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  • Ledger Nano X Review: Best Bitcoin Wallet?

    Ledger Nano X Review: Best Bitcoin Wallet?

    Ledger Nano X is the next generation of Hardware wallet with smartphone support, a larger screen and more storage space for Apps. Retailing for US$119, the Ledger Nano X is great for newcomers or experienced traders trading more than 3 types of cryptocurrencies at at time or large volumes on the go. If more apps and mobility isn’t a big concern, stick with the Ledger Nano S.

    In this review, we’ll be looking at the security, hardware design and cryptocurrency support of the Ledger Nano X to tell you if this device is worth purchasing or not. For Set-up and installation guides, check out our full Ledger Nano X guide.

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    Key Features of the Ledger Nano X:

    Ledger Nano X Video Review
    • Certified Security: Built with a CC EAL5+ certified Secure Element chip and CSPN certification from ANSSI, offering robust protection against physical and software attacks.
    • Flexible Connectivity Connects to mobile and desktop devices via Bluetooth 5.0 or USB-C.
    • Large App Storage: Supports up to 100 apps simultaneously for managing diverse crypto assets.
    • Built-in Rechargeable Battery: Includes a 100mAh battery, providing up to 10 hours of active use or 150 transactions per charge.
    • Ledger Live Compatibility Works seamlessly with Ledger Live app on desktop and mobile to: (1) Buy, sell, and swap crypto; (2) Stake supported assets (e.g., ETH, ATOM, ALGO); (3) Manage Ethereum and Polygon NFTs with full metadata; (4) Access DeFi via WalletConnect.
    • Extensive Asset Support: Manages 5,500+ cryptocurrencies and tokens, with third-party wallet integration for additional assets.
    • NFT Management: View, send, and receive NFTs directly within Ledger Live, with full metadata and image previews for Ethereum and Polygon-based NFTs.
    • Mobile-Friendly Design: Designed for on-the-go use with Android and iOS support via Ledger Live Mobile.
    • Firmware & Security Updates: Regular updates (latest: v1.6.0) bring enhanced security, Clear Signing, and Ledger Sync™.
    • Ledger Recover – A subscription-based (albeit controversial) seed phrase recovery service. Learn more here.

    Latest features: stake, swap, earn and lend cryptocurrencies

    Staking

    Ledger Live supports staking for over 15 assets—including ETH, SOL, DOT, ATOM, and ADA—via trusted providers like Lido and Kiln. Users can choose validators or stake in pools while earning up to 11.5% APY, all while keeping full control of their assets.

    Swapping

    Users can swap cryptocurrencies directly within Ledger Live using partners such as Changelly, 1inch, and Paraswap. This feature supports hundreds of token pairs across multiple chains without exposing private keys.

    Earning

    The Earn dashboard offers a streamlined view of staking positions, rewards, and APYs, as well as access to various staking, lending, and DeFi opportunities—all in one place.

    Lending

    Users can lend stablecoins like DAI, USDT, and USDC through Compound without leaving Ledger Live. In return, they receive cTokens, maintaining full custody of funds through their Nano X wallet.

    Security features

    One of the key reasons to buy Ledger hardware wallets is the firm’s reputation for security. Here are some of the Ledger Nano X’s security features:

    • Certified Secure Element (CC EAL5+): The Ledger Nano X uses the ST33J2M0 Secure Element chip, independently certified to Common Criteria EAL5+, the same standard used in passports and banking cards. This chip securely stores private keys and signs transactions in isolation from potentially compromised devices.
    • BOLOS Operating System: Ledger’s proprietary BOLOS OS runs on a separate microcontroller (STM32WB55), ensuring secure app sandboxing and safe communication between the Secure Element and external interfaces.
    • CSPN Certification by ANSSI: The Nano X holds CSPN certification from ANSSI, France’s national cybersecurity agency. This certification validates the device’s resistance to both physical and software-based attacks.
    • Bluetooth Security: Bluetooth 5.0 is used only to transmit public data. Private keys never leave the Secure Element. Even if Bluetooth is compromised, transactions must be physically verified on the device. Bluetooth can also be disabled entirely.
    • PIN & Passphrase Protection: Access to the device is gated by a user-defined PIN. For added security, users can create hidden wallets protected by a passphrase, allowing decoy access in coercive situations.
    • Ledger Recover (Optional): A subscription-based recovery service that encrypts and shards your 24-word recovery phrase across multiple custodians. It’s opt-in and designed for users who want a backup safety net—though it remains a debated feature in the crypto community.
    • Firmware Updates: Regular firmware updates (latest: v1.6.0) enhance security and add features like Clear Signing and Ledger Sync™, ensuring the device stays resilient against emerging threats.

    What are secure elements?

    Secure elements are separate pieces of hardware (second layer of security) with their own storage and limited functionality that cannot be breached by hackers. This means that even if the Ledger Nano X is connected to a compromise device – like a hacked laptop or phone, the private keys (=access to crypto funds) is never compromised. Devices like the Trezor One and Model T do not have secure elements and only have a single layer of security.

    Ledger Nano X Teardown
    Ledger Nano X Teardown showing CC EAL 5+ Secure Element Chip

    Is the bluetooth connection on the Ledger Nano X safe?

    The Nano X has the addition of Bluetooth support. Unfortunately Bluetooth’s security record is not spotless, and presents a new vector of attack for the device. Ledger CTO Nicolas Bacca has stated during an interview that Bluetooth on Ledger functions assuming the connection has been compromised – at no point will it be able to take over the device.

    Ledger Nano X Bluetooth Control Panel
    Bluetooth can be turned off on the Ledger Nano X

    Ledger hack

    In July 2020, Ledger suffered a data breach of its marketing database, exposing about 1 million email addresses and personal information for 9,500 customers. However, Ledger hardware wallets themselves were never hacked—no private keys or funds were compromised.

    The breach led to widespread phishing attacks, with scammers posing as Ledger to trick users into revealing their recovery phrases. For a full explainer on how the phishing attack works see the report from Kraken.

    Phishing email
    Phishing email sent from info@ledgersupport.io address

    Additional social engineering attacks followed in 2025:

    • In April 2025, fake Ledger-branded letters containing QR phishing codes were mailed to victims.
    • In May 2025, attackers hijacked Ledger’s Discord server using a compromised moderator account to post fake security alerts.

    Ledger continues to emphasize that it never asks for your 24-word recovery phrase, and the Nano X hardware wallet remains secure when used properly.

    We do note that this can be more accurately characterised as a “data breach” rather than a hack. More importantly, this breach had no link or impact on the Ledger hardware wallets or the Ledger Live app. Cryptocurrencies stored on the Ledger devices have never been at risk.

    5/5 Security Rating

    Multi Currency Support

    Ledger remains a top-tier choice for crypto enthusiasts thanks to its extensive multi-currency support. As of 2025, the Ledger Nano X supports over 5,500 digital assets, including more than 2,000 individual coins and thousands of tokens across multiple blockchain standards like ERC-20, BEP-20, and SPL2. Here are some of the key cryptocurrency support features offered by the Ledger Nano X:

    • Ledger Live is the official companion app and offers native support for 500+ coins. Meanwhile third-party wallet integrations expand compatibility to 5,500+ assets.
    • Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and Avalanche (AVAX) are fully supported.
    • Staking and governance features are available for select assets, including Ethereum 2.0, Cosmos, and Solana.
    • New token standards such as ERC-404 and Bitcoin Ordinals are partially supported via third-party apps.
    • Ledger’s open app ecosystem allows developers to submit new blockchain apps, ensuring rapid adoption of emerging assets.

    How many coins can Ledger Nano X Hold?

    In 2025, the Ledger Nano X can hold over 2,000 coins and 5,500+ digital assets through a combination of native and third-party integrations. The device has 2 MB of internal storage and supports installing up to 100 apps at once, with each app enabling access to a different blockchain and its associated tokens. Thanks to firmware optimizations, users can easily uninstall and reinstall apps as needed without affecting their stored assets. Ledger Live provides native support for over 500 coins, while thousands more are accessible using external wallet apps.

    Note that app storage is a convenience feature – apps will still retain their accounts / cryptocurrency balances even if uninstalled.

    Does Ledger Nano X support Ethereum and ERC-20?

    As of 2025, the Ledger Nano X offers full support for Ethereum (ETH) and over 1,250 ERC-20 tokens. Users can manage these assets directly in the Ledger Live app using the Ethereum application. For ERC-20 tokens not supported natively in Ledger Live, third-party wallets like MetaMask or MyEtherWallet can be used while still benefiting from Ledger’s secure key management.

    Ledger has also expanded its Ethereum capabilities to support Ethereum 2.0 staking. Users can now participate in Ethereum’s proof-of-stake system directly through Ledger Live, using their Nano X to securely sign staking transactions and manage validator keys. For the most up-to-date list of supported Ethereum assets, users can visit Ledger’s official asset list.

    Is Ledger ready for Ethereum 2.0?

    In 2025, the Ledger Nano X is fully ready for Ethereum 2.0 and its ongoing upgrades. Ledger supports Ethereum’s proof-of-stake (PoS) system, including staking ETH directly through Ledger Live, where users can securely sign deposit contract transactions and manage validator keys using the Ethereum app on their device.

    Ledger’s firmware and Ethereum app updates—originally introduced with version 1.2.4-5 and Ethereum app 1.6.0—enabled compatibility with EIP-2333, the cryptographic standard required for Ethereum 2.0 key derivation. These updates allow users to generate Ethereum 2.0 withdrawal keys and validate that they belong to their Ledger device, ensuring secure participation in staking.

    5/5 Multi Currency Support

    Hardware Design

    Ledger nano X PIN entry interface
    Input is made with the two circular buttons

    The Ledger Nano X features two physical buttons integrated into the pivoting cover, used for navigation, selection, and secure confirmations. While some users find entering PINs and recovery phrases with just two buttons a bit tedious, Ledger has maintained this minimalist design for security and durability. The larger, high-resolution screen continues to be a standout feature, allowing full cryptocurrency addresses to be displayed without scrolling—an improvement over the older Nano S.

    The USB-C interface is now standard for charging and connectivity, aligning with broader tech industry trends. The Nano X also supports Bluetooth 5.0, enabling wireless use with mobile devices via the Ledger Live app. For users concerned about wireless security, Bluetooth can be disabled in the device settings.

    As of 2025, the Nano X is available in 3 colour options: Onyx Black, Blazing Orange, and Cosmic Purple. These cosmetic choices don’t affect functionality but offer users a bit more personalization.

    Ledger Nano S and X colours
    Ledger Nano S and X colours (Source: Ledger)

    4/5 for Hardware Design
    3.5/5 of Ease of Use

    Mobility

    Ledger nano X

    The Ledger Nano X offers mobile functionality through the Ledger Live app, available on both iOS and Android. The device connects via Bluetooth 5.0, allowing users to manage their crypto assets on the go without needing a cable. This includes sending and receiving transactions, checking balances, and accessing features like staking and swapping.

    While mobile support adds flexibility, the process still involves multiple security steps: unlocking the device with a PIN, navigating to the appropriate app, and confirming transactions on-screen. This ensures robust protection but may feel less convenient for quick, everyday transactions. For these everyday transactions, many prefer to use wallet apps that are available on your phone, but those come with higher secuirty risks. Therefore, for users prioritizing mobility with strong security, the Nano X remains one of the most capable hardware wallets available.

    How do you Update the Ledger Nano X?

    Ledger periodically releases updates for the Ledger Nano X to improve security, functionality and coin support. In fact, firmware updates are required in order to get support for the latest cryptocurrencies. The latest firmware version is 2.4.1, released in April 2025. This update improved Bluetooth reliability and memory performance, and added support for new cryptographic standards. Here is a step by step guide on how to update the Ledger Nano X:

    1. Open the Ledger Live app and navigate to “My Ledger.”
    2. Connect and unlock your Nano X (either via USB or Bluetooth).
    3. If a firmware update is available, you’ll see a message. Click “Update firmware.”
    4. Follow the prompts in the app and confirm the update directly on your device when asked.
    5. Your Nano X will restart, and your apps will be automatically reinstalled. Your crypto stays safe.

    Ledger Nano X worth the upgrade?

    The Ledger Nano X costs about US$149 USD, and it is a top choice for people who want to manage lots of different cryptocurrencies, especially while on the go. It has Bluetooth, a larger screen, and more memory, so you can install up to 100 apps at the same time—perfect if you use many types of coins.

    The latest update, firmware version 2.4.1, was released in April 2025. It made Bluetooth more stable, helped apps run better, and added new security features. You can even install updates using just Bluetooth, with no need for a cable.

    If you only use a few coins and do not need Bluetooth, the Ledger Nano S Plus is a cheaper option at US$79. But if you want maximum flexibility and better mobile features, the Nano X is a great upgrade.

    Ledger Nano X compared with Trezor Model

    The Ledger Nano X and Trezor Model T are both top hardware wallets with different strengths. The Nano X is more affordable at around US$149, supports 5,500+ assets, includes Bluetooth for mobile use, and offers strong security features like a Secure Element and Ledger Recover. Its latest firmware (2.4.1, released April 2025) improved Bluetooth and cryptographic support.

    The Trezor Model T costs about US$219 and features a large color touchscreen. It lacks Bluetooth but includes advanced privacy tools like CoinJoin and Shamir Secret Sharing. It does not use a Secure Element chip, which some users see as a security drawback. The Ledger Nano X, with more coin support and mobile access, is better suited for users with diverse crypto needs, while the Trezor appeals to those who prefer open-source software and a touchscreen.

    The main difference between the two is the display and number of supported coins. The Trezor’s touchscreen makes entering PINs and recovery phrases easier, but it supports fewer coins, and many projects prioritize Ledger first. In the end, the choice depends on whether the coins you need are supported. Ledger is known for wide asset support and strong compatibility with decentralized exchanges like Binance DEX, IDEX, and Switcheo.

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    Product Specifications (Technical Specifications)

    Ledger Nano X Product Specifications:

    Processors ST33J2M0 (secure) + STM32WB55
    Compatibility 64-bits desktop computer (Windows 8+, macOS 10.8+, Linux) excluding ARM Processors. Also compatible with smartphones (iOS 9+ or Android 7+).
    Connector USB Type-C , Bluetooth 5.0
    Battery 100mAh battery
    Size 72mm x 18.6mm x 11.75mm
    Supported Assets 1100+ Supported assets

    Frequently Asked Questions (FAQ)

    Can you keep your coins when upgrading from the Ledger Nano S to Ledger Nano X?

    Yes. Just choose “Restore from recovery phrase” during setup and enter your 24-word phrase.

    Can the Bluetooth Feature be turned Off in Ledger Nano X?

    Yes. Hold both buttons for 3 seconds, go to Settings, and switch off Bluetooth.

    Can many apps can you install on the Ledger Nano X?

    Up to 100, depending on size. You can remove and reinstall apps without losing your coins.

    Why does the Ledger Nano X Bitcoin Address change?

    Ledger includes a feature to automatically generate a new Bitcoin address each time an old one is used. This increases the privacy of transactions, as different addresses are used for new transactions. All old addresses still work and belong to your wallet.

    How do you generate a new public address for receiving funds?

    A new one shows up after using the last. You can also tap “Receive” in Ledger Live to get one.

    What is the latest Ledger Firmware?

    As of July 2025, tehe latest Ledger firmware is version 2.4.1, released in April 2025. It improves Bluetooth, memory, and security.

    Can I use Ledger Nano X with decentralized apps (dApps) and Web3 platforms?

    Yes. The Ledger Nano X can be connected to dApps through Ledger Live’s Discover section or via WalletConnect and MetaMask. This allows secure interaction with DeFi platforms, NFT marketplaces, and other Web3 services while keeping your private keys offline.

    Does Ledger Nano X support Ledger Recover?

    Yes. Ledger Recover is an optional subscription service that lets you back up your 24-word recovery phrase in encrypted form with trusted providers. It is available through Ledger Live and requires identity verification. You can opt in or out at any time.

    Further reading

    Ledger also posts up reviews from other YouTubers, which you can check out here.

    Just got a new Ledger Nano X? or always been curious about getting started with Bitcoin and other cryptocurrencies? Check out my course created in collaboration with Jeff Kirdeikis of Uptrennd- Bitcademy: Learn, Invest & Trade Bitcoin – In Under an Hour

  • Ledger Nano S Plus Hardware Wallet Review

    Ledger Nano S Plus Hardware Wallet Review

    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.

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    Check out our previous Ledger reviews here:
    Ledger Nano X review
    Ledger Nano S review

    What is the Ledger Nano S Plus?

    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.

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    Ledger Nano S Plus worth it?

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    Product Specifications (Technical Specifications)

    Ledger Nano S Plus Product Specifications:

    Processors
    Compatibility 64-bits desktop computer (Windows 8+, macOS 10.8+, Linux) excluding ARM Processors.Also compatible with smartphones Android 7+.
    Connector USB-C
    Security Certification CC EAL5+
    Size Size: 62.39mm x 17.40mm x 8.24 mm
    Weight: 21g
    Supported assets 5,550+ digital assets plus NFTs and DeFi app access

    Cryptocurrency hardware wallet reviews

    Check out our other hardware wallet reviews:

    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.

    Trezor Model T Review: Is It Worth Buying? – Examines the security features and usability of the Trezor Model T, a popular alternative to Ledger wallets.

    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.

  • Binance Exchange Review (2025): Is it the best exchange?

    Binance Exchange Review (2025): Is it the best exchange?

    Binance is a very popular cryptocurrency exchange. It has the largest trading volume and many different cryptocurrencies to trade. Binance also has powerful tools for trading, like leveraged trading and options trading. They also have a lending platform. Binance is always adding new features and this surprises many experts. The CEO of Binance is Zhao “CZ” Changpeng and he is very quick to respond to events. Binance has many different versions, including one for the US called Binance US. This review talks about all the different features of Binance and any problems they have had.

    Sign up for Binance HERE!

    Key Advantages of Binance

    • World’s most popular exchange with the highest trade volume.
    • Offers the largest range of products and services with some not even found elsewhere.
    • Maintains insurance against theft and hacks.

    Key Features and Functions

    Binance (Binance.com)

    Binance.com is the main exchange. It has all the services that Binance offers. Some of the key features are:

    • It supports over 400 different cryptocurrencies including Bitcoin, Ethereum, and niche altcoins.
    • It has the highest trading volume in the world.
    • Binance Launchpad continues to be a platform for new cryptocurrency listings.
    • Advanced Trading Tools: Offers spot trading, futures, margin trading, and options.
    • DeFi Integration: Users can access decentralized finance (DeFi) services via Binance Smart Chain (BSC).
    • Lending & Staking Services: Users can earn interest on their holdings through lending and staking programs.
    • Enhanced Security Measures: Includes two-factor authentication (2FA), cold storage, and anti-phishing protections.

    Binance US (Binance.us)

    Binance US (Binance.us) was Binance’s answer to US regulations barring citizens from trading on Binance. Key features include:

    • Fully compliant with U.S. regulations, ensuring adherence to evolving legal frameworks.
    • Has fiat to cryptocurrency trading pairs. Users can use USD to buy cryptocurrencies directly on the Exchange.
    • Bank account linking is available.
    • Limited cryptocurrency offerings compared to Binance.com, but still supports major assets.

    History of Binance

    Binance was founded by Changpeng (CZ) Zhao in 2017. The name comes from a combination of the words “Binary” and “Finance”. Binance is originally from China. However, due to the harsh crypto regulation procedures in the country, the Exchange moved to more conducive jurisdictions outside China, eventually settling in Malta. The exchange gained rapid popularity, becoming the largest cryptocurrency exchange by trading volume within a year.

    Currently, Binance is based in multiple jurisdictions. Their main site offers support in English, Chinese, Korean, Japanese, Russian, Spanish, and French. Here are some of Binance’s major milestones.

    Major Milestones

    2019: Binance launched Binance USD (BUSD), a stablecoin backed by USD, in partnership with Paxos. It also migrated Binance Coin (BNB) from Ethereum to its own Binance Chain.

    2021: Binance introduced BNB Auto-Burn, a mechanism to reduce the total supply of Binance Coin.

    2022: Binance faced regulatory scrutiny in multiple countries, including the U.S., UK, and France, leading to increased compliance measures.

    2023: Binance expanded its Web3 ecosystem, integrating decentralized finance (DeFi) services and launching Binance Pay, a crypto payment solution.

    2024: Binance surpassed 250 million users, solidifying its dominance in the crypto industry.

    2025: Binance continues to operate globally, with 21 regulatory approvals across different jurisdictions. Despite past controversies, it remains the largest crypto exchange, managing over $100 billion in assets.

    Supported Countries

    The international site Binance (Binance.com) is supported in most countries such as:

    Asia & Pacific: Australia, India, Indonesia, Japan, Kazakhstan, Mongolia, New Zealand, Pakistan, Philippines, Taiwan, Vietnam.

    Europe: France, Germany, Greece, Italy, Poland, Portugal, Romania, Russia, Spain, Switzerland, Turkey, Ukraine.

    Middle East & Africa: Egypt, Israel, Saudi Arabia, South Africa, United Arab Emirates.

    Americas: Argentina, Brazil, Chile, Colombia, Mexico, Peru.

    Restricted or Banned Countries

    Binance is restricted or banned in the following locations due to compliance issues and/or government sanctions:

    • United States: Binance has been banned since 2019, leading to the creation of Binance.US as a compliant alternative. Therefore, US citizens can ONLY trade on Binance US (Binance.us), except for those from the following states: Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont. Note however that Binance.us has fewer supported cryptocurrencies and features compared to the international site.
    • United Kingdom: The Financial Conduct Authority (FCA) revoked Binance’s permissions in 2023.
    • China: Binance is not legally supported in China and accessing the platform from within the country carries legal and financial risks.
    • Netherlands: Binance exited the Dutch market in 2023 after failing to secure regulatory approval.
    • Nigeria: Declared Binance illegal in 2023, leading to executive detentions and service restrictions.
    • Canada: Binance left Canada in 2023 due to strict regulations and was fined $4.32 million in 2024.
    • Belgium: Ordered Binance to halt operations in 2023 due to non-compliance with EU financial laws.
    • Other restricted locations: Cuba, Iran, Syria, North Korea, Crimea, and non-government-controlled areas of Ukraine.

    US citizens can ONLY trade on Binance US (Binance.us), except for those from the following states: Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont. Note however that Binance.us has fewer supported cryptocurrencies and features compared to the international site. This is so that Binance.us is compliant with US Laws.

    Supported Cryptocurrencies

    Binance.com (Main Exchange)

    Binance.com, the main exchange, offers a range of cryptocurrencies and coins as follows:

    • Binance supports over 400 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), various altcoins and its own cryptocurrency, Binance Coin (BNB). Learn more about Binance Coin (BNB).
    • Stablecoins available: USDT, BUSD, TUSD, and other fiat-backed digital assets.
    • New Listings: Binance continues to add new tokens through its Binance Launchpad.

    Payment Methods

    Binance.com

    Binance accepts payments the folllwing payment methods:

    Fiat Deposits: Users can deposit fiat funds using bank transfers, credit/debit cards (Visa & MasterCard), and third-party payment providers.

    Crypto Deposits: Binance supports deposits and withdrawals in all listed cryptocurrencies.

    Binance Pay: A crypto payment solution allowing users to send and receive digital assets instantly.

    Howevever as of 2025, Binance has restricted debit and credit card payments in several locations due to regulatory concerns and banking policies. Some of the key regions where Binance users face limitations include:

    • United Kingdom: Payments to Binance using Nationwide cards are declined due to regulatory uncertainty.
    • United States: Certain banks have imposed restrictions on crypto-related transactions.
    • China: Binance does not officially operate in mainland China, leading to payment restrictions.
    • Nigeria: Binance faced regulatory challenges, affecting payment methods.
    • Canada: Binance exited the market in 2023, impacting fiat transactions.
    • Belgium: Binance was ordered to halt operations in 2023, restricting payments.
    • Other restricted locations: Cuba, Iran, Syria, North Korea, Crimea, and non-government-controlled areas of Ukraine.

    they can trade with other cryptocurrencies on the Exchange.

    Binance US (Binance.us)

    Binance US supports the following payment methods:

    • Bank Transfers (ACH): Users can link a bank account to deposit and withdraw USD with zero fees.
    • Crypto Deposits: Binance.US allows deposits in over 130 cryptocurrencies.
    • USD Trading Pairs: Users can trade major cryptocurrencies like BTC, ETH, and BNB against USD.
    • Recurring Buys: Users can schedule automatic purchases of crypto on a daily, weekly, or monthly basis.
    • Crypto Conversions: Binance.US offers instant conversion between USD and crypto.
    • Staking Rewards: Users can stake 20+ Proof-of-Stake cryptocurrencies, including ETH, SOL, and ADA.

    Deposit and Withdrawal Fees

    Deposit fees

    Deposit and withdrawal fees for Binance.com and Binance.US differ based on the platform and payment method.

    Binance.com:

    • Deposit fees:
      • Cryptocurrency deposits do not have any fees.
      • Fiat deposits are generally free, but some payment methods may incur processing fees.
    • Withdrawal fees:
      • Cryptocurrency withdrawal fees vary depending on the asset and network conditions. Some examples include:
        • Bitcoin (BTC): 0.0005 BTC per withdrawal
        • Ethereum (ETH): 0.00001 ETH per withdrawal
        • Binance Coin (BNB): 0.00002 BNB per withdrawal
        • USDT (Tether, BEP20): 10 USDT per withdrawal
        • Solana (SOL): 0.002 SOL per withdrawal
        • XRP (Ripple): 0.2 XRP per withdrawal
      • Fiat withdrawal fees depend on the payment method, region, and banking provider.

    Binance.US:

    • Deposit fees:
      • Cryptocurrency deposits are free.
      • Fiat deposits via ACH transfers are free, while wire transfers may have a small fee.
    • Withdrawal fees:
      • Cryptocurrency withdrawals follow the same asset-based fee structure as Binance.com..
      • Fiat withdrawals:
        • ACH transfers in the U.S. are free.
        • Domestic wire transfers in the U.S. incur a $15 fee per withdrawal.
        • International wire transfers incur a $35 fee per withdrawal.

    Click here for the fee structures of Binance.com and Binance US respectively.

    Trading Fees

    Trading fees on Binance.com and Binance.US follow a maker-taker model, where both makers and takers are charged a base fee of 0.1% per trade. Users who hold Binance Coin (BNB) in their accounts can receive a 25% discount on trading fees when paying with BNB.

    Binance.com offers a tiered fee structure based on 30-day trading volume and BNB holdings. Higher VIP tiers provide lower trading fees. For example:

    • VIP 0 (standard users): 0.1% maker and taker fee
    • VIP 1: 0.09% maker fee and 0.1% taker fee
    • VIP 2: 0.08% maker fee and 0.1% taker fee
    • VIP 3 and above: progressively lower fees based on trading volume

    Binance.US follows a similar structure but has different fee tiers. Standard users pay 0.1% per trade, while high-volume traders can qualify for lower fees.

    Trading fees for Binance.com and Binance US are generally 0.1% for makers and takers with the following exceptions:

    • Binance.com and Binance.us: Users with larger trade volume or hold a specified amount of BNB are eligible to become VIPs. Higher VIP tiers give you lower trading fees. There is a 25% trading fee discount if fees are paid using BNB.

    Binance has competitive trading fees compared to some other cryptocurrency exchanges. For example:

    • Coinbase: 0.50% of the transaction plus a flat fee based on the transaction amount. Advanced trading fees range from 0.00% to 0.60% depending on trading volume. Did you know you can avoid their expensive withdrawal fees? Find out more at CoinBase Fees- How to Avoid Them?
    • Kraken: Fees starting at 0.25% for makers and 0.40% for takers. Fees decrease with higher trading volume, reaching 0.00% maker and 0.08% taker for institutional clients.
    • Poloniex: They follow a tiered fee structure based on 30-day trading volume. Standard users pay 0.200% maker and 0.200% taker fees, while higher VIP tiers receive discounts.
    • OceanEX: 0.10%, discounts are offered for payments with their OceanEx coin.
    • KuCoin: 0.10% is their standard fee. Discounts are offered for payments with their KCS coin.
    • Huobi: 0.20%
    • OKEx: Follows a tiered fee model. Regular users pay 0.080% maker and 0.100% taker fees, while VIP users receive progressively lower fees.
    • BitMEX: 0% maker fees and 0.075% taker fees for derivatives trading. Spot trading fees are currently 0% for a limited time.
    • BitFinex: 0.10% (maker) / 0.20% (taker) for crypto-to-crypto and crypto-to-stablecoin trades. Discounts are available for users holding UNUS SED LEO tokens.
    • BitMax (also known as AscendEX): Applies spot trading fees of 0.20% for both makers and takers. Margin and futures trading fees are 0.06% for takers and 0.02% for makers.

    Binance KYC

    Binance requires users to complete Know Your Customer (KYC) verification to access most features on the exchange. There are two levels of verification: Verified and Verified Plus.

    • Verified: Users must provide personal information, a government-issued ID, and complete facial recognition. This level allows deposits and withdrawals up to $50,000 per day, unlimited crypto deposits, withdrawals up to 100 BTC, and unrestricted peer-to-peer (P2P) transactions.
    • Verified Plus: Requires additional proof of address. Users at this level can deposit and withdraw up to $200,000 per day and access all features available to Verified users.

    In 2025, Binance strengthened its KYC policies to comply with global anti-money laundering (AML) regulations. Users in certain regions, such as India, must provide Permenant Acccount Number (PAN) details as part of the verification process. Binance also introduced enhanced KYC requirements for corporate accounts, requiring additional documentation such as source of funds, proof of address, and Politically Exposed Persons (PEP) declarations

    Controversies

    Like any exchange, Binance is no stranger to controversies, making people question if Binance is safe. Let’s take a look at some controversies faced by the exchange.

    2019 Binance Hack

    • Hackers stole 7,000 Bitcoin, worth approximately US$40 million at the time.
    • The attack involved phishing and malware to gain access to user accounts.
    • Binance compensated affected users using its SAFU fund, an emergency insurance reserve.

    2019 KYC Data Breach

    • A hacker claimed to have Binance’s KYC data and demanded 300 Bitcoin in ransom.
    • Binance stated that the leaked data originated from a third-party KYC provider used in 2018.
    • Binance offered lifetime VIP membership and better trading conditions to affected users.

    2021-2022 Money Laundering Allegations

    • Reports suggested that Russian darknet drug market Hydra used Binance for transactions worth $780 million.
    • Binance denied the allegations, stating that the figures were inflated due to indirect crypto flows.
    • Binance strengthened its KYC policies in August 2021, requiring all users to verify their identities.
    • A study found that after Binance’s stricter KYC rules, Hydra-linked transactions dropped from $30 million per month to less than $1 million.

    2023 U.S. Regulatory Crackdown

    • Binance faced multiple lawsuits from U.S. regulators, including the SEC and CFTC, for allegedly violating securities laws.
    • Binance and its founder Changpeng Zhao (CZ) agreed to a $4.3 billion settlement in November 2023.
    • CZ stepped down as CEO, and Binance implemented enhanced compliance measures.

    2025 Allegations of Political Involvement

    • A Wall Street Journal report alleged that CZ acted as a fixer for a Trump-affiliated crypto project, World Liberty Financial (WLF).
    • CZ denied the claims, stating he had no role in WLF’s operations or connections.
    • Binance criticized the report as biased and reaffirmed its commitment to transparent financial practices.

    2025 SEC Lawsuit Dismissal

    • The SEC dropped its lawsuit against Binance in May 2025, marking a shift in U.S. crypto regulation.
    • The lawsuit, originally filed in 2023, accused Binance of serving U.S. users illegally and inflating trading volumes.
    • Binance called the dismissal a major win for crypto, signaling improved relations with regulators.

    Is Binance safe in 2025?

    Binance remains the largest cryptocurrency exchange in 2025, with over 270 million registered users and a total asset value exceeding US$142 billion. Despite past controversies, Binance has strengthened its security measures and regulatory compliance. Here are some security measures used by Binance:

    • SAFU Fund: Binance maintains the Secure Asset Fund for Users (SAFU), an emergency insurance fund valued at US$1 billion to compensate users in case of security breaches. For example, in May 2019, Binance suffered a security breach where hackers stole over 7,000 Bitcoin, valued at more than US$40 million at the time, and the exchange fully compensated affected users using the SAFU fund.
    • Proof of Reserves (PoR): Binance provides real-time proof-of-reserves, ensuring that user funds are backed 1:1 with additional reserves. You can learn more about Binance’s reserves audit by checking out: Binance Audited by Mazars, Confirms Bitcoin Reserves are Fully Collateralized.
    • Advanced Security Features: Binance has implemented two-factor authentication (2FA), IP whitelisting, and cold storage to protect user assets.

    Tweet from CZ on 13th December 2022

    Is Binance safe in 2025? It looks like it is. They paid back victims of hacks, showed they have enough money, and handled big withdrawals. But no exchange is 100% safe. That’s why it is important to take your cryptocurrencies off exchanges and put them in offline hardware wallets. That way, you keep control of your cryptocurrencies.

    Which hardware wallet should you get? Check out our comparison of the top 3 hardware wallets. Or read our reviews for the Ledger Nano X, Trezor Model T and KeepKey.

    Conclusion: Binance Pros and Cons

    Pros

    • Largest Exchange by Volume: Binance continues to dominate the cryptocurrency market, handling over $100 billion in assets globally.
    • Extensive Cryptocurrency Support: Offers trading for over 1,300 cryptocurrencies, including major assets like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
    • Competitive Trading Fees: Maintains low trading fees (starting at 0.1%) with discounts for users who pay with BNB.
    • Advanced Trading Features: Provides spot trading, futures, margin trading, staking, and lending services, catering to both beginners and professional traders.
    • Regulatory Approvals: Secured 21 regulatory approvals across different jurisdictions, improving compliance and user trust.
    • Security Measures: Strengthened security with two-factor authentication (2FA), cold storage, and proof-of-reserves audits to ensure user funds are backed 1:1.
    • Binance Smart Chain (BSC) & Web3 Expansion: Continues to support decentralized finance (DeFi) services, NFT marketplaces, and blockchain innovations.

    Cons

    • Regulatory Challenges: Despite improvements, Binance still faces scrutiny in certain regions, leading to restrictions in countries like the United States, United Kingdom, and China.
    • Limited Binance.US Features: The Binance.US platform offers fewer cryptocurrencies and features compared to Binance.com..
    • KYC Verification Delays: Some users report longer processing times (up to 13 days) for identity verification.
    • Withdrawal Fees: While trading fees remain low, withdrawal fees vary depending on the asset and network conditions.
    • Customer Support Issues: Response times can be slow during peak trading periods, frustrating users needing urgent assistance.

    Sign up for Binance HERE!

    Binance Exchange Review (2025)

    When evaluating a cryptocurrency exchange, several key factors determine its reliability, security, and overall user experience. Binance, as the largest cryptocurrency exchange by trading volume, continues to evolve, offering a comprehensive suite of services while navigating regulatory challenges.

    Services Offered

    Binance provides a wide range of trading tools, including:

    • Spot Trading, Futures, and Margin Trading: Catering to both beginners and professional traders.
    • Options Trading: Advanced derivatives for experienced investors.
    • Lending & Staking: Users can earn passive income through lending and staking programs.
    • Binance Smart Chain (BSC) & Web3 Integration: Expanding decentralized finance (DeFi) services and NFT marketplaces.
    • Binance Pay: A crypto payment solution enabling seamless transactions.

    Cryptocurrency Support

    • Binance.com supports over 1,300 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
    • Binance.US, the U.S.-compliant version, offers around 50 cryptocurrencies, with a strict vetting process for new listings.

    Trading Fees

    • Competitive Fees: Binance maintains 0.1% maker and taker fees, with VIP tiers offering lower rates.
    • BNB Discounts: Users paying fees with Binance Coin (BNB) receive a 25% discount.
    • Fee Comparisons: Binance remains one of the most cost-effective exchanges compared to competitors.

    Security Measures

    • SAFU Fund: Binance maintains a $1 billion emergency insurance fund to compensate users in case of security breaches.
    • Proof of Reserves (PoR): Ensures user funds are backed 1:1 with additional reserves.
    • Advanced Security Features: Includes two-factor authentication (2FA), cold storage, and anti-phishing protections.

    Regulatory Compliance

    • Binance has secured 21 regulatory approvals across different jurisdictions.
    • Binance.US remains compliant with U.S. regulations, ensuring adherence to evolving legal frameworks.
    • Restricted Countries: Binance faces bans or restrictions in regions like the United States, United Kingdom, China, and Canada.

    Final Thoughts

    Binance remains the largest and most influential cryptocurrency exchange in 2025, offering a vast array of services while navigating regulatory challenges. Users should stay informed about compliance changes and consider self-custody options for long-term asset security. Overall, Binance is safe but it is important to avoid storing more cryptocurrencies than needed on exchanges.

    Frequently Asked Questions (FAQs)

    Is Binance still the largest cryptocurrency exchange in 2025?

    Yes, Binance remains the largest cryptocurrency exchange by trading volume, managing over $100 billion in assets globally.

    What is Binance.US, and how is it different from Binance.com??

    Binance.US is the U.S.-compliant version of Binance, offering a limited selection of cryptocurrencies (around 50) compared to Binance.com, which supports over 1,300 cryptocurrencies. Binance.US adheres to strict U.S. regulations, ensuring compliance with local laws.

    Does Binance require KYC verification?

    Yes, Binance requires Know Your Customer (KYC) verification for most features. Users must provide personal information, a government-issued ID, and facial recognition to access full trading capabilities.

    What are Binance’s trading fees in 2025?

    Binance maintains competitive trading fees:

    • 0.1% maker and taker fees for standard users.
    • VIP tiers offer lower fees based on trading volume.
    • 25% discount for users paying fees with Binance Coin (BNB).

    Is Binance safe to use?

    Binance has strengthened security measures, including:

    • SAFU Fund: A $1 billion emergency insurance fund to compensate users in case of security breaches.
    • Proof of Reserves (PoR): Ensures user funds are backed 1:1 with additional reserves.
    • Advanced Security Features: Includes two-factor authentication (2FA), cold storage, and anti-phishing protections.

    Which countries have restricted or banned Binance?

    Binance faces restrictions or bans in certain regions due to regulatory challenges, including:

    • United States (except Binance.US)
    • United Kingdom
    • China
    • Canada
    • Nigeria
    • Belgium
    • Netherlands

    How do I deposit and withdraw funds on Binance?

    Binance supports fiat and crypto deposits:

    • Fiat Deposits: Bank transfers, credit/debit cards, and third-party payment providers.
    • Crypto Deposits: Supports deposits and withdrawals in all listed cryptocurrencies.

    What is Binance Pay?

    Binance Pay is a crypto payment solution that allows users to send and receive digital assets instantly, supporting cross-border transactions.

    What is Binance Smart Chain (BSC)?

    Binance Smart Chain (BSC) is a blockchain network designed for fast and low-cost transactions, supporting decentralized finance (DeFi) applications and NFT marketplaces.

    Has Binance faced any controversies in 2025?

    Binance has navigated regulatory challenges, including:

    • SEC Lawsuit Dismissal: The U.S. SEC dropped its lawsuit against Binance in May 2025, marking a shift in crypto regulation.
    • Political Allegations: Reports suggested Binance’s involvement with a Trump-affiliated crypto project, which Binance denied.

    Binance continues to expand globally, securing 21 regulatory approvals while adapting to evolving compliance requirements

    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.

  • Phemex Exchange Review

    Phemex Exchange Review

    Phemex is a professional-grade Cryptocurrency exchange offering both Bitcoin spot and options trading. The exchange offers an innovative zero-fee trading model where fees are not charged per transaction. Phemex also offers Bitcoin, Ethereum, and Chainlink Perpetual futures. The exchange is built by ex-Morgan Stanley executives, aiming at providing institutional-grade trading tools and security. Derivatives trading allows traders to increase their exposure to certain assets and the ability to “short”.

    Phemex Exchange Review

    Key Features of Phemex

    • Free trades on Spot Exchange (Premium account)
    • Institutional grade trading and security
    • Robust trading insurance
    • Free deposit fees
    • Ability to Leverage up to 100X margin

    [wp-compear id=”5176″]

    Phemex Spot Exchange & Free trades

    One of the key advantages of Phemex exchange is the ability to have free zero fee trades. This concept is groundbreaking for the cryptocurrency exchange industry because the previous model charged trading fees for both buying and selling crypto. These fees would add up over time, with many traders paying thousands of dollars to cryptocurrency exchanges. With Phemex, these traders can take advantage of the zero fee trading model and only pay a monthly premium of $9.99 USD per month. This is a huge game changer for cryptocurrency daytraders and technical analysts.

    Phemex is also offering a US$6,050 sign up bonus, as well as 2 BTC and 10,000 USDT in trial funds! Sign up here.

    I think that this is a trend and responsibility of exchange is to reduce fees for small capital users And, for the institutional clients, they willing to pay more fees, but to have a better service, like data-wise, analysis wise, right? So that’s two different groups. So we, and we announced our zero fee permission, they just to benefit our retail customers.

    Jack Tao, CEO of Phemex

    Bitcoin Perpetual Futures

    The core trading product offered by Phemex is cryptocurrency derivatives trading such as Bitcoin Perpetual Futures. Derivatives are financial tools that derive value from the underlying product – in this case cryptocurrencies such as Bitcoin. Phemexexchange trades contracts based on the underlying asset instead of the asset themselves – this allows higher leverage and more types of products. Phemexallows up to a 101X max leverage on derivative products. This means a 1% change in the price of Bitcoin could result in 100% change in the funding amount – potentially allowing traders to double or nothing on the exchange. This type of leverage is popularized by the BitMEX exchange which also allows 100X leverage.

    Supported Countries

    Phemex exchange does not offer its services to the following countries: US, UK, Canada, Cuba, Crimea, Sevastopol, Iraq, Yemen, Iran, Syria, North Korea, South Korea, Sudan, China, Hong Kong, Republic of Seychelles, and Bermuda.

    Supported Cryptocurrencies

    Phemex only 6 cryptocurrencies for the time being: Bitcoin, Ethereum, Ripple, ChainLink, Tezos, Litecoin. Though for contracts, Phemex also does offer a GOLD/USD trading pair.

    Phemex Trading take profit orders and stop-losses

    One of the key advantages of Phemex is use of stop-loss and take profit orders. These orders allow professional traders to fine-tune their trading strategies and set up opportunities to take profit or stop-loss. By default, Phemex has quick options to take profit at 25%, 50%, 75% and 100% profit. These can be set when the initial position is established with a clear indication the mark price and estimated profit or loss. It’s important to remember that when take profit or stop losses are triggered, the position will be sold as a market order – meaning that the algorithm will automatically match a trade even if it’s not at the same price.

    Phemex Fees

    Trading Fees

    The standard contract trading fees on Phemex is set at 0.01% for makers and 0.05% for takers. Whilst standard spot trading fees are 0.1% for makers and 0.1% for takers. Phemex offers trading fee discounts for VIP users i.e. those with high trading volume on their Exchange. Users can also enjoy trading fee discounts by staking Phemex’s native $PT token in return for $vePT, enough $vePT tokens.

    There is no addition transaction fee for the exchange, so users can trade even small quantities without fear of having overwhelming fees. Taker fees are higher as the exchange promotes users to fill the order books and establish higher liquidity for the exchange.

    Phemex trading fees

    Funding fee is feature that is extremely important to take into consideration on Phemex. Funding rate is paid directly to holders of either long or short positions depending if its “negative funding” or “positive funding” rate. On Phemex, the fee is charged every 8 hours and can be negative or positive – meaning it’s possible to gain or lose money every 8 hours. If funding rate is negative, shorts holders will pay longs a percentage of their position. In the example above, the funding rate is -0.0094%, so short holders will be charged 0.0094% of their entire position. This also means that long holders will gain interest on their position.

    Click HERE to learn more about crypto funding rates and how to earn passive income from them.

    Deposit/Wtihdrawal fees

    Phemex does not charge a deposit fee, but there are minimum deposit requirements. As for withdrawals, there is also a minimum withdrawal limit and the fee charged depends on the cryptocurrency. For example, Phemex charges 0.0005 BTC for BTC withdrawals, and 1 USDT for USDT withdrawals.

    Find out more about Phemex’s fees and conditions.

    What is the Phemex Token ($PT)?

    Phemex has a utility token known as Phemex Token ($PT). $PT gives holders various benefits including staking yields, trading fee discounts, VIP privileges, cashback airdrops, DAO governance, as well as launchpad and launchpool access. Phemex Token cab be purchased on the Exchange, and it can be staked to obtain Vote Escrow PT ($vePT). $vePT grants exclusive voting rights in the PhemexDAO, staking yields and buy crypto airdrops privilege.

    Payment methods

    Phemex only accepts the following cryptocurrency deposits onto the Exchange: Bitcoin, Ethereum, ChainLink, Tether and Ripple. Due to the Exchange not having any KYC procedures in place, traditional payment methods such as credit or debit cards and PayPal are not accepted.

    Sub-accounts feature

    Phemex offers an easy method to create sub-accounts – each with their own individual account balances and permissions. This feature allows traders to isolate their different trading strategies from each other – as it is possible to set a limited balance to each sub-account. Balance can be transferred freely between the accounts via the sub-account system. Traders can create new accounts for each new strategy they want to test out. In addition, sub-accounts can be used for trading bots – so automated trading can be done within controlled limits.

    Is Phemex Exchange Safe?

    Phemex has never been the subject of a significant hack. They also have the following practices to keep user funds safe:

    • Cold wallets: Phemex assigns separate cold wallet deposit addresses to each user and keeps 100% of user funds in reserve. It also uses offline signature and Merkle-tree Proof-of-Reserves so users can see where their funds are in Phemex’s system.
    • Risk controls: Phemex uses a two-factor authentication mechanism, an anti-phishing code, and a double-entry bookkeeping system to protect user accounts from tampering and malicious actions.
    • Firewall and network management: Phemex deploys its system on the AWS Cloud and uses several firewalls to separate different zones and machines for different trading purposes. It also applies restrictions on system and instance accessibility.
    • Trading platform:Phemex uses C++ engines that are fast, reliable, and customized to provide high performance and seamless disaster recovery for 24×7 trading.

    Phemex Team

    The core of Phemex team is comprised of ex-Morgan Stanley executives and developers. CEO Jack Tao has worked at Morgan Stanley for 11 years with experience developing Equity trading algorithms in the US. This work is pivotal to Phemex’s long term growth strategy and mission to bring professional trading tools to the cryptocurrency space.

    Conclusion: Phemex Exchange Pros and Cons

    Pros

    • Developed by ex-Morgan Stanley Executives
    • Industry trend-setting Zero Fee Trading
    • Sub Accounts and easy to use APIs
    • Top tier exchange and wallet security
    • No KYC for small withdraws

    Cons

    • Relatively new.
    • Regional restrictions without providing alternatives for users from those jurisdictions.
    Phemex Exchange Review

    References:

    AltcoinBuzz – Phemex Exchange Highlights.
    CoinExchangeReviews- Phemex Review

    Frequently Asked Questions (FAQs)

    Is Phemex Exchange Regulated?

    Phemex is currently looking for regulation via the Monetary Authority of Singapore (MAS) and SEBA for custody of customer assets. Similar to other derivatives exchanges such as BitMEX, PheMEX is currently not regulated.

    Is Phemex allowed in the US?

    Phemex does not offer services to the following countries: US, UK, Canada, Cuba, Crimea, Sevastopol, Iraq, Yemen, Iran, Syria, North Korea, South Korea, Sudan, China, Hong Kong, Republic of Seychelles, and Bermuda

    Does Phemex have a token?

    Phemex has a token known as Phemex Token or $PT. It is a utility token that provides benefits such as staking yields, fee discounts, and Phemex DAO governance.

    What is the difference between PT and vePT

    PT is Phemex Token, the native token of Phemex Exchange. Users stake PT in order to get vePT (vote escrow PT).

    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.

  • Yobit Exchange Review and Guide 2020

    Yobit Exchange Review and Guide 2020

    YoBit is a cryptocurrency exchange launched in 2014 and is one of the oldest in the market. YoBit’s philosophy is to keep things simple. The Exchange only offers spot trading on its relatively intuitive and uncomplicated platform. The exchange is popular around the world, with an especially large community in Russia and Europe. However, YoBit does offer some unique non-trading related features such as investment plans, a dice game, and ongoing opportunities for users to earn free cryptocurrencies.

    Registered in Panama as YoBiCrypto Corp, the Exchange was the creation of a group of European developers with a passion for cryptocurrencies. According to CoinMarketCap Yobit has a trading volume of more than USD$50 million every 24 hour

    In this review, we look at the various features of YoBit exchange and give users a guide on how to get started. We also look at whether YoBit is a reliable and safe choice for cryptocurrency traders in 2020.

    Key Features

    • No frills approach: YoBit distinguishes itself from its competitors by being simple. This notion of simplicity can also be seen in its interface. Once you log in all the necessary features and information is displayed clearly and is easily accessible in 1 click.
    • No KYC required: No KYC procedures are required for registering an account and they do not collect any data from users. The Exchange’s aim is to protect users’ anonymity and respect their privacy and confidentiality. New users can register with their email and start trading within minutes.
    • Unique features: In addition to spot trading, the Exchange has unique features such as InvestBox, a dice game, FreeCoins, “YoPony” and collaboration with CryptoTalk forums, etc.

    Let’s take a look at their major unique features in turn.

    InvestBox- a simple how-to guide

    According to YoBit, InvestBox allows users to grow their portfolio and potentially earn from 0.1% up to 7% per day. The purpose of InvestBox is to bridge the gap between cryptocurrency traders and developers by helping the latter popularise their coin, and so traders can benefit from its popularity. The Exchange claims that payments from these plans are from a special fund which is replenished from commissions earned by the Exchange. Users can withdraw their funds from the plans at any time and withdrawals are not subject to any commissions payable to the Exchange.

    Plans differ in terms of what coin you can earn, the minimum investment amount and time required, and the actions required to obtain the payments. As seen in the below image, each InvestBox plan has its own “rules” as follows:

    • Coin: The type of cryptocurrency to be invested
    • Percent: The percentage you will get
    • Period: When you will get your payments e.g. daily, weekly etc.
    • MinInvest: Miniumum investment required
    • MaxInvest: The maximum you can invest
    • Action: What actions are required to get the payments. Taking YOMI in the below image as an example “YOMI/BTC: 10 buy trades + no YOMI sells + BTC: 10 ds” means that users: (1) must buy YOMI tokens 10 times on the YOMI/BTC market; (2) cannot sell their YOMI tokens until payment is received; and (3) play the DICE game 10 times (though it doesn’t matter if you win or lose).
    • Status: Whether the plan is active or not.

    Dice game and YoPony

    A popular feature on the Exchange is their dice game where users guess if an upcoming dice roll is going to be less than 48 or more than 52. As mentioned in the InvestBox section, some plans may require users to play this game for a specified number of times. YoPony is a crypto racing game, where you guess which horse will win a race.

    FreeCoins- how to earn cryptocurrencies on YoBit

    To encourage more people to trade on YoBit, the Exchange gives out free coins for users who share the Exchange on social media. All users need to do is to choose which free coin they would like to get and click “Get free coins”.

    Then in the pop-up window choose whether you want to make your post on Twitter, Facebook or Vkontakte. You will then automatically be directed to your social media website to put up the post. Afterwards you will need to paste the link of your post into the address bar and press “Check” so that YoBit can verify you have posted.

    Pop-up window
    Pop-up window will prompt you to post and insert the address of the post for checking

    YoBit CryptoTalk campaign- another way to earn free cryptocurrencies

    Yobit also has reward campaign with CryptoTalk.org, a cryptocurrency forum where people can earn Bitcoin by engaging in discussions. YoBit will reward users with 0.00001 BTC per post, for up to 30 posts per day. Once you have posted, you will need to enter your CryptoTalk UID into the CryptoTalk campaign page for your posts to be verified. After verification by the moderators on the CryptoTalk forum, rewards will be given to eligible posts and you will be able to send this directly to your BTC balance on the Exchange.

    Supported cryptocurrencies

    YoBit offers trading for over 442 cryptocurrencies, more than twice as many as competitors such as Binance exchange. These include some altcoins which are relatively unknown, potentially making it one of the only options available for serious altcoin traders.

    What also makes YoBit exchange stand out is its number of trading pairs available. It has more than 4,600 trading pairs making it the most trading pairs of any exchange in the market according to CoinGecko.

    Supported currencies and payment methods

    YoBit accepts both USD and RUB (Russian Ruble). As for payment methods, the Exchange accepts Visa/Mastercard, AdvCash, Payeer, Perfect Money, Capitalist, Yandex and cryptocurrency deposits.

    YoBit Fees

    Deposit and withdrawal fees

    Deposits onto the Exchange are free of charge for most major payment methods such as Visa/Mastercard or cryptocurrency deposits. For withdrawals however the fees can range from 0.0005 for cryptocurrencies, to 7% (USD) using Payeer or USD $6 and 5% using credit cards.

    Here’s a list of YoBit’s deposit and withdrawal fees.

    Trading fees

    YoBit charges 0.20% for every buy and sell order on the Exchange. Compared with its competitors, this is generally average. Some exchanges such as KuCoin or OKEx charge a bit less at 0.10%, whilst other exchanges such as Coinbase Pro charge a lot more at 0.50% plus other fees.

    Supported countries

    The Exchange is available to users from all around the globe, including the USA. To cater for its international clientele, the Exchange supports English, Russian and Chinese languages. One of their unique features is its live chat in the sidebar where you can chat with other traders in real time. The live chat is available in English, German, Arabic, Chinese and Russian.

    Security- Is YoBit safe?

    YoBit has a good track record of no hacks in the 6 years it was launched. The Exchange has the following features to protect its users.

    Email login confirmation: After logging into the Exchange, they will send you an email letting you know you have successfully logged in together with details of your login such as your IP address, location and login time. This means you will be notified if someone else has wrongfully logged into your account.

    2-Factor Authentication (2FA): Users can set up the Google Authenticator app on their phones to be used with the Exchange. So when a user makes a deposit or withdrawal, they would also be required to type in a one-time password to complete the request.

    Freeze withdrawals: A unique feature, the freeze withdrawals function can prove to be very useful if you suspect your account has been hacked. In the Settings page, you can select “Freeze withdrawals from my account (I suspect hacking)”. Upon selecting this option, any withdrawals from the Exchange would be frozen and users can only enable withdrawals again by going through customer support.

    Insurance fund: In the Support page, there is an option to request compensation from an insurance fund.

    Not many details are known about the insurance fund. But from our research, the Exchange did suffer a 51% attack in January 2019 and according to YoBit, the losses suffered were covered by the Exchange’s insurance fund.

    User Experience

    The Exchange really takes it to the next step with its simplicity. So much so that there are virtually no tutorials or instructions available on the Exchange or elsewhere. So if users are confused about the Exchange’s features and functions, they will have to look up external websites, figure it out themselves or ask the active and helpful YoBit community. However since the interface is very simple very self-explanatory, most experienced traders should be able to master using YoBit fairly easily and maybe come to appreciate its no-frills approach.

    How to register for a YoBit account

    Registration is staightforward. On YoBit’s main page, simply click “Registration”, fill in the form and click “Register”.

    Afterwards you will receive an email asking you to click on their link to activate your account. On the webpage, select “Activate” and you are all set!

    The registration process was very simple and we were able to register for an account in less than 10 minutes.

    How to deposit and withdraw cryptocurrencies on YoBit

    Deposits

    On the top bar, click “Wallets” to view your balances. Choose which coin to deposit and click “+”. A popup window will appear showing your cryptocurrency address and a QR code. From there either enter the address or scan the QR code with the wallet you want to send from.

    Withdrawals

    Withdrawals on YoBit are just as simple. Click on the “Wallets” page on the top bar, choose which coin to withdraw and click “-“. A popup window will appear for you to fill in your withdrawal address and the quantity you wish to withdraw. YoBit will automatically calculate the withdrawal fees payable and show the amount that the recipient will actually get. Then click “withdrawal request”.

    Customer support

    YoBit has encountered some controversy with users complaining that the Exchange is slow to respond to requests on their support page. From using the Exchange we can see that they have taken this comment on board and tried to make improvements. YoBit customers can get support through the following means:

    • Send a customer support ticket on their Support page;
    • Ask the community on the live chat on the Exchange’s sidebar;
    • On their telegram chat, PM an admin or ask in the main page; and
    • Contact their official support account @YbtSP on Telegram (currently in test mode).

    To test out their customer service, we tried asking for help using all the methods mentioned above. We got a response from the Support page in under 10 minutes, which is quite impressive. We also got replies from other YoBit users on the Telegram community and the live chat who were all very helpful.

    Conclusion: Is YoBit a safe and legit exchange?

    YoBit certainly does live up to its repuation of keeping things simple. Here’s some pros and cons of the Exchange based on our research and user experience.

    Pros

    • Compared with other exchanges, they have a long history and a track record of no hacks.
    • Signup is simple and can be done in 10 minutes.
    • Clean and relatively intuitive interface.
    • Huge number of trading pairs making it a good option for serious altcoin enthusiasts.
    • Very responsive customer support.

    Cons

    • Only offers spot trading and other non-trading related functions such as InvestBox or FreeCoins.
    • Virtually no information about themselves or tutorials on their website. We had to find information about the Exchange from external sources, or figure it ourselves.

    All in all, YoBit is suited for users who have at least some experience with cryptocurrency trading or serious altcoin enthusiasts. YoBit does have a good security record with the usual security features expected of any legitimate exchange. YoBit is certainly an exchange worth looking into.

    Frequently Asked Questions (FAQs)

    Where can I find YoBit on social media?

    YoBit can be found on Twitter and Telegram, where they have one of the largest communities with over 77,000 members on their English channel. The Exchange also has a Russian Telegram channel.

    Can I find any other reviews on YoBit exchange?

    Websites such as Trustpilot, Blocknomi and Cryptocompare have also written detailed reviews on YoBit’s features and functions.

    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.

  • YFI Yield Farming with yEarn Pool

    YFI Yield Farming with yEarn Pool

    Yield Farming is a popular method for cryptocurrency owners to gain passive income. It involves taking advantage of various incentives rewards for locking-up (aka staking) different cryptocurrencies. This article focuses on yield farming for the $YFI token which has become the highest performing yield farming pool.

    Check out our video on how to potentially earn 600% returns through YFI Yield Farming!

    The yEarn project has launched its own governance token – $YFI – this week, sending the Decentralized Finance (DeFi) Yield Farming scene into a frenzy. As of this article, staking stable coins (USDT, USDC, DAI, or TUSD) into the Y pool will yield an astronomical 896% Annual Percentage Yield (APY). This is due to the incentive token $YFI being distributed to staked token holders, making this the single best yield farming pool right now. This has sparked a huge amount of interest in both searches for the $YFI governance token (trending right now on coingecko). Since the token launch, more than $60 Million of new capital has been deposited into the Y pool. Calculate yield using the community made yieldfarming tool.

    WARNING: Yield farming involves a high amount of risk due to the experimental nature of the Ethereum network with potentially undiscovered critical vulnerabilities. Never stake/farm more than you can afford to lose. This is not Financial Advice.

    What is the yEarn (iEarn) Pool

    The iEarn “Y” pool is a yield aggregator – it automatically invests its capital into different DeFi projects – selecting those with the highest yield and return on investment. As a DeFi protocol, a smart contract keeps the invested funds – which makes the project non-custodial. The pool itself is comprised of 4 different stable coins – USDT, USDC, DAI and TUSD – with a total of over $103 Million USD in currency reserves (Assets Under Management – AUM). These reserves are then lent out to different protocols that offer the best rates of return, including Compound, Aave, and dYdX. yPools are considered riskier than other DeFi products such as Compound because lend capital out to a series of protocols – which themselves could be vulnerable to critical vulnerabilities.

    How to Earn the YFI Token

    There are two pools that reward the YFI token for staking. The first and easiest pool to access is the Y Pool on Curve.Fi. This pool is a collection of stable coins that are automatically invested in different lending protocols. This type of pool is usually considered a higher risk due to possible vulnerabilities not just with its own smart contract, but with other smart contracts too.

    How to to earn YFI tokens

    Unfortunately “Yield Farming” for the YFI token has ended. When YFI first launched, all 30,000 tokens were distributed to stakers on the https://ygov.finance/staking platform. Although initially there were plans to distribute more tokens, attempts to come out with a plan to do so have all been voted down in the Y governance. This means it’s unlikely that new $YFI tokens will be distributed in the future. Other tokens such as YFII and YFV still have token distribution for yield farmers.

    What is YFI token

    YFI is the governance token for yEarn (previously known as iEarn). Tokenholders are entitled to vote on upcoming governance decisions for the network – such as potentially stopping all-new distribution of the token. Creator of YFI, Andre Cronje (@AndreCronjeTech) has stated that the token has no intrinsic value.

    “We have released YFI, a completely valueless 0 supply token. We re-iterate, it has 0 financial value”

    Andre Cronje

    This being said, the current wave hype wave and token dynamics have driven up the value of the token. The token follows the “Governance” model where it’s value comes from voting on where the protocol will go next. On top of this, the incentivized Balancer pool (YFI 2%, DAI 98%) requires the staking of $YFI, which locks up further supply. Simply put, DeFi farmers are locking up YFI and DAI in order to receive BPT tokens which could be staked on ygov.finance to gain an additional $YFI. This type of cyclic farming create pseudo ponzinomics and could lead to potentially disastrous results.

    Balancer Warning & new coin minting risk

    One of risks that was mitigated by the team was with token issuance. Currently there is a max cap of only 30,000 YFI tokens. Earlier this week it was discovered that there was a master key which permitted YFI developer Andre Cronje to mint new coins and potentially flood the market with new coins. If he did this, it would of been possible for him to take the entirety of Pool#2 and Pool#3 on Balancer, with a total of more than $150 Million USD. Luckily this did not happen, as he quickly created a multisignature address which requires 6/9 key holders to agree to minting new tokens. The purpose of this is to remove single party risk as 6 of the 9 keyholders are required to agree to create new coins. On top of this, even if they do agree, the community will have 3 days notice before anything happens.

    Overall the long term objective of YFI is to leave control of the total supply of YFI and distribution up to the community to decide. The voting aspect of YFI will allow governance token stakers to decide who to do with the platform.

    YFI distribution stop

    Distribution of $YFI tokens will temporarily stop as new contracts are being prepared. Times for the pools stopping are as follows:

    Resources:

    yEarn documentation – http://docs.yearn.finance
    yGovernance and staking – https://ygov.finance
    Pool Information / Calculator: https://yieldfarming.info/
    Curve Guide on Pools – https://guides.curve.fi/how-to-choose-the-right-curve-pool-for-you/
    Coindesk Report: https://www.coindesk.com/troll-token-why-defi-yield-farmers-are-now-all-about-yfi

    Decentralised Finance (DeFi) series: tutorials, guides and more

    With content for both beginners and more advanced users, check out our YouTube DeFi series containing tutorials on the ESSENTIAL TOOLS you need for trading in the DeFi space e.g. MetaMask and Uniswap. As well as a deep dive into popular DeFi topics such as decentralized exchanges, borrowing-lending platforms and NFT marketplaces

    The DeFi series on this website also covers topics not explored on YouTube. For an introduction on what is DeFi, check out Decentralized Finance (DeFi) Overview: A guide to the HOTTEST trend in cryptocurrency

    Tutorials and guides for the ESSENTIAL DEFI TOOLS:

    More videos and articles are coming soon as part of our DeFi series, so be sure to SUBSCRIBE to our Youtube channel so you can be notified as soon as they come out!

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • KeyTango ($TANGO): the easiest way to DeFi?

    KeyTango ($TANGO): the easiest way to DeFi?

    KeyTango is an investment solution built on Web3 technologies that function as a gateway for DeFi products and services.

    While the decentralized finance (DeFi) market is growing, the struggle to keep up is getting bigger for many users. And sometimes, because of so many rug-pulls in DeFi, scam tokens, and underdeveloped projects in this space, people choose to avoid it altogether. KeyTango is a solution to these concerns.

    KeyTango offers a one-stop shop for various, reputable, and secure DeFi projects to minimize the risk that a new cryptocurrency holder or trader absorbs. It also offers learning options that can help anyone better understand what DeFi’s underlying concepts and technicalities actually mean.

    Background

    The growth of DeFi projects has been outstanding, posting 725% growth within just 3 months. However, there are still a lot of investors who are unfamiliar with how the ecosystem functions. Most of the new retail traders find themselves into sketchy projects that claim to be DeFi, only to find out later that these projects cannot actually deliver their promise.

    KeyTango is developed with the help of experts from cryptocurrency, financial technology, and investments. The project is also supported by many Outlier Ventures staff members as their angel investors. The goal of the team behind it is to introduce an easy-to-use, Robinhood-like platform, where users can easily trade in the DeFi space within just a few clicks.

    What is keyTango?

    KeyTango is a Web3-based investment solution that functions as a gateway for DeFi products and services. It is connected with multiple projects on a variety of DeFi markets. This gives users a wide selection of financial tools to choose from if they are looking for ways to maximize the capacity of their assets in making a profit.

    KeyTango features a user-friendly interface for any cryptocurrency or DeFi user and focuses on three main goals: discover, learn, and invest.

    Moreover, the platform offers its users a tailored recommendation on the products they could access based on the history of their activity on the wallet they linked. This makes it easier for the users to choose which asset fits their profile and easily avail of the products and services in the instruments suggested for them.

    Discover

    One of the things KeyTango gives to its users is exposure to different DeFi products, such as yield farming and liquidity mining. The platform is backed by a team of investment experts and venture capital managers. More than that, any product posted on the application is carefully curated by MIT and Y-Combinator Alumni, which assures users that the DeFi projects they discover through the protocol are guaranteed of good quality and reputation.

    Learn

    To address the problem of most cryptocurrency holders who do not completely understand some of the complex DeFi projects that they could potentially benefit from, KeyTango introduced a “Learn” layer on the application. Every technical knowledge that any user would need to know will be made accessible on this part of the platform.

    Invest

    Once a user has already understood what it means to put their assets in DeFi, from how they can earn yields to DeFi protocols’ underlying risks, they can easily use the platform to start their investments. The process is simple. Users just need to link their cryptocurrency wallet.

    Products

    Liquidity Pools

    Users who are looking to put their idle assets in a liquidity pool can now easily do so using the platform. In this product, a holder of a token can supply them to the liquidity of any supported decentralized exchange (DEX) to earn additional tokens from trading fees.

    The products that can be accessed on this market are DEXs like Balancer, Bancor, Curve, SushiSwap, and Uniswap.

    Yield Farming

    DeFi projects have their own native utility tokens. Holders of these tokens earn rewards for keeping them and using them to participate in the network’s activities. What yield farmers do is they stake their tokens to DEXs where these utility tokens are traded and supply their liquidity there.

    This way, they can also earn rewards in the form of the token that they supplied liquidity to. There are various yield farming protocols in the market today, however, they can be too difficult for others to access because due to the challenges is finding a safe platform. KeyTango makes it a safer opportunity for investors since they have also curated the projects they support on the application.

    DeFi Trading

    DeFi applications that offer spot trading and leveraged trading functions can be easily found in KeyTango. In these platforms, users will be able to access exchanges powered by automated market makers (AMM). Some of the platforms that are known for this product are 0x, Aave, and Sushiswap.

    Derivatives and Other Products

    As the DeFi economy continues to grow, KeyTango will also adapt accordingly. The application will be working on providing access to new DeFi opportunities such as NFTs, derivatives, and many others.

    TANGO

    TANGO is the platform’s native, utility token. It can be used to pay for the protocol’s transaction fees and to participate in the platform’s governance functions. A portion of TANGO’s total supply will also be allocated to the community treasury.

    Staking

    The platform will have four staking pools: Earlybird Staking, Pro Staking, Expert Liquidity Mining ETH, and Expert Liquidity Mining USDT. They have specific maturity periods and pool sizes which users can see in the interface. Users can also have an estimate of their potential profit as the pools also indicate their APY for each one.

    keyTango staking
    Some of the staking options available on keyTango (Image credit: keyTango)

    Conclusion

    KeyTango is a project that the whole DeFi space could benefit from. Having assembled a team of experts to curate the projects that will be made available on the platform provides a tremendous advantage. More than the minimization of risks and breaking the psychological barrier that keeps people from adopting DeFi, it also raises the awareness of the public as to what DeFi can offer.

    This is why the project is a promising complement to the DeFi ecosystem. Getting people to understand how DeFi works and enabling a way to easily supply their assets in the best projects available can be a huge boost when it comes to achieving wider adoption.

    Decentralised Finance (DeFi) series: tutorials, guides and more

    With content for both beginners and more advanced users, check out our YouTube DeFi series containing tutorials on the ESSENTIAL TOOLS you need for trading in the DeFi space e.g. MetaMask and Uniswap. As well as a deep dive into popular DeFi topics such as decentralized exchanges, borrowing-lending platforms and NFT marketplaces

    The DeFi series on this website also covers topics not explored on YouTube. For an introduction on what is DeFi, check out Decentralized Finance (DeFi) Overview: A guide to the HOTTEST trend in cryptocurrency

    Tutorials and guides for the ESSENTIAL DEFI TOOLS:

    More videos and articles are coming soon as part of our DeFi series, so be sure to SUBSCRIBE to our Youtube channel so you can be notified as soon as they come out!

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Ethereum ($ETH) Merge: What is it and everything you need to know

    Ethereum ($ETH) Merge: What is it and everything you need to know

    As Ethereum is steadily approaching the transition to a Proof-of-Stake mechanism, one notable thing that has changed, aside from further protocol development, has been the change in terminology.

    We have already covered Ethereum 2.0 extensively in one of our ongoing blogs where we go in-depth on everything you need to know about Ethereum’s transition to PoS:

    Let’s take a closer look at the rebranding from Ethereum 2.0 to the Ethereum Merge, as well as go over the most recent developments in Ethereum’s roadmap as of May 2022.

    Check out our latest video- Ethereum Merge: ALL you need to know (including ETHPOW)

    Ethereum Merge: ALL you need to know (including ETHPOW)

    And check out our video- Ethereum Merge: Things you don’t (but need) to know as an investor

    The Ethereum Merge: Why the shift from Eth2.0?

    The move away from using the former term “Eth2.0” that signified the final transition from PoW to PoS was a result of several different developments and considerations, both technical and cultural.

    On the technical side, the use of Eth2.0 started to become an inaccurate representation of the PoS transition. Originally, the Ethereum 2.0 roadmap envisioned that both the Phase 0 (Beacon Chain) and Phase 1 (Sharding) would be completed before the final transition. (Clonazepam) But the Beacon Chain was developed faster than expected, making researchers realize that the final migration to a PoS mechanism would be delayed by years due to the focus on sharding. In addition, the ever-growing pressure from the masses about the environmental impact of PoW chains made the migration to PoS that much more pressing.

    As the Beacon Chain was deployed, Ethereum L2 rollups started gaining popularity, demonstrating significant scalability potential even for a non-sharded Ethereum blockchain. This released some pressure on solving the scalability challenges that Ethereum’s L1 has faced for years, allowing the R&D team to focus on the remaining Ethereum’s upgrade plans both for the PoW chain, as well the Beacon Chain.

    From a cultural perspective, the use of the old terminology would’ve further perpetuated confusion about the nature of Eth1.0 and Eth2.0, making it seem like once Eth2.0 is launched, Eth1.0 will be gone, which is not the case. In addition, scam prevention was another consideration that favoured the rebrand, as the distinction between Eth1.0 and Eth2.0 would’ve likely resulted in scammers trying to convince users to swap their ETH tokens for fictitious ETH2 tokens.

    The result of all of this was a decision to move away from the confusing Eth1.0 and Eth2.0 terminology, and rather call the transition to the PoS mechanism on the mainnet The Merge. By choosing to name the process instead of the final outcome (which in reality remains, in essence, the same), a lot of headache and confusion has been avoided.

    Progress Towards The Ethereum Merge: Current status 

    Public testnets being battle-tested

    Deployed in late December 2021, the Kintsugi testnet was a public testnet meant to allow execution and consensus client developers and application developers to become familiar with the post-Merge environment. The testnet was bombarded with transactions, bad blocks, and chaotic inputs to battle test it and find bugs.

    A new specification for the proceeding public testnet, called Kiln, was published after edge cases from Kintsugi had been discovered. It’s expected to be the last new public testnet to be created before the existing ones are upgraded. Continued extensive testing of the Kiln has been taking place since The Merge took place on it on March 15th 2022. The Ethereum community practised running their nodes, deployed contracts, tested infrastructure, and threw everything they had at it to see if it breaks.

    Mainnet shadow forks

    Although a lot had been learned since deploying and testing Kintsugi and Kiln testnets, they were still very young testnets with little activity, which prevented proper stress testing of assumptions regarding syncing and state growth. And this is where shadow forking came in. Shadow forking makes it possible to fork an existing testnet, such as Goerli, and the mainnet (with a lot more activity), and add merge related properties to its config, thus allowing the fork to inherit the state of the original testnet.

    These shadow forks are short-lived, allowing for testing on them only for a few weeks until a new beacon chain has to be spun up.

    Three Goerli testnet shadow forks took place in January and March, and the first mainnet shadow fork happened on April 11th 2022, with the second one following on 23rd April.

    The results of the latest mainnet shadow fork have been described by Adrian Sutton from ConsenSys in his twitter thread. The team will continue stress testing main forks, and collaborate with client developers to make them even more robust against edge cases. From now on the main theme as we approach The Merge has been and will be – testing, testing, and even more testing.

    Wen Merge? The Triple Halvening, And Price Predictions

    As to when The Merge will happen is still somewhat up in the air. No one has, understandably, given any specific dates, but the general consensus is that late Q3 is the time when we are likely to see it finally happen. The dev team’s sole focus is on The Merge, with very little else discussed, as can be seen in the latest AllCoreDevs session update by Tim Beiko.

    Price predictions are also under hot debate, as, once The Merge is complete, two factors will influence ETH’s price, one emotional, the other baked into the protocol. Realistic estimates of the fair price of ETH fluctuate around $5000.

    The emotional aspect, as experienced by the market, will result from The Merge successfully completing, which will mark the end of the most significant change in the protocol in Ethereum’s history, and solidify the incredible technical competence of Ethereum core devs and researchers, further giving the market confidence in ETH as an asset and the ecosystem as a whole, driving up the price further.

    The technical reason for why price is likely to pump is due to the Triple Halvening, which will reduce Ethereum’s annual inflation rate from 4.3% to 0.43%. Following last year’s EIP-1559 upgrade, Ethereum now burns about 70-80% of the fees, with the rest going to PoW miners. Post Merge, these fees will go to the PoS validators. This means that ETH stakers will see their rewards rise to about 8-10%. Staking will lock in significant amounts of ETH, as staked ETH cannot be moved or used in the markets, making enormous amounts of ETH illiquid, further driving up the price. EIP-1559 and The Merge combined are predicted to cause the equivalent of 3 bitcoin halvenings, reducing ETH sell pressure by up to 90%.

    In addition, the move to an environmentally friendly PoS mechanism, which will reduce energy consumption by up to 99.95%, will make the asset much more appealing to institutional investors who might’ve been kept away from investing due to public’s pushback on Ethereum’s current energy consumption.

    Great progress is being made by the Ethereum team, and the continued successful merges of mainnet forks clearly demonstrate the culmination of 6 years of back-breaking work, and give hope that The Merge truly is just around the corner. For those interested in the nitty-gritty of The Merge preparations, it’s worth checking out The Merge Mainnet Readiness Checklist which lists in detail all of the various tasks that need to be worked through to make The Merge ready for Mainnet release.

    Why is the Ethereum Merge so important to crypto traders?

    Many cryptocurrency and particularly Ethereum ($ETH) traders are eagerly anticipating the Ethereum Merge because afterward, the issuance of ETH is expected to be reduced by about 90%. This means there will be less ETH in circulation, and in turn, the lower the supply, the higher the demand- potentially resulting in Ethereum prices going up.

    ETH Merge is a huge success!

    On 15th September 2022 at 06:42:42 UTC at block 15537393, the Merge was completed.

    Missed our historical LIVE Merge party? Check it out here!

    Ethereum Merge Party – Watch the Merge live!

    How have Ethereum ($ETH) prices reacted to the Merge?

    Ethereum ($ETH) prices showed a slight pump in the hours following the Merge. Prices hit a peak of over US$1,640 before coming back down to just under US$1,600. The next crucial point in terms of where ETH prices would go would depend on whether there is any hard fork.

  • Enjin Wallet Review and Tutorial (2022)

    Enjin Wallet Review and Tutorial (2022)

    Enjin Wallet Review

    Enjin wallet is a secure and easy to use mobile cryptocurrency wallet (iOS/Android). It’s extremely simple to use and contains advanced features such as Dapp Browser, QR code airdrops, Cryptocurrency Exchanges and Enjin’s own NFT marketplace integration. It’s the most secure mobile wallet we’ve tested with a two-layer security encryption and secure keyboard. Enjin wallet supports a wide range of cryptocurrencies such as Bitcoin, Ethereum (all ERC-20 and ERC-1155 Tokens), Binance Chain, Litecoin, Polkadot and Kusama. Enjin wallet is created as a companion to the Enjin Platform.

    Best Software Wallet Award

    Enjin Wallet is our Gold Award winner in the Free / Software wallet category. We were impressed by the wallet’s security features such as custom memory sweeps and double encryption. Enjin wallet is our top recommendation for any beginner who wants to keep their cryptocurrencies safe.

    Is Enjin Wallet Safe to Use?

    Security is the biggest concern for wallets as hackers are known to attack various wallets and attempt to steal funds. Enjin wallet offers the best in class security for mobile wallets.

    • Two-layer encryption: Hardware AES and software encryption is employed on the lower and application layer respectively
    • Secure keyboard: The protected keyboard bars keyloggers and/or data sniffers from tapping into your mobile device to steal data. It can also be randomized to increase security.
    • Screenshot blocking and Random Access Memory (RAM) encryption: The wallet’s operating system level restricts screenshots and video recording. On the memory level, transactions are conducted on a secure RAM.
    • Custom libraries: Enjin Wallet features custom libraries that remove the private keys from the device memory after use – significantly reducing the attack service.
    • Protection processor flaws: special code is put in place to deal with flaws in ARM processors.
    • Security Audited: ORU security team found no issues that could be used to compromise the wallet or the cryptographic keys stored in the system (full security report here)
    • Samsung Blockchain Keystore support: Enjin supports the Samsung Blockchain Keystore for private key protection under Samsung’s military grade security Knox.

    Mobile wallets are classified as a “Hot Wallet” – meaning this wallet is connected to the internet. The Enjin team has devised special counter-measures to deal with hackers attempting to steal cryptocurrencies. All private keys are double encrypted, so even if hackers stole the file it cannot be decrypted. On top of this, the special designed Enjin keyboard deals with keyloggers – making sure that the on-device decryption process is safe. Lastly Enjin used custom libraries to wipe the private key from device memory once the transaction is sent – unlike other mobile wallets.

    We added many security features that regular wallets don’t have. Enjin Wallet cannot be Keylogged and not affected by CPU flaws like Meltdown and Specture.

    Witek Radomski CTO of Enjin

    Hot wallets are generally considered less safe due to possible device based vulnerabilities (CPU or Memory flaws) which could compromise the security of the mobile phone. That being said, Enjin wallet’s can be considered to be the best out of all mobile wallets. For large amounts of cryptocurrency storage, we recommend the use of cold wallets like the Ledger Nano X.

    We found the security of Enjin Wallet to be the best among mobile wallets, with external security audits confirming our viewpoint. We give it the highest security rating of 4/5 – the highest possible rating for “hot wallets“.

    Security: 4/5

    What Cryptocurrencies does Enjin Wallet Support?

    The Enjin wallet supports the storage of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), Binance Chain tokens (BEP2), Polkadot (DOT), Kusama (KSM) and Ethereum-based tokens. For Ethereum-based tokens, Enjin supports those created using the ERC20 and ERC1155 standards. Select ERC-721 collectible tokens are also supported, namely for God’s Unchained, CryptoKitties, Blockchain Cuties and Axe Infinity.

    Did you know that Enjin introduced the ERC1155 token standard? Learn more with our ERC1155 token explainer.

    The ERC1155 tokens fit into the Enjin ecosystem as these tokens can represent in-game assets. This fits perfectly into Enjin’s game development ecosystem for blockchain-based games.

    The wallet allows users to sort, view, and show virtual currency balances in your local currency. Enjin’s partners Bancor, Kyber, and Changelly allow you to easily swap tokens.

    Multi-currency Support: 4/5

    Enjin Wallet Exchange Interface
    Enjin Wallet Cryptocurrecy Exchange Interface

    Design and interface

    The Enjin wallet sports a clean and intuitive design. The wallet also allows you to easily switch from viewing your balances in cryptocurrency or the equivalent in your local fiat currency. This is extremely helpful in allowing you to know how much your portfolio is worth with a simple glance.

    What is also helpful is the ability to easily create additional wallets. So say if you send or receive cryptocurrencies for different purposes, you can create a wallet for each of them (kind of like having partitions in your actual physical wallet) which makes managing your finances very convenient and easy to trace.

    One slight gripe I have about the Enjin wallet is that when you look at the individual cryptocurrency balances in your wallet, there is a discrepancy in the balance shown at the top and the bottom (which is the correct balance). Though this does not affect your usage of the wallet, you just need to know and accept that the bug is there.

    Incorrect balance shown
    The balances shown are inconsistent, the one circled in red is actually correct

    Despite this, Enjin wallet makes up for it with the fact that features the cleanest interface out there and additional functions not seen in any other software wallet. Because as we will see below, the Enjin wallet is more than a really good software wallet. The wallet is only one small part of Enjin’s whole gaming ecosystem. Rather, the wallet opens up additional features such as a QR code scanner, wallet for in-game collectible items and marketplace for you to trade these collectibles.

    Software design: 5/5
    Ease of use: 5/5

    Final thoughts- my experiences with Enjin wallet

    I personally store small amounts of crypto on the Enjin Wallet so I can trade, or pay or receive crypto on the go. It has an easy to understand interface with a wide range of supported coins. So I have no hesitation to use it as my primary wallet. I had friends who were new to cryptocurrency and were completely overwhelmed when hearing other people talk about hardware wallets, exchanges and crazy hacks. I showed them my Enjin Wallet and it only took them less than 30 minutes to install and master. My guess is that without Enjin wallet’s simple and easy to understand design, they would have not bothered with cryptocurrencies at all. 6 months on, they are now trading cryptocurrencies regularly.

    Enjin Wallet Ecosystem

    Collectable Token Support

    Enjin has created its own ERC-1155 digital token standard which can be used to create both fungible (currencies) and non-fungible (NFT) (digital cards, pets and in-game skins) assets on the Ethereum Network.

    With the Enjin wallet, you can receive, send or melt these NFTs. The NFTs can be collectable items or in-game assets.

    You can use the wallet to trade NFTs with your friends and there are Telegram forums dedicated to buying and trading collectibles!

    Boxmining NFT collectable items
    Boxmining NFT collectable items

    To learn more about all the games and the Enjin Multiverse, check out their website. Though a fantastic feature, the Enjin Mintshop, where you could mint your own NFTs was unfortunately deprecated upon launching the public mainnet of the Enjin Platform in 2020.

    Boxmining collectable items are frequently given out as a way to say “Thank you!!” to our fans. Subscribe to Boxmining’s YouTube channel and click the notification bell so you don’t miss out!

    Scan for QR Airdrops (Enjin Beam)

    Enjin Beam QR giveaway
    Enjin Beam QR giveaway

    These giveaways could be found on various websites, games, and promotions on the Boxmining Channel. The Enjin Beams can take two forms: Airbeam, which sends all users the same collectible, or Lootbeam, which includes a variety of assets of varying rarities, so each user is likely to get different combinations of these loot assets. Read more about Enjin Beam here.

    Enjin Wallet Marketplace

    Digital Collectible items (ERC-1155 tokens) can be directly sold on the Enjin marketplace using the built in features of the Enjin Wallet. This first of a kind feature allows gamers to trade items safely without any risk by using ethereum smart contracts. Items can be listed on the marketplace by using the “sell” feature in the Collectibles tab. The procedure is a 1 step process where seller directly inputs a selling price and confirms by executing the contract on Ethereum (paying gas in the process). The item will be directly listed on the Enjin Marketplace for public purchase.

    Exchange Function

    Enjin’s partners Changelly, Bancor, and Kyber allow users to easily swap between different cryptocurrencies. All you need to do is type in the amount and type of cryptocurrency you want to convert and the cryptocurrency you want to convert it to. The amount you will receive and the details of the transaction will be automatically calculated and displayed you. If more than 1 exchange offers the type of conversion you want, the information will be displayed for you to compare and choose the one that’s best for you. Then all you need to do is press “convert” and it’s done!

    Marketplace

    The Enjin wallet also allows you to directly access their Marketplace, where you can browse and buy various NFTs. Payment can be made directly from your Enjin wallet.

    Dapp Browser

    Enjin Dapp Browser Support
    Enjin Dapp Browser Support

    Enjin wallet includes one of the best Decentralized App Browser we’ve ever seen. The clean user interface displaces the various Exchanges, Financial, Games and Social Media Services.

    Remember to check out our Enjin Guide to learn more about Enjin’s ecosystem and what’s next for Enjin.

    Enjin Wallet Tutorial: How to Set Up Enjin Wallet

    Downloading and setting up your Enjin wallet is super easy and most importantly, its FREE.

    First you will need to download the Enjin wallet app from the Apple App Store or Google Play Store.

    Open up the app, select “crypto wallet” and then “create wallet“.

    Select the password you want for your wallet. When setting up your passwords and later backing up your wallet, make sure you are in a secure environment where you are not being recorded. Thieves will be able to access your wallet if they obtain this information.

    Then, select which cryptocurrencies you would want to hold in your wallet. You can always add or remove more types of cryptocurrencies later. Then press “create wallet“.

    The app will then ask if you want to backup your wallet. This is so that you can reinstate your wallet at a later date, for example when you change your phone and need to reinstall everything. So it’s highly recommended to do this step, even though it may seem tedious.

    The backup is a 12 word recovery phrase that you will need to correctly re-enter to reinstate your wallet. So keep these 12 words recorded and stored in a safe place. See here for some ideas and tips on how to keep your recovery phrase safe.

    You will then be asked to verify your passphrase by entering 2 of your 12 word recovery phrase at random. You will then be taken to the select coins menu where you have another chance to select the coins you want to hold in your wallet. Again, you can choose to add other coins later. If you are happy with the list of coins selected, click “create wallet“. The setup is then completed and you will then be taken to the main page of your wallet.

    How to Send and Receive Cryptocurrency Using Enjin Wallet

    Sending Cryptocurrency

    On the main page of your wallet, select the cryptocurrency you wish to send.

    For this demo I will be sending Bitcoin, so I selected “BTC”.

    Then on the following page (second picture below), select “send“. On this page you can also see your transaction history for this cryptocurrency. Note: the balance shown on the top left hand side of the second picture below is sometimes inaccurate. This is a bug in the app which hasn’t been fixed yet. However this is only a display issue and does not affect your actual wallet balance which is displayed in the larger font.

    On the send page (third picture below), I usually select “Advanced mode” which allows you to type in the number of satoshis per byte you wish to send your cryptocurrency with. The more satoshis per byte, the faster the send and of course the higher the transaction fee.

    On the send page you have 3 options for inputting the receiver’s address, either: (a) type in the address; (b) paste the address; or (c) scan the recipient’s QR code address.

    For the demo I will scan the recipient’s QR code address, so I selected the QR code icon on the top right hand corner, which opens up my phone’s camera, as shown in the second picture below. There I can either choose a QR code from my photo gallery, or in this case, I scanned the QR code of the recipient.

    Once you’ve scanned the recipient’s QR code you will be brought back to the send page (first picture below) with the recipient’s address filled in. In the second entry you can enter in the amount you wish to send or simply click “ALL” to send the entire balance in your wallet. And in the third entry the number of Satoshis per byte, which as mentioned will determine how fast your transaction will be sent.

    To see how many satoshis per byte I would want to send my cryptocurrency with I go on the website whatthefee. This website gives an estimate of how fast my transaction will go through at any given time (second picture below). On the table, the figures in black represent the percentage likelihood a transaction will take a given length of time. The figures in the middle represent the number of satoshis per byte. So for example, the green shaded entry on the top right hand corner means that with 20.1 satoshis per byte, there would be a 95% chance your transaction will go through in 0.5 hours. The higher the satoshis per byte, the faster my transaction and consequently the higher the transaction fee.

    Once you’ve entered in the recipient’s address, send amount and satoshis per byte, click “next step“. This will bring you to the confirm transaction page (third picture above). Here you can double check that the details are correct, if it is, click “send now“. Now you are all done!

    Receiving Cryptocurrency

    On the main page of your wallet, select the cryptocurrency you wish to receive. If the cryptocurrency you want to receive is not shown, click the “+” button on the top right hand corner, select the coin you want to receive and then click “update coin list”.

    For this demo I will be receiving Bitcoin, so I selected “BTC”. Then on the following page, select “receive“. Your Bitcoin address will then be displayed in the form of a string of letters and numbers, or a QR code representing your address. You can then either (a) copy the address and give it to whoever will be sending your cryptocurrencies; or (b) have them scan your QR code address.

    Note: the balance shown on the top left of the second picture below is sometimes inaccurate. This is a bug in the app which hasn’t been fixed yet. However this is only a display issue and does not affect your actual wallet balance which is displayed in the larger font.

    When the cryptocurrency is successfully sent to your wallet, the balance on your main page will be updated. Tip: You can select the small circular arrows next to “value” to display the balance in your local currency or the cryptocurrency itself.

    Congratulations! You are all set!

    Successfully set up your Enjin wallet? Learned how to send and receive crypto? Now it’s time to get started with trading Bitcoin and other cryptocurrencies! Check out my course created in collaboration with Jeff Kirdeikis of Uptrennd- Bitcademy: Learn, Invest & Trade Bitcoin – In Under an Hour

    Enjin Wallet 2.0

    Enjin is also currently enrolling users in testing its Enjin Wallet 2.0 Beta, although it’s only available for Android users. This new wallet will be a completely re-written Enjin Wallet from the ground up, including all of the code to ensure better performance, stability and reliability, as well as a completely new UX and design.

    If you want to participate in testing the Enjin Wallet 2.0 Beta, you can sign up here!

    FAQs

    How to download the Enjin Wallet?

    The wallet is available for use on mobile devices powered by iOS or Android operating systems. Download the Enjin wallet on the Apple App Store or Google Play Store.

    Can I import cryptocurrencies from other wallets to the Enjin wallet?

    The Enjin wallet allows coins to be imported from other cryptocurrency wallets. Examples of cryptocurrency wallets are: Bread, Eidoo, Exodus, Coinomi, MetaMask, Trezor Model T, Ledger Nano S, Ledger Nano X and Jaxx.

    The wallet uses an extremely interactive and secure user interface. This eliminates the confusion of copying and pasting addresses.

    How does Enjin bring NFTs to Video Games?

    One of the key features unique to the Enjin Wallet is the ability to bind the wallet to various video games. So together with the ability to send and receive, scan QR codes and their Marketplace, players can obtain NFT tokens representing various in-game items and import them into different video games. This allows players to truly own digital assets – the items are not stored centrally on databases but on the Ethereum blockchain instead. (https://www.hanakaimaui.com/)

    Link Enjin Wallet Interface
    Link Enjin Wallet Interface in Forgotten Artifacts
  • STEPN Guide and Review

    STEPN Guide and Review

    STEPN is the most popular move-to-earn blockchain game in the crypto market this year after some significant adoption by the market and big moves with other major exchanges and well-known sneaker brands.

    Move-to-earn is a new way to earn money through gaming with the novelty that it rewards not only digital activity within a game or app, but also physical activity. In short, the more you move in the real world, the more you are rewarded in your digital app.

    STEPN has been crushing it lately after surpassing 300K daily active users (DAUs), receiving a strategic investment from the venture capital arm of Binance, and launching a unique collection of NFT sneakers on Binance NFT marketplace in partnership with sports brand ASICS.

    What is STEPN?

    STEPN is a move-to-earn health and fitness app with game elements built on Solana. Users equipped with sneaker NFTs can run and walk outdoors to earn tokens and NFT rewards. The funds earned can either be used to increase earnings in the app or can be withdrawn and sold. The mobile app has a built-in wallet, swap, marketplace, and rental system that allows non-crypto users to onboard.

    How does STEPN work?

    Anybody can earn tokens and NFTs in STEPN by downloading an app, buying NFT sneakers, and completing various forms of exercise. Similar to how Bitcoin mining works, users in STEPN have to prove they have physically worked out, at the cost of their own time and energy. This is validated by the app’s anti-cheating mechanics using GPS and machine-learning technology. 

    The tokens and NFTs are then minted to users’ wallets from the people, not from the game developer FindSatoshi Lab, known for its work on cryptocurrency wallet Solwallet. In this way, people can trade their tokens and NFTs 100% peer-to-peer and over time. STEPN has created an ecosystem where the value of tokens and NFTs is based on supply and demand.

    STEPN tokens: GMT and GST

    There are two types of tokens available to players, GMT (total supply of 6 billion) and GST (unlimited supply). GMT is a management token that allows users to increase their income. GST is an in-game token that users receive for in-game activity.

    To create a balanced token ecosystem, the developers have decided not to limit the GMT governance token earning to a small group of people. Instead, they have made GMT and GST broadly accessible to ensure balance in the mining of these two tokens.

    Since many GameFi projects with a similar dual-token economy have tended not to thrive, the question is raised about whether GST, with its unlimited supply, will go into a death spiral. STEPN’s model addresses this by making GST earning irrelevant at a higher level. As people approach the higher levels, they are presented with the option to choose which token to earn, and they would naturally want to earn the limited supply of GMT. 

    This will get amplified over time as more GMT is burned and more GMT use cases are released. This should reduce the GST token supply enough to balance the token value. If too many people are mining GMT, they will earn less than what they can with GST, so they will switch to earning GST. This will reduce the competition for earning GMT, and, in turn, make GMT mining profitable again.

    Getting started with STEPN

    To get started with STEPN, you must first download the app to your smartphone via Google Play or Apple Store. Then, following the on-screen instructions, you will need to create an account and receive an activation code. 

    You will be able to use the app fully once you have purchased your NFT sneakers from the in-app STEPN shop. Choose your sneakers based on your abilities. Once you have purchased the sneakers, open the game and start walking or running. You will start earning immediately.

    How to join STEPN: Step-by-step guide

    1. Download the App

    First, you have to install the app on your smartphone. Depending on the model of your phone, you can do this either from the App Store or from Google Play.

    2. Create an Account

    After launching the app, you will need to enter your email address, to which you will receive a registration confirmation code. Enter your email address and press the ‘Send Code’ button. A code will be sent to your email address, and you will need to enter it in the corresponding field.

    3. Obtain Activation Code

    You then need to obtain an app activation code. To obtain the activation code, register in the STEPN community on one of the official social networks. Choose the social network that suits you best (Twitter, Telegram, Discord, etc.) and proceed according to the on-screen prompts. An activation code can also be received from a friend via invitation or bought from another user.

    Once you have received the activation code, the main app screen will open. Click on the ‘Get activation code’ button. After you have entered your activation code, the app will open and the tutorial will start. Several screens will explain to you how to use the app.

    4. Create a Crypto Wallet

    You then need to create a crypto wallet in the STEPN app. Click on the wallet image in the top-right corner of the app. This will start the process of creating a crypto wallet, which will take a couple of minutes. While creating the wallet, you will be shown a secret phrase that you need to write down and keep in a safe place. Once the crypto wallet has been created, you will be taken back to the main app screen.

    5. Start the Game

    In the top-right corner, the token column will show zeros. To start the game, you need to deposit Solana (SOL) tokens into the crypto wallet you just created, in the amount that will allow you to purchase an NFT in the form of a sneaker. SOL can be bought on almost any major CEX or DEX.

    6. Buy NFT Sneakers

    TIP: Before you buy sneakers in STEPN, open the app and run for 10 minutes in running mode without sneakers. This is so that you can find the right type of sneaker for you. NFT sneakers are purchased in the shop. After buying the sneakers, wait until 25% of the energy has accumulated (approximately 6 hours) and then start the game. You are now ready to move-to-earn!

    Playing and Moving to Earn

    STEPN currently has solo mode only, in which users receive GST tokens as a reward for moving in the real world. This consumes virtual energy at a rate of 1 unit per 5 minutes of movement. All of these processes are only triggered after the purchase of NFT trainers. If the energy is at zero, no tokens are earned. 

    GST tokens, and subsequently GMT, are paid out depending on the following factors:

    • The level and attributes of NFT sneakers – more efficient sneakers cost more. Up until Level 29, users can only earn GST, and from Level 30 onwards, they can switch to earning GMT if they wish.
    • Sneaker comfort parameter – the higher it is, the more tokens are earned every minute.
    • Running speed – it is necessary to maintain the recommended speed range for the sneaker. If you deviate too much from it, earnings will be reduced by up to 90%.

    Marathon and background modes are set to be added later. Marathon mode will be an entirely new playstyle and is aimed for release towards the end of 2022. Background mode will be added when the STEPN team feels the time is right to approach non-crypto users.

    The Importance of Energy

    Energy plays an important role in earning tokens in STEPN. As soon as you run out of energy, your earnings will stop. Only when energy is available will your movement be rewarded. The amount of energy determines how many tokens you can earn for walking and running. 

    To increase the amount of energy you have, you can buy more NFT sneakers or get hold of rarer ones. The more NFT sneakers you own in your inventory, the more energy they will automatically generate. Higher levels and rarity sneakers will give you more energy.

    Strengths of STEPN

    One of STEPN’s biggest strengths in the current market is the successful combination and implementation of GameFi and sports. This could be seen as a clear advantage over any competition as many crypto-native builders don’t have the connections or knowledge to replicate STEPN’s GPS technology and machine-learning anti-cheating mechanics. 

    Because the health concept of the game and its everyday practicality is relatively simple compared to other games and apps in crypto, STEPN is a prime candidate for mainstream adoption.

    Weaknesses of STEPN

    There are still quite large barriers to entry for the average person. The registration process is too complicated, and to start playing, new users need to first learn how to open and fund a crypto wallet and buy an NFT item. For a newbie, this is not as straightforward as it should be.

    NFTs also cost between 2.5 and 10 SOL, and way upwards of $100 if you want the best sneakers. This means there is an element of ‘pay-to-earn’ about STEPN. However, at the moment, the return on investment (ROI) is in the region of a few weeks, which is not bad at all.

    Conclusion

    Making money while keeping healthy is a win-win, and as a sports GameFi product, STEPN has struck a decent balance between game elements that are not too rich and complex to stop non-gamers from entering, and sports elements that are not too difficult to stop non-athletic people from trying it out. 

    The tokenomics also create value for both users and the platform. As long as the concept remains simple and participating remains profitable for the average user, STEPN should continue its impressive adoption rate.

    For more information on STEPN, follow their official channels:

    Website | Twitter | Telegram | Discord | Reddit | Medium | Email