was relatively easy.
A feature that some traders might like is their one-click or double-click trading feature. This allows you to open and close positions, and cancel orders with literally one click i.e. bypassing the confirmation process. It is a really convenient feature for those who are impatient or need to lock in their positions quickly. On the flip-side you could suffer huge losses if you misclick since it is irreversible.
The main feature of PrimeXBT is its ability to customise. As mentioned above the Exchange lets users customise their trading interface and charts. For the trading interface, you can move, add and remove various widgets e.g. charts, watchlists and orders etc. You can also add new “workspaces” i.e. tabs by clicking “+”. Workspaces can be renamed, and you can add widgets onto them and customise their location.
This feature is very helpful for experienced traders who wants all their necessary information displayed in one place, or even more casual traders who want to customise their trading page so it is similar to other exchanges they may be more familiar with.
PrimeXBT also allows users to customise and annotate trading charts. Users can overlay different trading pairs on top of each other for comparison, e.g. in the below image we put together the charts for BTC/USD and ETH/USD. Users can also write notes, draw lines and choose from up to 50 indicators to put onto the charts etc. There are lots of features which will certainly keep technical analysts very occupied and finally, you can save a picture of your chart for a later date. This is certainly a feature designed by pro traders with other professionals in mind.
Welcome bonus
PrimeXBT currently has an enticing welcome bonus to encourage more users. New users who deposit more than 0.009 BTC into their trading account within the first 6 hours of registration are entitled to a US$50 trading bonus. The Exchange will automatically deposit the Bitcoin equivalent of this into your trading account.
USD$50 trading bonus for new users
Conclusion: Is PrimeXBT a good exchange?
Here’s some pros and cons of PrimeXBT based on our user experiences.
Pros
Good track record without any hacks so far. The Exchange has additional security features not usually found elsewhere such as mandatory withdrawal address whitelisting.
The Exchange is one of the most open and transparent we have come across. Almost any question we had on the Exchange is answered on their own website.
Customisable trading interface and charts. This feature is likely to be very attractive to seasoned traders.
Cons
Even with the Exchange’s helpful tutorials, there is still a steep learning curve if you want to make use of the many features the Exchange has to offer.
Very limited cryptocurrency support and only Bitcoin deposits and withdrawals are supported.
Requiring photo ID and KYC process just to buy Bitcoin is a bit excessive.
In conclusion, we find PrimeXBT definitely geared towards traders with a bit more experience, particularly those who trade the major cryptocurrencies and other markets such as stocks and commodities on the side. We also find Turbo to be a very novel and interesting feature which we may revisit in the future. The Exchange’s interface is very clear and intuitive, and in any event you can customise it to your needs and preferences. Users will need a bit of time exploring all of the customisation features that PrimeXBT has to offer which may seem overwhelming at first, but is certainly worth it in the long run. With this high level of customisation, we think once users overcome the initial learning curve, they are likely to come back to this exchange time and time again.
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Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
Compound Finance is a leading decentralised finance (DeFi) protocol which allows users to deposit and borrow cryptocurrencies, and earn interest whilst doing so. How Compound does this is by creating liquid money markets for cryptocurrencies by setting interest rates with the use of algorithms. They are popular mainly because they are cryptocurrency exchange Coinbase‘s first ever investment into a crypto project and prices for their $COMP token had more than doubled in the past week. In this Compound guide we cover topics such as what is Compound, how to use the platform profitably and how to earn more of their $COMP token.
For an overview, check out our explainer video on DeFi and Compound:
What is Decentralised Finance (DeFi)?
Decentralised Finance (DeFi) was designed to “cut out the middle man” i.e. banks and reduce the cost of traditional financial operations such as taking out a loan or buying property. The aim of DeFi is so that people, particularly the unbanked can have open access to every financial service on the internet with their smartphones, without needing the banking system. Smart contract platforms such as Ethereum opened the door to DeFi, whereby programs running on the blockchain can self-execute when certain conditions are met. Developers can make use of these smart contract platforms to build decentralised apps (Dapps) with various functions. Developers brought the concepts of Dapps and DeFi together by bringing functions traditionally served by banks onto smart contract platforms. Compound is an example of a DiFi app, it is a blockchain-based Dapp which allows deposits and taking out loans of cryptocurrencies on its platform.
How does Compound work?
Compound operates similar to a bank. You can deposit various cryptocurrencies and earn an annual interest on your deposits, similar to depositing your money into the bank. However, Compound’s main difference is that it does not have custody of your cryptocurrency deposits. Instead, you are actually sending your crypto to and interact with a smart contract, rather than another company or user. This feature is important because it means that no person or authority can control or take your funds.
What makes all of this so interesting is that since Compound is a DeFi platform, it does not have to follow the Federal Funds Rate. It can do something completely different and cannot be shut down since there is no central authority.
How to supply (deposit) cryptocurrencies onto Compound and earn interest
On Compound’s website you can earn interest when you deposit (Compound refers to this as “supply”) cryptocurrencies onto their platform. To do this, first load an Ethereum account with any of the cryptocurrencies supported by Compound. Then on the Dashboard, choose which cryptocurrency you wish to supply to the platform by clicking on it.
Choose which cryptocurrency you wish to supply to the platform
In the below image you can see that we will be depositing USD Coin (USDC) which generates an Annual Percentage Yield (APY) of 0.12%. So you can earn 0.12% per year if you supply USDC to the platform. Input the amount you wish to supply and confirm by clicking “SUPPLY”. A metamask window will pop up where you will interact with the smart contract and confirm the transaction. You will be charged gas fees for interacting with the smart contract. In our case we were charged USD$1.
Supplying cryptocurrencies to the platform generates interest
Once you have supplied cryptocurrencies onto the platform, you would be able to use Compound’s other features such as using these supplied cryptocurrencies as collateral to take out loans.
An important point to note is that Compound has floating interest rates which are subject to change. How Compound determines the interest rate is similar to the Federal Reserve, Compound would analyse the supply and demand for a particular cryptocurrency and then set a floating interest rate that will adjust based on market conditions. Compound also takes a 10% cut off your earned interest. Users can take back their cryptocurrencies at any time with a 15 second lag between executing the instruction and receiving their crypto.
How do I take out loans/ borrow cryptocurrencies on Compound?
You can use your deposited cryptocurrencies as collateral to borrow other cryptocurrencies. Compound requires users to put up 100% of the value of your intended loan. There are risks of doing this though which will be explained below where we look at Compound’s liquidation clause.
Borrowing cryptocurrencies does also require you to pay fees. For example in the below image you can see that taking out a loan of BAT will cost you a whopping 29.4% per year.
Borrowing cryptocurrencies requires you to put up collateral and pay fees
You can also see from the above image how Compound makes money, since there is a spread between the amount of interest generated from depositing, say BAT and the amount of fees you need to pay for borrowing the same.
What is $COMP token? How can I earn $COMP?
Since May 2020, Compound has transitioned to community governance. This means holders of Compound’s token, $COMP can make proposals and vote on decisions relating to how Compound is to be developed or run, e.g. what kind of collateral should Compound support, or what the interest rates should be.
There is a total supply of 10 million $COMP, of which 42.3% is reserved for distribution to users to earn when they use Compound e.g. by supplying or borrowing cryptocurrencies. For every Ethereum block, 0.5 $COMP is distributed across Compound’s 9 markets in proportion to the interest accrued in the market. And within each of these markets, the amount of distributed $COMP is divided 50:50 between suppliers and borrowers of that particular cryptocurrency. Hence the cryptocurrency which is earning the most COMP per day is always changing. Users should check Compound’s User Distribution page, where they can see the amount of interest paid per day as well as the amount of $COMP distributed to suppliers and borrowers.
You can also earn $COMP by voting on various governance proposals concerning how Compound should be run.
$COMP can be traded on various exchanges, such as Coinbase or FTX Exchange. And there was certainly a lot of attention focused on $COMP since prices for the token recently shot up from USD$60 to over USD$300 in a matter of days.
$COMP prices
How are people using the Compound platform to earn 100%+ APR?
Users earn COMP when they supply or borrow cryptocurrencies on the platform. So in the below image we deposited 500 USDC and borrowed 300 USDT to get a net effective interest of -12.27% which on the face of it does not look profitable.
In our case, depositing USDC and borrowing USDT generated a net interest of -12.27%
BUT at the same time we are also earning $COMP. This calculator shows you how much $COMP would be distributed depending on the type and amount of tokens supplied or borrowed. So as seen in the below image, whilst the net interest was -12.27% per annum, we EARNED 13.94% APY of $COMP. Basically, you are being PAID to take out a loan.
$COMP mining: Another way to potentially earn more $COMP
$COMP mining goes beyond simply supplying cryptocurrencies and profiting off the interest rates on Compound. Rather it is about getting as much $COMP rewards as possible in the shortest amount of time. Some methods even allow you to multiply your earnings by folding your position 4x.
In a nutshell, people have have been finding ways to do this by first depositing USDC, borrowing USDT and then converting the USDT to USDC. Then depositing the USDC onto the platform, leveraging it, withdrawing USDT and depositing it onto the Compound platform several times over.
What cryptocurrencies does Compound support?
Compound currently supports 9 cryptocurrencies, namely: Ether (ETH), USD Coin (USDC), Basic Attention Token (BAT), Tether (USDT), 0x (ZRX), Wrapped BTC (WBTC), Dai (DAI), Augur (Rep) and Sai (Legacy DAI) (SAI).
Available markets on Compound
What are the risks of DeFi platforms?
DeFi, and any such platforms such as Compound has the main feature of being decentralised. Yet, it is decentralisation that brings associated risks. This is because instead of trusting a central authority to supervise the transactions, we are trusting the code which the smart platform was built upon. If there is a mistake in the smart contract e.g. the conditions for release of funds are set incorrectly, there is no overriding body which can correct this mistake or any customer service representative that can help. And the biggest risk of all is if the developer did not code the contract correctly making it vulnerable to hackers. An example of this was the dForce hack where hackers exploited a well-known exploit of an Ethereum token, resulting in losses of USD $25 million worth of customers’ cryptocurrencies.
Risks of using Compound: Compound’s liquidation clause
For Compound, there are risks associated with trying to earn $COMP through borrowing on the platform. Compound has a liquidation clause that kicks in when borrowing on the platform. For instance if the cryptocurrency you are borrowing increases in value and exceeds the value of your collateral, your borrowing account will become insolvent. In such case, other users can step in and repay a portion of your outstanding loan in exchange for a portion of your collateral at a liquidation incentive. This liquidation incentive is the discount at which other users can receive your collateral. So if the liquidation incentive at the time is 8% (subject to change through voting on Compound’s governance system), then other users can receive your collateral at 8% off the market price when they help repay your loan. Hence there are serious incentives for users on Compound to liquidate others and this will result in the person being liquidated to potentially suffer huge losses.
What is Compound’s aim for the future?
Currently, Compound only deals in cryptocurrencies on the Ethereum blockchain. However the Company eventually wants to expand and move into carrying tokenised versions of real-world assets, for example the US Dollar, Japanese Yen or stocks in companies such as Google.
Decentralised Finance (DeFi) series: tutorials, guides and more
With content for both beginners and more advanced users, check out our YouTube DeFi series containing tutorials on the ESSENTIAL TOOLS you need for trading in the DeFi space e.g. MetaMask and Uniswap. As well as a deep dive into popular DeFi topics such as decentralized exchanges, borrowing-lending platforms and NFT marketplaces
More videos and articles are coming soon as part of our DeFi series, so be sure to SUBSCRIBE to our Youtube channel so you can be notified as soon as they come out!
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
There are over 300 cryptocurrency exchanges out there. So competition for cryptocurrency traders to sign up and trade with them is fierce, especially when exchanges make money from taking a small percentage from each trade. To compete, crypto exchanges often have various sign up offers or welcome bonuses to entice new users. In this article, we will compare which cryptocurrency exchange has the best welcome bonus or sign up offers.
Table of Contents
Binance
Binane is THE largest cryptocurrency exchange in the world with USD$1.3 billion in trading volume in 24 hours. Whilst they may not have the most number of supported cryptocurrencies, they definitely beat out the competition by a huge margin in terms of number of users and daily visits.
New users get 10% 20% off spot and margin trading fees forever! Enter our referral ID 10192887 to claim this offer!
Binance Futures
Binance Futures is part of the Binance brand. Specialising in futures trading, Binance Futures offers a leverage of 125x margin amongst major crypto exchanges- the highest in the market. Nevertheless, Binance is still able to offer a seamless platform for traders to switch from spot to futures trading on the Exchange.
New users who sign up for a Binance Futures account will get 10%20% discount on trading fees for the first 30 days.
Binance Pool
Binance Pool is a mining pool under the Binance ecosystem. Currently it only mines Bitcoin but more tokens are expected to be added later. Learn more about Binance Pool.
Binance Pool is operating on 0% fees until 31st May 2020 to bring in new customers. Afterwards the fee will be revised to 2. (smallhandsbigart.com) 5%
Bybit
Bybit is a cryptocurrency derivatives exchange platform and offers worth up to USD $90 for signing up as follows:
USD $5 for registering a Bybit account and joining their social media channels through Twitter;
USD $5 for trying out Take-Profit or Stop-Loss when placing entry orders; and
USD $50 for making a first deposit of 0.5 Bitcoin or more. Or users can make a first deposit of 0.05 BTC or more and get USD $5. This reward will be in the form of a coupon which can be used to offset transaction fees.
Bybit also has limited flash deals where users can get an extra USD $30:
USD $5 for completing Bybit’s customer satisfaction survey;
USD $20 for a total deposit of 1 Bitcoin or more; and
USD $5 for actively trading for 10 days accumulatively.
The Bybit coupons obtained in the flash deals can be used to offset transaction fees when trading on the Exchange. Learn more about this Exchange with our Bybit review.
Register for a Bybit account and claim up to USD$90 worth of bonuses with our referral link below.
Coinbase
Coinbase Earn program. Users will need to complete various online courses on different cryptocurrencies, in return you will be awarded a small amount of that cryptocurrency to trade with. Users can get up to USD $152 with Coinbase Earn.
Phemex is a derivatives exchange providing Bitcoin perpetual futures contracts. The Exchange also offers up to 100x account leverage. Learn more with our Phemex Exchange review.
The Exchange offers up to USD$72 worth of welcome bonuses as follows:
USD$2 worth of BTC is deposited to your account immediately after registering for a new account.
A Social Media Bonus of USD$10 is given after (a) registering for a Phemex account; (b) following their official Twitter, retweeting their pinned tweet whilst tagging 3 of your friends; and (c) completing Phemex’s application and them reviewing that you have completed step (b).
USD$60 Funding Bonus can be claimed after (a) registering for a Phemex account; (b) depositing Bitcoin into your Phemex wallet; and (c) funding your BTC Trading Account with at least 0.2 BTC in one go or funding your USD Trading Account with at least USD $1,500 in a single deposit.
You can register for a Phemex exchange account and start claiming up to USD$72 in welcome bonuses with our referral link below.
To encourage more people to get started, Phemex has introduced #PhemexMoments. Users can submit photographs of their trading setup and Phemex will give out the following rewards:
USD$50 trading bonus to 100 featured pictures on their new website; and
USD$100 trading bonus for Phemex’s 8 favourite pictures to be featured on their main website.
To encourage people to continue participating in Phemex Moments 📸 we’ve added more rewards:
– $50 bonus for first 100 pictures featured – $100 bonus for top 8 favorite pictures – Stay tuned for more surprises coming soon! 🔥
NAGA offers trading in cryptocurrencies along with stocks, CFDs, ETFs and Forex. The Exchange’s unique feature is that it combines trading with social media, in what they call “social trading”. Users can set up their profile and post on it similar to a Facebook profile. In particular, users can post what trades they have been doing for other community members to see, and there is a leaderboard for the Exchange’s top traders. Users can copy each others trades and you will also be rewarded when others copy yours.
Social trading allows users to see each others trades and copy them
Right now, upon registering and verifying your NAGA account, users can get a $50 welcome bonus without any required deposit within the first 24 hours. NAGA also has a deposit bonus where users will be rewarded with a 0.02 BTC bonus if they deposit USD $500 into their trading account.
BTCMEX.com
BTCMEX.com is a Hong Kong based cryptocurrency derivatives exchange offering Bitcoin perpetual contracts with 100x leverage. The Exchange claims to have the fastest speeds in the industry, with 100,000 TPS per trading pair. It is noted however that the Exchange only offers trading in BTC/USD.
Currently BTCMEX offers a 0.1 BTC trading bonus for new users that deposit 0.01 BTC into their accounts and complete the ID verification process. Users will be able to use this 0.1 BTC trading bonus to trade with a maximum leverage of 10x, and can withdraw any profits from trading with this bonus at any time.
Around a year ago Walmart China, PwC China dn VeChain jointly announced they were setting up the Walmart China Blockchain Traceability Platform. This Platform would allow Walmart China to make use of blockchain technology to trace its products. Consumers would be able to scan the products on the shelf and have access to detailed information on the product, for example, its source, product inspection reports, and logistics process. Their expectation was that by the end of 2020, 50% of sales of fresh meat, 40% of sales of packaged vegetables, and 12.5% of sales of seafood would be traceable.
Almost a year later, VeChain announced on 2nd June 2020 that Walmart China is committing Sam’s Club China, another of its businesses towards collaboration with VeChain.
What is Sam’s Club China?
Owned by Walmart China, Sam’s Club China is branded as a members-only premium supermarket. Currently, Sam’s club has a total of 23 clubs in China. There are plans to expand to have a further 40 to 45 clubs either operational or under construction in China by the end of 2022.
Its clubs are generally large scale supermarkets averaging around 20,000 square meters and offering groceries in bulk and other goods such as household appliances, home goods, etc. Sam’s Club maintains its premium branding by providing either the best quality product in a particular category or the best-selling brand at its clubs. Sam’s Club also offers its own premium store-brand products called Member’s Mark.
Launch of Sam’s Club Blockchain Traceability Platform with VeChain
The launch of the Sam’s Club Blockchain Traceability Platform coincides with Sam’s Club’s “Taste of Sam’s” campaign. This campaign aims at letting customers experience luxury through recipes featuring premium quality foods and products which can be purchased from Sam’s Club.
The products featured in the campaign include Member’s Mark products which make use of VeChain’s ToolChain technology. Combined with cold-chain IoT and other traditional software and hardware sensors, stakeholders in the supply chain will be able to upload data onto the VeChainThor public blockchain. This data would be contained in a secured QR code which would be tagged onto each product. (https://punandjokes.com/) Hence those involved in the supply chain and even the average consumer would be able to scan the QR code using their smartphones to access information on the product such as its packaging information, its origins, storage requirements, etc. And since this data was stored on the VeChainThor public blockchain, it cannot be tampered with.
As an example, in the short rib recipe above, customers can pick up a pack of the short-ribs featured in the recipe from Sam’s Club and scan the embedded QR code for more information. The below picture shows the kind of information customers can expect to see. Such as how the product was shipped from its place of origin, the name and location of the manufacturer, best-before times and certification processes.
Currently there are over 20 product lines, including Member’s Mark products which make use of VeChain’s traceability platform. It is expected that more products will be included in the future.
Bayer China announced its partnership with VeChain during an interview with VCBeat on 28th May 2020- a Chinese news publication focusing on health developments in China. For an in-depth guide to what is Vechain and it’s core features, check out our Vechain Coin Guide
About Bayer China
Bayer has links in China since as early as 1882, focusing on the core competencies in the areas of healthcare, nutrition and agriculture. Their aim is to improve quality of life through research and development on preventing, alleviating and treating diseases, as well as ensuring that consumers get healthy, safe and sustainable food. In 2019, Bayer has over 9,000 employees in the Greater China region and sales have well exceeded 3.7 billion Euros.
VeChain becomes “Partner-for-Life” with Bayer China
VeChain beat out dozens of competitors and won the Bayer China G4A Partnerships Program in 2019. This Program was created by Bayer to give qualified companies funding, mentorship and networking opportunities to its winners. Most importantly, to become a “partner for life” with Bayer so that the company will become a direct partner and be used with Bayer’s products and services.
For the purposes of the Program in 2019, Bayer required competitors to solve the issue of Digitised Clinical Trial Traceability. Competitors were required to work directly with Bayer and develop a feasible solution for the issue which would eventually be ready for deployment in line with Bayer’s own milestones and planning. At the end of the competition, VeChain was the only company that was able to satisfy Bayer’s requirements with its solution- CSecure.
Importance of Digitialised Clinical Trial Traceability
With still so many unknowns in the medical field and novel yet incurable diseases emerging such as SARS-CoV-2, medical researchers are constantly racing against the clock for the sake of saving lives. Thus it is important to ensure that drug clinical trials are conducted efficiently and when lives are involved, without room for any error. In particular, the data that is collected forms the heart of this process, and is a critical part of the research, development and adoption process for any new medical intervention- including drugs and other forms of treatments. Any issues with this data, such as tampering or errors would hence be very detrimental to the trial process, potentially even ruining it and worse, affecting human lives.
Hence a solution is needed to ensure that the data collected during the various stages of the trial process is transparent, secure and credible.
What is VeChain’s CSecure platform?
CSecure was created by VeChain as a solution to Bayer’s issue of needing digitised clinical trial traceability. The CSecure platform makes use of VeChain’s existing product ToolChain– a kit containing all the necessary hardware, software and service protocols to onboard a business onto the VeChainThor blockchain.
With CSecure, data obtained from the various stages of clinical trials for drugs are uploaded on the VeChain Thor Blockchain. So that other stakeholders in the process such as researchers, suppliers, distributors, partners and end users can have access to this data. As the data is recorded on the blockchain, the stakeholders accessing the CSecure platform are assured that the data and transactions recorded are traceable, transparent and auditable. (bricks4kidz.com)
Specifically, each medical product is binded with a QR code with a unique VID (VeChain ID) and recorded on the VeChainThor Blockchain. During the trial process, information that is added to the blockchain is time-stamped, user-identified and cannot be changed. So if there is a discrepancy between the product’s digital profile and real-life attributes, the party responsible can be identified and the situation remedied.
EnjinCraft – Enjin Brings Blockchain economies to Minecraft
EnjinCraft breathes new life into Minecraft by bringing the best of digital economies and Non-fungible Token (NFT) collectibles. Whilst Minecraft is the biggest sandbox game in the world, it has always lacked a true economy. Enjin’s new Minecraft integration and SDK allow players to truly own items and move them across servers. With the launch of the Minecraft plugin on the 28th of May 2020, server owners can use a simple plugin to allow blockchain items to be used in their Minecraft worlds.
With Enjincraft, players can equip ERC-1155 assets directly as Minecraft items. This also allows for the trading of items outside of the game and into the Enjin Wallet. Enjin’s new integration allows for the direct trading of ERC-1155 assets, Ethereum and Enjincoin directly in Minecraft.
Players will be able to enter “Enjincraft” and find treasures such as swords, armor, and tools in the game. After finding these items, players can have true item ownership as they are Non-Fungible Assets (ERC-1155 tokens). Items can be directly stored in the Enjin Wallet, allowing for easy trades or even melting.
First Enjincraft World
Enjincraft’s first world is filled with quests, stories and many explorable towns and cities. For those daring to explore, the world is packed with treasure chests and mysteries that can be solved. Treasure chests in the game give out real ERC-1155 items that have value based on Enjin Coin.
Map of Enjincraft
For beginners, the world map is very handy as it marks all the main locations in the game. This map could be discovered in Witek’s House in the first city (follow the main road into the town).
Binding Enjin Wallet
Players can keep valuable items Enjincraft via the Enjin Wallet. The onboarding process is very simple:
This process should take around 1 minute and after which the account will be bound and ready to play. The wallet status will display as linked and the Enjin Coin panel will show the ENJ and ETH balance of the wallet. This makes Minecraft very much similar to Massively Multiplayer games like World of Warcraft.
Enjincraft ERC-1155 Items
Enjincraft Items are cross server and can move between realms. Currently owners of the items could be explorered using the Enjinx blockchain explorer.
Enjincraft discussion and interview with Enjin CTO Witek Radomski
EnjinCraft is Enjin’s newest plugin for Minecraft servers. The EnjinCraft plugin will enable server owners to fully integrate a blockchain economy into Minecraft.
This means that Minecraft server owners will be able to provide players with tangible ownership of in-game assets and currencies. The in-game assets can be used in server owners’ chat rooms, websites and the Enjin Multiverse.
Stormwall is an example of Enjin’s multiverse assets is Stormwall. It is a playable item created by Enjin that can be used in 32 of Enjin’s games.
DonationCraft was Enjin’s first Minecraft plugin. It allowed MineCraft servers to accept Paypal and credit card payments. According to Enjin, DonationCraft has over 5 million downloads and allowed server owners to make millions of dollars.
As first reported by Asia Crypto Today, to introduce people to Enjin’s MineCraft plugin, Enjin has launched the closed beta version of EnjinCraft Server One, a Minecraft server built with Enjin’s plugin.
EnjinCraft Server One has blockchain-based Minecraft weapons, armor, and accessories for players to find and win.
Search and collect blockchain assets in Minecraft’s expansive universe
In-game items are backed with Enjin Coin (ENJ). Players can get Enjin Coin by melting them via the Enjin Wallet. After melting Enjin Coin, it can be transferred into other cryptocurrencies. Enjin Coin can also be used to purchase gift cards from mainstream retailers. For example, Amazon, Apple, and Uber.
Enjin Blockchain SDK for Java
The SDK for Java allows Java developers to create and integrate blockchain assets onto their platform.
For Enjin’s Java SDK, the Company has adopted an open-source codebase. Therefore, Java SDK users can modify and build upon the SDK however they want. Enjin mentions that they encourage the spirit of collaboration and hopes users can use the SDK to build things they could never have imagined.
Players can convert their in-game assets into real life value.
Users will be able to use Enjin’s platform to integrate a blockchain economy onto their servers. This will mean users can integrate blockchain economies onto games, web applications and even andriod apps.
You can start building with the Blockchain SDK by creating an Enjin account here.
By signing up with the Enjin Spark early adopter program, users will be given various early adopter benefits. This will help them market, fund and monetize their projects.
Introducing EnjinCraft: The World’s First Blockchain-Powered Minecraft Server
Seeing in-game items as mere pixels is a thing of the past. Enjin is allowing developers to integrate blockchain economies into the online world through with Enjin’s Java SDK.
And with MineCraft Server One, Enjin is showing how these economies can work in mainstream gaming. We will hopefully finally see a win-win situation for developers and players. Developers are able to generate more profit. Whilst allowing players to earn real life value through in-game items.
OKEx cryptocurrency exchange is one of the top-ten global cryptocurrency exchanges by daily volume (over USD$1.68 million) and provides services in over 100 countries. This popular Exchange conveniently offers fiat-to-fiat and crypto-to-fiat trading, futures trading and wallet options all on one site. In this review, we’ll look at OKEx’s features and some controversies that you need to know.
Here are some of OKEx’s key features and functions on offer:
Crypto-to-crypto and crypto-to-fiat trading pairs;
Customer to customer (C2C) trading platform;
Spot and Margin trading;
Futures contracts;
Perpetual swaps;
Options; and
Integrated storage wallet.
Let’s take a look at each of these features in detail.
There are only a handful of exchanges out there that offers crypto-to-fiat trading pairs. With OKEx, customers can purchase cryptocurrencies directly on the Exchange. (https://www.curlygirldesign.com/) Most major fiat currencies such as USD, EUR, GBP, CAD etc. are accepted, as are most payment methods.
OKEx’s C2C trading platform allows users to trade a selection of cryptocurrencies amongst themselves, similar to an Over the Counter (OTC) trading desk. Payment can be made using fiat currency.
Spot trading allows users to buy or sell cryptocurrencies instantly using the funds they have on hand. Whilst Margin trading lets users use borrowed funds to increase their profits.
Futures contracts allows trading of the cryptocurrency at a predetermined price at a future date, irrespective of the market conditions at the time the contract expires. OKEx has a peer to peer leveraged trading platform, and does not require traders to top up additional margin. According to OKEx, a trader’s losses are limited to the margin they paid for entering into the futures contract. Learn more about futures trading at OKEx here.
Perpetual Swap trading allows traders to buy and sell contracts which do not have an expiry date and are essentially bets on the future value of a cryptocurrency. For OKEx’s Perpetual Swap, a traders’ profits and losses are realised and settled twice a day and trading up to 100x leverage is available. However, leverage trading is very risky so extra caution is essential. Learn more about OKEx perpetual swap and its fees here.
Options entitle the contract holder to buy and sell (depending on what contract they hold) the underlying asset i.e. cryptocurrency on a fixed day in the future. It is different from futures contracts in that the person who holds the contract can choose to exercise the option of buying or selling the underlying asset within a specified time. However options contracts still have an expiration date by which the contract holder must exercise their option.
One unique feature of OKEx is its integrated storage wallet called OKEx Wallet. Similar to many other exchanges, OKEx has a mobile app available on the App Store and Google Play Store for convenient trading on the go. However with the OKEx app, the OKEx Wallet serves as a software wallet where you can store multiple cryptocurrencies separately from your trading account. This can also give you an extra layer of security by having your assets spread out in different locations.
OKEx mobile app
History of OKEx
OKEx was founded in 2017 by Star Xu. Originally based in China, the Exchange relocated to Malta in 2018 which has a better regulatory framework for blockchain related activities. OKEx is part of OK Group, which is a blockchain technology company founded in 2013. As at 2018, the Exchange has over 800 employees and serves customers in over 100 countries.
Supported Countries
OKEx is available in more than 100 countries. However its unavailability in the US is a huge downside. These are some other countries where the Exchange is unavailable:
American Samoa
Bangladesh
Bolivia
Crimea
Cuba
Ecuador
Guam
Hong Kong
Iran
Kyrgyzstan
Puerto Rico
Sudan
Syria
US Virgin Islands
Supported Cryptocurrencies and Payment Methods
OKEx supports a wide array of cryptocurrency options for traders and investors to transact. The list numbers in the hundred and include:
Bitcoin (BTC)
Bitcoin Cash (BCH)
Ethereum (ETH)
Ethereum Classic (ETC)
Tether (USDT)
Litecoin (LTC)
EOS (EOS)
Qtum (QTUM)
NEO (NEO)
Ontology (ONT)
Mithril (MITH)
Nano (NANO)
FirstBlood (1ST)
Ark (ARK)
Bitcoin Diamond (BCD)
Bitcoin Gold (BTG)
Zilliqa (ZIL)
DigiByte (DGB)
Stellar (XLM)
Monero (XMR)
Notably, as mentioned above OKEx accepts fiat currencies including USD, EUR, GBP, CAD etc.
Traders also have a wide variety of payment methods for purchasing cryptocurrencies. These include:
Bank transfer;
Credit (Visa and Mastercard) and debit card payments from select jurisdictions;
Cryptocurrency transfer from an off-exchange wallet or from a separate exchange to the OKEx exchange;
WeChat; and
Alipay.
Deposit and Withdrawal Fees
OKEx does not charge deposit or withdrawal fees.
Trading Fees
OKEx adopts a maker-taker fee schedule to encourage more placements of orders and liquidity. Accordingly, the maker fee is lower than the taker fee. The maker and taker fees start from 0.10% and 0.15% respectively. Here’s the differences between maker and taker fees:
Maker fees: Payable when the trade order isn’t immediately matched with an existing order on the order book.
Taker fees: Payable when the trade order is immediately matched with an existing order on the order book.
Like other exchanges, OKEx has a VIP program to reward users who frequently trade with them. Users who hold more of OKEx’s token-OKB and have a high 30-day trading volume can get progressively more discounts on the maker and taker fees. In particular, higher level VIPs are even given rebates on the maker fees.
OKEx VIP tiers
Moreover, traders who satisfied OKEx’s KYC verification process, have at least 20 BTC balance and satisfy the Exchange’s trading requirements are eligible to join OKEx’s Market Maker program. Depending on whether you are joining the program for OKEx’s Spots, Futures or Perpetual Swaps markets, users can get -0.005% (i.e. a rebate) on maker fees and 0.04% on taker fees.
Accepted Payment Methods
The exchange has a number of payment options for customers depending on your location. You are advised to reach out to the support team if unsure that a payment option is not available in your country. These options include:
Bank transfer;
Credit and debit cards;
Cryptocurrency transfer from an off-exchange wallet or from a separate exchange to the OKEx exchange;
WeChat network payments; and
Alipay system.
Controversies
The Exchange faced several challenges in 2018. In August, after a large wrong way bet by one of its users, the Exchange transferred the losses onto its other traders. Later on in November, the Exchange suddenly change the terms of its Bitcoin Cash contract, forcing an early settlement and leaving traders suffering from losses. The Exchange’s explanation was that it was to protect traders from any volatility which may arise out of the Bitcoin Cash split. Yet some traders lost over USD $700,000, and many were prompted to file complaints with the Hong Kong’s Securities and Futures Commission.
Further, there was a massive scare in September 2019 when Twitter user Whale Alert found that more than USD $270 million was sent from the Exchange to an unknown account. This prompted OKEx’s head of PR, Jennifer Chow to go on Twitter to confirm that it was only a regularly scheduled wallet maintenance. No one has come forward on that occasion saying they suffered any losses as a result. So it was unlikely to be a hack.
OKEx uses distributed storage to safeguard against losses in the event of hacking. This is because the exchange has various cold storage locations across the world to limit asset exposure. Additionally, the network has offline private keys to exchange hot wallets. Therefore, only a minimal amount of assets is held in the exchange hot wallet to boost security. OKex has also gained favorable exchange review ratings from different crypto security agencies.
OKEx also has a robust system to ensure customer account security. These tools include 2FA verification, mobile verification codes for withdrawals and changing settings, and anti-phishing codes in every OKEx email. They also have a bug bounty program to reward any persons who discover and report security vulnerabilities in the Exchange.
The Exchange did suffer a hack in August 2017 where one user’s account was compromised and lost 200 Bitcoin (then worth around USD $750,000) as a result. In that case, OKEx blamed the situation on hackers, rather than any issues with the Exchange itself. It is also still unclear whether the Exchange was really hacked in September 2019. Though there are no reports of any users coming forward to say they have suffered losses. So far, unlike some other cryptocurrency exchanges, OKEx has not suffered a confirmed hack involving multiple victims.
Based on their track record, OKEx seems to be a safe Exchange to use. But some other exchanges have insurance funds to cover any potential losses from hacks, which does not seem to be the case with OKEx. This could be a turn-off for some users. Notwithstanding this, they do have the usual security measures that you’d expect from any reputable exchange. However, it is still advisable to only store assets you will trade imminently in an exchange wallet and store the remainder of your funds in an offline hardware wallet.
OKEx Exchange has a simple and easy to use interface. This makes it a solid exchange option for customers. The exchange features a large number of listed coins with various functions and competitive trading fees. On the downside, the mobile app has room for development. The Exchange also has to be more transparent regarding the veracity of its daily volume figures. This is something certain analysts have looked into. Nonetheless, the fact that OKEx is accessible and fairly liquid keeps it in good standing with most in the crypto economy.
Pros
Good track record with no significant hacks so far.
Offers fiat-to-crypto trading so users can easily enter into, and “cash out” their cryptocurrencies.
Built-in software wallet in its app means convenient on the go trading and using cryptocurrency.
Wide range of functions for traders to choose from.
Cons
Not available to those in the US.
Unknown whether they have an insurance fund to cover users’ losses in the event of a hack.
OKB is OKEx’s own utility token. On the Exchange, users can hold OKB to enjoy trading fee discounts. OKB however has lots of different functions outside of the Exchange. Such as using OKB to subscribe for BitTorrent’s high-speed ad-free downloading or pledging your OKB for cryptocurrency lending. To learn more about OKB’s functions, click here.
Is OKex available to US customers
Currently OKex is not available to US residents or citizens.
Where can I download the OKEx trading app
OKEx offers both iOS (iPhone) and Android apps for trading on the go. You can download these apps via the official Apple Store or Google play store
How to avoid OKEx Fees
To get the lowest exchange withdraw fees, withdraw with options such as ERC-20 Tether (no Omni). You can also reduce fees by using the OKB coin, which offers trading discounts.
Is OKEx safe to trade
Yes. OKEx is one of the top tier exchanges in the world.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
Coinbase Earn program. Users will need to complete various online courses on different cryptocurrencies, in return you will be awarded a small amount of that cryptocurrency to trade with. Users can get up to USD $152 with Coinbase Earn.
OKEx review.
