Cryptocurrency would essentially be useless without the ability to store, send, receive and make use of its special features. In this section we provide overviews and tutorials for crypto tools which can help you use cryptocurrencies to its fullest potential.
We look at the differences between the types of cryptocurrency wallets and some of the most well-known brands on the market today to help you choose which one is the best for you to store your cryptocurrencies safely, and troubleshooting tips such as what to do when your transactions are stuck. Exchanges are also an integral part of dealing with cryptocurrencies because they let you convert between different cryptocurrencies, and even fiat currencies. Therefore, we compare different exchanges to see which has the best features for your use, and some tips and hacks to save money on these exchanges.
Four.meme is the first memecoin launchpad on the Binance Smart Chain (BSC) network. The platform aims to be a streamlined and low-cost pathway to bring more meme tokens into this world. Here is our Four.meme review.
Check out our video Four.meme review and guide!
Four.meme Guide: BSC Memecoin Fair Launch like Pump Fun
What is Four.meme?
Four.meme is the first memecoin fair launch platform on Binance Smart Chain (BSC). Here are the main features of Four.meme:
Fair Launch: Every meme coin launched on Four.meme uses a fair launch mechanism. This ensures there will be no pre-sale, seed round, or team allocation. As a result, this creates a level playing field for all participants.
Community-Driven: Four.meme is built around the power of community, empowering creators, traders, and opportunists in the BNB Chain ecosystem.
Four.meme fees
Here are some of the fees for using the Four.meme platform as a memecoin creator or trader:
Launching fee: To launch a memecoin, you will only need to pay for the transaction fee which is around 0.005 BNB.
Seeding fee: Once your memecoin project reaches 100% of the bonding curve (approximately 24 BNB), the seeding process begins. The platform will then set up a liquidity pool on Pancake paired with 24 BNB.
Trading fee: Memecoin traders will need to pay a transaction fee the platform a 0.5% trading fee (minimum 0.001 BNB).
What is the Four.meme token?
Four.meme has not announced its own token yet. However, they currently have an airdrop campaign where you can receive Four.meme Points. These Four.meme Points are redeemable for rewards. For example, you can exchange Four.meme Points for USDT and memetokens such as $FOUR and $WHY, which are strategic partners of Four.meme. The type of token redeemable and exchange ratios will be announced after the end of the airdrop campaign. Four.meme Points can also be redeemed for special airdrop packages of meme tokens and exclusive NFTs.
Four.meme has a launchpad which allows creators to make their own meme coins and tokens efficiently. Here’s a step-by-step guide on how to launch your own project on Four.meme:
Configure Your Token
Set up your token’s name, symbol, and other key details. Then, use the user-friendly interface to configure these settings efficiently.
Launch Your Project
Launching requires no technical skills and takes only a few seconds. Developers can purchase a portion of their token supply to protect against snipers. To launch your project, simply confirm the transaction to complete the launch.
Pay fees
Launching Fee: Only the transaction fee (~0.005 BNB). Trading Fee: 0.5% per trade (minimum 0.001 BNB). Seeding Fee: Once the project reaches 100% of the bonding curve (24 BNB), a liquidity pool is established on PancakeSwap.
Optional settings
You can set the start time for trading, as well as limiting the maximum buy-in per user (e.g., 10,000,000 tokens = 1%).
Is Four.Meme safe?
Four.meme is the first memecoin fair launch platform on the Binance Smart Chain (BSC). Here are some key points to consider:
Fair Launch: Every meme coin launched on Four.meme uses a fair launch mechanism, ensuring no pre-sale, seed round, or team allocation. This aims to create a level playing field for all participants.
Community-Driven: Four.meme emphasizes community involvement. Users should assess their financial situation, risk tolerance, and do their own research before trading in any meme coins on the platform.
Hacks and exploits: While the Four.meme platform itself hasn’t been hacked or exploited yet, remember that investing in highly volatile meme tokens carries risks, so users may want to always be cautious.
Therefore, while Four.meme aims to provide a fair and transparent environment, remember that all investments carry inherent risks.
Conclusion: Pros and Cons of Four.meme
In conclusion, here is a review of some pros and cons of the Four.meme platform:
Pros
Fair Launch: Every meme coin on Four.meme uses a fair launch mechanism, ensuring no pre-sale, seed round, or team allocation. This promotes a level playing field for all participants.
Community-Driven: Four.meme empowers creators to launch meme coins directly, connecting with their audience. It fosters community engagement and support.
Integrated Trading Tools: The platform plans to integrate with trading bots and AI-powered market analysis services, enhancing utility and informed investment decisions.
Built on Binance Smart Chain (BSC): BSC offers fast transactions, low costs, liquidity, and security.
Cons
Risk: As with any investment, meme coins carry inherent risks. Users should exercise caution and conduct due diligence.
Market Volatility: Meme coins can experience extreme price fluctuations due to market sentiment and trends.
Short-Lived Relevance: Some meme tokens may lose relevance quickly, impacting their value.
Gitcoin passport helps verify your identity online by collecting proof from different sources without sharing your personal information. Having a Gitcoin passport above a certain score is important because many protocols set it as a requirement to be eligible for their token airdrops. However, getting the required number of points (usually projects require 20 points) can be difficult and time-consuming. Here is our Gitcoin passport guide on how to get maximum points for airdrops.
What is Gitcoin Passport?
Gitcoin passport is an identity verification aggregator for Web3, allowing users to collect verifiable credentials, known as “Stamps,” from various authenticators while preserving privacy. Here are its main features:
Identity Verification: Gitcoin Passport serves as a Web3 identity verification aggregator, enabling users to gather verifiable credentials (called “Stamps”) from different authenticators.
Privacy Preserving: It ensures user privacy by creating verifiable credentials without collecting personally identifiable information.
Versatile Applications: While designed to be application-agnostic, it is particularly useful for personhood proofs and organizational designs.
Web2 and Web3 Integration: Users can connect Stamps from both Web2 (e.g., Google, LinkedIn) and Web3 (e.g., Holonym, Civic) platforms.
Why do you need Gitcoin Passport for airdrops?
Many protocols and projects require you to have obtained a certain minimum score from Gitcoin passport in order to be eligible to receive their token airdrops. The main purpose of Gitcoin Passport is to combat against sybils, this is where people use multiple accounts to get airdrops, giving them an unfair advantage over others. Therefore, most projects will require users to have at least 20 points in order to qualify for their token airdrops.
How to get maximum Gitcoin Passport points for airdrops
Time needed: 2 hours
Here is our guide on how to get maximum (at least 20) Gitcoin Passport points for airdrops.
Click “Connect” and “Verify” to connect your Discord account.
Google (0.53 points)
Click “Connect” and “Verify” to connect your Google account.
LinkedIn (1.53 points)
Click “Connect” and “Verify” to connect your LinkedIn account.
Github (total 7.06 points)
Click “Connect” and “Verify” to connect your Github account. You will receive 2.02 points for contributions on at least 30, 60, and 120 respectively, totaling 7.06 points. Contributions include committing to a repository’s default branch or gh-pages branch, creating a branch, opening or answering a discussion, proposing a pull request or submitting a pull request review.
Ethereum activity (up to 16.04 points)
Click “Connect” and “Verify” to allow Gitcoin to assess your engagement milestones and Ethereum activity metrics. Engagement milestones categorise users into 3 tiered levels based on their commitment and dedication: ETH Enthusiast (10.01 points), ETH Advocate (2 points) and ETH Maxi (2.01 points). On the other hand, Ethereum Activity metrics looks at the amount and duration of activities on the Ethereum network and awards points as follows: Spend more than 0.25 on gas (1 point), execute over 100 transactions (0.51 points), active on over 50 distinct days (0.51 points).
NFT holder (up to 15.13 points)
Click “Connect” and “Verify” to allow Gitcoin to assess your journey as an NFT collector and verify your NFT ownership. Gitcoin categorises users’ NFT collector journeys into 3 levels based on their engagement and size of their ERC-721 and ERC-1155 NFT collections: Digital Collector (10.03 points), Art Aficionado (2.03 points) and NFT Visionary (2.04 points). Meanwhile, NFT ownership verification requires you to hold at least 1 ERC-721 NFT for 1.03 points.
Idena (up to 10.08 points)
Idena is one of the more difficult verifications to complete as you need to wait to participate in their “validation ceremony”. These are simultaneous puzzle tests that happen at regular intervals that participants must complete to prove their humanity. You will be awarded points in 3 categories depending on how many times you have validated your identity by achieving a specified score on the tests: Newbie (6.03), Verified (2.03) and Human (2.03).
GTC staking
GTC staking allows you to boost the reputation of yourself and/or those you trust. When you stake GTC, the amount becomes locked until the specified lockup period ends. There are 2 GTC staking mechanisms: Self GTC Staking and Community GTC Staking. For Self GTC Staking, points are awarded on 3 tiers based on the amount of GTC staked: Bronze- 5 GTC (1.04 points), Silver- 20 GTC (2.04 points) and Gold- 125 GTC (3.04 points). Meanwhile, for Community GTC, points are awarded based on staking actions: Beginner Community Staker (1.51 points), Experienced Community Staker (2.52 points), Trusted Citizen (4.04 points).
Gitcoin Grants (up to 7.56 points)
The Gitcoin Grants stamp requires users to donate to grant rounds officially funded by Gitcoin i.e. Citizens rounds, GG18, GG19 etc. Points are awarded based on the minimum amount donated as follows: US$10 (0.52 points), US$100 (2.02 points) and US$1,000 (5.02 points).
ZkSync (up to 5.62 points)
Click “Connect” and “Verify” to allow Gitcoin to verify your zkSync Era transactions. Users are categorised into tiered levels as follows: Engagement Explorer (1.67 points), L2 Believer (1.67 points), zkSync Champion (1.67 points). Users can also earn the “Verified Transactor” status for transactions on zkSync Era that have achieved verified status (0.61 points).
Guild membership and roles (up to 1.26 points)
Joining and having Owner or Administrator roles in qualifying Guilds with more than 250 members allows you to earn points: Guild Admin (0.72 points), Guild Passport Member (0.54 points).
Snapshot (0.84 points)
Create a DAO proposal. Afterwards, get at least 1 account to vote on your DAO proposal.
Gnosis Safe (0.82 points)
To get the Gnosis Safe stamp, you need to create a Safe account on Ethereum at https://app.safe.global/welcome. Then, on the Gitcoin passport dashboard, click “Connect” and “Verify”.
BrightID (0.8 points)
Sign up for a BrightID account at brightid.org. Complete the video verification and get the BrightID app on your phone.
Trusta Labs (0.51 points)
Click “Connect” and “Verify” on Gitcoin, making sure that you are on the Ethereum network. This will allow Gitcoin to assess your on-chain activity.
ENS domain (0.41 points)
For the ENS domain stamp you will need to purchase or own an Ethereum domain. You can get an ENS domain at https://ens.domains/.
Coinbase (16.04)
Confirm your Coinbase verified ID, this however requires you to have a Coinbase account and complete their KYC process. This verification may not be worth completing if you do not already have and use a Coinbase account.
Binance (16.02)
Confirm your Binance Account Bound Token, this however requires you to have a Binance account and complete their KYC process. This verification may not be worth completing if you do not already have and use a Binance account.
Zerion is a non-custodial crypto wallet that gives you access to a broad range of opportunities across DeFi and NFTs. Zerion currently does not have its own token, but there is speculation that they may launch one in the future and potentially airdrop it to early users of the platform. Since it is such a useful protocol, it is definitely worth using it regardless of any airdrop! Here’s our step-by-step guide to a potential Zerion token airdrop.
Zerion Token Airdrop Step-by-step Guide
Here’s how you can get a potential Zerion token airdrop:
Go to the Zerion dashboard and connect your wallet
Zerion is a non-custodial wallet for crypto that gives you access to a broad range of opportunities across DeFi and NFTs. With Zerion Wallet you can easily lend out your funds and private keys without cross-associating of wallet addresses. Zerion has both a mobile and web app that allows you to manage your DeFi and NFT portfolios, trade across 10+ networks and connect to any decentralized application with one wallet. One helpful feature of Zerion is that it allows wallet tracking, so you can have instant notifications of any deposits or withdrawals into your crypto wallets.
Zerion does not have its own token yet and has not announced any airdrop. However, there are rumours that they may do an airdrop to early supporters if they launch a token.
How to Get a Potential Zerion Token Airdrop?
Time needed: 30 minutes
Here’s how you can get a potential Zerion token airdrop.
Go to the Zerion dashboard and connect your wallet
Zerion has both a mobile (iOS and Andriod) and desktop app. Go to https://zerion.io/ and select your preference by either downloading the mobile app or connecting your wallet to their site. Zerion supports their own wallet, Metamask, Plaid, WalletConnect, Coinbase Wallet, Trustwallet, Ledger, Fortmatic or with your email address.
Import wallet
You can also import your wallet by clicking the arrow next to your wallet address and “Connect another wallet” on the drop down menu. Zerion supports their own wallet, Metamask, Plaid, WalletConnect, Coinbase Wallet, Trustwallet, Ledger, Fortmatic or with your email address. Alternatively, you can click the add wallet icon on the top right hand corner of the mobile app and choose “Import existing wallet”. Then enter your private key and click “Import”.
Swap assets using Zerion
To swap assets, click “Swap” on the left sidebar (web version) or “Swap” on the top of the page (mobile app). Choose the network, type of cryptocurrency you want to send, and the type you want to receive, as well as the amount. Then, click “Swap” and confirm the transaction.
Send assets using Zerion
To send assets, click “Send” on the left sidebar (web version) or “Send” on the top of the page (mobile app). Then, input the address you want to send your cryptocurrencies to, the type of cryptocurrency and the amount. Then click “Review”, check that the details of the transactions are correct and click “Send”.
Bridge assets using Zerion
To send assets between networks, click “Bridge” on the left sidebar (web version) or the three dots and “Bridge” on the top of the page (mobile app). Then, choose the networks you want to send your cryptocurrencies to and from, the type of cryptocurrency and the amount. Then, click “Send” and confirm the transaction on your wallet.
Airdrop Review
When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
Likelihood of Airdrop: Zerion has not announced a token or an airdrop. But there could be a chance they would do one in the future based on how effective airdrops are for crypto projects to gain wider audiences.
Airdropped Token Allocation: Zerion has not announced a token yet.
Airdrop Difficulty: Swapping, sending and bridging assets is not difficult. In fact you may even use these features as part of your usual crypto trading routine!
Token Utility: Zerion has not announced a token yet.
Token Lockup: Zerion has not announced a token yet.
MetaMask is a secure crypto wallet to store and manage your Ethereum (ETH) and other ERC-20 tokens. It is also a gateway to other decentralized applications. This is beneficial for people who frequently use ETH and its tokens as it provides a secure and fast way to access their funds. This guide is a MetaMask tutorial for complete beginners. We will learn how to:
Set up a MetaMask account.
Deposit to MetaMask.
Send funds from MetaMask.
Change and add networks in MetaMask.
Use MyEtherWallet with MetaMask.
Fiat on-ramps: Buy Crypto Using Debit or Credit Cards.
Withdraw money or cryptocurrencies from MetaMask.
Collect airdrops using MetaMask.
Cash out your crypto to fiat using MetaMask.
You can also follow me as I walk through the steps in my video:
MetaMask Tutorial Guide
What’s more, there are rumors that MetaMask might also do a $MASK airdrop! Learn how to get some of that potential airdrop with our MetaMask ($MASK) Token Airdrop Guide!
How to set up a MetaMask account
Here’s how to set up a MetaMask account:
Download and install MetaMask.
Create a new wallet.
Download and install Metamask extension
Download MetaMask. MetaMask has extensions for Chrome, Firefox, Opera and Brave browsers. At the extension store on these browsers, search for MetaMask and click “Add to” browser.
Example: For Chrome users, click “Add to Chrome” and then “Add extension” when the popup window appears.
Once installed, the MetaMask icon will appear on the top right-hand corner.
The fox logo will appear on your browser once the extension is successfully installed
Create a new wallet
Click the “Get Started” button on the webpage and choose the option to make a new wallet. Afterward, you will be asked to come up with a password for your account. It is best to make a strong password that other people can’t easily guess, like your birthday. This means that your password should have numbers and letters arranged in a unique way.
Select the option to set up a new wallet
Back up your wallet with the special 12-word code. It is best to write this code down on a piece of paper and store it in a secure place. Do not let hackers access the code by saving it on your computer. Instead, to keep your money safe, write the code on paper instaMask account address, click on the extension and then copy the address at the top. You can also click “…” and “Account details” to get your full deposit address and a QR code. Make sure you’re on the same network on MetaMask as the wallet or exchange you’re sending tokens from. To deposit tokens, either copy the address onto the “send” address on the wallet or exchange you’re sending from, or scan the QR code.
To check if you have received tokens, open the MetaMask window and look for the token you added. If it is there, you can see your balance. If it is not there, you need to manually import the token contract. To do this, go to CoinGecko or CoinMarketCap, find the token you want, click on “Contract” and the MetaMask logo. On the MetaMask window, click “Add token”. Once the token is added, you can see your balance in the MetaMask wallet. Change “The balance was seen in the MetaMask wallet” to “You can see your balance in the MetaMask wallet.”
How to send crypto from MetaMask?
You can send cryptocurrencies in your MetaMask to other wallets, and exchanges, or make purchases. Click on the extension and “Send” on the pop up window.
Click “Send” on the pop-up window.
Once you have filled in the address of the person you are sending the cryptocurrency to, the type of cryptocurrency (e.g. ETH) and the amount, double-check that the address, type and network are all the same. Confirm the amount to be sent, the gas fee and the total amount including the fee, then click “Next”. When the cryptocurrency has been sent, you will get a notification saying “Confirmed Transaction” on your web browser.
Fill in the details and click “Send”, then “Confirm”
Change and add networks in MetaMask
Ensure the correct network is selected on both the sending and receiving wallets to ensure funds are sent. To do this, click on the top bar of your wallet and select the network you want to use. This could be Ethereum, or Layer 2 blockchains such as Optimism, Arbitrum, or Polygon. Once you have chosen the right network, you can safely send and receive tokens.
Select network on MetaMask
For some newer or testnet networks, you may have to add them to MetaMask manually. To do this, click “Add network”, search for the network, and click “Add”.
Search and add network to MetaMask
If you can’t find your network, you can add it manually. Get the details from the project’s documentation and fill them in.
Learn more about Ethereum Layer 2 networks such as Arbitrum, Optimism, Polygon and Ethereum 2.0 here.
Adding a network using Chainlist
Here’s how to add a network to your MetaMask using Chainlist :
Find the network you want to add and click “Add Chain”.
On MetaMask, click “Approve”, then “Switch network”.
How to use MyEtherWallet with MetaMask?
MyEtherWallet is a free program that helps people make wallets and use smart contracts. On their website, click “Access my wallet” and “Browser extension”. On MetaMask, pick your wallet, then press “Next” and “Connect”. You’ll then be able to see the MyEtherWallet dashboard. Here, you can check your portfolio, manage your NFTs, send and receive cryptocurrency, and sign messages.
MetaMask Fiat On-Ramps: Buy Crypto Using Debit or Credit Cards!
MetaMask makes it easy to buy cryptocurrencies without ever leaving the app. It works with Coinbase Pay, Transak and MoonPay, so you can use your credit card or Google Pay to purchase different types of digital coins. Depending on the company, you’ll be able to buy a variety of cryptocurrencies. Here’s how to do it:
On MetaMask, click “buy” and choose which company you wish to buy from.
On the page, select how much crypto you want to buy, the payment method, and the type of cryptocurrency. Then click “Buy now”.
How to withdraw money or cryptocurrencies from MetaMask
To take out your money or digital currencies from MetaMask, you must first transfer them to an exchange that can turn them into fiat currency. To do this, look at our list of the Top Cryptocurrency Exchanges 2023. This will help you find a platform that can convert your crypto into the currency you need.
To send your cryptocurrency from MetaMask to a crypto exchange, it’s best to first convert your cryptocurrencies into one of the more popular coins, like Bitcoin or Ethereum. This makes it simpler to send all your coins in one go, and also because these two coins are accepted by most exchanges.
On the exchange, sell your cryptocurrency for fiat currency.
Withdraw your fiat currencies (USD) to your bank account.
How to collect airdrops using MetaMask?
Airdrops are a great way for people to get free tokens, which is like getting FREE MONEY. To get the tokens, you will need to do certain tasks. After that, you will need to connect your MetaMask wallet to collect and sell the tokens. Here’s how to collect airdrops using MetaMask:
Go to the airdrop site.
Depending on the project, you may need to change your network. To do this, click on the top bar on MetaMask and select your network.
Connect your MetaMask to the site. The button is usually at the top right-hand corner.
Choose which wallet you want to connect to the site.
Click the claim button on the website.
Confirm the transaction on MetaMask and pay any gas fees.
After you are done, disconnect from the airdrop site by clicking on the three dots on MetaMask. Then “Connected Sites” and disconnect.
MetaMask has launched it’s long-awaited Sell feature, allowing users to finally cash out their crypto to fiat on MetaMask. Currently, MetaMask allows you to cash out your crypto to fiat currencies such as USD, EUR and GBP. Your converted currencies can also be directly deposited to your bank account or PayPal. Note however that MetaMask’s Sell feature is only available in some states in the US, UK, and parts of Europe. Also for the time being, MetaMask Sell only supports ETH on Ethereum Mainnet. However, more layer 2 networks will be supported soon.
Here’s how to sell or cash out crypto to fiat using MetaMask
Select your region. Note that MetaMask Sell is only available in some states in the US, UK, and parts of Europe.
Select token and network
Select the token and network you want to sell from. For example, ETH on the Ethereum Mainnet network.
Select destination account
Select where you want your cashed out fiat to be deposited (e.g. bank account or PayPal balance).
Enter sell amount
Enter the amount of crypto you want to sell. Note MetaMask Sell currently only supports ETH.
Select quotation
MetaMask will provide a range of quotations from different providers. Select your preferred quote to continue.
Link fiat account
You will then be redirected to your selected provider’s website to sign up and link your fiat account. Afterwards, you will be directed back to MetaMask Portfolio.
Send crypto and confirm transaction
Click “Send ETH to [Provider]” to send your crypto from your wallet to your fiat account. Then, confirm the transaction.
Track your transaction
Go to the “Sell” tab to track your transaction. Please note that transaction speeds may vary and your fiat currencies may take a few days before it appears in your bank account or Paypal balance.
MetaMask tips, tricks, and hacks for ADVANCED users
Congratulations on setting up your account! Now you are ready for ADVANCED tips and tricks such as:
how to save your frequently used contacts (addresses) to MetaMask;
how to speed up stuck transactions….and more!
Check out our video which will walk you through the process step by step:
Advanced MetaMask tips and tricks you MUST know
Frequently Asked Questions (FAQs)
Is MetaMask good for beginners?
MetaMask is absolutely suitable for beginners, if not essential for every cryptocurrency trader. MetaMask also has a clean and straightforward interface. The fact that it is an extension of your browser also makes it very easy to use.
Is MetaMask safe?
MetaMask has not suffered any major hacks. However, there are ongoing phishing attacks by outside parties against MetaMask users.
Halborn, a cybersecurity firm, discovered a case in June 2022 where a compromised computer had unencrypted private keys on its disk. MetaMask has since fixed this vulnerability in its extension versions 10.11.3 and later.
What are some MetaMask scams?
Halborn, a cybersecurity company, has cautioned MetaMask users about active phishing scams. These scammers send emails with the MetaMask header and logo, asking people to verify their wallets by following KYC regulations. If the recipient clicks on the call to action button, they are taken to a fake website. This website then requests the user to enter their seed phrases, which the scammers can use to steal their crypto funds.
These MetaMask scam emails can usually be identified by spelling mistakes in the email e.g. “metamaks.auction”. Another red flag in the email is that it is not personalised.
For everyday transactions, MetaMask is a great choice. However, for larger amounts of money, it is best to use a hardware wallet. The Ledger Nano S, Ledger Nano X and Trezor are all secure options.
How do I fix stuck transactions on MetaMask?
MetaMask can have transactions stuck when too many people are trying to process them on the network. To fix this, you can speed up the transaction. To do this, click “speed up” on MetaMask, then select the options available. Choose “Fast” and click “save”. This will create a new transaction with higher gas fees, but it will make the transaction go through faster.
How do I buy Ethereum (ETH) on MetaMask
Buying Ethereum on MetaMask is easy. MetaMask has partnered with Coinbase Pay, Transak, or MoonPay (depending on the country) to make it simple. All you have to do is click “Buy” on MetaMask, then pick which company you want to buy ETH from. You can compare each company’s rates and payment methods to decide which one you like best. After that, in the pop-up window, select the amount you want to buy and your payment method, then click “Buy Now”
How to cancel transactions on MetaMask?
To undo a transaction on MetaMask, press the “Cancel” button on the MetaMask window. If you chose a lower fee option, it will take longer for the transaction to go through, but it will also give you more time to cancel it
How to use MetaMask on mobile?
MetaMask is available for both iOS and Android mobile devices. And can be downloaded on the Google Play Store or the Apple App Store.
How to connect MetaMask to website?
MetaMask is available as a web browser extension for Chrome, Firefox, Brave, Edge and Opera. You can download the extension on their website and install it.
How to use MetaMask on Andriod?
You can download MetaMask for Android from the Google Play Store.
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.
The increasing popularity and adoption of cryptocurrency has expanded the wallet market. Now that many well-known traditional and crypto brands accept crypto as a payment option, enthusiasts are constantly on the lookout for safer ways to store their digital assets.
Ledger is one of the most popular hardware crypto wallets in the sector. Since releasing the Nano S in 2016, Ledger has become a household name in the cryptocurrency space. To date, Ledger has launched three models of hardware crypto wallets, the Nano S, Nano X, and most recently, the Nano S Plus. The Ledger Nano S Plus retails for USD$79.
The Nano S Plus is Ledger’s third release from its Nano series, a line of pocket-sized hardware crypto wallets. Ledger’s Nano S Plus has all of the features of the original Nano S but with a few upgrades, including support for NFT storage and management. Additionally, the Nano S Plus has built-in support for interacting with various DeFi (decentralized finance) apps and services. (thetelegramnews.com) The wallet is an effective option for people looking to manage crypto, NFTs, and other decentralized services in one place.
New features of the Ledger Nano S Plus
Ledger introduced the Nano S Plus with an exciting list of features and improvements over the two previous releases. Some of the major new features on the Nano S Plus include:
Bigger display. Same display size of the Nano X but on a smaller device!
Expanded cryptoasset support. The Nano S Plus doesn’t just hold cryptocurrencies, but also NFTs and is the first Ledger device to have DeFi app integration.
Industry-leading security. The Nano S Plus uses the same industry-leading security with CC EAL5+ certification.
Easy setup. USB plug-and-play feature means owners can begin using the device in minutes.
Low cost. The Nano S Plus comes at an affordable price of US$79, making it an attractive option for all levels of crypto traders.
Security features: is the Nano S Plus safe?
The Nano S Plus uses the same certified secure chip (CC EAL5+ chips) as the Nano X to protect users’ assets. This chip employs state-of-the-art technology that guarantees high-level security and asset protection against phishing and other asset extraction schemes. Additionally, the wallet has industry-standard security features, including a security phrase, PIN code locks, transaction confirmations, password encryption, and more.
To learn more about the security features of the Nano S Plus and Nano X, click here.
5/5 Security Rating
Cryptoasset support
A major Nano S Plus feature is the huge roster of supported crypto assets and apps. The Nano S Plus supports over 5,500 assets and can accommodate up to 100 different apps. Some supported assets include:
Bitcoin (BTC)
Ethereum (ETH)
ERC-20 tokens
Dogecoin (DOGE)
XRP
BNB
Cardano (ADA)
Polygon (MATIC)
Litecoin (LTC)
Tron (TRX)
The Nano S Plus has 1.5MB of storage and with that can run over 100 apps simultaneously. On Ledger devices, an “app” refers to the app required to be installed to access a cryptocurrency on the device e.g. in order to access your BTC on the device you need to install the app on the Ledger first. Meaning that, unlike the Nano S which can only run 3 apps simultaneously, users are not required to delete apps in order to access other cryptocurrencies which do not have the apps already installed.
But what is truly unique about the Nano S Plus is that it is the first Ledger device to offer NFT support. Users of the Nano S Plus can securely hold, send, and receive NFTs via the Ledger Live app. Ledger has made this process user-friendly, as owners can authenticate transactions right from the wallet’s interface.
Users of the Nano S Plus can also access several DeFi applications through the Ledger Live user interface. Anyone can securely buy, exchange, lend or stake crypto assets.
The NFT support and DeFi app access give the Nano S Plus an even bigger boost in features compared to the Nano S and for that reason, we rank this category even higher than the Nano X.
4.8/5 cryptoasset support
Hardware design
Similar to the Nano S, the Nano S Plus also has two hardware buttons located on the top of the device.
The Nano S Plus has a much larger screen than its predecessor, which makes usage very easy. Same as the Nano X, the 128 x 64-pixel screen makes operating the device simple and helps users navigate the product’s features. The main benefit of the larger screen is that users can see the entire wallet address clearly displayed as one line on the screen. The screen also blends well into the rest of the device, adding to the Nano S Plus’ aesthetic appeal. And whilst the screen size on the Nano S Plus is the same as the Nano X, the Nano S Plus is a much smaller device overall.
The Ledger Nano S Plus’ measurements are smaller than the Nano X at 62.39 x 17.40 x 8.24 mm, and weighs in at only 21g. The wallet is about the size and weight of an average USB flash drive and is easy to carry around.
4.5/5 for hardware design
4.5/5 for ease of use
What’s in the Ledger Nano S Plus Box?
The Nano S Plus wallet comes with the following inside the box:
The Ledger Nano S Plus hardware
A Type-C USB cable to connect the Ledger to a computer
An orange box with three notepads for the Secret Recovery Phrase
A purple box with the manual instructions
A key-holder chain with a Ledger logo
Final Verdict
The Ledger Nano S Plus is a great option for enthusiasts looking for a secure, reliable, and easy-to-use hardware wallet. It offers the same features as the original Ledger Nano S and adds a lot more. Furthermore, users looking to upgrade from the older Ledger Nano S can quickly move their assets to the newer S Plus.
The Ledger Nano S Plus is one of the best hardware wallet options on the market for crypto and NFT enthusiasts who currently own or plan to purchase NFTs or get involved with any DeFi project.
There is a lot to consider when it comes to cryptocurrency investment and trading, and crypto exchanges are a great way to start. It is a good platform for beginners to familiarize themselves with the market as well as for experienced traders to make use of the various products the exchanges offer.
There are hundreds of crypto exchanges, and everyone is asking. “which crypto exchange is the best?” Everyone wants to get the best bang for their buck, whether it be low trading fees or lucrative products. We will be comparing two of the top and most talked about crypto exchanges in the world: Binance and FTX Exchange.
FTX EXCHANGE (INCLUDING FTX INTERNATIONAL AND FTX.US) ARE NO LONGER IN OPERATION
Both exchanges have filed for bankruptcy. Subsequently, the exchange was “hacked” and more than US$600 million worth of cryptocurrencies drained. The hacker is strongly rumoured to be a former FTX employee. For more about how this story unfolded and the latest news, check out these articles:
Founded in 2019, FTX Exchange is a cryptocurrency trading platform that was built by Alameda Research, a quantitative trading firm that develops specialized algorithms for trading crypto. It has topped many trading charts by volume and is responsible for 30% of the market trading volume on major exchanges.
The strong trading background of FTX shows that they live up to their claim of being an exchange “built by traders, for traders.”
FTX is largely focused on the derivative and prediction market, offering a wide array of futures, options, and volatility products with competitive trading rates and discounts for specific users.
FTX Exchange has been growing significantly over the past year, exploding past the likes of KuCoin and Kraken. They even managed to take market share away from Coinbase as well, which is the number one crypto exchange in the U.S. This is in part thanks to huge venture capital funding that is backing FTX.
Check out FTX Exchange Guide for a full review and tutorial on how to use FTX Exchange.
What is Binance Exchange?
Binance was founded in 2017 by Chengpeng Zhao (CZ), former Chief Technology Officer of OKCoin who has years of experience developing high-frequency trading software.
Binance is, by a large margin, the world’s most popular cryptocurrency exchange. It has more than than $25 billion in organic trading volume per day and millions of users worldwide.
Binance is largely focused on the spot market and has one of the most cryptocurrencies available to trade. It also has powerful trading tools such as leveraged trading, options trading and lending platform.
For the longest time, the trading platform scene is dominated by Binance, and is held in high regard for being smart and proactive in their planning and actions, not only for themselves but also for developing the crypto industry as a whole.
This is a significant step since it enables both exchanges to function in accordance with international standards, and meet the criteria of major regulators like the Financial Action Task Force.
Binance vs FTX Exchange Overview
In this section, we will take a closer look at what Binance and FTX have to offer and compare them based on these features:
Products
Supported cryptocurrencies
Fees
Security
Products
Binance and FTX have quite a lot of similarities based on their general offering. But the major difference is that Binance is more focused on the spot market and has more cryptocurrencies to offer, whereas FTX is more focused on the derivative and prediction market and has more volatility products. Therefore, FTX is usually seen as the preferred choice for experienced traders who want a wider (and potentially higher risk/reward) range of products.
Both exchanges offer products that are exclusive to them. Binance offers Crypto Loans, a P2P market, and Binance Earn, while FTX offers volatility and prediction markets. The addition of FTX stocks makes it the first domestic crypto exchange to provide stocks on its platform, enabling trading of stocks and ETFs by U.S. users.
FTX’s crypto card is exclusively accessible to US residents via the FTX US platform, whereas Binance’s crypto debit card has gained enormous popularity. While FTX places a greater emphasis on specialized trading products, Binance has more to offer in terms of their Binance Earn, allowing users to earn passive income.
Both Binance and FTX offers a mobile app for iPhone and Android so users can trade cryptocurrencies on the go.
Supported cryptocurrencies
Binance has the highest number of cryptocurrencies that any exchange offers to its users. It currently has 1,300 cryptocurrencies including its own native crypto, Binance Coin (BNB).
Nevertheless, FTX offers a lot of cryptocurrencies for users to trade, though not as large as Binance’s. FTX supports over 460 cryptocurrencies including its own native crypto, FTX Token (FTT).
Both exchanges however, are consistently adding to their lists of supported cryptocurrencies, including newly launched tokens.
Fees
The rates on both exchanges’ spot trade markets are extremely low, and they continue to decline as volume rises. However, FTX wins out since it assesses 0.02% as a maker fee and 0.07% as a taker fee for tier one accounts.
This is significantly lower than Binance fees, i.e. 0.1% maker and taker fee. Even after using BNB for trading fees, the user will have to pay a 0.075% fee, which is higher than FTX.
We can see that FTX is better for trading, and is clearly a winner in this category.
Security
One of the most important considerations when choosing an exchange is security. It’s safe to say that Binance and FTX are two of the most secure exchanges in the world.
Both exchanges use two factor authentication, and they store account funds and data away from online platforms so that they cannot be hacked. They also insure their funds by putting a certain amount of fee away as an insurance fraud.
Both platforms also employ round-the-clock monitoring and analysis, and in the case of a theft, user funds are protected by the reserves that both firms have in their treasuries.
FTX is one of the few exchanges that have never been hacked, and while Binance has seen some hacking incidents in the past, both exchanges adhere to the strictest industry security guidelines, with the majority of funds being kept in cold storage. FTX also does third party transaction audits via Chainalysis, giving them a slight edge over Binance.
However, we must also consider the fact that Binance has been around longer and has a much larger trading volume than FTX, making them a more attractive target to hackers. But Binance has managed to hold their ground and plan for the worst, and is still one of the top performing exchanges despite the bear market.
Conclusion
Binance and FTX have quite a lot of similarities based on their general offering. But the major difference is that Binance is more focused on the spot market and has more cryptocurrencies to offer, whereas FTX is more focused on the derivative and prediction market and has more volatility products.
Binance offers the most cryptocurrencies to trade including new projects such as DeFi, NFT or metaverse gaming. If you are a beginner or looking for new tokens to trade, or even an experienced investor who prefers passive earnings, Binance would be a better option for you.
If you are an experienced trader who strictly does day trading or skilled at volatility products, FTX would be the go-to for you as it offers all the products traders need, with significantly low fees.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
The first line of defense to an online account is a username and a password. However, malicious actors sprawling the internet have made the traditional account security combo unreliable and risky per se.
Therefore, SMS-based two-factor authentication (2FA) has been heavily utilized to provide another layer of security. Unfortunately, skilled hackers can still find a way to intercept SMS codes.
To detach account security from the monopoly of software-focused methods, universal second-factor (U2F) authentication was developed. The technology uses open standards under the Fast Identity Online (FIDO) Alliance.
Check out our video explaining what is YubiKey, and its pros and cons.
YUBIKEY REVIEW AND GUIDE: How to keep your Bitcoin and cryptocurrency SAFE
What is YubiKey?
FIDO works to reduce the reliance on passwords when securing internet accounts. YubiKey is a U2F-enabled hardware key developed by Yubico to secure web-based services. Businesses, individuals, and developers can use it.
YubiKey
The key is available in different shapes and connectivity functionalities. While earlier versions only support physical insertions into USB ports on a host device, the YubiKey five series accommodates connection through near field communication (NFC).
NFC allows interaction with the device without physically plugging it into a port. However, the key and the host device must be near each other.
YubiKey Reviews on Amazon
From the reviews left by buyers on Amazon and other platforms, it is evident that the key is a must-have for security-conscious internet users. In fact, over 80% of buyers left a five star score for the YubiKey.
One of the reviewers recommended the Yubico YubiKey to developers, IT pros, and “security-minded users.” Furthermore, they praised its manufacturer for providing GUI-enabled YubiKey manager for those having a hard time on where to start.
Others attributed their happiness to the key’s support for password managers such as LastPass. YubiKey users hail it for ease of use as a smart card and its compliance to the Health Insurance Portability and Accountability Act (HIPAA).
Unfortunately, not everyone is happy with their hardware key. Although the negative reviews are minimal, some raise valid concerns.
Among the main problems is documentation, which isn’t user-friendly. Additionally, a buyer on Amazon notes that the key “is still too complicated for the average consumer, as it’s not exactly a plug and play device.”
How to Start Using YubiKey
The process of enjoying world-class security on your online accounts starts with purchasing the hardware piece from a reliable platform. After receiving a key, visit Yubico’s website, and choose your key from the list.
Specifying the purchase key from the list helps filter the services where it can be used to provide security. On the services list, select the account you need YubiKey’s hand in boosting its security.
Each service is followed by step-by-step instructions on how to connect to the hardware security key.
For example Binance lets you use your YubiKey with their cryptocurrency exchange. This means that your YubiKey is required for authentication before approving any transactions. Note however that Yubikey authentication is not supported on Binance’s Apps and mobile websites.
How to set up your YubiKey on Binance
Login to your Binance account and click on your profile avatar.
Choose “Security” from the options, then “Setup.” On the 2FA section, click on “Security Key.” Note that it only provides the needed extra security layer when accessing the Binance.com website.
Read the note and hit “Continue anyway.”
Insert the key in any available USB port and press the button at the hardware’s center to activate it.
Activation needs to be done within one minute after inserting the key. However, it can be repeated if you miss this activation window.
Once activated, hit “Allow” to the message “Allow this site to see your security key.”
Next, verify your account. Note that Binance will need you to provide the authentication code from Google Authenticator if you had previously enabled this step.
Binance will then send you an email at the registered address for you to confirm the addition of a new 2-step verification method using something you physically have.
After verifying the email, you are done.
Examples of YubiKey-Supported Services
YubiKey works with a host of services such as cloud-based systems, password managers, email platforms, social media, gaming developer tools, cryptocurrency platforms, offline computers, among others.
Examples of cloud-based systems compatible with the security key include Dropbox, DigiCert PKI Platform, DocuSign. Cryptocurrency platforms that support YubiKey include Binance, Coinbase, Kraken, Bitfinex, and Gemini.
Cloud-based systems compatible with YubiKey
Social media platforms with inbuilt support for the hardware key include Facebook, Twitter, Instagram, and YouTube.
For developers and offline computer users, YubiKey is enabled for popular services such as Github and Bitbucket for developers and can be used to login into Mac and Windows computers.
Latest YubiKey Series
The hardware piece is developed in sets, with keys in one batch having additional features than those in previous models.
Yubico YubiKey 5 Series – Keys in this group are compatible with conventional and new systems. It has enhanced passwordless, multi-factor, and 2F authentication. Also, it has a touch-to-sign button, can be inserted on USB-A and C ports, and has NFC capabilities.
Security Key Series – Its salient features include dual NFC and USB-A connectors. Additionally, hardware security pieces in this cluster are crush and water-resistant.
YubiKey FIPS Series – These are certified hardware security keys that can be used for regulated environments such as government institutions. This set weds different functionalities such as one time passwords (OTP), smart card technology, and U2F. Keys in this group have USB-A and USB-C compatibility.
YubiKey 5C NFC – It has support for NFC, USB-C, and provides a fast yet secure authentication process. This series has a longer list of supported operating systems and browsers than other versions.
YubiKey Bio – When released, this will be the latest Yubico YubiKey in the market. Its major selling-points are fingerprint recognition, enhanced security, minimal helpdesk calls, and PIN-based login.
Coming soon: YubiKey bio
Conclusion
From the reviews, it’s clear the YubiKey hardware security key is effectively guarding users against account takeovers. However, which Yubico YubiKey is best suited for your needs depends on its cluster. The newer the series, the more the features and services it can provide.
Despite some users citing complicated documentation, exerting effort to set this up can indeed give that extra layer of security that would keep your accounts safe and give you peace of mind.
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.
Binance Chain was launched by Binance in April 2019. Home of the Binance Token ($BNB) currency, it is optimized for ultra-fast trading. To achieve this, it had to make certain trade-offs, one being that it wasn’t as flexible from a programmability standpoint as other blockchains. Smart contracts in a system optimized for fast trading could significantly congest the network. Like how CryptoKitties brought Ethereum blockchain to a standstill at the height of its popularity and scalability remains one of the most challenging hurdles to blockchain development.
Binance Smart Chain aims at changing this problem. It is a new blockchain with a full-fledged environment for developing high-performance decentralized applications. It was built for cross-chain compatibility with Binance Chain to ensure that users get the best of both worlds. Binance Smart Chain went live on mainnet on September 01, 2020, activating the parallel blockchain to Binance Chain, enabling the creation of smart contracts and the staking mechanism for BNB.
Binance Smart Chain (BSC) is best described as a blockchain that runs in parallel to the Binance Chain. However, unlike Binance Chain, BSC boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). The design goal here was to leave the high throughput of Binance Chain intact while introducing smart contracts into its ecosystem.
BSC is not a layer two or off-chain scalability solution for the existing Binance Chain. It’s an independent blockchain that could run even if Binance Chain went offline. Because BSC is EVM-compatible, it makes it easy for developers to port their projects over from Ethereum. For users, it means that applications like MetaMask can be easily configured to work with BSC with just tweaking a couple of settings.
Binance Smart Chain vs Binance Chain: Differences?
Binance Smart Chain was envisioned as an independent but complementary system to the existing Binance Chain with the idea being that users can seamlessly transfer assets from one blockchain to another. In this way, rapid trading can be enjoyed on Binance Chain, while powerful decentralized apps can be built on BSC.
Binance Smart Chain supports the BEP-20 token standard, which uses the same functions as its Ethereum counterpart ERC-20, while Binance Chain, supports the BEP-2 token standard. BEP20 is a developer-friendly token standard that allows anyone to deploy fungible digital currencies or tokens on Binance Smart Chain. What’s more, leading digital assets on other chains can be ported onto Binance Smart Chain in the form of pegged BEP20 tokens. For example, you could use Binance Bridge to swap bitcoin (BTC) for BTCB (BEP20) tokens backed by BTC. BTCB (BEP20) tokens can then be deployed in DeFi protocols to earn yield on bitcoin. The same goes for ETH, XRP, DOGE, and many more.
To move tokens from one chain to another, the simplest method is perhaps to use the Binance Chain Wallet, available on Chrome and Firefox. The cross-chain transfer is the key communication between the two blockchains. Essentially the logic is that the transfer-out blockchain will lock the amount from source owner addresses into a system-controlled address/contracts. The transfer-in blockchain will unlock the amount from the system-controlled address/contracts and send it to target addresses.
Binance cross-chain transfer (Image credit:BSC Whitepaper)
Ethereum-Compatible
Smart contracts, which are Ethereum-compatible, are supported by BSC. Through this feature, developers can build or migrate DApps, tools and other ecosystem components on the BSC network without much friction.
Proof-of-Staked-Authority
The platform runs on a proof-of-staked-authority consensus model. This combines both delegated PoS and proof-of-authority (PoA) to achieve network consensus and maintain blockchain security.
In this model, there are elected validators who take turns in confirming transactions on the network and are tasked to produce the blocks in a PoA manner, which puts the amount of their stake and their reputation in the community into consideration. To become a validator, a user must stake BNB.
This consensus model allows BSC to achieve around three-second block times. If a block proposed by the validator gets added to the chain, they receive the transaction fees incurred in that block as their reward. PoA is known for its capacity to thwart 51% attacks, as well as its tolerance for Byzantine attacks.
Validator Quorum
A validator quorum is required to secure the BSC network. The blockchain has 21 validators that are elected by BNB stakers every 24 hours. Anyone can be a candidate for election as a validator, but only those who belong to the top 21 highest-staked nodes will be chosen for the next validator set.
There is an “epoch” period for the platform, where validator sets can update the BSC network as needed. Every epoch period consists of 240 blocks, which is around 20 minutes. BSC also implements “slashing” to disincentivize malicious actors from validating inaccurate transactions or double signing. Slashing is designed to expose an attacker and make their attempts extremely expensive to execute.
Key Metric Comparison
Binance Smart Chain has made immense traction in early 2021 so far partly thanks to Ethereum’s congestion and gas fee issues, which has caused developers and staking investors to look for other options.
BSC is the most used blockchain in terms of unique active wallets averaging 105,000 in March 2021.
Gas prices were almost 14 times lower on BSC if compared to Ethereum in 2021 Q1.
Although Ethereum is still leading in terms of TVL with $54 billion. BSC TVL saw 121% growth month-on-month.
BSC finance dapp Venus has surpassed Compound and Uniswap in terms of TVL reaching $6.3 billion at the end of Q1 2021.
The BSC community made the network even more appealing to new users as a cost-effective and stable alternative, by lowering its gas fee from 15 Gwei to 10 Gwei to counter Binance Coin (BNB)’s price jump to over $600 in April 2021. At the end of March 2021, BSC gas fees were 14 times lower than on Ethereum. As a result, in Q1 2021 BSC generated record-high figures.
BSC vs Ethereum gas price comparison (Image credit: DappRadar)
According to the “DappRadar Q1 industry report”, in terms of key metrics, daily unique active wallets grew by 639% year-on-year from 62,000 in 2020 Q1 to more than 458,000 in 2021 Q1. BSC has led the pack with average daily unique active wallets of 105,000. In March, the chain also had the biggest increase in terms of unique active wallets by 50% month-on-month. The Ethereum and Flow blockchains generated an average of around 75,000 and 53,000 daily unique active wallets respectively.
Unique active wallets by protocol
Binance Smart Chain dAPPs
Some of the most popular decentralized applications on BSC are listed below with the full list of dApps available in DappRadar:
PancakeSwapis the number one automated market maker (AMM) on Binance Smart Chain. The ascent of BSC in 2021 cannot be described properly without mentioning the PancakeSwap exchange. The BSC-based decentralized exchange has seen remarkable growth in 2021, both for trading volume as well as its governance token CAKE. Like Uniswap or SushiSwap, you can do token swaps for BEP-20 tokens on PancakeSwap. Users can also earn passive income by providing liquidity, take part in lottery to win NFTs, participate in token sales, compete for spots on the leaderboard, and so on. PancakeSwap has become the second most popular DEX after Ethereum’s UniSwap.
BakerySwap is a decentralized automated market-making (AMM) protocol on BSC and its first NFT trading platform, ‘Bakery NFT Supermarket’. BakerySwap aims to be a faster and cheaper version of Uniswap. BAKE token is the native BEP-20 governance token of the platform and users can earn BAKE tokens by providing liquidity on BakerySwap. BAKE can be used to compose a random combo meal, which is a unique NFT(None-fungible token). Your unique NFT combo is not only a collectible item, but also a BAKE farming tool. Each NFT combo has a staking power and can be staked to earn BAKE.
Venus can be seen as a hybrid of Compound and MakerDAO on BSC. It is a borrow-lending protocol like Compound or Aave on Ethereum. It’s a decentralized money market where you can borrow and lend BEP-20 tokens with algorithmically set interest rates. Venus also enables a decentralized stablecoin called VAI, which is backed by a basket of cryptoassets.
Autofarm is a leading DeFi yield aggregator on BSC that has 3 products as part of the Autofarm ecosystem, namely Vaults (yield optimizer), AutoSwap (DEX Aggregator), and farmfolio. The yield optimizer implements the most optimal strategies at the lowest cost to maximize users’ yields and AutoSwap implements optimizations to route users swap trades so that users can find the best price and swap rates. Lastly, farmfolio is an intelligent portfolio manager and tracker which helps users manage their assets across various DeFi farming projects. The AUTO token is the platform’s native token. Tokenomics are deflationary and AUTO holders get to benefit from fees from cross-chain vaults, DEX aggregator, and the token will also be used for governance.
Spartan Protocolis a synthetic asset protocol on BSC. It allows users to create liquidity pools for BEP-20 tokens like other AMMs. However, it aims to allow for the creation of synthetic assets collateralized by liquidity pools, as well as lending and on-chain derivatives moving forward. Spartan Protocol provides community-governed and programmable token emissions functions to incentivize the formation of deep liquidity pools. This strong base of liquidity will be utilized to provide asset swaps, synthetic token generation, lending, derivatives and more. The common base asset SPARTA provides an internal pricing mechanism without reliance on external oracles. Binance Smart Chain was chosen as the protocol’s home to allow for near-instant settlement and extremely low gas fees.
To interact with the applications on BSC we require a wallet. Two of the most used wallets are MetaMask and the Binance Chain Wallet. In addition to these, you can also use Trust Wallet, Math Wallet, Ledger, TokenPocket, Bitkeep, ONTO, Safepal, and Arkane.
Connecting MetaMask to Binance Smart Chain
MetaMask can be downloaded on Chrome and Firefox, or on iOS and Android from the MetaMask Download page. From there, select whichever platform you’re using, and follow the steps to install it on your device and create a wallet.
MetaMask main page
The MetaMask wallet inherently interacts with the Ethereum public chain as seen from the top right corner of the screen which mentions the “Main Ethereum Network”. At this stage, we would be unable to interact with the Binance Smart Chain dApps. To change this, we need to access settings and point the wallet towards Binance Smart Chain nodes.
MetaMask drop down menu
On the Settings page, locate the Networks menu.
MetaMask settings page
Next click on Add Network in the top-right corner to manually add the Binance Smart Chain. It’s important to note that there are two networks we can use here: the testnet or the mainnet. Below are the parameters to fill in for both Binance Smart Chain Mainnet and Testnet.
Once you Save the Network and return to the main view, you’ll notice two things: the network has automatically been set to the one you just entered, and the units are no longer denominated in ETH, but in BNB. You might still see the Ethereum logo, but we are now interacting with the BSC.
MetaMask Binance Smart Chain
How to deposit cryptocurrencies on Binance Smart Chain using MetaMask
Once a wallet has been set up, we can withdraw from our Binance account or use the Binance Bridge.
To track our activity on the BSC blockchain, we can use BscScan which is made by the same team that made EtherScan.
Withdrawing from Binance Exchange to a BSC wallet
If you already have a Binance account, this may be the easiest option to simply withdraw from your Binance account to a BSC wallet.
Select the BEP20 compatible token, here we have taken BNB as an example. Select Withdraw and you will land on this page
MetaMask select coins
In the “Address” section, put in your BSC wallet address. Binance will automatically change the “Network” to “BEP20 (BSC)”. If it doesn’t, change it manually.
MetaMask select network
Then simply enter the amount you wish to send and click on withdraw. After a few conformations, you should see the funds arrive in your MetaMask BSC wallet.
MetaMask withdraw coin
How to use the Binance Chain Wallet Extension
Download the Binance Chain Wallet Extension from the web store. Binance Chain Wallet Extension is available ob Chrome and Firefox.
Binance Chain Wallet Extension
Transfer some funds from your Binance Exchange or MetaMask over to this Binance Chain wallet. We will use BNB as an example here.
Binance Chain Wallet Extension fund transfer
Click on “Binance Chain Network” on the top and change it to “Binance Smart Chain Network”. Copy the address and switch back to “Binance Chain Network”.
Switch to Binance Smart Chain NetworkSwitch back to Binance Chain Network
Click on Send. Paste the BSC address and click on the arrow next to send on the top left corner of the screen.
Copy address on Binance Chain Wallet Extension
Change the network back to “Binance Smart Chain Network” and congratulations, your funds will near instantly be transferred cross chain.
Another great way to bring assets to BSC is using the Binance Bridge. You can select many of the biggest blockchains, such as Ethereum or TRON, and convert their native tokens to wrapped tokens on BSC. The bridge works in both directions. You can monitor the on-chain reserve that ensures that the wrapped tokens on BSC are sufficiently collateralized by the native tokens in the Proof of Assets.
Go over to Binance Bridge and connect your MetaMask by clicking on “Change Wallet” in the top right corner of the screen. Make sure to change the settings over on MetaMask so that its pointing towards the BSC.
Binance Bridge
Once connected, pick you token you would wish to port over to your BSC. Here we have selected USDT as an example. Enter the amount you wish to send and click on next. Make sure to doublecheck the destination address.
Binance Bridge select token
Next you will be greeted with options on how you wish to complete the transaction. Select “I will send tokens from my own wallet”
Binance Bridge select transfer method
Once selected, a popup will appear with the truncation summary and confirmation. Click on Confirm.
Binance Bridge confirmation page
Next there will be a popup asking you to send the selected token and amount to an address.
Binance Bridge deposit page
Go back to your MetaMask, switch back to your Ethereum network, and send the funds from your Ethereum wallet to the address mentioned above. Switch the network back to BSC and after a few conformations, you should see your funds arrive in your MetaMask BSC wallet.
Closing thoughts
Binance Smart Chain greatly extends the functionality of the original Binance Chain. Though still in its infancy, the promise of BNB staking alongside EVM compatibility makes the platform an ideal engine for developers building powerful decentralized applications. And as long as the most popular smart contract-based blockchain, Ethereum, continues to struggle with congestion, slow transaction speeds, and exorbitant transaction fees, we can expect to see the increased adoption of more affordable alternatives like BSC, Polkadot and Cardano to continue.
However, we must keep in mind that the centralized nature of the BSC is a problem for its DeFi narrative. The only way to get onto BSC is via the central crypto exchange Binance or the central Binance Bridge. Here, the central provider has full control and can stop deposits and withdrawals on BSC at any time creating a direct bottleneck that centralizes BSC. Binance suspended withdrawals from the Binance Smart Chain to prevent a fraudster from laundering stolen cryptocurrencies. Although victims were happy about the measure, this intervention highlighted how centralized BSC ultimately is. Ethereum advocates, therefore, see BSC as more of a centralized database.
Regardless of the increasing demand for BSC and other options, Ethereum remains on top. Numerous detailed and tested documentation makes life easier for developers and the existing infrastructure, security, decentralization, and network effects adds to its appeal. The high transaction fees are an imposition, especially for smaller market participants, but at the same time show that the Ethereum network is more popular than ever before. Serious developers and companies still choose to develop their applications on Ethereum with the EIP-1559 update planned for July 2021 and Ethereum 2.0 in the horizon. Second layer solutions, such as Optimism, which promises faster and cheaper transactions, are also supposed to eliminate the scalability problem.
So, can Binance Smart Chain dethrone Ethereum? While the size and influence of the Binance exchange and the market cap of the BNB coin make it a strong contender, its centralized nature runs counter to the central ethos of the crypto economy, so it’s unlikely to replace Ethereum anytime sson. Ultimately, though, the crypto economy is not a zero sum game so a more likely scenario is that both will flourish, with the competition between them driving innovation on both networks. A deep dive into the BSC technical side can be found in the whitepaper.
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. (https://attap.umd.edu/) 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.
While crypto trading bots can be profitable for users, like with any form of automated trading, there are always risks involved. Therefore, it is important to consider whether or not using a trading bot is the right decision for you. In this article, we will explain how crypto trading bots work, the advantages they offer, and the risks involved.
What are Crypto Trading Bots?
Crypto trading bots are software programs that use algorithms to analyze market data and automate trading tasks. Users can enter specific parameters for the bots to buy and sell crypto, depending on the users’ trading strategies and goals. Spot trading is the most common way to use trading bots. More experienced traders can also use bots in leveraged trading, arbitrage trading, options, and futures.
It is important to remember that trading bots are NOT money-making machines. They only execute trading orders automatically based on the commands you give them. It is essentially an extension of your trading skills. Before operating one, you should have some understanding of technical analysis (identifying bullish or bearish trends) and risk management.
How do Crypto Trading Bots Work?
Crypto trading bots typically access a user’s crypto exchange account by using the exchange’s application programming interface (API). An API is a set of protocols and tools that allow one piece of software to interact with another. The user will first need to create an API key for the exchange. This key will grant the trading bot access to the user’s account and allow it to execute trades on the user’s behalf.
It is important to note that users must specify which specific permissions the API key should have before connecting the bot to the exchange account. Users should ONLY allow bots to execute trades, and disable other personal options such as withdrawing funds and viewing account information.
There are many reputable platforms that provide trading bot services such as 3Commas, Pionex, Cryptohopper, TradeSanta, and KuCoin Trading Bot. However, this does not mean they are risk-free. Users should carefully do their research and select the one they trust to hand over their API keys. We will cover more about the entailed risks below.
Advantages of Using Crypto Trading Bots
Crypto trading bots are generally considered to be more effective than manual trading for several reasons.
Execute orders faster and more accurately
Based on predefined rules and algorithms, trading bots can track market data for hundreds of trading pairs on several markets simultaneously and execute large trades in a matter of a few milliseconds. On the other hand, a human trader would have to spend a lot more time analyzing market conditions one by one and make decisions based on their own judgment.
Operate 24/7 without human emotion
Additionally, trading bots only follow logic, removing the emotional and psychological biases that are the bane of human traders. Trading bots can also operate 24/7 and trade on multiple crypto exchanges, taking advantage of market opportunities that may be difficult for a human trader to spot. Therefore, trading bots help automate and streamline the trading process, which saves a lot of time and reduces human error.
Efficient in building wealth over time
The efficiency of trading bots allows them to execute hundreds of trades within an hour if there is enough trading volume and volatility for the asset being traded by the bot. This is also achieved by setting the take-profit percentage low for the bot to consistently enter and exit trades. This is essentially dollar-cost averaging (DCA) on a much smaller time frame — profits are compounded over time, leading to continuous growth of the crypto portfolio.
Risks of Using Crypto Trading Bots
Though crypto trading bots are useful tools, the risk they pose is twofold: security and market conditions.
API Key Leak/Hack
One major risk is the potential for the API key to be hacked or otherwise compromised, potentially allowing an attacker to gain access to the user’s account and steal their funds or sensitive information. Additionally, if the API key is not properly secured, it may be possible for unauthorized users to access the user’s account and make trades without the user’s knowledge or consent.
Following the collapse of FTX, there have been numerous reports of unauthorized trades initiated via API keys, suggesting a database leak in trading bot platforms such as 3Commas. Though shortly after the attack, 3Commas provided evidence that the attacks were not a result of a leak from their database. They believed that victims’ API keys were phished or compromised from an outside source.
Extremely Volatile Market Movements
Sudden market movements can have a significant impact on the performance of crypto trading bots. Because these bots are designed to buy and sell cryptocurrencies based on pre-programmed rules, they cannot adapt quickly to sudden changes in the market. This could lead to bots triggering unfavorable buy orders, in which their take-profit order will never close as the market continually declines. Bots are only profitable if there is enough volatility for them to get in and out quickly and regularly.
For human traders, this is when they perform better than bots. They can take breaks and step away from the market when necessary. For these reasons, it is important for users to monitor the market and be prepared to adjust their trading strategies as needed in response to sudden changes.
Key Takeaway
While crypto trading bots can help traders take advantage of market opportunities, their risks are arguably greater than their benefits, especially given the shortcomings of many centralized platforms today. By sharing your API keys, you are practically giving a third party access to your crypto exchange accounts. Should they get hacked or become fraudulent, you run the risk of losing all your funds.
However, that is not to say that crypto trading bots are bad, especially in the longer scheme of things. After all, 90% of the stock market’s total turnover are done by algorithmic trading (trading bots), according to JPMorgan research. But with repeated cases of centralized failure in the crypto industry, it is best to approach these platforms with caution for now.
Binance is tackling to issue of proving where user funds are by using the third-party auditor Mazars, a leading Hong Kong-based auditing firm, to prove independently that user funds held by the exchange are safe and “untouched”. This is particularly important as users are demanding to know that funds are safe (or “SAFU”) and that they can trust the exchange to keep holding their funds. Auditing centralized exchanges help to ensure that they are compliant with applicable laws and regulations, as well as industry best practices. This helps to protect users from fraud, manipulation, and other malicious activities.
Binance BTC Reserves are Fully Backed
Mazars, an international audit, tax, and advisory firm, has confirmed that Binance has more than enough Bitcoin (BTC) to cover all customer deposits. The report verified a 101% collateralization ratio on 575,742 BTC in net customer deposits as first published on their proof-of-reserves system on November 25. All assets included customers’ spot, options, margin, futures, funding, loan and earn accounts for BTC and wrapped BTC circulating on the Bitcoin, Ethereum, BNB Chain, and BSC blockchains.
To ensure customers’ assets are not being lent out or stolen without permission, Binance implemented a Merkle Tree proof-of-reserves system that allows customers to independently verify the safety of their assets.
Binance Merkle Tree Proof-of-Reserves (Source: Binance)
Binance Securely Controls Custodial Wallets
Mazars has also asked Binance to perform transactions at specific times to prove that the wallets were actually under Binance’s control. This clarifies the situation in late November when Binance moved 127,351 BTC to an unknown wallet. According to the report, Mazars used Etherscan and BSCscan to check that the wallets indeed belong to Binance.
Moreover, Mazars reviewed the scripts that Binance uses to extract the total net deposits, making sure there was no duplicated or rigged user IDs. This confirms that Binance’s Merkle tree is built with open source script developed by Silver Sixpence.
What This Means for Investors
Binance is the world’s largest crypto exchange by trading volume, and is arguably the most used platform for all crypto users. After the collapse of FTX, Binance CEO Changpeng Zhao (CZ) was jokingly hailed as the “savior” of crypto, doing everything he can to repair the industry. However, Binance itself is no exception to scrutiny as a result of FTX’s collapse. People need to know what centralized exchanges are doing with their money.
Binance’s audit has cleared up a lot of doubt, restoring confidence in the exchange. However, there are still two issues raised by the crypto community:
A Step in the right direction
Overall, auditing centralized exchanges are essential for protecting users and ensuring that exchanges are operating in a safe and secure manner. By conducting regular audits, exchanges can help to ensure that their customers are protected and that they are getting the best possible service. Binance has also provided on-chain proof of funds using “Merkle” Proofs in November of 2022. This means that Binance has taken efforts to prove that both Fiat and Crypto deposits in their custody are safe.
FAQ
Is Mazars a reliable auditing firm?
While most of the community praises Binance’s initiative, several Crypto Twitter users expressed concerns that Mazars is not one of the “Big Four” accounting firms: Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC), and KPMG. For the longest time, audits made by any one of the Big Four is the gold standard, and any other firms are deemed not “credible” enough. This is reasonable enough seeing as FTX was in fact audited by smaller accounting firms. But that might not be the case for Mazars. Founded in 1945, Mazars is one of Europe’s largest audit and accounting firms with global presence. In fact, Mazars was a longtime accountacy firm for former president Donald Trump. But after finding out Trump’s business filings were not adding up, Mazars cut ties with his business. Given their track record, it is safe to say that Mazars is reliable as they conduct due diligence on any business.
Binance audit only accounts for BTC reserves
The audit only focuses on BTC assets for now. As of now, Binance does not have a proof-of-reserves system for other cryptocurrencies. But at the end of the day, this is a big step towards a more transparent ecosystem. Let’s hope there will be more developments in the coming weeks.
