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.
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 remains a leading name in hardware crypto wallets. Since the launch of the Nano S in 2016, Ledger has become a trusted choice for securing digital holdings. Over the years, Ledger has introduced several models, including the Nano S, Nano X, and Nano S Plus. The latest addition, the Ledger Flex, offers an E Ink touchscreen and enhanced security features, making crypto storage even more accessible. The Ledger Nano S Plus is still available and remains an affordable option at US$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 unique features and upgrades.
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:
NFT & DeFi Support: Users can securely store, send, and receive NFTs through the Ledger Live app and interact with various DeFi applications.
Expanded Asset Compatibility: Supports over 5,500 digital assets, allowing users to manage multiple cryptocurrencies and blockchain-based assets.
Improved Storage Capacity: With 1.5MB of storage, the device can run up to 100 different cryptocurrency apps simultaneously—significantly more than the original Nano S.
Enhanced Display: Features a 128 x 64-pixel screen, similar to the Nano X, making transaction verification easier.
Industry-Leading Security: Uses Ledger’s Secure Element chip (CC EAL5+ certification) to protect user funds from phishing and cyber threats.
Compact Design: At 62.39mm x 17.40mm x 8.24mm and weighing just 21g, it remains highly portable.
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?
Ledger Nano S Plus continues to provide industry-leading security for cryptocurrency and NFT storage, featuring the following security enhancements:
Secure Element Chip (CC EAL5+): This certified security chip protects against hacking attempts, phishing, and unauthorized access.
PIN Code & Passphrase Protection: Users must set a secure PIN, and an optional passphrase adds another layer of security.
Transaction Confirmation: Every transaction must be manually verified on the device’s screen, preventing remote interference.
Anti-Tampering Measures: Ledger hardware wallets are designed to resist physical attacks and unauthorized modifications.
Ledger Live Integration: The wallet works seamlessly with Ledger Live for secure asset management, allowing users to interact with DeFi platforms safely.
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 buy, exchange, lend, and stake cryptocurrencies directly via Ledger Live, enhancing accessibility to decentralized finance platforms.
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. It also uses a Type-C USB interface for quick setup and seamless connectivity with computers and Android devices.
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 remains an excellent choice for users seeking a secure, reliable, and user-friendly hardware wallet. It continues to provide industry-leading security with a CC EAL5+ certified Secure Element chip, ensuring robust protection against hacking and phishing threats.
With support for over 5,500 digital assets, including NFTs and DeFi applications, the Nano S Plus is well-equipped for modern crypto users. Its expanded storage capacity allows for up to 100 apps to be installed simultaneously, making it a practical option for managing multiple cryptocurrencies without needing to delete and reinstall applications.
The affordable price of US$79 makes the Nano S Plus an attractive entry point for both beginners and experienced investors looking to secure their holdings. While Ledger has introduced newer models like the Ledger Flex, the Nano S Plus remains a cost-effective and compact alternative with reliable functionality.
Ledger Stax Review: A premium hardware wallet with strong security, a curved E Ink touchscreen, and extensive cryptocurrency support, helping investors protect their digital assets.
Ledger Flex Review: User Friendly Security – A deep dive into the Ledger Flex, highlighting its intuitive touchscreen and security features.
Ledger Nano S Plus Review – Covers the affordability and enhanced capacity of the Nano S Plus, making it a great entry-level option.
Top 3 Cryptocurrency Hardware Wallets: Which One’s Best? – A comparison of the Ledger Nano X, Trezor Model T, and KeepKey, analyzing their security, design, and ease of use.
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 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.
Aries Market is a decentralized cryptocurrency exchange built on Move, the same programming language used by Aptos to build its blockchain. Aries Market provides a wide range of decentralized finance (DeFi) products such as borrowing, lending, and margin trading on 1 single platform. Products include lending, borrowing, margin trading, swapping, and account risk management.
What is Aries Market?
Aries Market is a decentralized crypto exchange offering a wide range of DeFi products on a unified platform. On Aries Market, users can have a unified margin account on which they can borrow from various liquidity pools, earn interest on deposits, and do swaps and trades.
What products are available on Aries Market?
Aries Market is currently in a “soft launch” phase where all its features are not available yet. At present, the following products are available on Aries Market: lending, borrowing, swaps, and global account management. Notably, trading features are not yet available on Aries Market.
There are, however, deposit limits for the available asset pools on Aries Market. The limits are as follows: 4 million zUSDC (LayerZero), 4 million USDC (Wormhole Bridge), 500,000 APT, 10,000 SOL.
Aries Market
Supported assets
Aries Market currently supports the following assets: zUSDC (LayerZero), USDC (Wormhole Bridge), APT and SOL. The team expects more assets to be listed soon.
Coming soon on Aries Market
The Aries Market team expects the following features to be available in the coming months:
Full set of features will be available on Aries Market;
integration of Aries Market with Aptos; and
Gamified events and campaigns on the Aries Market and Aptos community.
Magic Square is one of the upcoming projects that is highly anticipated by the crypto community. Imagine Apple’s App Store or Google’s Play Store integrated with blockchain technology and driven by the community. This web3 solution offers a way to simplify crypto applications hence driving adoption, creating one integrated ecosystem for all crypto apps and activity.
Magic Square’s innovation has gained the attention of many heavyweights in the crypto industry including Binance, KuCoin, and DAO Maker. All you need to know about Magic Square is in this article, made simple to understand and updated in real time.
What is Magic Square (SQR)?
Magic Square is more than a web3 app store hosting a multitude of decentralized apps (DApps) such as DeFi, NFTs, and GameFi. In fact, Magic Square has their own ecosystem which allows any user to earn crypto from using the app. We will explain this in detail later.
But first it is important to understand why a project like Magic Square might just be the missing link in driving crypto adoption.
However, with so many crypto apps scattered on the market, there is no established platform that can host them all in one place. As a result, navigating in the crypto space can be a chaotic and cumbersome experience for both users and blockchain developers alike.
For users, there is no all-in-one platform where they can easily discover, access, and manage vetted crypto apps.
For developers, there is no real multi-chain service that allows them to monetize their apps and market them to users.
Magic Square’s Solution to Web3 Pain Points
Magic Square has a built-in Decentralized Autonomous Organization (DAO) structure in which all users and developers have a say in the DApp quality control and listing process. This means that the app store is governed by the community, and they are incentivized to vet all DApps coming through the platform. Based on the principles of decentralization, this provides a secure environment for all users to engage with the listed DApps on Magic Square, as low quality projects and potential scams are filtered out, similar to how invalid Bitcoin transactions are rejected by the miners.
All in all, a decentralized crypto app store powered by the community as well as providing useful tools for blockchain developers could be the key to organize all DApp activities in one established platform. This would help bring order, ease, and trust to the crypto app space, which would help develop the infrastructure that powers the growth and success of the crypto industry. Now, let’s take a look at the key features of Magic Square and how their ecosystem functions as a whole.
Key Features of Magic Square
Magic Store& Magic Spaces
Magic Store is where users can browse and download DApps, similar to Apple’s App Store or Google’s Play Store. Within Magic Store, users have a personalized dashboard called Magic Spaces where they can access all of their DApps and track their app activity in one place. By clicking on the DApp, it will be opened inside the tabs within the user’s personal space. This is a convenient feature as users do not need to switch between websites or crypto apps on their device. Additionally, Magic Spaces is fully synchronized across all devices, including desktops, web browsers, and mobile devices.
MagicID(SSI & DIDs Technology)
Users do not have to give up control of personal information to centralized databases like Apple or Google. Thanks to MagicID which is their Self-Soverign Identity (SSI) and Decentralized Identifiers (DIDs) technology, Magic Square ensures that the verifiable credentials a user has can only be shared with DApps or other users they deem trustworthy.
SSI allows users to use their digital wallet and authenticate their own identity using the credentials they have been issued. This works in conjunction with DIDs, which creates unique, private, and secure peer-to-peer connections between two connection points. Users know who they are connecting with and vice versa, and no third party can interfere in any way. The platform only collects and aggregates on-chain data about users’ app activities, which they can provide relevant and up-to-date information for users, similar to YouTube’s algorithm. Magic Square does not hold any personal data of their users.
Magic SDK
Magic Square is developing their own SDK that allows developers to enhance their development process in various ways. Its tools are built to optimize payment system with subscription model, wallet infrastructure, trading data aggregation, on-chain data, Automated Market Making (AMM) solutions, in-app token and NFT staking, community management, and more.
Magic SDK supports common programming languages such as Java, Node JS, C++, which is easy to use for all levels of developers. In addition, the SDK is open-source, allowing every developer to add new tools that can be used by the community of developers. These tools would be vetted by certified auditors to ensure security. For more information on Magic Square’s SDK and their technical product description, their white paper is available.
Cross-Chain Bridges
Magic Square will implement cross-chain bridges using deBridge technology, allowing users and developers to transfer data and liquidity across different blockchains and protocols. This can help developers integrate their DApp from different blockchains into Magic Square. Moreover, its cross-chain functionality allows for integrated DeFi solutions in Magic Square, which we will talk about next.
Integrated DeFi Services
Magic Square’s business model is based on revenue sharing with all pre-integrated CeDeFi solutions that will also be available to the community. These solutions include token/NFT staking, custody services, AMM pools, payment, lending, swaps, and insurance. They will be fully integrated into all DApp pages, supporting their native currencies and protocol. That way, users do not need to leave the app to access related DeFi products and services.
Moreover, any third party DeFi provider can apply to add their service in Magic Square. If they are approved by the community, their service will be added to the catalog of DeFi services in which DApp developers can use to add on their app page. For each transaction with a third party solution, Magic Square will charge payment based on transaction cost charged by the third party. This revenue will then be shared with the DApp developers, even free-to-own DApps can earn money this way.
This is how Magic Square makes money and how they fund their community reward pools to distribute SQR tokens to users, which we will cover next.
How to Earn on Magic Square?
Magic Square Token (SQR) – Utilities
The Magic Square (SQR) token is the primary unit that powers the ecosystem. Within the ecosystem, there are three types of members that play a vital role in running Magic Square: (1) users, (2) validators (3) creators. Each of them also has different ways to earn SQR tokens.
Users
Anyone who interacts with the DApp store is considered as a user. Magic Square’s core model “use-to-earn” distributes SQR tokens for all users for their in-app activities, which include downloads, comments, ratings, follows, shares, reviews, and using DApps. Individual DApps can even reward users for reviews with their own native app token, giving users the ability to earn double.
The SQR token rewards are based on the personal ranking of the user which is called “Magic Karma.” All in-app activities are summarized and quantified on a daily basis in the Magic Karma score. The higher the user’s score, the more rewards they can earn. As cited in their lite paper, users can “earn SQR tokens without investing their money, just their time.”
Users can also stake SQR tokens to unlock different levels of Packages which grant them additional perks. “Base Package” requires 150 staked SQR for unlimited DApp downloads. “Pro Package” requires 500 staked SQR for daily rewards and referral bonuses. Lastly, “Influencer Package” requires 1000 staked SQR and a high Karma score to unlock daily reward boosts and access to Magic Square events and exclusive contests etc.
Validators
To fill the role of Apple/Google engineers, Magic Square has validators to determine which DApps to feature in the store. There are three types of validators: (1) qualified validators, (2) nominees, (3) standard validators. Although all community members are eligible for these roles, there are certain conditions that must be met.
To become a qualified validator, you must stake 5,000 SQR tokens, and pass a qualification test to demonstrate your level of knowledge and competency. Qualified validators can also transfer validating rights to nominees. However, nominees must also pass the qualification test, but do not need to stake SQR tokens. On the other hand, any user can register as a standard validator without passing the qualification test or stake SQR tokens.
80% of the DApp creator’s validator fee is rewarded to qualified validators, which a portion of it is also shared with the nominees. The remaining 20% is rewarded to standard validators.
Creators
All DApp developers and their project team are considered as creators. For creators to have their DApp listed on the Magic Store, they would have to send 10,000 SQR via smart contract, where 35% is paid to validators, 15% is paid to Magic Square, and 50% is staked for the period the DApp is listed in the Magic Store.
From the list of pre-integrated DeFi services, creators can choose to add them in their DApp page, allowing them to manage their liquidity through in-store interaction. With a higher rate of DeFi adoption by users, creators can efficiently engage with their target audience and increase market penetration.
Furthermore, each newly listed DApp can apply for a grant of up to 200,000 SQR tokens to be used by the creators to build and improve their product. However, creators must first stake the number of SQR tokens to match the amount they are requesting, for 12 months. The grant would be decided through voting processes by the validators.
Who is the Team behind Magic Square (SQR)?
Magic Square is co-founded by Andrey Nayman (CEO) and Benjamin Vodovozov (CMO), both who are seasoned entrepreneurs and mathematicians who have decades of experience in quantitative analysis and performance marketing.
The team consists of a first-class group of industry professionals, blockchain veterans, software developers, and crypto enthusiasts. Their goal is to gradually influence a widespread organic shift to the web3 space, and they aim to achieve that by developing infrastructures that power the growth of the crypto app ecosystem.
What’s Happening with Magic Square (SQR)?
In July, Magic Square concluded a $3 million seed round investments with an evaluation of $30 million, led by Binance Labs and Republic Capital. Mia Mai, Investment Director at Binance Labs, commented that they see potential in Magic Square, especially in their user-friendly designs and business model as a Web3 DApp store. They believe that the product suites of Magic Square can potentially be the driving force of Web3 ecosystem mass adoption and implementation.
Magic Square is definitely bringing something new and innovative to the crypto space. Its product could essentially organize all DApp activities that are scattered throughout the market, making it easily accessible to crypto users and newcomers. Magic Square published their roadmap, stating that their token will be released in Q1 2023. We are now witnessing many crypto heavyweights such as Binance recognizing the potential of Magic Square and their ability to drive mass adoption through simplicity.
