Its rise to the top has been boosted by its promise of “zero fees with deep liquidity”, regular promotions and activities, listing the latest cryptocurrencies at lightning speed, lower slippage, and powerful features.

Originally going by the name AQX, which stands for “Access, Quality, and Xtraordinary”, Flipster was founded in 2021 to address the many challenges crypto investors face. These challenges included the lack of risk protection, low liquidity, and a lack of features that made it easy to make use of their DeFi assets.

Today, Flipster has become a favorite among those looking to trade altcoin/Bitcoin derivatives with virtually no fees, up to 100x leverage, and instant flips.

Let’s take a closer look at what they have to offer…

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Flipster Features

One of the biggest challenges the crypto space faces today is making a technically complex technology like blockchain and cryptocurrency easily accessible to its users. Exchanges like Binance choose modularity by offering a wide range of features and options that can be overwhelming for newcomers.

Flipster has taken a different approach. By focusing on a limited and powerful set of features, Flipster aims to simplify the crypto derivatives trading experience while still providing robust functionality. In other words, Flipster knows its target market.

Flipster offers its crypto derivatives trading services through its mobile app and website. Their mobile app is available on iOS or Android. The user-friendly web and app interface makes it easy to learn and execute trades with speed and ease, lowering the entry barrier even for traders with limited experience. Traders can capitalize on market opportunities wherever they arise in a few taps on the Flipster app, or analyze their portfolio on the web interface, for a fast and frictionless trading experience anytime, anywhere.

Registering for a Flipster account is a quick process that can be completed in a few simple steps. Users who own crypto on another platform or wallet can deposit it to Flipster to start trading.

Trading

As expected, altcoins and Bitcoin derivatives trading are the meat of Flipster. With a selection of more than 250 perpetual futures listings, the platform offers up to 100x leverage.

• Flipster’s trading feature is characterized by its low slippage, high liquidity, and narrow bid-ask spreads.
• This, combined with Flipster’s high performance at times of low and high market demand, makes it a great choice for anyone looking to trade cryptocurrency derivatives efficiently.
• Flipster’s trade feature can be explained in less than 60 seconds: choose a coin, select the leverage, choose a short or long position, and confirm the order.
• Users who want to use features such as Take Profit/Stop Loss, Instant Flip, Trigger Order, etc, can do so at any time, making Flipster a good choice for veteran and new traders alike.
  • Instant Flip: All it takes is one click to instantly reverse an existing position and open a new position in the opposite direction (long/short). Traders can adjust their trading strategies quickly and easily in response to changing market conditions.
  • Multiple Positions: Open up to five positions or pending orders per symbol, supporting diversification and risk management.
  • Trigger Order: Traders can set instructions to execute a trade only if specific predefined conditions are met, such as price levels and market movements.

Flipster’s trading analysis interface comes with all the tools any experienced trader will need.

While the standard view will be more than enough for a beginner, more advanced traders can also make use of indicators such as:

• Average Directional Index
• Relative Volatility Index
• Price Oscillators
• Bollinger Bands
• Moving Averages,
• RSI

Flipster Earn Campaign

Flipster’s Earn Campaign is all about helping investors maximize their crypto assets, by allowing them to trade using USDT as a margin while earning APR at the same time. By depositing USDT to fund their accounts, users will start earning an APR as high as 20% at the time of writing. The perfect choice for those who are in crypto for the long term, users can put their idle crypto to work during market downturns, ready to be used on the next trading opportunity.

Unlike similar features in other exchanges or platforms, Flipster doesn’t require users to lock in their assets or opt-in in any way. As long as there are USDT funds in the account, users will be passively earning interest on their deposits, up to a wallet balance of no more than 1 million USDT.

Any rewards resulting from the Earn Campaign are automatically deposited in the user’s account within 1 business day from the system snapshot.

Launchpool

Flipster’s Launchpool provides users an opportunity to earn more on their cryptocurrency holdings, by allowing them to earn daily USDT rewards on their staked crypto tokens. By staking their assets, users can start generating a stream of daily USDT rewards, earning on top of any potential price appreciation of their crypto.

Users can boost their earnings by up to 4x by achieving a minimum trading volume and/or becoming a Flipster VIP. This offers an attractive way for users to maximize their returns, especially for those who have crypto sitting idle and are holding for the long term.

Cryptocurrency Perpetual Futures Listings

Flipster currently supports Bitcoin and over 250 altcoins, including some of the most popular projects out there. This includes popular coins like BTC, ETH, XRP, SOL, BNB, DOGE, ADA, etc, as well as top movers like PEOPLE, GAS, SUPER, BOND, ZEN, and ZEN. You can see all the available coins here.

Customer Support

Users can access live customer chat support on the Flipster app or website, which is available in all time zones.

Fee Structure

Flipster’s fees are virtually non-existent. In the case of trading taker and maker fees, the fee is 0% on all perpetual swap contracts at the time of writing. Similarly, no fees are charged on any deposit beyond the network fees any user might incur when transferring funds.

Now, you might be wondering why we said “virtually”. This is because withdrawals do have a fee that will depend on the coin being transacted with. For example, withdrawing USDT through Ethereum will incur a non-internal fee of 10 USDT, while a TON withdrawal would result in no fee at all. You can find Flipster’s current fees here.

Withdrawal Fees

Flipster’s Security

Flipster adheres strictly to global regulations and upholds the highest level of protection for user assets and accounts, with its world-class security, real-time monitoring of deposits and withdrawals, 2FA, and more. All customer assets are held on a 1:1 basis, and the platform has published its Proof of Reserves on its website, which is updated regularly.

Flipster Referral/VIP/Affiliate Programs

Flipster offers three programs that its users can be part of: Referral Program, VIP Program, and Affiliate Program. These allow them to further benefit from the Flipster ecosystem while helping it grow.

The Affiliate Program offers trading commissions, referee qualification rewards, and exclusive perks to those who apply and are selected. What do selected users need to do? Spread the word to their community and get other users to enjoy the campaigns and features offered by Flipster.

The Referral Program works similarly to the Affiliate Program but is meant for every user, instead of those with an audience. This program offers referrers the opportunity to earn 3% APR on their referee’s USDT wallet balance and trading commissions, within the first 90 days of account registration.

For big traders, the VIP Program offers special privileges such as ”trading rebates, VIP-exclusive Earn Pools with daily rewards of up to 3,000 USDT at the time of writing, and extra APR for special campaigns” to those who achieve VIP status. To do so, a user must have a 15-day trading volume of over 3M USDT or maintain more than 50K USDT in their Flipster wallet.

Flipster Rewards hub

Flipster’s Rewards hub offers both new and existing users a head start on their crypto journey. Users can earn up to 150 USDT by completing simple tasks such as completing identity verification, making a 50 USDT net deposit, executing their first trade, and achieving a trading volume of 100,000 USDT or more. With 5+ USDT in guaranteed reward, this initiative is designed to encourage engagement and reward users for their activity on the platform.

Flipster Airdrop Campaigns

The airdrop campaigns offer users the chance to win up to 1,000 USDT worth of position airdrops without requiring any investment. To participate, users have to register for the campaign and collect one chip daily, with each chip guaranteeing a minimum of 2 USDT worth of airdrop. The more chips collected, the higher the chances users have of winning the top prize of airdrops worth 1,000 USDT.

Who is Behind Flipster?

While Flipster’s success is driven by its powerful features, user-friendly platform, almost non-existent fees, and wide range of perpetual futures listings, the team behind the project has played the biggest role.

The company is led by Chief Executive Officer (CEO) Yongjin Kim. He previously founded Presto Labs after working for over 3 years as an algorithmic trader for Jump Trading. He has served as Flipster’s CEO since August 2022.

The company currently has a team of over 200 employees globally.

Flipster has collaborated with leading brands across industries including Presto Labs, Sumsub, TON, Over Protocol, BONK, Klaytn, and Jasmy.

Conclusion

Flipster’s decision to focus on improving the experience of altcoin and bitcoin derivatives traders through an easy-to-use platform seems to be working.

Not only has it made it easy for the platform to develop its features by prioritizing user-friendliness and functionality, but it has also built more competitive offerings that enable users to elevate their crypto game. The result is a high-performance platform, streamlined user interface, and specialized trading tools.

Flipster caters to both newcomers and experienced traders. The platform’s focus on simplicity, combined with its Earn Campaign and various reward programs, makes it an attractive choice for those looking to maximize their crypto trading experience.

We recommend you take a look.

Visit Flipster

The post Flipster Review: Crypto Futures Exchange With Zero Fees & Deep Liquidity appeared first on Blockonomi.

However, cryptocurrencies are very dynamic, whereas keeping track of all transactions for taxation purposes is bound to be a difficult endeavour. Additionally, regulatory taxation frameworks lack standardization, thus leading to a status-quo that confuses most digital currency holders.

The appropriate philosophy behind taxes is that the process should be streamlined and easy to follow – however, we are in the presence of an emerging market, where financial institutions are still trying to figure out the best approaches towards cryptocurrency taxation. Thus, tax-paying citizens must learn the ropes on-the-go while adapting to potential policy changes.

Luckily, thanks to the presence of digital currency tax software, crypto enthusiasts do not have to do all the heavy lifting, as the process can be vastly improved through the use of specialized taxation platforms.

Top Cryptocurrency Tax Software

Here is a run down of the top crypto tax software currently on the market.

Koinly

Koinly is a widespread cryptocurrency tax software that is well-known for its 20+ country support. Similarly to its competitors, this platform aims at making tax reporting a simple process, through its innovative transaction importing and tax computing tools. Its 6K+ cryptocurrency support, 6+ years of price records, and multiple exchange import options have all contributed towards its rising popularity.

Main features

Like most other cryptocurrency tax platforms, Koinly offers users the possibility to easily track their digital currency assets and the respective taxes owed. The portfolio analysis tool allows users to get a good look at their current holdings, to ensure that smart trading and investment decisions are made. Therefore, there are specific tools that allow for a view on the ROI, invested fiat, income, and profit/loss, and capital gains.

The data import function allows users to save significant time, by no longer requiring tax payers to go back and forth between multiple platforms. As such, Koinly allows users the option to import and sync their transaction data from a number of supported exchanges.

The automated data import is available via either an API exchange connection or by adding cryptocurrency wallet addresses. Data on margin trading, futures trading, staking, lending and DeFi can also be imported. An interesting feature is Koinly’s smart transfer matching, which leverages an artificial intelligence system to detect transfers that are made between your personal wallets, consequently excluding the respective transfers when computing the owed taxes.

Cross-platform compatibility is ensured, given the fact that the software supports 339 exchanges, 8+ blockchains, 73 wallets and 9 other crypto services (such as Purse.io, Nexo, BlockFi, etc.).

Once the data has been imported, the software can be used to create reliable cryptocurrency tax reports. Users can preview their gains and taxes for free, whereas documents can be generated whenever necessary. IRS tax forms such as 8949 can be generated by the platform, but international tax reports are also available for Canada, Germany, Sweden, the UK and a few more countries. Data export to TurboTax and other similar services is provided.

Last but not least, the platform offers several tools designed for error reconciliation. Hence, users can find potential flaws in their record, such as missing transactions and duplicates.

Pricing

Unlike many of its competitors, this platform features a free pricing package, with support for 10,000 transactions, and 50 exchanges, but which lacks the 8949 or schedule D forms, alongside international tax reports, audit reports, or exports to TurboTax. This package is generally suitable for those who want to try out the platform prior to purchasing a plan.

• The HODLER plan is priced at $79 per tax year, and supports 300 transactions, unlimited wallets/exchanges, while offering access to all Koinly features except for priority support, custom reports, and review & import assistance.
• The TRADER plan is priced at $179 per tax year, and supports 3,000 transactions, unlimited wallets/exchanges, and priority support on top of all other platform services.
• The ORACLE plan is priced at $399 per tax year, and supports 10,000 transactions, unlimited wallets/exchanges, priority support, custom reports, review & import assistance, and all other Koinly services.

Visit Koinly

Bear.Tax

Bear.Tax offers users a quick & easy tax filing and computing software that’s designed for the US market, yet is usable in other countries as well. The platform was designed to ensure compatibility with traders, accountants, fund managers, and other forms of cryptocurrency investors. 50+ exchange support, fairly-advantageous pricing plans, automation, and 24/7 customer support are just a few of the features that make Bear.Tax shine.

Main features

In terms of how it works, Bear.Tax takes on a similar approach to most other market competitors. Thus, users must first import their trades via either an API integration of file upload. The trades can be reviewed and processed via either FIFO or LIFO. Lastly, users can have their tax documents auto-generated and downloaded, for processing.

The platform offers a fully-compatible income classification section, where the following income sources are supported: gifts, staking rewards, airdrops, hard forks, referrals, mining, voting rewards, community rewards, inheritances, crypto payments, and earning programs.

The platform’s smart matching algorithm helps ensure that transactions are recorded and processed without taking fees, and block time delays into account. This helps ensure compliance with the IRS guidance, by correctly recording taxable events, while making sure that you do not over-report.

A transaction review prompt is also offered, where users can search for specific transactions and operate modifications. To make sure that the right cost basis for a specific date and time is assigned, Bear.Tax offers historical pricing for every supported cryptocurrency. The cryptocurrency tax software also supports high frequency traders (HFTs) and bots, which are known for posting thousands of transactions.

When it comes down to importing transactions, the platform offers support for most exchanges and wallets available on the market. Similarly, users can import data from an unlimited number of exchanges and cryptocurrency wallets.

Pricing

Bear.Tax currently provides customers with four payment plans: basic, intermediate, expert, and professional.

• The basic plan is priced at $10 per tax year, and supports up to 20 transactions and unlimited exchanges.
• The intermediate plan is priced at $45 per tax year, and supports up to 200 transactions and unlimited exchanges, while also offering email-based customer support, alongside the other standard features.
• The expert plan is priced at $85 per tax year, and supports up to 1,000 transactions, unlimited exchanges, multiple exchange accounts, and a chat-based customer support service, alongside all other standard features.
• The professional plan is priced at $200 per tax year, and supports an unlimited number of transactions, unlimited exchanges, 24/7 priority chat-based customer support, custom file imports, and even the possibility to connect with a real-life accountant.

Visit BearTax

CryptoTrader.Tax

At this point in time, this platform represents one of the market’s most popular choices, given the fact that it provides cryptocurrency traders and investors with a lightning fast method of calculating their capital gains, losses, and owed taxes. CryptoTrader.Tax promises up-to-date legislation and tax forms, in an effort to ensure that all clients can accurately calculate and report their taxes.

Main features

To kick things off, the platform offers an easy-to-use tax filer. First off, users must create an account, and import their digital currency transactions via the API import tool, or by uploading the trade history file. The platform integrates with virtually all major exchanges available on the market in order to provide users with a seamless experience.

Following the import of trades, users will have to add their sources of crypto income for the current tax year. So far, the platform is able to compute gains obtained via a variety of alternative sources, including mining, gifts, forks, airdrops, staking. Last but not least, users are prompted to choose the preferred calculation method and tax form.

The downloadable tax file report includes a series of documents, such as the income report, the 8949 IRS form, an audit trail report, a short/long-term sales report, the end-of-year positions report, and the TurboTax online direct import.

Once the report is downloaded, it can be imported into TurboTax or TaxAct, thanks to the cross-platform compatible format.

While the platform is mostly geared towards the US market, international support is also offered. As such, taxes can be calculated for any nation that accepts the FIFO and LIFO standards, in virtually any fiat-based currency.

A tax loss harvesting feature is also available, hence notifying users about cryptocurrencies which offer significant tax saving opportunities, thus leading to better long-term transaction planning.

The CryptoTrader.Tax platform includes a business-oriented service, where companies are provided with the necessary tools required for importing, reviewing, and filing tax reports on behalf of clients. Management and automation tools are, too, provided.

Pricing

At this point in time, the cryptocurrency tax software offers 4 pricing plans: Hobbyist, Day trader, High Volume Trader, and Unlimited.

• Hobbyist is priced at $49 per season, and includes support for 100 trades, free report previews, live chat support, unlimited revisions, IRS forms, cross-platform integration with tax filing software, tax loss harvesting, FIFO/LIFO computing, etc.
• Day Trader costs $99 per season, and offers support for up to 1,500 traders, alongside the other features highlighted above.
• High Volume Trader, which is priced at $199, is meant for professional traders, and therefore features support for 5,000 traders. Package holders also receive priority support, alongside unlimited access to the features provided.
• Unlimited comes with a price tag of $299 per tax season, and offers clients unlimited trades and access to the platform’s tools and services.

Visit Cryptotrader.tax

ZenLedger

Many people often vouch for ZenLedger as one of the fastest and friendliest tax tools for cryptocurrency traders, investors, and accountants. The website is well-known for its broad coverage, multiple currency/exchange support, IRS friendly integrations, and multiple payment plans. A unique aspect about ZenLedger is its personalized tax service, as the platform facilitates collaborations between clients and tax attorneys and CPAs.

Main features

To kick things off, doing your taxes via ZenLedger is mostly similar to the other platforms available on the market. Users will have to import their historical transaction data using the API or by simply uploading the respective document. Then, the platform will compute the gains/losses and the afferent tax that is owed for the current season, based on up-to-date regulations.

ZenLedger offers several other features, hence differentiating it from the competition.

First off, FinCen reporting represents an integration that alerts users in case their holdings must be reported to the Financial Crimes Enforcement Networks.

The platform is also very well suited to those who deal with EOS, thanks to the EOS ICO to mainnet support, where the tax software accurately tracks EOS coins that were either unstaked, or moved between EOS and ETH wallets.

TurboTax integration is offered, thus ensuring that clients can easily carry out their final tax calculations, for accurate reporting. Via the tax-loss harvesting system, investors can reduce some of their potential losses, by keeping track of unrealized capital losses. An accounting drill-in spreadsheet is offered, which provides users with an in-depth look at each transaction and how the tax has been calculated.

The platform also offers a CPA suite for accountants that collaborate with cryptocurrency holders. As a result, via this interface, CPAs can obtain an integrated overview of their clients’ portfolios, in a tidy manner that’s bound to reduce the workload.

Pricing

ZenLedger comes along with 5 price plans for their cryptocurrency tax software – hobbyist, starter, premium, executive, and unlimited.

• The Hobbyist plan is priced at $69/tax year, and supports 100 transactions, and up to $15K total asset value.
• The Starter plan is priced at $149/tax year, and supports 500 transactions, and up to $50K total asset value.
• The Premium plan is priced at $399/tax year, and supports 1,000 transactions, and up to $300K total asset value.
• The Executive plan is priced at $799/tax year, and supports 4,000 transactions, and up to $1M total asset value.
• The Unlimited plan is priced at $999/tax year, and supports an unlimited number of transactions, with no asset value cap. Priority support is also ensured.

ZenLedger provides customers with the services of licensed tax attorneys, or accountants, available at three pricing plans: Silver ($750), Gold ($1,250), and Diamond ($2,500).

Visit ZenLedger

CoinTracking

Similar to most cryptocurrency tax software available on the market, CoinTracking provides customers with proficient tax reporting tools that help ensure regulatory compliance and efficient tax reporting.

CoinTraking’s main selling points include personal portfolio analysis, trade imports, tax declarations, coin charts, coin trends, professional customer support, and effective customer security.

The platform has served over 570K users, alongside 750+ CPAs & corporate clients. It offers coin trends for 7333 digital currencies, whereas the total portfolio value of CoinTracking is estimated at $4.3B.

As we will see later on, the platform is suitable to both crypto traders and crypto companies.

Main features

CoinTracking works by carrying out an analysis of user-imported trades, for the purpose of generating data related to real-time profits, losses, coin value, gains, losses, taxes owed and more.

To put things into perspective, the personal analysis feature includes a series of interactive charts for trades and coins, audit reports for profits/losses, alongside an overview of realized and unrealized gains.

Transactions can be imported from over 70 supported exchanges, either via API integration, or through direct blockchain network sync. Exports can be realized in several formats, including Excel, PDF, CSX, JSON, and XML.

When using the platform for tax declaration, CoinTracking can calculate owed taxes via 12 computing methods, including FIFO, LIFO and AVCO. In other words, the platform is compatible with different tax jurisdiction as well, thanks to its adjustable parameters.

CoinTracking aims to help out traders and investors, through an all-inclusive chart history for over 7,000 coins, updated prices, coin statistics, trends, volumes and analyses. In fact, professional help is also provided, as the platform collaborates with numerous CPAs, and full-service experts, whose services can be utilized for accurate tax reporting.

Last but not least, the software features several verifications, meant to help users discover missing or duplicate transactions.

Pricing

From a pricing standpoint, this service features four plans: free, pro, expert, and unlimited. Bitcoin is accepted as a payment method.

• The free plan offers support for 200 transactions, limited reporting for tax/capital gains, personal exports, coin tracking, and CSV imports. This plan is mostly designed for those interested in trialling out CoinTracking.
• The pro plan is priced at $10 per month, and supports 3,500 transactions, alongside all other standard features provided by the platform, except for prioritized transactions and customer support.
• The expert plan is priced at $15.49 per month, and supports up to 20,000 transactions, alongside all other features provided by the pro plan.
• The unlimited plan is priced at $50 per month, and supports unlimited transactions, while offering clients prioritized transactions and prioritized customer support.

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Accointing

Accointing is often advertised as one of the market’s friendliest cryptocurrency tax platforms. The service provides thousands of crypto traders and investors with high-quality tax computing and filing services that ensure regulatory compliance in several countries. The platform is suitable to both crypto traders and crypto companies.

Main features

This platform allows users to get a tax report within a few clicks. Firstly, traders will have to either use the API integration or upload their transaction history on the platform. Following a quick classification and a few parameter settings, the tax report is ready to be exported in PDF and CSV format.

A portfolio tracking feature is provided and available for both desktops and mobile devices. Through this feature, investors can obtain a series of interesting insights by tracking the performance of their portfolio. Price alerts, market trends, and an overview of short-term and long-term investments are also available. Currently, tracking support is available for over 4,500 currencies.

Currently, Accointing offers unlimited exchange and wallet connections for all price plans, unlike some of its competitors. Customer support is offered via a series of channels including Telegram, Email and Reddit. An all-inclusive knowledge page is offered to help answer all potential user questions.

Pricing

Those who are interested in computing their taxes via this platform must know that they are free to choose from 3 payment plans: the Starter Tax Solution, the Advanced Tax Solution, and the Professional Tax Solution.

• The Starter Tax Solution is priced at $50 per year, and includes support for up to 250 transactions, alongside access to most of the platform’s features.
• The Advanced Tax Solution is priced at $130 per year, and includes support for up to 5,000 transactions and most other features.
• The Professional Tax Solution is priced at $260 per year, and includes unlimited transaction support and an advanced holding period.

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BitcoinTaxes

BitcoinTaxes represents one of the market’s cheapest options for cryptocurrency capital gains tax reporting and computing. The platform is suitable for traders, investors, businesses, and tax professionals. BitcoinTaxes also provides a unique data processing service, where data analysts can help convert CSVs, import data, analyse results, and more.

Main features

Although Bitcoin.Tax is certainly not the best-looking cryptocurrency tax software, its services are up to speed, and are bound to satisfy most customers. Thus, the platform works by having users upload their cryptocurrency transactions, via the exchange-based API integrations, or through file documents. Then, users must select the appropriate cost-basis computing methodology, from a list that includes LIFO, FIFO, and average costing. Then, the platform generates the capital gains report, where users can learn more about the cost basis for every transaction, sale proceeds and gains. Similarly, income, donation, margin and closing reports can be provided, for a better overview of the tax burden.

The platform also connects cryptocurrency traders/investors with professional accountants, in case extra help is needed when filing this year’s taxes.

Reporting is made easy thanks to the TurboTax integration. In fact, by utilizing Bitcoin.Tax, users can even get a discount on the TurboTax rate.

Some of the other relevant features associated with BitcoinTaxes include the ability to import mining/spending/margin trading income from numerous exchanges, multi-year support, the ability to calculate tax rates and years for multiple countries (US, Canada, UK, Germany, and Australia), downloadable IRS forms, crypto swaps support, and more.

Pricing

There are a series of payment plans that users can opt for, depending on their usage requirements. All plans include the standard features.

• The free plan supports up to 20 trading transactions
• the premium plan ($39.95/tax year) supports up to 1,000 transactions
• the premium extra plan ($49.95/tax year) supports up to 5,000 trading transactions,
• whereas the deluxe plan ($59.95/tax year) supports up to 10,000 transactions.

Traders can consider the following plans, depending on their number of transactions: 50K ($129/year), 100K ($189/year), 250K ($249/year), 500K ($379/year), 1M ($499/year). An unlimited plan is also provided at a negotiable rate. Tax professionals can choose between two yearly plans. Lastly, data processing services are available at a cost of $100 per hour.

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TaxBit

TaxBit is a popular cryptocurrency tax platform that was designed by a series of tax attorneys and certified public accountants. Over its years of service, the platform has served thousands of users, thanks to its array of features that include a full audit trail, optimized taxes, the ability to claim capital losses, and more.

Main features

TaxBit offers an all-inclusive tax computing engine, which supports over 4,200 digital currencies, commodities, equities, and fiat currencies. The platform works by having users link their exchange accounts. After this, the engine automatically computes all transactions, while ensuring complete accuracy.

The platform is up-to-date with all regulatory requirements, so users can rest-assured that they are respecting the law.

Apart from the tax computing engine, TaxBit also features a series of portfolio analytic tools. With this in mind, your crypto-based investment portfolio can be tracked 24/7, as the platform displays live metrics, based on data collected from your exchange accounts.

In other words, users are able to see their tax figures at all times, but are also able to access data on historical performance. This allows for successful tax loss harvesting, thus ensuring increased profitability.

TaxBit’s full cryptocurrency tax audit trail makes sure that accountants or even IRS representatives can easily find specific transactions, in order to determine whether gains and losses were reported accurately.

The platform also features personalized tax rates, meaning that it displays the total taxes owed, alongside the amount of money that you are eligible to receive in the form of state tax refunds. Additionally, the platform can easily compute state and federal taxes according to their respective rates, thus granting users an overview of their tax liability or potential refund.

Last but not least, TaxBit comes along with IRS 8949 cryptocurrency tax forms, which can be completed within a few clicks. A series of formats are available, in an effort to ensure cross-platform compatibility with other services such as TurboTax, TaxSlayer, TaxAct and H&R Block.

Pricing

At press time, TaxBit offers three payment plans: basic, plus and pro. These plans offer users access to CSV imports, 2,500+ currency support, IRS forms, CPA audit trails, real-time tax/portfolio tracking, and CSV export to TurboTax.

• The basic plan is priced at $50/year, and offers support for 250 transactions, 10 exchanges/wallets and the current year’s tax form.
• The plus plan is priced at $175/year, and offers support for 2,500 transactions, unlimited exchanges/wallets, all tax forms, optimization tools, and more.
• The pro plan is priced at $500/year, and offers support for 25,000 transactions, unlimited exchanges/wallets, all tax forms, CPA review, tax optimization tools, mining income/expenses reporting, and more.

Visit TaxBit

Bottom Line

Based on everything that has been highlighted so far, our analysis has shown that most of the market’s cryptocurrency tax services are similar in terms of their features, coin support, and pricing plans. The platforms mentioned as part of this article have all been vouched for by their users, and hold numerous positive customer reviews.

As such, general users will likely be happy when choosing either of these services. On the other hand, day traders, tax professionals and large-scale investors will likely need to choose a platform that offers unlimited transaction processing and dedicated customer support. Similarly, those who live in different jurisdictions from the US will have to pick a platform that ensures local regulatory compliance.

Last but not least, it is essential for cryptocurrency traders to carry out their due diligence by carefully reading each platform’s terms and conditions.

The post Best Cryptocurrency Tax Software: Complete Guide to the Top Options appeared first on Blockonomi.

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Visit Lucky Elf Casino

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Scratch card fanatics can unveil prize symbols behind virtual scratch-off tickets for big instant wins replicating lottery cards in games like 7 Gold Scratch and Diamond Wild. High energy games like Flip the Coin, Dice, and Wheel provide electrifying spins of fortune’s wheel. With brilliant graphics, intuitive interfaces and stakes starting low, Instant Wins supply fun and profit faster than the blink of an eye.

Jackpot Showcase

Lucky Elf spotlights a stellar lineup of over 100 jackpot slots from trailblazers like Red Tiger and rising stars Relax Gaming. Games flaunt starting pools from $10K to $1 million+ and quickly ascend into the stratosphere with every spin across the network. One monumental trigger of symbols aligned perfectly on the reels erupts life-altering sums. Recent hall of fame jackpots include a gutsy player that bet big to bag $4.5 million on Jackpot Express. Progressive aficionados have hit the honey hole here.

Blackjack & Roulette

Revel in two iconic pillars of casino entertainment with Lucky Elf’s extensive suite of roulette and blackjack. Across 13 roulette variants, players can stick to tradition with American and European rules or take a walk on the wild side testing inventive formats like Roulette x2 and Roulette Royal carrying multipliers up to 500x on number predictions.

Over 20 blackjack options let card counters fine-tune classic Vegas rules to their style and skill level, from standard Blackjack Professional Series to Power Blackjack permitting doubling on any amount of cards. With video tutorials, statistics trackers and piles of ways to customize the experience through views and roadmaps, table game enthusiasts attain casino mastery here.

Table Games

Whether your specialty game is blackjack, baccarat or roulette, Lucky Elf covers the classics. Over a dozen single and multi-hand blackjack variants present standard Vegas rules all the way to power blackjack with unique twists. Poker enthusiasts test their nerves across Three Card, Caribbean Stud and several video poker formats. With deep customization of bet levels and interface options to match skill, even the savviest strategists will stay challenged.

Slots Selection

As an ode to imagination, Lucky Elf’s lobby overflows with over 3,800 whimsical and high energy slots spanning every theme imaginable. The latest 5 and 6 reel Megaways innovation opens 117,649 ways to win across titles like Gonzo’s Quest and Buffalo King Megaways. Cascading slots produce visual cascades of winning symbols replaced by fresh icons and ramped up multipliers up to x66,000 in the tropical adventure Tiki Wins. With bets starting from just $0.20, all players can discover slots magic tuned to their pace and budget.

Lucky Elf Other Products

While Lucky Elf’s bread and butter lies with its colossal casino packed with thousands of stellar games, they augment the experience with specialty side products adding wider variety.

For those craving sports betting action, their partner site WildCoins presents a slick sportsbook with competitive odds across 50+ sports from soccer, basketball, hockey and beyond. Bettors can live stream events in real-time while wagering for a riveting rush.

Poker fanatics gather to battle it out across cash games and tournaments at SkyCrown’s feature-rich poker client. With special freerolls for new players and satellites feeding into big international poker events, card sharps have tons of avenues to profit.

For a fresh and unique way to spice up casino gaming outside slots and tables, players can try their luck predicting financial markets movements in the Financials vertical. Forecast whether indices, commodities, stocks and currencies will rise or fall during short time frames for a thrilling risk-reward experience.

While Lucky Elf keeps players spellbound with its core casino lineup, they smartly partner with sister sites to provide sports betting, poker and financials trading should players wish to expand their entertainment horizons.

Lucky Elf Welcome Bonuses

Lucky Elf provides new players a rewarding 4-part welcome package:

1. First Deposit Bonus – 100% match up to €100 plus 100 free spins
2. Second Deposit Bonus – 50% match up to €100 plus 50 free spins
3. Third Deposit Bonus – 75% match up to €100 plus 50 free spins
4. Fourth Deposit Bonus – 100% match up to €100 plus 50 free spins

Across the first four deposits, players can unlock bonuses worth up to €400 extra to play with, plus 250 free spins valued at €1 each.

Clearing requirements are 40x the combined deposit and bonus amounts. Overall an incredibly generous set of welcome offers to kickstart your real money experience!

How to Sign Up

Creating a magical account at Lucky Elf Casino takes just minutes yet yields big perks. Follow these steps to gain access to thousands of games and the lucrative 4-part welcome offer up to €400.

1. Visit LuckyElfCasino.com
   Click the pink “Sign Up” button in the top right corner to pull up the swift registration form.
2. Enter Personal Details
   Provide a few key details like email address, password, currency preference, and country. Check the 18+ age box to confirm eligibility.
3. Verify Email
   Head to your registered email inbox for an account verification link. Click to authenticate your sign-up details.
4. Claim Bonuses & Deposit
   Once signed in, navigate to the cashier and select a desired payment method from tons of options displayed. Fund your balance and be sure to opt-in for the 1st of 4 new player deposit bonuses!

In just minutes without any hassles, new players gain entry to Lucky Elf’s sparkling fantasy world packed with thousands of stellar casino games. Be sure to grab those 4 lucrative welcome deposit matches and free spin prizes valued at up to €400 in total bonuses. Magic awaits!

The intuitive registration process makes kickstarting your rewarding Lucky Elf journey a cinch. Sign up today to uncover their wondrous welcome bonus riches.

Lucky Elf Promotions and Loyalty Program

The magical gifts keep flowing well beyond the new player phase at Lucky Elf. Devoted players can partake in a trio of stellar weekly reloads available Wednesday through Friday.

Cash Road Bonus gifts a 50% match up to €200 to invest more into sizzling slots. Match Road Bonus doubles deposits up to €200 accompanied by 40 Free Spins on featured Betsoft titles like Faerie Spells. Lastly, Spins Road Bonus awards 60 gratis spins to use on Yggdrasil slots like the majestic Temple of Nudges upon depositing.

When the weekend hits, the Weekend Wonder promotion from Saturday to Sunday allows players to unlock 50, 100 or 150 free spins valued at €1.50 based on depositing €20, €50 or €100+ respectively. With so many sensational slots on tap, having loads of gratis spins makes playtime even more rewarding.

Additionally, the captivating Crystal Quest loyalty scheme incentivizes play by granting 1 crystal for every €12.50 wagered on slots or €250 across table games/video poker. Crystals fill up progress bars with the first tier reached at 2000 crystals scored. Players then graduate through 10 mystical castles doors with each milestone hit, attaining higher status and greater weekly prizes. With up to €3000 in loyalty perks achievable, Crystal Quest is hotly coveted by regular players.

Lucky Elf Payment Methods

Deposit Methods

Getting money into your Lucky Elf account to fuel magical playtime can be done in the blink of an eye through abundant popular payment channels.

Debit/credit card mainstays VISA and Mastercard permit instant deposits. Top digital wallets like ecoPayz, Neteller and Skrill offer seamless integration and accept a wide range of currencies.

Direct bank transfers provide a fast conduit from bank account to casino balance, while Paysafecard and Neosurf prepaid voucher options give added flexibility for those desiring extra deposit control.

To really maximize transaction speed and security, cryptocurrency through the site’s built-in crypto wallet allows next-level performance. Popular coins Bitcoin, Ethereum, Litecoin and Bitcoin Cash enable near-instantaneous deposits once wallet addresses are input.

Withdrawal Methods

Cashing out winnings from your Lucky Elf bankroll is facilitated securely through the same diverse funding channels. Pending times before withdrawal requests are processed average just 12-24 hours.

Once approved, e-wallet conduits like Skrill and Neteller deliver funds back to players typically within 1-3 days. Bank wire transfers and paper checks require extra processing ranging between 3-5 business days on average.

VIP program elite members jump the cashout queue with expedited withdrawal channel routing for swifter payments in as little as 24 hours. With limits reaching €15,000 monthly, Lucky Elf allows substantial sums withdrawn to enjoy jackpot wins. Their financial infrastructure ensures peak security at all times.

Is Lucky Elf Legit?

When assessing any real money online casino, determining legitimacy and trust-factors is crucial. Lucky Elf indeed checks out on critical markers that instill player confidence.

Foremost, Lucky Elf operates legally holding an official gambling license in Curacao, a respected regulatory jurisdiction that oversees compliance, fairness testing and dispute handling. Rigorous geolocation and identity checks during signup maintain strict age and regional access rules in regulated areas.

On the security side, Lucky Elf deploys 128-bit SSL encryption wrapping all connections in an ironclad protective tunnel rendering data unreadable. This thwarts potential interference from cyber threats monitoring connections. Additionally, games utilize certified Random Number Generation systems to uphold genuinely random outcomes.

With a range of trusted banking partners handpicked within their cashier suite and data encryption fortifying their systems, Lucky Elf offers a legitimate, lawful and secure gambling environment. While disputes are possible playing at any real money casino, Lucky Elf closely adheres to industry rules and principles established for ethical, responsible gaming operators.

Is Lucky Elf Safe to Use?

Gambling online inevitably carries risks, but savvy players can greatly mitigate potential downsides through smart practices. Lucky Elf empowers users to gain peace of mind through their security infrastructure and responsible gaming resources.

All financial transactions receive top-tier encryption similar to online banking, thus deposit and withdrawal information remains inaccessible to outside parties. Account registration requires rigorous verification checkpoints including proof of ID, address and age validation through automated checks.

For assisting those prone to overextending play budgets or recognizing risky behavior, Lucky Elf links to advocacy resources like GamStop and Gamcare alongside budget capping tools letting players limit spending thresholds per session or month. New players are guided through best practices before playing.

While internet gambling poses some inherent risks, Lucky Elf counterbalances with state-of-the-art security protocols, safety nets limiting overspending and dedicated tools that uphold ethical standards. Combined with their Curacao license mandating strict operational guidelines, players can confidently enjoy Lucky Elf knowing diligent consumer protections apply behind the scenes. The magic is fully safe and legal to experience here.

Lucky Elf Design & Usability

Lucky Elf’s mystical realm dazzles through polished web design conjuring up an immersive fantasy world right from first landing on the site. Vibrant fireworks and 3D-rendered graphics set the stage for the magic to follow. The slick user interface ensures players can easily traverse all areas.

Upon entering, a scrollable games showcase spotlights the diversity of slots, tables and live dealer titles fueled by powerhouse studios like Evolution and Pragmatic Play. Players can dig right into demos of hot new games or branded hits like the Guns N’ Roses slot.

The modern mobile-centric site architecture automatically fits all content for seemless functionality on smartphones without losing any visual flair. Navigation tabs allow swift access to the cashier, account dashboard, promotions hub and support channels. Setting preferred currencies, notifications and shortcuts personalizes the experience.

Overall, Lucky Elf’s vibrant web presence powered by feature-rich UX design sets new standards for captivating and convenient online casinos. Players will have no issues diving into the magical world with their intuitive layout. Behind the fairy dust, everything operates smoothly thanks to latest-generation web technologies and scaling.

Lucky Elf Members Area

Registered players gain access to a customizable account dashboard for controlling all facets of their magical player journey. The sleek interface presents an overview of recent gambling activity alongside handy shortcuts.

The main feed shows recent game rounds, cashier transactions, and bonus status. Players can instantly filter all activities whether slots, jackpot games, live dealer or table bets. Quick deposit and withdrawal links expedite funding your real money bankroll.

Dashboard widgets give one-click access to the cashier for managing banking methods, the rewards section to track VIP status and available comp points, and customer service contacts. Secondary feeds display notification alerts, shortcuts to favorite games, and recent big wins across the casino network.

For monitoring playing habits, account dashboards reveal money/time summaries of play data. Players can impose deposit, loss and wager limits as part of the site’s responsible gaming features. Dashboards unlock a wealth of usability making player accounts a valuable hub.

Lucky Elf Mobile Offering

Lucky Elf makes it possible to take the enchanting casino action anywhere by fully optimizing their platform for mobile gameplay. The site utilizes responsive web design that automatically adapts all content to compact touchscreens.

While no official casino app exists, the mobile website delivers identical functionality. Players can complete registration, banking, claiming bonuses and accessing the expansive games catalog without limitations. Swiping and tapping on the go feels intuitive.

Compatibility spans across iOS and Android devices including phones and tablets. Popular devices like the iPhone, iPad and Samsung Galaxy/Note series display the casino flawlessly. Top-notch web technologies compress data efficiently to minimize bandwidth usage while retaining crisp graphics.

Between their flawless mobile optimization and web-based approach requiring no manual app download, Lucky Elf eradicates friction to playing anywhere with cellular data or Wi-Fi. The flexibility to resume gameplay on the move makes Lucky Elf an engaging portable experience.

Ease of Use

Lucky Elf makes traversing their mystical gaming environment intuitive through UX refinements that elevate usability. Right from initial account creation which requires mere minutes, the process unfolds smoothly.

Their sign-up flow allows swift toggling between registration and demo play modes for diving straight into games. Profile settings offer robust customization down to site color schemes and default game lobbies. Responsible gaming controls exist front and center to configure reality checks, deposit limits and timeout periods.

Well-labeled site navigation steers players to key areas using familiar templates. Support widgets embed contextual help like live chat functionality permitting real-time queries. Players benefit from contextual insights explaining bonuses, missions and events amplified by animations.

By honing aspects like streamlined onboarding, profile management efficiencies and referential customer support, Lucky Elf has engineered their casino ecosystem for simplicity from the ground up for all skill levels. Intuitive enough for complete newcomers yet packing features catering to sophisticated players, their usability hits the mark.

Lucky Elf Customer Support

1. Live Chat – 24/7 real-time chat access with responses in minutes. Best for urgent issues.
2. Email Support – Submit tickets for inquiries, handled within 24 hours. Ideal for common questions.
3. Phone Support – Phone lines facilitating direct calling could be added shortly. Enables in-depth discussions.
4. UK-Based Team – Staff located in the UK managed by qualified supervisors. Ensures skilled agents.
5. Issue Resolution – Help with transactions, technical issues and complaints. Aims to resolve problems swiftly.

Conclusion

Lucky Elf provides a whimsical iGaming portal where magic springs eternal through lavish promotions and thousands of stellar games from top-tier studios like NetEnt and Microgaming. Players can claim a lucrative 4-part welcome package across their first deposits valued at up to €400 in bonus funds plus 250 free spins.

Ongoing weekly reloads, prize draws, and the mystical Crystal Quest VIP loyalty program keep the perks flowing for regular visitors. The modern website and mobile experience make accessing the casino effortless on all devices with smooth navigation and gameplay.

While the Curacao license presents more limited recourse compared to strict UKGC or MGA jurisdictions, Lucky Elf incorporates responsible gambling tools, high SSL encryption, and trusted banking providers to promote security. Across the board, from sheer entertainment to player protections, Lucky Elf Casino casts an immersive, rewarding and safe gaming experience.

Journey into an imaginative world beyond reality’s boundaries – where the magic of big wins, stellar games and superb rewards never ends. Lucky Elf opens the portal to online casino greatness. The rest is up to you!

Visit Lucky Elf Casino

Lucky Elf FAQs

Q: What bonuses does Lucky Elf offer new players?

A: Lucky Elf provides a generous 4-tier welcome package across your first 4 deposits. You can claim match bonuses up to €100 plus free spins on each deposit. In total, the welcome deal is worth up to €400 in bonus money plus 250 free spins.

Q: Does Lucky Elf have a loyalty rewards program?

A: Yes, Lucky Elf features a unique Crystal Quest VIP loyalty program. Players earn crystals as they wager on slots and games. The crystals help unlock 10 tiers that each bring higher status and weekly prize opportunities. You can potentially earn thousands in rewards each month.

Q: What is Lucky Elf’s gaming catalog like?

A: Lucky Elf contains over 4,000 casino games spanning slots, jackpots, table games, live dealer options, video poker, scratch cards and more. Top providers featured include NetEnt, Quickspin, Evolution Gaming, Pragmatic Play, Betsoft and Yggdrasil. The variety satisfies all players.

Q: Can I play Lucky Elf on my mobile?

A: Definitely. Lucky Elf is fully compatible with all mobile iOS and Android devices. While they have no dedicated app, you can access the full casino directly through mobile web browsers. Everything from games to bonuses and banking are optimized for smartphones and tablets.

Q: Is Lucky Elf Casino legit and safe?

A: Yes, Lucky Elf holds a legitimate gambling license from Curacao eGaming to legally offer real money games and payout winnings. They utilize 128-bit SSL encryption to secure connections, along with ID and age verification checks when signing up to verify all players. Lucky Elf provides a legitimate and safe experience.

The post Lucky Elf Casino Review: Crypto Casino With Bonuses & Free Spins appeared first on Blockonomi.

Pyth Network changes how blockchain oracles work. Instead of looking for free data to scrape, it goes right to the source, and makes the data available. With a process that is simple and transparent, Pyth is making the blockchain space better for everyone.

Why Blockchain Oracles Matter

Oracles are an important technology in a future where blockchain applications rely on data from the outside world. At the moment, it can be hard for blockchains to know what is ‘true’ in the real world.

Off-chain data enables blockchains to be accurate. Early oracle networks were confronted with some critical issues, including latency and fragmentation across several chains.

The Pyth Network was established to fix all the problems with blockchain oracles. It is working to resolve the oracle issue for DeFi (Decentralized Finance) and developing the most reliable real-time data feed found anywhere in the world. A coalition of trading businesses and exchanges initiated it, and still support the project.

The most valuable Web3 and DeFi services need #oracles — but developers face limitations with current solutions

Learn how Pyth's low-latency pull oracles uniquely provide:

1⃣ High-frequency updates
2⃣ Extensive asset selection
3⃣ Transparent, trustworthy data sourcing pic.twitter.com/xIENW0YKm4

— Pyth Network ???? (@PythNetwork) April 24, 2023

The network was first established with donations from prominent trading businesses and cryptocurrency exchanges. Since then, it has grown to include numerous trading firms, cryptocurrency exchanges, DEXs (Decentralized Exchanges), and TradFis (Traditional Finance) exchanges.

Pyth Network has become a comprehensive source of low-latency pricing data. Because of this, it now serves over 300 decentralized applications (dApps) across fifty blockchains.

Pyth Network’s Unique Proposition

The dynamic nature of data is why Pyth Network matters. Pyth Network solves the problem of more data on the internet becoming private or paywalled. It does this by offering owners of proprietary real-time data an incentive to broadcast it to the blockchain in exchange for payments.

In contrast to other approaches in the oracle space, which involve retrieving data from the public internet, Pyth Network enables data providers to post confidential information directly on the blockchain.

The strategy creates data flow in real time. It reduces the influence of paywalls and restricted data sources, establishing the Pyth Network as a source of truth in the world of blockchain.

Solid Performance

The development of Pyth Network has been smooth ever since the company was first established. It all started on April 7, 2021, when the project laid the groundwork for what would later become a major undertaking.

After that, the release of the Devnet occurred on May 15, 2021, and then on August 26, 2021, this was followed by the release of the Mainnet. Today, the platform is reliable, and offers blockchains access to valuable data in real time.

A Practical Solution

Pyth Network’s delivery of real time data is popular. The project is used on 50 blockchains and maintains a market share of over 90% on one-third and over 50% on half of them.

Pyth’s capabilities attracted Synthetix, a marquee dApp, which switched from Chainlink to Pyth as its primary oracle in early 2023, leading to explosive growth.

The oracle space is still evolving. With the need for accurate data on blockchains, Pyth is well placed to grow with the blockchain sector. It is well past its proof-of-concept phase. Now, it is attracting dApps from the biggest oracles out there.

The People Behind Pyth Network

Pyth Network has deep talent driving its development. With great people on the team, it is set to change how blockchain oracles work for the wider industry.

Mike Cahill’s extensive background with financial companies, including Morgan Stanley, KCG, and Jump, has positioned him as a leader in blockchain. His ability to foresee trends and adapt to new challenges has been instrumental in Pyth Network’s success.

Jayant Krishnamurthy, an expert in AI with credentials from MIT, Carnegie Mellon, and the Allen Institute, plays a crucial role in Pyth Network’s technical development. His ability to articulate complex ideas and insights makes him an asset at all levels of the project.

Pyth Network has gained support from prominent crypto investors, including Castle Island Ventures, Multicoin Capital, Wintermute Ventures, Borderless Capital, CMT Digital, Bodhi Ventures, Distributed Global, and Delphi Digital.

Empowering Blockchain Applications

Pyth Network has a robust business model built on providing real-time data feeds to blockchain applications. Pyth’s price feeds update once every 400 milliseconds, ensuring DeFi applications have accurate data and enhancing liquidity and competitiveness.

Most of the people in blockchain have a connection to finance. Blockchains live on prices, so the data that Pyth delivers is vital to operations.

The project architecture allows instant availability of newly launched feeds on all supported chains, eliminating the need for individual feed setups on different chains. Pyth directly sources data from financial market prices, reducing price tracking errors by 5–10 times compared to competitors.

Pyth Network has a diverse customer base, from blockchain builders who use the network without direct contact due to the protocol’s built-in economics to DeFi applications, decentralized exchanges, and traditional financial institutions.

High-throughput applications, including on-chain derivative exchanges, rely on Pyth for real-time data. Now that Bitcoin ETFs are live on major legacy exchanges, the need for derivatives is set to grow.

Roadmap: Shaping the Future of Oracles

Pyth Network’s near-term plans include expanding services to include on-chain randomness, Bitcoin ETF feeds, and energy price feeds. The project also envisions offering NFT price oracles, improved liquidity oracles, and non-financial data sets in the future.

While the blockchain oracle space is competitive, Pyth Network distinguishes itself by being the only protocol that creates a singular source of truth available equally to all applications via messaging protocols.

Chainlink, one of the most prominent competitors, operates a network of automation nodes that fetch data from the open internet, leading to fragmented data sources and off-chain risks. Pyth Network’s transparent economic model eliminates the need for off-chain payments, ensuring accessibility and reliability.

In the Press: Recognition and Acknowledgment

Pyth Network’s achievements have appeared in major media, and its impact on the blockchain ecosystem is already being felt. Recent press coverage includes articles by CoinDesk, CryptoNews, Forbes, Unchained Crypto, Bloomberg, and Fortune.

If you missed my $Pyth Dashboard, here's a quick look at $Pyth Staking: ????

– Over 100k Stakers
– A total of 575m Pyth staked (~ $206m)
– An average of 1,900 Pyth per user
– 35% of users staked between 1,000 and 2,500 Pyth

More ????https://t.co/GwVzWuHwDj pic.twitter.com/Qp6dbDD7C9

— Masi (@Masi_DN) January 24, 2024

Additionally, its PR efforts focus on educating the community, showcasing the team’s thought leadership, and highlighting the project’s unique value propositions and achievements.

The project collaborates with financial institutions, L1s, L2s, large dApps, and Chainlink while positioning itself apart from smaller oracles that can’t compete with its capabilities. People just want blockchains to work. With oracles like Pyth Network, that goal is a lot easier to achieve.

Pyth Network: Shaping the Future of Oracles

Pyth Network is a forward thinking blockchain initiative that offers real-time data feeds to blockchain apps that are running on a variety of different blockchains. Its reach is already global, and it provides conventional financial institutions and decentralized finance apps with high-frequency, low-latency data.

The post Pyth Network: Leading the Way for Blockchain Oracles appeared first on Blockonomi.

In this article, we deep-dive into the DMarket platform, covering its key features, payment methods, security, usability, additional offerings, and several others.

Visit DMarket

Quick Verdict: DMarket is a robust virtual marketplace for trading gaming skins and items with good security, usability and customer support.

Quick Facts

DMarket Key Features

DMarket offers access to high-quality virtual items that enhance the metaverse experiences for fans and brands. The platform operates a cross-chain service where brands and their target audiences can connect in the virtual landscape. Given this core mission, DMarket offers access to some of the following features:

Marketplace

The Marketplace is the central feature of the DMarket platform. Home to most of the virtual items hosted on the cross-chain platform, the Marketplace is a service designed to facilitate the buying and selling of digital items like skins, knives, and several in-game items for popular games, including

• CS:GO
• Dota 2
• Team Fortress 2
• Nitro Nation, and more.

In-game items from Steam-powered games are also accessible on the DMarket platform.

For users having difficulty locating virtual items for their preferred game, DMarket provides the option to manually add the game. Gamers also have the opportunity to engage in item exchanges within the Marketplace.

Furthermore, the Marketplace is the go-to spot for accumulating multiple metaverses for

• Brands
• Influencers
• Video game companies
• eSports firms, etc.

Behind the scenes, the Marketplace boasts over 40 traditional payment methods, including bank transfers, credit/debit cards, and e-wallet solutions. Users can participate in live trades using the ‘Target/Bid’ button. These methods allow them to participate in a virtual auction event where the highest bidder walks away with the virtual item.

The Marketplace boasts a ‘Filter’ system that aids users in efficiently searching for specific items by name, price, exterior, color, unique items, phrase, or pattern.

F2F Market

F2F or Face2Face is another form of the marketplace on DMarket that works principally for the Steam gaming platform. It facilitates the trading of skins within the service, allowing users to buy virtual items from fellow Steam players and have them delivered directly to their accounts. Players only need to connect their Steam account and begin interfacing with others in a peer-to-peer (P2P) manner.

The F2F Market is a viable marketplace for users to trade in their virtual items for cash. At a glance, the DMarket functions as an intermediary, ensuring that both transacting parties adhere to the tenets surrounding the trade.

The F2F Market comes with the ‘Filter”’ option for identifying specific trading needs and the ‘Rare Detect Feature,’ allowing Steam players to trade unique items. There is also a live feed wall that captures top transactions on the F2F Market.

Explorer

DMarket recognizes the need for on-chain data in the global metaverse and meets this need by aggregating its activities through a specialized ‘Explorer’ platform. This gives companies, brands, and organizations a useful tool to take advantage of the inherent potential in the global metaverse landscape.

This feature works like a search engine, allowing users to search for crypto wallet addresses, tokens, transaction hash, or blockchain numbers.

On DMarket’s Mythical Explorer, users can go through a run-down of total transactions and total smart contracts (bits of computer code that operate independently) created.

Brands using the Explorer can collect additional data, such as non-fungible token (NFT) trading activities, account information, and insights into the underlying blockchain. The ‘Explorer’ platform also provides a status update for each block.

Additional DMarket Features

The Ukrainian metaverse startup also boasts several additional features, including the DMarket Trading application programming interface (API).

The DMarket Trading API is JavaScript Object Notation (JSON) based and enables players to enhance their skins trading experience through a variety of API methods. This feature proves particularly beneficial for users engaged in high-volume trading, allowing them to automate bulk trades efficiently through preset algorithms. Consequently, this eliminates the need to buy and sell each skin manually on the platform.

The DMarket Trading API includes advanced targets such as float, phase, and pattern parameters. These sophisticated elements contribute to a more streamlined and efficient bulk trading experience for players.

Welcome Bonuses

There are not currently and ongoing welcome bonus for new users, although it was previously on offer.

When active, the welcome bonus rewards new users with an initial deposit of $50 or more. Typically, these rewards were disbursed within a 48-hour, offering users a choice between receiving free skins or DMarket gift cards based on the initial deposit amount.

Payment Methods

The DMarket platform comes with a robust payment mechanism spanning 40+ offerings. This includes both traditional payment methods and crypto assets. However, the payment methods are region-dependent; some of the traditional ones may be unavailable in certain regions.

For users who plan on funding and making withdrawals through regular payment methods, DMarket supports:

• Bank transfer
• American Express
• Credit/debit card
• Rapid Transfer
• Skrill
• Neteller
• G2A Gift Cards
• And Steam cards like Kinguin

For crypto assets, DMarket supports a total amount of 13+ digital assets. These include:

• Bitcoin
• Ethereum
• Solana
• Tron
• Tether (ERC-20)
• Tether (TRC-20)
• Stellar
• Nano
• USDC
• Litecoin
• Bitcoin Cash
• VGX
• Shiba Inu

Each payment method comes with minimum and maximum deposits, and players are advised to pay the stipulated amounts on the deposit page.

Security

Security is a top priority for DMarket, ensuring a secure and dependable user environment. During account creation, gamers are not required to provide personal details like a phone number or registered ID.

Users can effortlessly create an account and engage in anonymous trading of virtual goods with just an email address and password.

However, some deposit and withdrawal methods require gamers to pass know-your-customer (KYC) verification.

The platform implements optimal security practices to safeguard user accounts, transactions, and personal information. Notably, DMarket incorporates two-factor authentication (2FA), adding an extra layer of security by requiring users to undergo a secondary verification step.

Gamers can also leverage the platform’s two-factor IP authentication integration. This feature requires customers to confirm their sign-in and login activities when accessing their account from a new IP address.

Furthermore, advanced encryption protocols are employed to secure data transmission and storage, safeguarding sensitive information from unauthorized access. The platform continuously monitors and provides security updates to stay ahead of evolving cyber threats.

In an effort to bolster user security, DMarket educates its user base on security best practices, raising awareness about potential risks and offering guidance on protective measures. Additionally, the platform adheres to strict internal controls and compliance measures to meet regulatory standards.

By prioritizing user safety through robust security measures, DMarket aims to foster trust and confidence among its community, creating a secure environment for virtual item trading and transactions on its platform.

Mobile Offering

For users who enjoy trading on the move, DMarket provides a mobile app designed for both iOS and Android users. The mobile app replicates the extensive game library available on the desktop version, ensuring a consistent and optimized experience on smaller screens.

Featuring an intuitive navigation experience, the mobile app incorporates large blocks, search filters, and categories to simplify the search for specific games or items. This user-friendly design enhances the overall experience, making it easier for users to explore the diverse offerings on the platform.

Alternatively, users who prefer not to download the app can access DMarket’s services through their mobile device’s web browser. This flexibility accommodates gamers with different preferences, allowing them to engage with the platform without additional downloads.

Whether gamers opt for the app or the browser version, DMarket ensures a smooth and responsive mobile interface that merges the dynamic nature of gaming and trading on the go.

Usability

The DMarket desktop platform offers an aesthetically pleasing and well-designed interface featuring a sleek color scheme that enhances text visibility. The intuitive menu system efficiently categorizes different virtual in-game options, which helps to minimize the time spent searching for specific features.

DMarket also features a seamless filtering system to enable players to add their favorite items for quick access.

Highlighted sections for popular and new games contribute to an engaging user experience on DMarket. The platform’s diverse selection of game developers ensures users find a preferred style or aesthetic, while the smooth graphics enhance the overall gaming experience.

To facilitate efficient transactions, DMarket supports popular withdrawal methods like Payoneer, PayPal, and Skrill, ensuring a quick process that takes only minutes.

The site’s overall speed promotes easy navigation, with additional features enabling users to swiftly adjust language, check account statistics, and update account balances. The inclusion of educational resources and customer support further enhances the usability, providing valuable assistance to both new and experienced traders.

While DMarket exhibits overall strong usability, continuous updates could further elevate the platform’s user interface and experience, ensuring it remains at the forefront of the evolving game-items trading landscape.

Customer Support

DMarket offers robust customer support services, enabling gamers to have a smooth and satisfactory experience. The game items hub provides multiple channels for users to seek assistance and address their concerns promptly. These include:

• A bot-powered Live Chat
• Email support
• Social media channels like X (formerly Twitter) and Telegram bot.

To remain unbiased and authentic, we sent an inquiry about ‘deposits’ via DMarket’s Live Chat and received a response in less than two minutes.

Similarly, an email query seeking guidance on navigating item purchases garnered a response within six minutes. The clear and concise guidance provided proved valuable in resolving the purchase issue.

Furthermore, DMarket offers a comprehensive FAQ section, addressing common queries and providing users with self-help resources. This enables users to find solutions to their questions independently.

The platform’s commitment to gamers’ satisfaction is evident through its multi-channel approach, catering to diverse user preferences and needs.

Conclusion

Overall we found that DMarket is a comprehensive hub for virtual in-game item trading that delivers an interactive hub for game players to interact and purchase their favorite tools.

From an intuitive interface, an extensive library of items, mobile offerings, comprehensive navigation and filtering system, DMarket caters to every gamer’s needs.

The platform’s commitment to security is evident through advanced encryption protocols that safeguard user data, transactions, and mobile applications, highlighting its commendable usability.

We were particularly impressed with the platform’s customer support services, including email, live chat, and an informative FAQ section, which provides customers with a seamless experience.

To enjoy all these  features, simply sign up on DMarket today and find your favorite gaming items seamlessly.

Visit DMarket

FAQs

What can I trade on DMarket?

You can trade skins, knives, and other in-game items from popular games like CS:GO, Dota 2, Team Fortress 2, and more. Steam-powered game items are also available.

What payment methods does DMarket support?

DMarket supports over 40 traditional payment methods like bank transfer, credit cards, e-wallets, and 13+ cryptocurrencies such as Bitcoin, Ethereum, and USDC.

Is DMarket secure to use?

Yes, DMarket implements strong security measures like 2FA, IP authentication, encryption protocols, and security best practices education for users. No personal details are required to create an account.

Does DMarket have mobile apps?

Yes, DMarket offers mobile apps for both iOS and Android. The apps provide an intuitive interface to search, filter and trade items on the go.

What customer support options are available?

DMarket provides customer support via live chat, email, and social media channels. Responses are fast and they also have a comprehensive FAQ section.

The post DMarket Review: Marketplace for Virtual Gaming Items – Is it Legit? appeared first on Blockonomi.

In our comprehensive Binance review, we’ll provide an unbiased look at the platform’s key features, strengths and weaknesses. We’ll examine everything from signing up and trading on Binance to its security measures and customer support. Beyond just the exchange itself, we’ll also dive into the wider Binance ecosystem including the BNB token, Binance Chain, Binance DEX, and the many other products offered.

Our goal is to provide the most thorough and detailed Binance review available, enabling readers to make an informed decision about whether Binance is the right cryptocurrency exchange for their needs. We aim to highlight both the advantages and disadvantages of trading on Binance compared to other top crypto exchanges.

By the end of this review, readers will have a clear understanding of Binance’s fees, supported assets, trading platforms, security, regulation status, and overall reputation. Whether a beginner looking to buy their first crypto or an advanced trader exploring derivatives, our review covers everything you need to know to decide if Binance is the right fit. Let’s begin our comprehensive look at the world’s top cryptocurrency exchange.

Visit Binance

Quick Verdict: As the world’s largest crypto exchange offering low fees, deep liquidity, and an unparalleled range of innovative crypto products, Binance stands as the leading one-stop platform for beginners to pro traders.

Quick Facts

How to Signup

Registering an account on Binance is a straightforward process that only takes a couple of minutes. To get started, visit the Binance website and click “Register” in the top right corner.

You’ll be prompted to enter your email address and create a secure password. Binance requires a strong password for account security, so be sure to use an alphanumeric combination of upper and lower case letters, numbers, and symbols.

After creating your password, agree to Binance’s Terms of Service and Privacy Policy. You’ll then receive a confirmation email to verify your address. Click the link in the email to complete the verification process.

With your email verified, it’s time to set up two-factor authentication (2FA). 2FA adds an extra layer of security to your account by requiring both your password and a secondary one-time code to login. On Binance, you can enable 2FA through Google Authenticator or SMS. We highly recommend using Google Authenticator for the best security.

The final step is to complete Binance’s know-your-customer (KYC) verification by uploading a government-issued ID and proof of address. This identity verification is required to unlock full account features and higher trading limits.

Once your documentation is reviewed and approved by Binance, your account will be fully activated. You can now deposit funds and start trading! The entire sign-up process usually only takes about 5-10 minutes.

Trading Fees

One of the biggest advantages of using Binance is its competitive trading fees. The exchange uses a maker-taker fee structure where fees are based on your 30-day trading volume and whether you are adding or removing liquidity.

For spot trading, the standard maker fee is 0.1% and the taker fee is 0.1%. However, users with higher 30-day trading volumes can qualify for reduced fees down to 0%.

If you hold Binance Coin (BNB) in your account, you can get an additional 25% discount on trading fees. This offers a major incentive to use BNB.

Here’s a breakdown of the spot trading fee tiers:

For derivatives trading on Binance Futures, the fees are slightly higher but still very competitive. The maker fee is 0.02% and the taker fee is 0.04%.

There are no fees at all for depositing crypto onto Binance. Withdrawal fees vary depending on the digital asset being withdrawn. Overall, the trading fees on Binance are among the lowest in the industry.

Deposits & Withdrawals

Depositing Cryptocurrency

To start trading on Binance, you’ll first need to deposit some cryptocurrency. This is easy to do by following these steps:

1. Log into your Binance account and click “Wallet” then “Spot Wallet.”
2. Search for the cryptocurrency you want to deposit and click “Deposit.”
3. You will see the wallet address for that asset. Copy the address provided.
4. Go to the external crypto wallet where you are storing the funds and initiate a withdrawal/send transaction, pasting the Binance deposit address.
5. Wait for the deposit to be confirmed on the blockchain network. This timing varies by asset.

Once confirmed, your funds will show in your Binance Spot Wallet balance ready to trade with. There are no deposit fees charged by Binance.

Withdrawing Cryptocurrency

To withdraw funds from Binance, follow these steps:

1. Go to your Spot Wallet and search for the cryptocurrency you want to withdraw.
2. Click “Withdraw” and enter the amount to withdraw.
3. Paste the external crypto wallet address you want to withdraw to.
4. Click Submit and confirm the withdrawal details.
5. A withdrawal fee will be shown that varies based on the asset.
6. You will receive an email once the withdrawal is processed. Expect withdrawal times to vary based on the blockchain.

Fiat Deposits

To deposit fiat currency like USD, EUR, or GBP, go to “Buy Crypto” and select your desired currency and payment method such as bank transfer or card payment. Follow the on-screen instructions to complete your purchase and deposit.

Fiat Withdrawals

To cash out to fiat currency, go to “Sell Crypto” and select your fiat currency and linked bank account. Submit a sell order for the crypto you want to withdraw as fiat and complete any required verification steps. Expect about 1-4 business days for fiat withdrawals to process.

Trading Interface

Binance offers a robust, easy-to-use trading interface available on desktop, mobile, and API. There are two main trading platforms: Spot or Convert

Spot Trading Platform

Spot trading is the core Binance trading screen. It shows real-time candlestick charts and depth charts for the selected trading pair. You can place market, limit, and stop-limit orders directly on the charts. The platform also provides basic drawing tools for charting.

The spot trading platform offers a full suite of order types including:

• Market Orders
• Limit Orders
• Stop-Limit Orders
• OCO (One Cancels the Other) Orders
• Post-Only Orders
• Isolated Margin Orders

Binance Convert

This is the easiest way for beginners to easily trade the crypto of their choice without having to visit a trading screen. You simply enter your trade using drop down boxes and choose market or limit to execute the trade.

How to Trade

Here’s how to make a trade on Binance using the post trading interface.

1. Log into your Binance account and navigate to the “Exchange” tab. This will bring you to the trading screen.
2. In the top menu, choose between the Basic, Classic, or Advanced trading platforms. For this example we’ll use Classic.
3. On the right side you’ll see a list of trading pairs. Search for the pair you want to trade, like BTC/USDT. Click on the pair to bring up the trading chart.
4. At the bottom of the screen you’ll see options for Market, Limit, and Stop-Limit orders. Choose your desired order type.
5. For a market order, simply enter the amount of the quote asset you want to buy or sell at current market prices. For example, enter “0.5” to buy 0.5 BTC at market price.
6. For a limit or stop-limit order, also enter your target price in addition to the order amount.
7. Double check your order details and then click the “Buy” or “Sell” button to place the order.
8. You will see your open order displayed on the “Open Orders” tab. Once it is filled, it will move to your “Order History.”
9. You can also check your updated asset balances and equity in your account overview.

That’s the basic process! Trading on Binance is very intuitive and user-friendly. With the Classic or Advanced platforms you also get access to advanced order types and charting tools for more advanced trades.

Supported Cryptocurrency

One of Binance’s biggest strengths is the sheer number of cryptocurrencies it supports. With over 600 coins and tokens listed, it has one of the largest offerings in the industry.

Some of the major cryptocurrencies available on Binance include:

• Bitcoin (BTC)
• Ethereum (ETH)
• Binance Coin (BNB)
• Cardano (ADA)
• Ripple (XRP)
• Polkadot (DOT)
• Dogecoin (DOGE)
• Solana (SOL)
• Avalanche (AVAX)

In addition to the most popular coins, Binance is known for listing many smaller cap altcoins not readily available on other major exchanges. New cryptocurrencies are often quickly added after their initial coin offering.

Binance also supports numerous stablecoins that are pegged to fiat currencies, like:

• Tether (USDT)
• USD Coin (USDC)
• Binance USD (BUSD)
• DAI

For traders looking for diversity, you really can’t beat the selection of digital assets available on Binance. The exchange continually evaluates and lists new cryptocurrencies to give traders access to up and coming projects.

The wide array of options makes it easy to trade all types of major cryptocurrency pairs. Whether you are looking to trade Bitcoin, DeFi tokens, NFT coins, or any other crypto assets, Binance likely has you covered. The exchange strives to offer the largest variety in the industry.

Binance Futures

For traders interested in crypto derivatives, Binance offers an advanced futures and options trading platform. Binance Futures allows up to 125x leverage on derivatives contracts for major cryptocurrencies like BTC, ETH, XRP and more.

Some key things to know about Binance Futures:

• Perpetual and Quarterly/Delivery contracts available. Perpetuals do not expire while quarterlies do expire and can be settled for the underlying asset.
• Up to 125x leverage available. Use leverage to increase your buying/selling power but be cautious as this also amplifies potential losses.
• Support for coin-margined and stablecoin-margined contracts. You can choose the collateral you use to trade futures.
• Liquidation levels if position margin falls below maintenance margin. Understand how liquidations work before trading futures.
• Trading fee discounts available when paying fees in BNB.
• No expiry dates or settlement requests needed for perpetual contracts. Just hold position for as long as you want.
• Numerous advanced order types supported: Limit, Market, Stop Limit, Take Profit, and more.
• Ability to go both long and short to profit from rising and falling markets.

Binance Futures provides a deep pool of liquidity, minimal slippage on trades, and a robust platform for executing crypto derivative trades. Margin requirements, position sizing, risk management are all important considerations when trading futures.

Binance Leveraged Tokens

In addition to traditional futures contracts, Binance also offers Leveraged Tokens – a special type of derivative product that provides leveraged exposure without the need for collateral or margin requirements.

Each Leveraged Token represents a basket of perpetual futures positions in the underlying asset. For example, BTCUP represents a 3x long position in BTC perpetual futures.

Some key points about Binance Leveraged Tokens:

• Available for major cryptos like BTC, ETH, XRP, BNB, etc.
• Fixed leverage options from 1x to 5x leverage, both long and short.
• Traded like normal tokens – no leverage or margins to manage.
• Leverage level adjusts based on price movements in underlying perpetual contracts.
• No liquidations or margin calls. However, Impermanent Loss is a risk factor.
• Easy way to gain leveraged exposure without collateral or liquidation risks.
• Good for short term trades but can lose value over longer periods.
• Not suitable for beginner traders. Understand how leverage works.

Binance Leveraged Tokens are an interesting derivative product that offers leveraged exposure without some of the risks and complexities of futures contracts. However, they come with their own unique risks and are best used by experienced traders. Proper due diligence is required.

Binance Earn

Binance offers a wide range of “Earn” products that allow you to grow your crypto holdings through interest-earning activities.

Some major Binance Earn products include:

• Crypto Savings – Earn interest by depositing your tokens into flexible or locked savings accounts. Rates vary based on product term.
• Staking – Earn staking rewards on supported proof-of-stake coins by staking them on Binance. No need to set up nodes.
• BNB Vault – Earn automatic yield on your BNB holdings through optimized strategies.
• Launchpool – Earn new token rewards by staking BNB or other assets in Launchpool.
• Liquid Swap – Provide liquidity to AMM pools to earn trading fees and boosted yield.
• Dual Investment – Earn fixed yields on crypto plus benefit from token price appreciation.
• DeFi Staking – Earn high yields by staking supported tokens into DeFi protocols.

In addition, Binance offers crypto loans, margin trading interest, liquidity incentives, and more ways to put your holdings to work.

The wide range of options makes it easy to find yield based on your risk tolerance, preferred coins, and how long you are willing to lock assets. Binance Earn offers passive income potential for long-term HODLers and active traders alike.

Just be aware of risks like impermanent loss and do your due diligence before investing in any products. Binance Earn lets you maximize returns on your crypto.

Binance Loans

Binance offers a crypto loans service that allows users to collateralize their crypto holdings in exchange for a loan of stablecoins or fiat.

Some key things to know about Binance Loans:

• Flexible loan terms from 7 days up to 90 days.
• Supports loans in stablecoins like BUSD, USDT, USDC or fiat currencies like USD.
• Interest rates start around 3% APR. Varies by market conditions.
• Supported collateral assets include BTC, ETH, BNB, XRP, ADA and about 20 others.
• Initial Loan-to-Value (LTV) up to 50%. Can unlock higher LTVs over time.
• No credit checks required. Based on crypto collateral.
• Loans issued in minutes. Quick access to liquidity.
• No early repayment fees. Can repay loan anytime.

Binance Loans provide an easy way to unlock the value of your crypto assets without having to sell them. The LTV requirements help protect against market volatility. As with any loan, be sure to factor in interest costs. Loans can provide liquidity but do carry risks if asset values decline.

Binance Coin (BNB)

Binance Coin (BNB) is the native utility token of the Binance ecosystem. It was launched in 2017 through an ICO that raised $15 million.

Some key things to know about BNB:

• Has a fixed total supply of 200 million BNB, of which over 168 million are currently in circulation.
• Dual token standard – both BEP-2 and ERC-20 – allowing it to be stored on multiple blockchains.
• Primarily used to pay for fees on Binance Exchange and Binance Chain. Offers a 25% discount on trading fees when paid in BNB.
• Can be used to participate in token sales on Binance Launchpad.
• Supports features like staking, loans, deposits, trading pairs, and more on Binance platforms.
• Regular token burn events decrease BNB supply over time. Over half of the total supply will eventually be burned.
• Consistently ranks among the top ten cryptocurrencies by market capitalization, currently over $50 billion.

BNB powers the Binance ecosystem as its native token. Demand is driven by the need to use BNB to access lower trading fees and exclusive features on Binance. The fixed supply and token burns also increase its scarcity over time.

Binance Chain

Binance Chain is a blockchain network developed by Binance to power decentralized exchanges and create an alternative to Ethereum.

Some key things about Binance Chain include:

• Launched in 2019 as a high-performance blockchain tailored for ultra-fast trading.
• Supports the Binance Decentralized Exchange (DEX) which allows trustless peer-to-peer trading without intermediaries.
• Provides higher throughput and lower latency than other blockchains like Ethereum.
• Native BNB token acts as the gas to power transactions on Binance Chain.
• Supports issuing new tokens, creating smart contracts, sending transactions, and trading digital assets.
• Uses a Proof of Staked Authority (PoSA) consensus that relies on approved validators.
• Average transaction fee is only a few cents, much lower than Ethereum gas fees.
• Over 100 DApps have been built on Binance Chain across gaming, DeFi, NFTs, and other sectors.

Binance Chain provides the speed, scalability, and low fees needed to support decentralized trading on the Binance DEX. It offers an alternative smart contract and DApp platform to Ethereum. However, it uses a more centralized validator model compared to Ethereum.

Binance Launchpad

Binance Launchpad is a platform for launching new cryptocurrencies in initial exchange offerings (IEOs). It provides crypto startups with a way to crowdfund development and gain exposure to Binance’s large user base.

Some key things to know about Launchpad:

• Projects must submit detailed proposals and undergo due diligence reviews to launch on Launchpad. Binance closely vets each project before approval.
• For users, participating in Launchpad requires holding Binance Coin (BNB). The amount of BNB held determines lottery odds for IEO token allocation.
• Lottery drawings are held for retail investors to get an allocation of the new token being launched.
• Launchpad sales typically sell out quickly thanks to overwhelming demand. Lottery odds are low but returns can be high.
• Historically many Launchpad projects have provided huge returns to early participants. However, there have also been failed projects. Proper research is required.
• After the IEO, tokens get immediately listed on the Binance exchange for public trading.

Binance Launchpad has been instrumental in the growth of Binance by funding new crypto innovations. It provides unique access to promising projects. However, Launchpad should not replace proper due diligence by investors.

Binance NFTs

In addition to trading cryptocurrencies, Binance also offers an NFT marketplace where users can buy, sell, and mint NFTs on Binance Chain.

Some key things to know about Binance NFT Marketplace:

• Supports trading of popular NFT collections like Bored Ape Yacht Club, Doodles, Azuki, and more.
• Low fees of 1% for creators and no fees for buyers.
• Accepts payments in Binance’s native BNB token as well as ETH.
• Provides a platform for new NFT projects to launch their collections via Initial Game Offerings (IGOs).
• Incorporates mystery boxes, auctions, and other features to enhance the NFT trading experience.
• Strong security measures like 2FA protect against potential NFT scams and hacking.
• Seamless integration with Binance cryptocurrency exchange accounts.
• Mobile app available alongside web platform for easy access.

The Binance NFT Marketplace brings together crypto and NFT enthusiasts. It capitalizes on Binance’s large existing user base to drive adoption of NFTs. The marketplace is designed to facilitate the minting, trading, and collecting of digital collectibles.

Web 3 Wallet

In addition to its exchange services, Binance offers a multi-chain Web3 cryptocurrency wallet.

Key features of the Binance Web3 Wallet include:

• Supports major blockchain networks like Ethereum, BNB Chain, Polygon, Solana, Avalanche, and more.
• Non-custodial wallet gives users full control of their private keys. Binance does not have access.
• Intuitive interface makes sending, receiving, and interacting with dapps easy.
• Built-in decentralized exchange lets users trade crypto directly from their wallet.
• Hardware wallet support for Ledger devices enhances security.
• Access popular dapps and DeFi platforms directly through the wallet’s dapp browser.
• Cross-chain support allows moving assets between different blockchains.
• Mobile app available on iOS and Android in addition to web version.
• Optional multi-signature and social recovery features for security.

The Binance Web3 Wallet provides a secure and easy-to-use gateway to decentralized apps and services. By combining non-custodial wallets with dapp access, it offers users the ability to tap into DeFi, NFTs, gaming, metaverses and more. As an established crypto brand, Binance is well-positioned to drive mainstream adoption of Web3 wallets.

Is Binance Legit?

With cryptocurrency exchanges, it’s understandable for users to be concerned about trust and safety. So is Binance a legit and safe platform?

While no cryptocurrency exchange can be 100% infallible, Binance has established a largely reputable track record since its founding in 2017. Here are some points that back up its legitimacy:

• As the world’s largest crypto exchange, Binance handles billions in trades daily across millions of users and has strong incentives to maintain trust.
• Binance keeps user funds in cold storage and offers robust security measures like address whitelisting, 2FA, and anti-phishing codes. User funds have insurance protection.
• Being a centralized exchange, Binance maintains strict KYC rules and is regulatory compliant in multiple jurisdictions.
• Binance is very transparent, offering proofs of reserves, audits from firms like CertiK, and surveillance from blockchain analysis partners.
• The team has been responsive when security issues have arisen, reimbursing users affected by the 2019 hack.
• Binance has an established reputation in the crypto community as a founder-led exchange guided by its DOMA philosophy of transparency.

No exchange is perfect. Binance contends with occasional downtime, customer support delays, and ongoing regulatory uncertainty in some regions. However, compared to many smaller exchanges, Binance is about as reputable as it gets for a centralized platform. For most traders, the pros appear to outweigh any cons.

Is Binance Safe?

As a centralized exchange, Binance offers robust security measures to protect user assets.

• Funds are stored offline in cold wallets and only a small portion kept in hot wallets to facilitate trades.
• Binance employs industry-standard security protocols including mandatory 2-factor authentication, address whitelisting, anti-phishing codes, and other measures to guard against unauthorized access.
• User accounts are further protected through email confirmation, device management, and IP address monitoring to detect suspicious activity.
• Binance maintains an emergency insurance fund through its SAFU (Secure Asset Fund for Users) program that is designed to reimburse users in case of a hack.
• To date, Binance has responded quickly to support users affected by the only major security breach in May 2019, covering lost funds through its SAFU fund.
• As a centralized platform, Binance adheres to strict know-your-customer (KYC) rules and verifies user identities to comply with anti-money laundering regulations.
• However, being centralized also means users must inherently trust Binance to some degree to secure funds rather than relying on blockchain protections.

Binance makes user security and protection of funds a top priority. While no system is unhackable, Binance displays transparency around its security practices and fund safeguards. For most traders, Binance presents a reasonable compromise between security and convenience.

Design & Usability

Binance offers one of the most well-designed and usable trading interfaces in the cryptocurrency industry. Both desktop and mobile apps are intuitive and easy to navigate.

Some key design elements that improve usability:

• Clean layout with modules and widgets that can be customized as needed. Not cluttered.
• Nice balance between simplicity for new users and features for advanced traders.
• Easy to search and filter for trading pairs, check order status, see account balances.
• Charting includes a full range of customizable indicators and drawing tools.
• Order entry form simplifies process – just pick order type, enter price/amount, and submit.
• Available both in light and dark mode depending on user preference.
• Mobile app provides full functionality for trading on the go.
• Support for over 45 languages lowers barriers for international users.
• In-app chat and quick links for customer support requests.

Binance prioritizes simplicity and intuitiveness across its platforms. Even users with no prior crypto experience should find it easy to get started. At the same time, experienced traders have access to all the tools and features they expect. The design contributes to an excellent overall user experience.

Mobile Offering

Binance offers iOS and Android mobile apps that are highly rated and downloaded millions of times.

• The apps provide full access to all account functions and trading capabilities.
• Supports real-time market data, advanced charting, order management, deposits/withdrawals, etc.
• Streamlined interface makes navigating and trading on a smaller screen intuitive.
• Ability to set up watchlists, price alerts, and other customizations.
• Additional features like staking, savings, P2P trading, NFT marketplace also available on mobile.
• Supports phone camera to quickly scan and deposit QR codes when transferring funds.
• Face/Touch ID login and other security measures prevent unauthorized access.
• Links to Binance Academy and Help Center for learning and troubleshooting.
• Seamless syncing with web platform and API trading.

The Binance mobile experience provides traders with full account control through a well-optimized interface designed for ease-of-use on the go. The apps make it simple to execute trades, manage funds, and use key Binance services from anywhere with an internet connection.

Ease of Use

Binance is one of the most user-friendly exchanges, it has simple options for beginner traders and more advanced options for pros.

• Clean, intuitive user interface makes navigating straightforward for new users.
• Easy account creation process – just enter email, password, enable 2FA.
• Convenient fiat on-ramps allow buying crypto directly by card, bank transfer, etc.
• Simple spot trading platform has market, limit, and stop-limit order types.
• Buying and selling crypto takes just a couple clicks.
• Built-in wallet makes deposits and withdrawals seamless.
• Robust mobile apps offer full functionality for trading on the go.
• Multiple platforms suitable for basic conversions up to advanced trading.
• Excellent search and sorting tools to find trading pairs.
• In-app chat support feature for quick assistance.
• Support for multiple languages lowers barriers for international users.
• Well-organized interface avoids information overload.

While Binance has an extensive set of features, the platform has been thoughtfully designed for simplicity. Common tasks like executing trades, funding accounts, and managing assets are intuitive even for crypto beginners. With its focus on usability, Binance stands out for ease of use.

Customer Support

I have used the Binance customer support a few times over the years and every time I have got an extremely fast response. The agents are very friendly and helpful, honestly they are so refreshing compared to other exchanges I’ve used.

They offer customer support through several channels:

• Help Center – Extensive library of FAQs and articles that provide answers to common questions. Generally well-organized and searchable.
• Support Tickets – Online form to submit support requests and create tickets. Response time varies but usually within 24 hours.
• Live Chat – Available on the Binance website to instant message with customer support agents. Extremely quick response – the best way to get support.
• Twitter – @BinanceHelpDesk handles support inquiries on Twitter. Good for visibility but not best for sensitive issues.
• Reddit – Active Binance subreddit where community members and staff provide support. Unofficial so quality varies.
• In-App Support Chat – Chat feature accessible within the Binance app for mobile support. Convenient but has limited availability.

While Binance provides multiple support channels, users frequently cite frustrations with delayed response times especially during high volume periods. Support quality is decent but the availability and speed could be improved.

Adding phone support could help provide a more responsive and personalized support experience versus relying solely on tickets and chat. But overall, Binance customer support gets the job done and improves over time.

Binance History

Here’s a brief run down of Binance’s history.

• Founded in 2017 by Changpeng Zhao (CZ) and his co-founder Yi He.
• CZ previously built trading systems for the Tokyo Stock Exchange and Bloomberg Tradebook. He also served as head of development at crypto exchange OKCoin.
• Binance held an ICO in July 2017, raising $15 million by selling Binance Coin (BNB) tokens.
• The exchange officially launched in September 2017, enabling trading between Bitcoin, Ethereum, Litecoin, and Binance Coin.
• Binance quickly gained popularity thanks to its focus on usability, security, and low fees. Trading volumes grew rapidly.
• By early 2018, Binance became the world’s largest crypto exchange as measured by trading volume, overtaking Coinbase.
• Binance introduced new offerings like the Binance Launchpad for token sales in 2019. It also released the Binance DEX, Binance Chain, margin trading, and more.
• Regulatory issues forced Binance to block U.S. users from binance.com in 2019, leading to the creation of Binance.US for American traders.
• In 2021, Binance continued expanding with acquisitions, new crypto services, NFT and Metaverse initiatives. BNB became a top 3 coin.
• As of late 2022, Binance has facilitated over $60 trillion in lifetime trading volume with operations in over 100 countries. It aims to enable crypto freedom for users worldwide.

The rapid growth of Binance demonstrates its ability to innovate and quickly adapt in the competitive crypto industry. Within just 5 years, it has become an influential leader spanning multiple segments of the crypto ecosystem.

Conclusion

Binance has cemented itself as a leader in the cryptocurrency landscape since its launch in 2017. What began as a basic crypto-to-crypto exchange has expanded into a comprehensive digital asset platform with offerings spanning spot trading, derivatives, decentralized finance (DeFi), NFTs, and more.

At the core of Binance is its robust spot exchange that lists over 600 cryptocurrencies and provides traders with advanced charting tools, order types, and one of the most liquid markets in crypto. Binance owes much of its success to the ease of use and accessibility it provides to crypto newcomers and veterans alike.

Beyond trading, Binance has continually innovated and released products that extend the possibilities of what users can do with crypto. Whether earning yield through activities like staking, mining, or lending, or interacting with decentralized apps through Binance’s high-speed blockchain and Web3 wallet, the platform enables the crypto-curious to explore this emerging world.

While Binance has faced regulatory uncertainty and obstacles in some jurisdictions, it has also taken compliance seriously by registering with financial regulators in numerous countries and adhering to strict KYC rules. As government oversight of crypto increases, Binance appears to be adapting appropriately.

We are happy to recommend Binance and have added it to our list of the Best Cryptocurrency Exchanges.

We have continued to update this review since Binance was first launched ( we were one of the first to offer a review of the platform at the time ). And as time has progressed, time and time again Binance have proven to be one of the very best, if not the best, exchanges available.

Their CEO Changpeng Zhao (CZ for short) has been part of the cryptocurrency community and shown high standards of integrity.

Binance the exchange has continued to innovate, bringing new products to market and new options for purchasing and trading cryptocurrencies to all corners of the globe.

To sum up…

Binance is unmatched regarding the breadth of its crypto product suite paired with deep liquidity. As crypto adoption grows, no brand is currently better positioned than Binance to onboard the next wave of users and drive mainstream acceptance. For the foreseeable future, Binance remains the top platform for anyone seeking to enter and engage actively with the cryptocurrency space.

Visit Binance

FAQs

Is Binance safe to use?

Binance implements robust security measures to protect user funds and information. User assets are stored offline while transactions are verified on the blockchain. Binance also utilizes 2FA, address whitelisting, anti-phishing codes, and other protocols. An emergency insurance fund further safeguards users.

Does Binance work in the USA?

Binance.com stopped serving US-based users in 2019. American traders can now use Binance.US, a separate exchange tailored for the US market. However, Binance.US has fewer token listings and limited availability in some states due to regulatory restrictions.

What are Binance’s trading fees?

Binance uses a maker-taker fee model ranging from 0.1% to 0.02% depending on 30-day trading volume. Fees can be further reduced 25% by holding BNB. Withdrawing crypto has a separate fee based on blockchain network costs.

What payment methods does Binance support?

Binance allows buying crypto with credit/debit cards, bank transfers, P2P trading, and third-party payment gateways depending on user location. Over 65 fiat currency options are supported through the Binance Fiat Gateway.

How long does verification take?

The verification process typically takes 5-30 minutes if documents are in order. However, during high traffic surges, verification may be delayed up to 12 hours as KYC checks are manually reviewed.

How do I withdraw from Binance?

Log into your account, click Wallet > Spot Wallet, select Withdraw next to the asset you want to withdraw. Enter the amount, external wallet address, and submit the withdrawal request. Expect delay based on blockchain conditions.

What countries is Binance available in?

Binance restricted access to users from the US, UK, Canada, Singapore, and a few other nations. It still serves most countries across the Americas, Europe, Africa, and Asia-Pacific. Availability depends on local laws.

Does Binance have an app?

Yes, Binance offers iOS and Android apps with full account access and trading capabilities. The apps allow easy trades, deposits/withdrawals, staking, data tracking and more on the go.

The post Binance Review: The World’s Leading Cryptocurrency Exchange? appeared first on Blockonomi.

The exchange aims to provide advanced trading tools, high leverage, and liquidity aggregated from over 12 providers. PrimeXBT offers traders a combination of features not typically found on a single platform – the ability to trade multiple asset classes while also providing social trading and passive income opportunities.

In this detailed review, we’ll take an in-depth look at the platform’s features, fees, security, and more to help you determine if PrimeXBT is the right fit for your crypto margin trading needs.

Visit PrimeXBT

Quick Verdict: PrimeXBT is an innovative and easy-to-use margin trading platform that provides traders with advanced tools, high leverage, aggregated liquidity, and unique social trading features across a variety of asset classes.

PrimeXBT Quick Facts

How to Signup at PrimeXBT

Signing up for a PrimeXBT account is quick and easy. The platform does not require any KYC verification, so you can start trading anonymously right away.

To sign up:

1. Go to the PrimeXBT website and click “Register” in the top right corner.
2. Enter your email address and password. You can also enter a referral code if you have one to get bonuses.
3. Check your email for the confirmation link PrimeXBT sent and click it to verify your email.
4. You will be redirected back to PrimeXBT to enter your account.

Once you have an account, you should enable two-factor authentication for additional security. You can do this in the Security Settings of your account.

With just a few clicks, you’ll have a PrimeXBT account ready to make deposits and start trading. The easy sign up process with no KYC is a major benefit for users who value privacy and want to begin trading quickly.

PrimeXBT Trading

PrimeXBT aims to provide an advanced yet easy-to-use trading interface. The customizable workspace allows you to set up multiple screens with different widgets like charts, order forms, current positions, and more.

The platform includes full-featured charting and technical analysis tools from TradingView. You get access to hundreds of indicators, 50+ drawing tools, and the ability to customize charts to your preferences. This level of charting significantly enhances traders’ ability to analyze the markets.

Placing trades is simple with market, limit, and stop order types available. You can also set up stop losses and take profit levels to manage risk. For high volume traders, PrimeXBT offers one-click trading as an option.

One standout aspect is the ability to trade right from the chart. You can buy or sell any instrument with one click directly on the chart you are viewing. This helps traders act fast to capitalize on chart-based signals.

PrimeXBT Deposits & Withdrawals

To start trading on PrimeXBT, you first need to deposit cryptocurrency into your account wallet. PrimeXBT currently accepts deposits in BTC, ETH, USDT, USDC, and COV.

You have two options to fund your account:

1. Direct crypto transfer – You can send supported coins directly to your PrimeXBT wallet from an external crypto wallet or exchange account.
2. Purchase crypto with card or bank transfer via integrated third-party services like Changelly, Paxful, Coinify, etc. These services allow you to instantly buy crypto using a debit/credit card or bank transfer.

Deposits are free on PrimeXBT. Your funds should reflect in your account within one network confirmation.

For withdrawals, you can transfer your funds to any external crypto address. Withdrawal fees are 0.0005 BTC for BTC, 0.01 ETH for ETH, and minor fees for other coins. Withdrawals are processed manually once per day, so may take some time depending on volume.

The ability to buy crypto directly on PrimeXBT makes funding your account fast and convenient compared to withdrawing from a separate exchange. Low withdrawal fees are another plus for users moving funds off the platform. However, the lack of fiat currency deposit/withdrawal options limits funding flexibility for some traders.

PrimeXBT Trading Interface

You can preview the live trading platform of PrimeXBT to get a feel for how it works before you open an account. The preview version of the platform is incredibly similar to the real version.

The only difference is in the very bottom section of the screen labeled “Positions.” If you have a live account, you would see a list of positions with the following columns for each: symbol, position ID, time and date, side, size, fill price, current price, take profit, stop loss, and P/L.

Since the preview version is not associated with an account, this section is blurred out and over it, you will find the option to log in or register.

Overall, the trading platform is exactly what you expect as it is very similar to the trading pages experienced investors are used to. On the top left side of the screen, you will see a list of cryptocurrency pairs.

These include LTC/USD, BTC/USD, ETH/USD, EOS/USD, and XRP/USD. For each, you can view the bid price, ask price, and change. These figures are color-coded in white, green, or red.

As expected, green indicates an increase while red indications a decrease.

Clicking on any of the pairs listed here will bring you to a screen that lets you buy or sell the crypto in question. It will display the prices for buying and selling as well as the low and high for the pair.

Below this section, still on the left of the screen, you will see the Order Book. The Order Book displays the information for whichever currency pair you most recently selected from the top left corner. It is divided into sales and purchases. A nice touch on this Order Book is that in addition to a list of the quantities and prices, it also displays a visual representation via graphs in green and red in the background. This way, you can see the current trends at a glance.

The main section of the trading page is the actual chart, which is directly to the right of the crypto listings and Order Book and takes up most of the page. The top left corner of the chart shows you the trading pair it represents.

You can adjust this by clicking on the box where it is listed and typing in the new pair (you will notice autofill suggestions) or by clicking on the pair to the left in the crypto listing section.

Trading Charts on PrimeXBT

The default setting of the PrimeXBT trading chart is a candlestick chart. It is color-coded green and red with prices on the vertical axis and time on the horizontal axis. Hovering over any point on the chart will show you the specific date and time as well as the open, high, low, close, and value.

You can increase or decrease the time range displayed by adjusting the time graph immediately below the main chart. The top of the chart is where you will find most settings.

There is a drop-down menu that lets you change the intervals of the candlesticks. The default is 5 minutes, but you can also choose 1, 15, or 30 minutes; 1, 2, or 4 hours; or 1 day, week, or month. To the left of this is the option to switch from a candlestick chart to a line graph or bar graph.

Next to this, you will find options regarding crosshairs. You can also choose long or short and from a range of 13 indicators, lines, and tools to add. These include things like a trend line, trend channel, and Fibonacci Rays, among others.

Advanced traders will be interested in the Studies section, which is accessible via an icon of a test tube to the right of the above options and to the left of Studies. You can choose from one of several dozen available studies or add in your own study. Use up to five at once.

There are two methods of trading with PrimeXBT. You can click on a pair on the left of the page and fill in the box that appears. Or you can use the section at the top left corner of the chart, directly below the name of the pair.

PrimeXBT Fees & Limits

PrimeXBT charges two types of fees, trading and overnight finance. Because instruments are leveraged products you finance the traded value through an overnight financing.

This borrowing cost (financing) is dependent on the liquidity of the underlying asset. If you open and close a leveraged position within the same trading day, you are not subject to overnight financing.

The exposure limit is a restriction on the size of a position each individual client can maintain with PrimeXBT. The trading platform will not allow clients to place orders which will exceed the limit if executed.

The restriction is set by the PrimeXBT risk management department and depends on such factors as instrument liquidity, volatility and other market conditions.

Using Leverage on PrimeXBT 

Leverage is one of the many features that advanced traders tend to look for, but most platforms offer very limited leverage when it comes to trading cryptocurrency. PrimeXBT stands out by offering leverage of 1:100.

This means that for each $1, you get $100 worth of buying or selling power. This essentially gives you access to a greater market position, so you can make even more profits, or indeed losses.

Leverage is one of the key features of PrimeXBT and among its main features. The website also offers a detailed explanation of leverage on its website to help those that do not fully understand.

This explanation includes an example with BTC/USD for example.

• In this example, assume that Bitcoin is $10,000 each, and its price rose by 5 percent during your investment.
• If you were to use a traditional exchange without leverage, you could buy 10 BTC for $100,000 (10 x $10,000).
• If the price went up by 5 percent, your BTC would be worth $10,500 each so if you sell them, you will make $5,000 off of your $100,000 investment.

In contrast, if you were to make the same trade on PrimeXBT with its 1:100 leverage, you would only have to pay 1 percent of the $100,000 position, meaning an investment of $1,000 up front.

In the same situation, this means you would still make $5,000 but would have only invested $1,000. In other words, you can vastly multiply your profits with the same amount of initial capital.

PrimeXBT explains some of the advantages of trading with leverage, including the ability to magnify profits, gearing opportunities (the ability to free up capital you can use for another investment), and the ability to gain when the market falls.

There is also a convenient leverage calculator on PrimeXBT, so you can figure out your buying power based on your available capital.

Just keep in mind that while using leverage increases the potential reach of your funds and your potential profits, it will also increase the potential losses.

As such, you should always be cautious when using the maximum leverage offered on PrimeXBT. That being said, those with trading experience and confidence in their methods find leverage to be an incredibly useful tool.

Profiting From Market Movements

Since the cryptocurrency market does not always increase, PrimeXBT offers methods of profiting whether the market is going up or down. You can trade any of the most popular cryptocurrencies and hedge existing holdings or profit from rallies or declines in the market.

In other words, you can go either long or short with PrimeXBT. Buying is when you go long while selling is when you go short. To go long, you would buy Bitcoin and watch your account increase in value while the price of BTC rises.

In this case, a fall in BTC’s price would drop the value in your account. In contrast, you can go short, which means you open a position that will increase its value if the price of BTC goes down.

You can view specific examples with calculations for each of these types of trades on PrimeXBT. There is also information on calculating your profits, so you can understand what is going on in your account. To calculate your profit or loss, you just take the difference in price points at opening vs. closing and multiply this value by the size of the position. If you combine it with leverage, you can increase your position size.

PrimeXBT Copy Trading

PrimeXBT offers a copy trading feature called Covesting that allows traders to automatically copy positions opened by successful strategy managers on the platform.

Inside the Covesting module, users can browse strategies and traders based on criteria like returns, drawdown, and followers. An integrated stats dashboard shows past performance data to help guide selections.

Copying a strategymirrors every trade from the manager’s linked portfolio proportionally based on the amount allocated to that strategy. Traders can diversify by following multiple strategies or managers.

To become a strategy manager yourself, you need a minimum balance of 0.5 BTC or equivalent. Managers earn profit sharing from follower copying fees based on the performance of their portfolio.

Copy trading provides an innovative social element that benefits both new traders looking to learn and experienced traders who can profit from sharing proven strategies. It essentially lets traders leverage the skills of top-performing members on the platform.

While inherently risky like any trading, the Covesting module creates a hands-off way to potentially profit. For new traders, following successful managers also provides valuable insight into trading analysis.

Is PrimeXBT Legit?

PrimeXBT is incorporated in Seychelles and operates offices there along with Saint Vincent and the Grenadines. However, the platform is not currently regulated by any financial authority. This means PrimeXBT does not have oversight from regulatory bodies that provide a level of investor protection and recourse.

Despite being unregulated, PrimeXBT takes measures to ensure a secure and compliant operation:

• Funds are held in cold storage with multi-signature access controls. This follows industry best practices.
• The trading platform uses SSL encryption, 2FA, and other security protocols to protect accounts and data.
• KYC is not required, but PrimeXBT monitors activity and flags suspicious accounts to remain compliant with AML laws.
• The exchange tracks and reports large transactions for tax purposes as required in many jurisdictions.

While the lack of formal regulation may make some cautious, PrimeXBT has established a largely positive reputation over 5+ years in business. Users generally report good experiences with security, support, and trading on the platform.

As with all exchanges, it’s advisable to withdraw most funds off the platform into private wallets under your control to mitigate security and regulatory risks. While PrimeXBT has proven so far to be legitimate, traders should weigh the unregulated nature carefully.

Is PrimeXBT Safe?

PrimeXBT stores the vast majority of assets in cold storage wallets. This keeps funds offline and away from potential hacking risks. Multi-signature access controls are used to authorize transfers between cold and hot wallets.

The platform uses Cloudflare technology to mitigate DDoS attacks. User passwords are encrypted and 2FA is available. Regular security audits and penetration testing are performed to identify and address vulnerabilities proactively.

PrimeXBT has not suffered any major security incidents that resulted in loss of customer funds. Support staff are generally responsive in assisting users with account-related issues.

While the safety record so far is largely positive, there are no guarantees when using any exchange. As a best practice, users should take steps to protect their own accounts:

• Enable 2FA for login protection
• Use strong unique passwords
• Limit account balances and withdraw to private wallets
• Review account activity regularly for unauthorized access

Following basic security hygiene along with the measures implemented by PrimeXBT can help minimize risks. Traders should use proper precautions and manage balances responsibly based on their personal risk tolerance.

PrimeXBT Design & Usability

PrimeXBT provides a polished user experience that is both full-featured yet easy to navigate.

The customizable workspace uses a modular widget-based layout. This allows traders to customize and save multiple workspaces with their preferred widgets like charts, watchlists, order forms etc.

Navigation feels intuitive with key sections accessible from the top menu bar. The overall design uses clean lines, contrasting colors, and whitespace effectively without feeling cluttered.

Charting is a standout feature visually. The embedded TradingView charts look modern and can be extensively customized and analyzed with all the available tools. The ability to trade directly from charts makes technical analysis seamless.

On the usability front, PrimeXBT hits the mark for the most part. Workspaces are flexible, widgets are customizable, and key functions easy to locate. A few exceptions exist – the covesting section feels slightly disjointed, and some features like turbo trading are not obvious at first.

However, PrimeXBT provides ample educational resources and video tutorials to help users understand all aspects of the platform. Customer support is also responsive in case any confusion arises.

For new traders, the simple buy/sell exchange interface offers an easy onramp before accessing more advanced tools. Overall, PrimeXBT offers visual appeal and functional usability with the flexibility power users desire. The design and user experience compare well to top exchanges.

PrimeXBT Mobile Offering

For traders looking to manage positions and execute trades on the go, PrimeXBT offers mobile apps for iOS and Android devices.

The PrimeXBT mobile app provides tools to analyze price charts, monitor portfolios, place trades, and manage account settings. The interface is well-designed with intuitive navigation between sections.

You get full-featured charts and the ability to overlay technical indicators. The app also allows you to easily track your account balance, open positions, and order history. Trades can be placed directly from the charts or using the order form.

The iOS app has a 4.7/5 rating based on over 5,400 reviews. The Android version is rated 4.4/5 from over 107,000 reviews. Most feedback is positive, but some users report occasional lag and minor bugs.

PrimeXBT also offers a second app called PrimeXBT Crypto Trading for more advanced traders. This provides deeper charting capabilities and order management tools.

Overall, the PrimeXBT mobile experience delivers the core features you need to manage existing positions and execute new trades on the go. Charts and order execution are fast and reliable. While the apps may not satisfy power users, they offer a convenient way to stay connected from anywhere when away from your desktop.

PrimeXBT Ease of Use

Despite providing advanced trading features, PrimeXBT has designed an accessible interface suitable for beginner through expert traders.

New users can easily buy/sell or go long/short on crypto, forex, commodities etc. with just a few clicks. The intuitive order forms and charts allow fast order execution.

For more experienced traders, PrimeXBT offers extensive charting capabilities, order types, risk management tools, customizable workspaces and more. Yet the added functionality does not make the platform overly complex. Traders can access as much or as little complexity as they desire.

The educational resources and FAQ sections provide ample support for learning the platform. Video tutorials guide users through topics ranging from placing basic trades to utilizing covesting strategies.

PrimeXBT also offers a free demo account with virtual funds. Testing strategies risk-free on the demo is a great way for newer traders to familiarize themselves with the tools and order types.

While designed to handle the demands of veteran traders, PrimeXBT remains straightforward enough for those with minimal experience to get started. User-friendliness, education, and demo support create a smooth onramp for traders of any background to leverage the platform’s capabilities.

PrimeXBT Customer Support

PrimeXBT provides customer support through multiple channels including email, web form, and live chat. Support is available 24/7 to accommodate traders globally.

Via live chat, response times are typically prompt with support agents responding in minutes. The team is knowledgeable and able to assist effectively with most inquiries on accounts, trading, technical issues, and platform use.

In addition to direct support, PrimeXBT offers an online Help Center with FAQs and an education portal with guides. The support site makes it easy to find answers to common questions or get pointed in the right direction.

As a global platform, phone support would be a useful addition for users that need urgent assistance. But PrimeXBT does offer alternative ways to get quick help, including their Telegram bot linked to support staff.

Considering its global reach, PrimeXBT delivers solid customer service through various channels. Live chat and the knowledge base provide traders with readily available assistance. While room for improvement exists, their support compares well relative to other exchanges.

Conclusion

PrimeXBT provides an impressive all-in-one margin trading platform for cryptocurrencies, forex, commodities, and stock indices. The exchange stands out by offering social copy trading and up to 100x leverage across a variety of assets.

For cryptocurrency traders seeking an alternative to spot exchanges, PrimeXBT opens up unique opportunities to profit from the volatile crypto markets. The ability to short, use leverage, and capitalize on declining prices adds to the potential strategies available.

The customizable workspace, extensive charting tools, and robust order management features accommodate advanced traders. Yet the platform remains accessible enough for beginners thanks to the simple buy/sell interface.

While the lack of regulation and limited cryptocurrency pairs are drawbacks for some, PrimeXBT still delivers a compelling trading experience. The combination of high leverage, aggregated liquidity sources, and social trading makes PrimeXBT a top choice worth considering for margin cryptocurrency trading.

Overall, PrimeXBT provides the features, tools, and performance to compete with leading margin exchanges. For traders seeking exposure beyond just spot trading, PrimeXBT is a top-tier platform and a welcome addition to the growing crypto derivatives market.

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PrimeXBT FAQs

What countries does PrimeXBT operate in?

PrimeXBT accepts users from over 150 countries globally, with the notable exception of the United States, Canada, Japan, and a few other prohibited jurisdictions.

What fees does PrimeXBT charge?

PrimeXBT charges a trading fee of 0.05% for crypto trades and 0.01% for forex, indices, and commodities. There are no deposit fees but a small withdrawal fee is charged. Overnight financing fees apply for leveraged positions held open overnight.

Is PrimeXBT regulated?

No, PrimeXBT is not currently regulated by any financial authority. The platform is incorporated in Seychelles. Users trade at their own risk.

What leverage does PrimeXBT offer?

PrimeXBT offers up to 100x leverage on crypto and 1,000x leverage on some forex pairs. Leverage varies by instrument from 1:5 up to 1:1,000.

Can I deposit fiat currency to trade?

No, PrimeXBT does not support direct fiat deposits. You must first purchase or transfer supported cryptocurrencies like BTC, ETH, USDT to fund your account.

How do I withdraw funds from PrimeXBT?

You can withdraw cryptocurrency at any time by sending to your personal wallet address. Withdrawals are processed once per day and require a minor network fee. Fiat withdrawals to a bank are not supported.

Is copy trading available on PrimeXBT?

Yes, PrimeXBT offers a copy trading feature called Covesting. Investors can automatically mimic trades from successful strategy managers to leverage their market expertise.

Does PrimeXBT have a mobile app?

Yes, PrimeXBT offers mobile trading apps for both iOS and Android devices. The apps allow you to monitor markets, execute trades, and manage your account on the go.

The post Prime XBT Review: Crypto Trading Exchange With 100x Leverage appeared first on Blockonomi.

The global exchange and third-party broker is home to some of the largest trading volumes in the space, alongside a fee-structure that should suit most budgets.

In this guide, we review the ins and outs of KuCoin. This includes an in-depth look at the platform’s supported coins, fiat currency facilities, fees and commissions, safety, customer support, and trading arena.

Visit Kucoin

What is KuCoin?

Launched as recently as 2017, KuCoin is a cryptocurrency exchange that also offers third-party brokerage services. Although the platform has just three years of trading history, it is now one of the largest cryptocurrency exchanges in the space.

One of the main reasons for this is that you will find over 200 coins with about 450 cryptocurrency pairs hosted at the exchange. Not only does this include major pairs like BTC/USDT and ETH/USDT, but heaps of crypto-cross pairs. Best of all, if you have an appetite to trade a less liquid ERC-20 token, chances are you will find it at KuCoin.

KuCoin was initially a cryptocurrency-only platform, meaning that you could not deposit funds with fiat currency. However, the platform has since formed a partnership with Simplex – a European payment provider that bridges the gap between cryptocurrencies and everyday money.

When it comes to cryptocurrency trading fees, KuCoin charges just 0.10%. This puts it on par with the likes of Binance. Similarly, KuCoin is also behind its own digital token – KuCoin Shares (KCS). By owning and storing KCS tokens, you will benefit from discounted trading fees, as well as an entitlement to a share of the trading commissions that KuCoin collects.

In terms of the numbers, KuCoin claims to have facilitated more than 650 million individual trades since its inception in 2017. This translates to more than $71 billion in accumulated trading volumes.

Finally – and as we cover in more detail further down, KuCoin is not regulated by a national licensing body. Although this means that you will be able to trade cryptocurrencies without supplying any ID, this won’t be the case if you wish to buy digital coins with a debit/credit card through Simplex.

What can you Trade at KuCoin?

KuCoin offers a vast range of financial instruments that goes above and beyond just crypto-to-crypto pairs. On the contrary, the platform also offers cryptocurrency indexes, margin trading, and even futures.

Let’s explore each asset class in more detail.

Crypto-to-Crypto Pairs

Each and every trading pair at KuCoin falls within the remit of crypto-to-crypto, not least because it does not offer any fiat-denominated instruments. Instead, you will need to trade your chosen cryptocurrency against the USDT if you want access to the crypto-to-USD space.

If you’re a seasoned cryptocurrency trader then you will know first hand that this is industry standard anyway, so you’ll have no issues with trading volumes or liquidity.

Outside of USDT, you can trade crypto-cross pairs. Examples of this include BTC/ETH, ETH/XRP, and BSC/BTC. Ultimately, listing each and every trading digital currency is beyond the remit of this review, albeit, rest assured that the platform hosts more than 450 pairs.

Crucially, KuCoin is often one of the very first exchanges that newly launched cryptocurrency token projects opt for. As such, support for less liquid digital tokens is something that the team at KuCoin actively look to facilitate.

For a full breakdown of each and every pair that KuCoin hosts, you can find this information here at CoinMarketCap.

KuCoin Indexes

On top of traditional crypto-cross pairs, KuCoin also offers a number of indexes. The concept here is that KuCoin will take the weighted average of a specific cryptocurrency across several leading exchanges.

This is with the view of offering a more accurate price of the coin in question, as it takes into account the variations that you often find between competing platforms.

KuCoin indexes are available across:

• Bitcoin
• Ethereum
• Ripple
• Litecoin

The cryptocurrency exchanges that KuCoin derives its pricing activity from are:

• Coinbase
• Bitstamp
• Kraken
• Gemini
• Bittrex
• Liquid

The price of each index is denominated in USD, but settled in the respective cryptocurrency.

KuCoin Futures

Launched in mid-2019, the KuCoin Mercantile Exchange allows you to trade Bitcoin futures. KuCoin itself notes that it is looking to challenge the likes of BitMEX in this particular area of the cryptocurrency derivative space. As a result, you will have access to Bitcoin futures alongside a substantial margin position of up to 100x.

In simple terms, this means that a $100 account balance would permit a maximum trade value of $10,000. When it comes to the underlying spot price, KuCoin once again takes the weighted average from various leading exchanges – such as Kraken, Coinbase Pro, and Bitstamp.

At the time of writing, KuCoin only supports BTC and ETH futures, although it hopes to add further digital currencies in the near future. When it comes to fees, expect to pay 0.060% as a market taker, and 0.020% as a maker. There are also settlement fees of 0.025%.

Trading Fees and Commissions

First and foremost, there are no fees associated with cryptocurrency deposits, and withdrawals are charged at the standard mining rate as per the coin you are looking to cash out.

When it comes to trading fees outside of the futures arena, you will pay 0.1%. This means that a $10,000 trade would cost you $10 in fees. As we briefly mentioned earlier, this sits in-line with fellow exchange counterpart Binance.

KuCoin Shares (KCS)

KuCoin Shares – or simply KCS, is a proprietary cryptocurrency token created by the exchange. By owning and holding KCS tokens you will be accustomed to a number of benefits.

This includes:

Discounted Trading Fees

One of the most notable benefits of holding KuCoin Shares is that you will get discounted trading fees. Crucially, while a standard fee of 0.1% is industry-leading, you stand the potential to reduce this by an additional 20%. What you need to do is to simply turn on the KCS Pay Fee button and enjoy the discount.

Dividends

On top of reducing your trading commissions, holding an allocation of KuCoin Shares affords you the opportunity to earn dividends. In a nutshell, KuCoin as a platform will distribute 50% of the trading commissions that it collects from members each and every day.

This is then distributed proportionately across all holders of KuCoin Shares. For example, let’s suppose that you hold 1% of the entire KCS supply. If the platform pays out $250,000 in commissions, you would receive $2,500. You need to hold at least 6 KCS to benefit from the dividends.

Price History and Buying KuCoin Shares

To say the value of KuCoin Shares has capitulated since its all-time highs of January 2018 would be an understatement. At a peak of over $20 each, you can now obtain the very same tokens for less than $1 in mid-2020.

Nevertheless, if you do want to get your hands on KuCoin Shares you can do this by exchanging them at the platform for an alternative cryptocurrency like Bitcoin or Ethereum.

Fiat Currency Facilities at KuCoin

As the end of 2018, KuCoin has since formed a partnership with European-based payment provider Simplex. The partnership ensures that users from over 100 countries can now deposit real-world funds with a debit or credit card.

This is ideal if you are looking to trade cryptocurrencies, futures at KuCoin but you do not have any digital currencies available to you. Instead, you can simply enter your debit/credit card details and get cash directly into the platform.

With that being said, it is important to note that the fees associated with this are not cheap. Although the occasional promotion is offered on deposit fees, this will cost you a whopping 2.5 – 3.5% (with a $10 minimum).

This means that a $1000 debit/credit card deposit would cost you $25 in fees. It is noticed that this is slightly cheaper than the likes of Coinbase, which charges 3.99% (with various minimums in place).

Also, KuCoin is developing an OTC Trading Desk, on which all users could buy and sell major coins like BTC, USDT, PAX without any fee. The OTC platform currently supports USD, CAD, CNY, IDR and VND.

Trading Platforms

KuCoin offers a proprietary trading platform that was built from the ground-up. There is no requirement to download or install any software to your desktop device, as the KuCoin trading arena can be accessed through your standard web browser. The platform is potentially suited to both newbie investors and seasoned traders.

The reason we say this is that while the platform is super-clean and easy to navigate through, there are heaps of advanced tools available at your disposal. In fact, you have the ability to fully customize your KuCoin trading screen however you see fit.

When it comes to trading volumes and the availability of liquidity, you should have no concerns at all when trading more popular pairs. You might, however, find that volumes are low on less liquid pairs – especially those involving ERC-20 tokens.

Mobile Trading

If you have a tendency to buy, sell, and trade cryptocurrencies on the move, then you might be interested in the KuCoin mobile trading app.

The application is available to download on iOS and Android devices. You will have access to most account features on the app, such as placing orders, checking the value of your portfolio, and depositing and withdrawing funds.

How Long do Withdrawals Take at KuCoin?

In the vast majority of cases, KuCoin will process your withdrawals within 30 minutes of receiving the request. The platform notes that this is automated, and that manual authorization is only required if the size of your deposit is larger than 100,000 times that of the handling fee (mining fee).

Once the funds leave KuCoin, they will be transferred to the cryptocurrency wallet address of your choosing. Make sure that the address is valid, as there is nothing that KuCoin can do if you make an error!

Earn Interest at KuCoin

An additional feature available at KuCoin is that of its lending program. In its most basic form, you stand the chance of earning interest on your digital currency holdings by loaning it out. The main concept is that the tokens will be used to help fund margin accounts.

For example, let’s suppose that a KuCoin trader decides to apply leverage of 10x on an order. For each day that the position is kept open overnight, the trader would need to pay interest. This is because they are trading with more than they have in their account and thus – this comes at a cost.

With that said, KuCoin has opened its doors to everyday investors by giving you the opportunity to fund margin positions. This is available on several coins – including USDT, Bitcoin, Ethereum, Litecoin, EOS, and many more.

In terms of the specific interest rate, this will vary from coin to coin. As an example, by lending out Bitcoin for 28 days, you could be earning an annualized interest rate of 4.83%.

If this is something that you are interested in exploring, KuCoin offers a profit estimation calculator. You simply need to specify how much you are willing to lend out, on what digital currency, and for what length of time – and the calculator will advise you how much you can earn.

It is important to remember that although the rates of interest on offer are super-competitive, you must consider the risks associated with this. After all, KuCoin is not a regulated cryptocurrency exchange so you must factor this into your risk vs reward model.

Is KuCoin Safe?

As is the case with all cryptocurrency exchanges, it is crucial that you are able to ascertain whether or not KuCoin is safe. Not only does this include the platform’s regulatory standing, but its internal and external security practices, too.

Let’s break these metrics down in more detail.

Regulation

In a nutshell, KuCoin is not regulated by any national licensing bodies. This isn’t a major surprise in the cryptocurrency exchange arena, as lots of platforms choose to operate without a license. Whether or not you feel comfortable trading at an unregulated exchange depends on what side of the fence you sit on.

For example, if you are the type of trader that prefers to buy and sell cryptocurrency pairs in an anonymous nature, then there is every chance that a platform like KuCoin is suitable for your needs. At the other end of the spectrum, if you are the type of trader that demands a regulatory safeguard of some sort, then KuCoin might not suffice.

KYC

As noted above, KuCoin is not required to ask you for any personal information – nor will they demand sensitive identity documents. However, the one exception to this rule is if you plan to deposit funds with a debit or credit card through the Simplex integration.

In fact, in order to remain compliant with all relevant laws surrounding anti-money laundering, you will need to upload a copy of your government-issued ID (passport or driver’s license). This is just the nature of the game when using fiat currency at a crypto-exchange.

KuCoin Security Practices

In terms of internal security practices, KuCoin claims to run institutional-grade systems that ensures it keeps crime away from the platform. This is fully supported by a commitment to cold storage.

Although the exact percentage is not specified by KuCoin, it is claimed that the vast bulk of client funds are held offline. The remainder is kept in hot wallets to ensure the platform is able to meet its offering of near-instant and automated withdrawals.

To date, there have been no publications of KuCoin encountering a major hack of any sort, which is an excellent sign. With that said, you always need to ensure you understand the risks of a potential external hack, as your funds are being stored in wallets that you do not personally control.

Also, it is worth noting that in April 2020, KuCoin completed a strategic cooperation with Onchain Custodian, Singapore’s crypto asset custody platform. Onchain Custodian will offer custody service for the safekeeping of KuCoin crypto assets. The custodial funds will be backed by Lockton, the world’s largest private insurance brokerage company. This is believed to further enhance the exchange’s security level.

2FA

Best of all, KuCoin allows you to install two-factor authentication (2FA) on your account. This means that a unique code will be sent to your mobile device whenever you wish to perform key account functions. This includes logging into your account and making a withdrawal request.

KuCoin Customer Support

When it comes to customer service, the team at KuCoin provides an around the clock support team that operates 24 hours per day – 7 days per week. You can send the team an email, albeit, if you need instant one-on-one support you are best advised to use the live chat facility.

Sentiment on this is somewhat mixed in the public domain. With some users reporting connection times in the seconds, others have noted that waiting times are beyond acceptable. With that said, it all depends on how busy the team is at the time of the request. There is no telephone support service offered.

How to get Started at KuCoin

Like the sound of KuCoin and think the platform is suitable for your long-term trading needs? If so, we are now going to show you what you need to do to get started with a trading account today.

Step 1: Open an Account

To get the ball rolling, head over to the KuCoin homepage and click on the ‘Sign Up’ button at the top of the screen. You will then be prompted to enter your email address and to choose a strong password.

You will need to verify your email address before linking up 2FA via your mobile phone. At this stage of the registration process, you will not be asked for any personal information.

Step 2: Deposit Funds

Once you have opened your KuCoin account you will then be promoted to deposit some funds. In this respect, you have two options. If you already possess a digital token, you can deposit this straight into KuCoin.

Simply head over to the deposit page and search for the respective coin. Then, click on the deposit tab to reveal your unique wallet address for that specific cryptocurrency.

Copy the address to your clipboard, head over to your private wallet, specify the number of coins you wish to deposit, and confirm the transaction.

Depending on the cryptocurrency you are depositing, it typically takes around 10-20 minutes for the funds to be credited into your KuCoin account.

Fiat Currency Deposit

If you do not have access to a digital currency, you will need to deposit funds with your debit or credit card. Hover over the ‘Buy Crypto’ button and then click on ‘Buy with Credit Card’.

Follow the step-by-step instructions that are presented to you on screen. Crucially, you will be asked to verify your identity before you are able to use your debit/credit card. The end-to-end process is taken care of by Simplex.

Step 3: Start Trading

As soon as your KuCoin account has been funded, you are ready to start trading. The specific trading arena that you need will depend on the type of financial instrument you are looking to access. This is because KuCoin separates its cryptocurrency exchange and future derivative platforms.

KuCoin Review: The Verdict?

In summary, it is clear to see why KuCoin is now one of the most popular cryptocurrency exchanges in the space. Not only does it give you access to over 450 cryptocurrency pairs, but you can also trade crypto-specific indexes and Bitcoin futures.

Moreover, standard trading fees amount to just 0.1%, which you can reduce by an additional 20% by paying fee with KuCoin Shares. We also like the fact that you can now deposit funds with a debit or credit card, albeit, you will need to bypass a KYC process first.

The main gripe that we have with KuCoin is that it is not a regulated entity. While this does mean that you can trade crypto-to-crypto pairs anonymously, your funds are never 100% safe.

On the flip side, reports about a KuCoin hack are yet to surface since its inception in 2017 – which is an excellent sign.

Visit Kucoin

The post KuCoin Review: Cryptocurrency Exchange With Margin, Futures & Earning Options appeared first on Blockonomi.

Established in 2018 and based in Seychelles, Bitget has rapidly emerged as one of the leading crypto derivatives and copy trading exchanges worldwide. With over 20 million users across 60 countries and counting, it is giving veterans like Binance a run for their money.

So what exactly sets Bitget apart? In this comprehensive review, we’ll take a deep dive into Bitget’s offerings and find out if its impressive growth is warranted or purely hype-driven.

We’ll analyze all of Bitget’s core products – from its spot, futures and copy trading to the Bitget token, Launchpad, and more. We’ll assess factors like fees, security, asset selection, user experience and support quality to see where Bitget excels and where there’s room for improvement.

By the end, you’ll have a crystal clear picture of Bitget’s capabilities to determine if it’s the right exchange for your crypto trading and investing needs. You’ll also get tips to seamlessly get started with Bitget if you decide to take it for a spin.

Visit Bitget

Quick Verdict: Bitget is a rapidly growing crypto exchange gaining recognition for its low fees, extensive trading options, top-tier copy trading capabilities, and vision to bridge centralized and decentralized finance.

Quick Facts

How to Signup

Getting set up on Bitget is a breezy process that should only take you about 5 minutes. Follow these simple steps:

• Visit www.bitget.com or get the iOS/Android app to begin.
• Hit ‘Sign Up’ and enter your email
• Tap on the ‘Sign Up’ button at the upper right and input a valid email address.
• Check your email for the confirmation code
• Check your inbox for an account activation email from Bitget containing the confirmation code. Copy it.
• Enter confirmation code
• Paste the code Bitget sent you and click ‘Activate Now’.
• Set account password
• You’ll be asked to enter and confirm a password for your account. Make it lengthy and unique.
• Begin basic personalization
• Enter your first & last name as you’d like it to appear on your Bitget profile.
• Verify identity

To unlock full access, you’ll need to complete KYC verification by submitting ID proof like a national ID card or passport.

And that’s it! With a validated Bitget ID ready to go, you can now fully utilize features like spot and futures trading, copy trading, Bitget Earn, and more to start your crypto trading journey!

Be sure to enable two-factor authentication in your account settings for enhanced security before your first deposits.

Deposits & Withdrawals

Funding your Bitget account is straightforward with support for both crypto and fiat currency deposits.

Fiat Options

Bitget allows USD, EUR, and GBP deposits with zero fees using SEPA, SWIFT bank transfers, and UK FPS.

This is a huge plus over exchanges charging hefty deposit/withdrawal fees. Bitget merely charges network costs for withdrawals.

You can also purchase over 250 cryptocurrencies directly via credit/debit card and digital wallets like Apple Pay using Simplex, Banxa or Mercuryo as payment channel partners. Convenience does come at a typical 2-8% processing fee though.

Bitget also runs a P2P marketplace supporting payments via Advcash, PayPal, Western Union, bank transfer and more. Peer-to-peer generally has lower fees than the integrated purchase options.

Cryptocurrency Deposits

Deposit 25+ coins like BTC, ETH, BCH, LTC and stablecoins by simply choosing the asset and network. You’ll be shown the minimum deposit amount, number of confirmations needed and an auto-generated wallet address or QR code to send funds to.

Withdrawals work similarly – input asset, network and receiving address/scan QR code. Transaction times vary by blockchain but are typically processed under 30 minutes.

There are no Bitget crypto deposit/withdrawal fees but remember blockchain networks have native mining fees. Bitget thoughtfully displays network fee estimates for precise amounts during transfers so there are no nasty surprises.

Enable address whitelisting in your account settings for deposits and withdrawals to restrict locations where funds can be moved to for tighter security.

Spot Trading

Bitget offers over 500 digital asset spot trading pairs, giving traders ample options to choose from. The layout and functionality will feel familiar to users of other prominent exchanges.

The spot trading interface is sleek and intuitive with candlestick charts powered by TradingView, providing advanced analytical tools. You get depth and order book graphs on the left sidebar along with at-a-glance order types like limit orders, market orders, and stop-limit orders.

It’s easy to switch between different chart timeframe views for short and long-term technical analysis. Drawing trendlines, adding indicators like RSI, MACD, Bollinger Bands and more is also seamless.

One advantage of Bitget’s charts is the linked Spot and Futures data toggle. This allows you to view futures chart data within the spot trading pairs for greater insights.

The right sidebar conveniently displays open order status, order history, current asset prices across exchanges, your account balance snapshot, and more.

Overall, Bitget’s spot trading user experience is intuitive yet packed with pro features. Execution speeds are fast, with order confirmation times under 1 second. This makes the platform ideal for scalpers and high frequency traders needing lightning reflexes.

While Bitget’s spot pairs may still pale in comparison to the likes of Binance’s offering, new assets are frequently added to expand users’ investment horizons.

Futures Trading

Beyond spot trading, Bitget offers futures trading with up to 10x leverage – one of the main reasons behind its meteoric growth.

You can trade perpetual contracts for majors like BTC, ETH, LTC along with altcoins like DOGE, SHIB plus over 50 other pairs. Just navigate to the Futures tab.

The futures trading screen shares the same intuitive TradingView-powered interface where charting flows seamlessly. You can easily add indicators, draw patterns and trendlines for analysis besides leveraging features like multiple order types and position modes.

In terms of position/margin modes:

• Cross mode allows sharing margin across open positions for better risk tolerance.
• Isolated margin is calculated separately for each position, containing losses better.

You also get access to Bitget’s handy quanto swap futures which allow using various cryptocurrencies as margin/collateral for certain contracts instead of solely Tether (USDT).

This cuts out conversion fees between cryptos. You can also long/short assets you don’t already own using quanto contracts.

Although leverage maximizes profit potential, reckless trading has blown many an account. Bitget tries mitigating risks by allowing Stop-Loss, Take-Profit plus Trigger Orders.

Getting liquidated still remains a possibility during extreme volatility though. So exercise judgment!

For advanced traders needing serious firepower however, Bitget futures packs a proper punch minus the complexities. Newbies should stick to spot or paper trade futures until grasping fundamentals.

Margin Trading

Traders can opt to borrow funds from Bitget to increase buying power for assets held.

You can access up to 10x leverage for isolated margin positions or 3x leverage in cross margin mode. Interest accrues on borrowed sums.

Isolated margin silos borrowed funds to individual trades, reducing liquidation risks across broader portfolio. Cross margin shares margin across all open trades for better stability.

There’s automatic management of margin loans but manual borrowing/repayment exists too. You must repay debts in currency borrowed.

Two key metrics safeguard against liquidations:

1. Risk ratio – below 1 is safe zone. At or above 1 means potential partial/full liquidation to repay debts.
2. Maintenance margin: Minimum collateral balance required in account to avoid margin call.

Falling below either threshold triggers liquidations, with 2%/8% clearance fees charged on forced isolated/cross liquidations. Bitget’s margin insurance fund protects against losses.

So margin aficionados can now leverage Bitget’s spot markets for some added juice! Just keep risks in check as borrowing can cut both ways with volatile crypto.

Trading Interface

Bitget aimed to build an intuitive yet powerful trading interface suitable for all levels – and they’ve succeeded.

• The trading dashboards offer a clean, minimalist layout that’s still packed with important data. Expect depth and order book graphs, market price tickers, customizable charts via TradingView and at-a-glance order status.
• Toggling between spot, futures, copy trading and other modules happens seamlessly. Light and dark modes cater to user preference.
• For charts, you get to add indicators like Ichimoku clouds, pivot points, RSI and customize drawing tools. Linked spot and futures data toggles give greater insights.
• The mobile and desktop experiences mirror each other for easy switching between devices. The apps also maintain robust 4.7+ review scores reflecting solid optimization.
• Trade execution speeds repeatedly clock in under 1 second thanks to top-notch infrastructure. This ultra-low latency gives Bitget an edge for scalpers needing split-second order fills during volatility.
• No lags or glitches observed during tests either. Support reps confirm platform stability uptime exceeds 99.9% for 2021/2022.
• Account dashboards neatly organize portfolio status, order history, unique products like Bitget’s BGB token, Quant trading and more for easy access.

Bitget checks the boxes for every trading interface must-have while going the extra mile on customization and performance. It’s hard to find any flaws here even for demanding power traders.

Trading Fees

One of Bitget’s biggest value propositions lies in its highly competitive fee structure. When comparing like for like offerings, Bitget emerges among the lowest cost options.

• For spot trading, taker and maker fees maintain a flat 0.1% fee regardless of monthly volume or BGB holdings. Note this undercuts fees at leading exchanges like Binance.
• The same flat fee applies to perpetual futures contracts with 0.06% for takers and 0.02% for makers. No tiered volume discounts but still below average.
• Cross margin interest rates sit around 0.1% daily while isolated margin charges approx 0.3% hourly rates as of Dec 2022. Rates fluctuate based on market conditions.
• Deposit and withdrawal fees for fiat currencies are set at 0% – a welcome change from the high banking fees seen industry-wide elsewhere. Only network costs apply for crypto transfers.
• There are no added platform fees for copy trading or Quant offering participation. Bitget only takes a maximum cut of 20% on trader profits.
• Using BGB token unlocks up to 20% off trading fees as an incentive for loyalty and activity.

Bitget is likely one of the most affordable reputable exchanges for active traders and investors. Avoiding complex tiered models keeps pricing transparent. And unlike predatory competitors, you won’t find any hidden fees either when reading the fine print. What you see is what you get with Bitget.

Copy Trading

Bitget has rapidly gained industry recognition for its innovative crypto copy trading module rolled out in 2020.

The premise allows more experienced traders to publicly share their proven strategies as “masters” which followers then replicate by copying every trade.

This social trading model benefits both sides as profits can be easily scaled while letting followers bypass a painful learning curve. Over 100,000 traders actively use Bitget’s platform.

An intuitive leaderboard shows master trader profiles complete with risk metrics like win rate and 30 day P&L that aid selection. You can view full trade histories to vet performance.

One-click copying then mirrors ordered trades automatically to the follower’s account executed proportionally based on capital. Multiple masters can be copied simultaneously.

Additional social elements foster engagement via public comment sections for strategy discussions and connecting with fellow community members.

The platform is entirely free to use but master traders earn up to 20% of profits from followers based on BGB locked up and volume tiers. This incentivizes sharing quality signals.

Combined with innovative tools like Quanto swap trading, Bitget is democratizing once exclusive institutional strategies for regular crypto traders via clever socialization.

Trading Bots

Seeking to differentiate itself, Bitget became an early adopter of embedded trading bots with its “Strategic Trading” product launched in 2021.

This tool lets users automate manual trading strategies by configuring bots to execute orders 24/7 based on preset conditions without needing to code from scratch.

Strategic Trading supports major spot pairs and perpetual contracts. It essentially translates trader logic into system rules.

The bot builder view provides backtesting capabilities so traders can refine strategies by evaluating hypothetical historical performance before risking capital.

Bots can be programmed to react to indicators like RSI, price movements, volume metrics and more using an intuitive UI that abstracts away technical complexity.

Grid, DCA, TWAP and other common trade automation strategies have template bots ready for basic customization and live deployment quickly.

For advanced quant traders, Bitget facilitates connecting personal trading algorithms via API integrations too with dedicated data feeds.

Combined with the copy trading module, Bitget delivers easy automation for regular traders alongside unconstrained capabilities for the power users – the best of both worlds.

The platform is clearly aiming to stake its claim as a top innovation hub at the intersection of social and algorithmic crypto trading.

Earn

Bitget launched the Bitget Earn section to allow users to monetize idle crypto assets by lending them out to margin traders in return for yield.

Assets supported currently only include the BGB token where users can lock up tokens for fixed periods to receive APY returns daily like bank account interest.

BGB holders for instance can access up to 15% APY for 30-day locks right now which easily exceeds DeFi yields. No impermanent loss worries either compared to liquidity pools.

Minimum deposit requirements sit around 1 BGB presently making it accessible for smaller capital participants.

The BGB earned can be locked up to further compound interest or withdrawn to spot wallet freely for reinvestment or payouts.

Once BGB supply limits are nearing in 2025, this utility should drive continuous organic buy pressure and scarcity among tokens.

For a new initiative however, even single asset staking remains decent versus many centralized exchanges failing to launch attractive staking whatsoever after years of operations.

However those chasing the highest fixed-term yields will likely need multiple platforms in the mix including major DeFi protocols for now.

Bitget Web3 Wallet

In a decisive pivot toward Web3 in 2022, Bitget acquired multi-chain wallet BitKeep, rebranding it as the Bitget Wallet.

This wallet now serves as the anchor for Bitget’s broader decentralization roadmap, offering users a safe gateway to DeFi, DEXes, NFTs and dApps.

It currently supports 10+ major blockchain networks with cross-chain interoperability for assets through Bitget’s SecureTransfer protocol eliminating receipt risks.

Decentralized trading is enabled via aggregator connectivity to leading DEXs like Uniswap, ensuring users get best prices on swaps. AMM features are also slated.

On the NFT front, Bitget facilitates minting ERC-721 tokens and offers a marketplace supporting USDT/BGB trades across 220,000+ collections.

Shared infrastructure between the custodial exchange and non-custodial wallet enhances overall security assurance. Bitget also shares its $300M protection fund across both products.

This interlinking of centralized and decentralized crypto services into a unified platform experience helps ease mainstream users and enterprises into embracing Web3 innovation.

With abundant funding at its disposal, Bitget is clearly gearing up for an ambitious DeFi product rollout leading the integration of traditional and decentralized finance in coming years.

BitGet Token (BGB)

As is commonplace across exchanges today, Bitget introduced its own native utility token called BGB back in 2018.

BGB is used to incentivize participant activity across Bitget like slashing trading fees up to 20% along with enabling copy trading as a follower or master.

Holders can also stake BGB directly to earn attractive APY yields paid out daily. There are no lockups allowing unstaking anytime.

In the ambitious roadmap, BGB will serve as an interconnected Web3 currency across both the centralized exchange and decentralized wallet/DEX products.

This wide scope of utility should drive continuous organic buyer demand for the fixed supply token long-term. Only 300 million BGB can ever exist based on coded scarcity.

Over 78% of the supply has already entered circulation via initial exchange listings, public sales and platform mining incentives leaving future dilution highly limited.

Price-wise, BGB has seen 200-300% gains during bull runs but remains tied to broader crypto market conditions in bear phases. Volatility is high as with most exchange tokens early in adoption. BGB has broken out of its ATH price 6 times this year (2023).

With solid tokenomics and plenty of use cases spanning CeFi and DeFi, Bitget seems to be avoiding the pitfalls of exchange tokens fading into obscurity post-issuance from lacking utility.

Is Bitget Legit?

As a relatively new industry player compared to giants like Binance and Coinbase, it’s reasonable for users to question whether Bitget is a legit and safe exchange platform.

• Launched in 2018, Bitget has certainly progressed well beyond the typical lifecycle of crypto vaporware or exit scams at this stage.
• It boasts over 8 million active users across 168 countries while handling approx $385 million in daily trading volume as of late 2022.
• User security should also instill confidence in Bitget’s credibility considering it was named Most Secure Exchange at the 2020 Cryptocurrency Exchange Rating summit.
• The exchange enforces mandatory KYC verification ensuring regulatory compliance. The majority of assets are also stored in cold wallets with hardware security modules for signing.
• When examining leadership, Bitget’s founding team comes from traditional finance giants like Deutsche Bank,ivariate and more with over 1300+ staff now working on global operations.
• Finally, marquee partnerships with the likes of Juventus FC, PGL Major esports events and Lionel Messi validate the exchange’s standing given due diligence conducted by such brands before contract signings.

Calculating all identifiable factors, Bitget checks the boxes as a transparent and reliable industry player here to stay for the long haul.

Is Bitget Safe to Use?

As Bitget continues gaining traction worldwide, safety remains an important consideration for prospective users before trusting the platform.

• On the regulatory front, Bitget operates out of Seychelles and follows KYC law adhering to anti-money laundering protocols for client identity verification.
• The exchange has not suffered any major security breaches thus far according to public records. It obtained a 78.6% cybersecurity score from audit firm CertiK reflecting above average diligence.
• Most user assets are maintained in cold storage with hardware security for signing authorization keys. Bitget also maintains an insurance fund as an added buffer for certain incidents.
• When analyzing leadership, Bitget’s founders and executives carry strong cybersecurity and institutional finance backgrounds vetted across organizations like Deutsche Bank, Baidu and more.
• From an infrastructure perspective, Bitget utilizes AWS cloud hosting across nodes globally while maintaining dedicated DDoS protection and SSL encryption for communications.
• Bitget has a $350 million Protection Fund & Proof-of-Reserve consistently maintained at around 200% level, which is twice the industry standard.

While no exchange can guarantee flawless protection given the crypto industry’s infancy and decentralized nature, Bitget checks sufficient boxes to be considered among the most secure platforms currently available. Of course, users must also practice safe account handling, strong passwords, two-factor authentication and other basic measures for optimal safety.

Design & Usability

Crypto exchange user interfaces infamously tend to alienate beginners with overly complex platforms optimized solely for professional traders.

Refreshingly, Bitget manages to strike an ideal balance with intuitive navigation that still packs analytical depth for savvier users.

Right from signup through the trading dashboards, Bitget sports a clean and distraction-free interface with thoughtful organization.

Onboarding flows make it simple for total newcomers to purchase first coins while learning modules aid getting started. Classes even exist covering specific portfolio strategies.

Dark and light themes enable matching unique user preferences alongside colorblind mode catering to accessibility needs.

Charting and order management benefit greatly from tight TradingView integration with sufficient custom indicators for market evaluation.

The mobile and desktop experiences hold tremendous parity in capabilities while downloadable apps carry stellar 4.7+ ratings reflecting strong optimization.

Even smaller touches like predictive search, minimal mouse needed actions and linked data views demonstrate Bitget sweating the design details that competitors overlook.

With a mantra valuing “Simple Trading, Happy Trading”, Bitget deviates from the stereotype of exchanges bloating pages with buttons but accomplishing little.

Mobile Offering

In the world of crypto trading, mobile responsiveness is an absolute must-have for accessing opportunities on the go.

Thankfully, Bitget offers a robust set of iOS and Android applications mirroring almost every capability from desktop.

You can trade markets, engage social copy trading, manage automated bots and more without missing a beat between devices.

The apps maintain an equally clean UI with well-partitioned screens and intuitive controls optimized for touch interactions.

Pricing alerts, custom charting, at-a-glance portfolio status plus push notifications keep tracking active positions convenient across trips.

For security, app protection includes device binding, forced logouts on SIM or IMEI changes and other measures deterring account hijacking attempts.

Both iOS and Android apps hold esteemed 4.7+ ratings across over 15,000 reviews indicative of few widespread complaints from installers.

Based on testing various flows, Bitget has clearly emphasized nails UX consistency, stability and feature support evenly covering spot, derivatives and social trading mobile use cases.

Newer innovations like BGB staking, the Bitget Wallet and decentralized offerings should make future mobile integrations equally seamless for Web3 engagement.

With such dedication to its mobile ecosystem this early on, Bitget seems positioned to continue attracting a growing modern trader and investor base valuing flexibility.

Ease of Use

A common pain point referenced across crypto exchanges is poor beginner friendliness steepening the learning curve.

Bitget makes noticeable attempts to smooth onboarding through intuitive layouts and educational support content.

• Right from the signup flow, clear and concise step-by-step guidance is provided catering to total investing newcomers.
• The trading dashboards utilize clean, minimalist designs with helpful tooltips easing navigation withoutassuming prior familiarity.
• Standout assistance features include a knowledge base with hundreds of how-to articles plus an entire video course curriculum via Bitget Academy for grasping concepts.
• The exchange also surfaces dynamic tutorials introducing products as you access them first time rather than leaving users stranded.
• For social copy trading, transparent leaderboards, trader statistics and community commentary aid followers in making informed strategy selections.
• Dedicated customer support agents additionally serve as helpful lifelines whether tackling technical issues or general account assistance.

Considering the greater crypto industry’s general cesspool of confusing interfaces and documentation lacking context, Bitget delivers a competitive advantage here for converting and retaining newcomers. With continuous localization and global user base scaling planned, we expect even greater accessibility improvements over time too.

Customer Support

Crypto exchanges infamously neglect customer service fueling endless complaints regarding lack of responsiveness.

But providing prompt issue resolution remains essential, especially for new traders struggling with first-time processes.

We’re thankfully pleased to report Bitget operates one of the better support teams based on multiple evaluation test cases.

Response times for the 24/7 live chat consistently clock in under 2 minutes reflecting adequate staff coverage managing inquiry volumes.

Support agents demonstrate familiarity fielding account setup, trading, and security-related questions. Additional cross training seems to be in place.

Ticket and email response times are harder to conclusively quantify but feedback is generally positive on these channels as well.

Supplementary self-help resources reduce common basic queries through extensive FAQs and well-written knowledge base articles searchable by topic.

Between localized telegram communities and active technical discussion forums, crowded sourcing also helps agents concentrate on more complex issues.

Considering Bitget’s relatively smaller size against the majors, the support ecosystem shows maturity beyond anticipated capacity but continues striving.

As regional demand ramps up, maintaining standards through staffing, scaling automation and lowering language barriers grows in priority.

But for now, Bitget delivers an unexpectedly reassuring support blanket for traders seeking human assistance – a rare glimmer in often unforgiving crypto winter lands.

Conclusion

Bitget has admirably built itself into a top 10 derivatives and copy trading exchange on the back of powerful social features and robust infrastructure.

The numbers speak volumes – over 20 million users, $10 Billion average daily volumes, 6-figure copy traders and some of the fastest systems in crypto power Bitget’s soaring adoption. Attrition remains relatively low pointing to strong user satisfaction.

Drilling into the offerings, Bitget leaves no stone unturned checking every box for traders while continuing to push original concepts shaping the future like Quant trading automation. Margin trading integration only sweetens the deal further.

Beyond the numbers though, we came off deeply encouraged seeing Bitget’s earnest commitment toward startups, community, sustainability and positive global change through initiatives like the Bitget Futures Cup and accelerating female Web 3 talent and entrepreneurs.

Bitget’s forays into tokenized stock assets, cross-chain wallets and DEX pilots indicate strategic priorities that should pay off smoothing mainstream crypto adoption long-term. User security is not sacrificed either thanks to comprehensive measures plus a $300 million protection fund.

Considering thorough due diligence conducted across user experience, security, tokenomics and leadership credibility throughout the review, we can wholeheartedly conclude Bitget upholds industry trust and transparency standards critical toward cementing reliability.

New traders dipping their toes or seasoned investors seeking a viable alternative home for gaining exposure should feel at ease with this exchange as a leading solution.

Visit Bitget

Bitget FAQs

Is Bitget safe to use?

Yes, Bitget utilizes high security standards including mandatory KYC verification, the majority of funds held in cold storage, SSL encryption for data transmission, and DDoS protection. It also shares an insurance fund with the Bitget Wallet as a buffer against losses.

Is Bitget regulated?

Bitget has VASP registration in Poland and Lithuania.

What countries allow Bitget access?

Bitget restricts access to users in the United States, Canada, sanctioned countries and a handful of other jurisdictions. It is available in most other countries globally.

What are Bitget’s trading fees?

Bitget charges a flat maker & taker fee of 0.1% for spot trading. For perpetual futures, makers pay 0.02% and takers pay 0.06%. Margin interest rates vary based on market factors.

What cryptocurrencies can I trade on Bitget?

Bitget supports over 500 coins and tokens for spot and derivatives trading, including major assets like Bitcoin, Ethereum, Litecoin and more.

Does Bitget have a mobile app?

Yes, Bitget offers iOS and Android mobile applications with full functionality mirroring the desktop experience for trading, copy trading, margin, earnings and more.

How do I withdraw or deposit money on Bitget?

Bitget supports crypto withdrawals/deposits as well fiat currencies like EUR, GBP and BRL via wire transfer, credit/debit cards and P2P payment channels. Bank transfers are fee-free.

The post Bitget Review: A Deep Dive into This Crypto Exchange, Is it Legit? appeared first on Blockonomi.

Koinly can be used to automatically import transactions, and monitors all market prices, wallet transfers, calculates your crypto gains/losses, and generates tax reports.

The platform is available in over 20 countries and integrates over 6,000 blockchains, 350 exchanges, and 75 wallets and provides a comprehensive crypto tax reporting service. The platform can be used for free with paid plans ranging from $49 to $279 per tax year.

Visit Koinly

Quick Verdict: Koinly is an online crypto tax platform that integrates with thousands of exchanges, blockchains and wallets to automatically track crypto transactions, calculate capital gains losses, and generate tax reports for over 20 supported countries.

Quick Facts

Overview

Koinly was founded in 2018 by Robin Singh and the company retains business locations in the UK, US, Sweden, and Germany. The company operates out of retains a presence in Palo Alto, California 95124, and adheres to the laws of the State of California.

You can find out further information about the company by checking out their LinkedIn profile.

The platform is available in over 20 countries including the US, UK, Canada, Australia, and New Zealand, and allows you to import data via API, CSV files, or x/y/zpub keys and generate reports that can be downloaded as pdf files.

These include First In First Out (FIFO), and Last In First Out (LIFO) reports, Form 8949, Schedule D reports, and International tax reports, and Koinly provides a comprehensive online crypto tax auditing service that also allows users to connect with qualified tax accountants in their region.

Koinly Key Features

Some of the platform’s key features include:

• Multi Country Support – The platform is available to people in over 20 countries across Europe, Asia, Oceania, and the Americas. Koinly also allows users to generate localized Form 8949 and Schedule D, K4, Rf1159, and Sheet 9A tax reports.

• Extensive Service Integration – Koinly integrates with over 6,000 blockchains and supports automatic imports for Bitcoin, Ethereum, Litecoin, and NEO. It also integrates with 350 exchanges including Binance, Coinbase, Kraken, portfolio apps such as Blockfolio and Delta, and 75 wallets and allows you to easily keep track of mining, staking, and various DeFi activities.
• Easy Data Import – Koinly allows you to connect with a variety of services via API and import key data. Manual CSV file imports are also supported, as are xPub/yPub/zPub imports, and data migrations from Nexo, BlockFi, Bitmex, Deribit, and CoinTracking.

• Free Account Option – The platform can be used for free to track up to 10,000 transactions and generate capital gains tax previews. The free account can be used indefinitely to track all of your crypto trades and activities.
• Comprehensive Resources – Koinly provides a handy list of resources such as a Crypto Tax Calculator, Regional Tax Guides, a Tax Accountant list, and a Blog to keep its users up to date.
• Customer Support – The team provide a Support section, and an FAQ page that aims to address the most common queries. They can also be reached by email and live chat and run a Facebook page and Twitter account.

Which Countries Does Koinly Calculate Taxes For?

Koinly supports tax tracking and reporting for most countries, with the following nations all being supported.

• The Americas – USA, Canada
• Europe – UK, Germany, Sweden, Denmark, Finland, Norway, Netherlands, France, Spain, Italy, Austria, Lichtenstein, Ireland, Czech Republic, Estonia, Malta
• Asia – Japan, South Korea, Singapore
• Oceania – Australia, New Zealand

The team also state that a much wider range of countries that make use of a range of accountancy methods are supported, and these include countries which use:

• First In First Out (FIFO)
• Last In First Out (LIFO)
• Highest Cost
• Lowest Cost
• Average Cost Basis
• Shared Pool

In order to make sure that your country is supported by Koinly it’s best to contact the team and let them know of your specific requirements.

Tax Reports

In addition, Koinly also generates a range of localized tax reports for different countries including:

• Form 8949 and Schedule D
• Capital gains summary for UK
• K4
• Rf1159
• Swiss Valuation Report
• Sheet 9A

These localized reports are provided in addition to more standard reports such as:

• Complete Tax Reports – This contains includes your capital gains summary, margin gains, capital gain transactions, end of year balances, asset summary and income and can be downloaded as a PDF.
• Transaction Reports – This includes all your transactions and can be downloaded as a CSV.
• Capital Gains Reports – This is a CSV which contains all your disposals.
• Income Report – This is a CSV which contains all your income transactions including airdrops, forks, interest, and staking rewards.
• Gifts, Donations & Lost Asset Reports – This is a CSV which contains any transactions tagged as a Gift, Donation or Lost.
• Expense Reports – This CSV contains all transactions tagged as a Cost. However, this doesn’t include your trading fees which have already been accounted for in the capital gains report.
• End of Year Holdings Reports – This CSV contains your holdings at the end of the tax year.
• Turbotax Reports – This is a CSV that contains your transactions in a format that can be imported into the Turbotax tax software.

How to Get Started on Koinly

Signing up is pretty straightforward, and the main website displays a”Sign up” button at the top right of the page.

• You can sign up by using a Coinbase or Google account of by entering an email address and password combination.
• You can also choose to set your location for tax tracking or just opt to track your portfolio.

• From here you can access the main dashboard and add your exchange accounts and wallets.
• You can adjust your account as you like to include the correct tax reporting information for your jurisdiction from the “Settings” tab.

Koinly Exchange, Wallet, and Service Support   

Koinly integrates with a wide range of popular crypto services and allows you to keep track of your activities on over 6,000 different blockchains, 350 exchanges, and 75 wallets.

As a result, the vast majority of leading crypto service providers are supported and Koinly also integrates with crypto lenders such as Nexo, BlockFi, and Compound.

You can also use the platform to keep track of you portfolios by linking your Blockfolio, Delta, and CoinTracking accounts.

Koinly also supports automatic import for 14 blockchains including Bitcoin, Ethereum, Litecoin, NEO, and EOS with over 6000 cryptocurrencies being supported via CSV import and manual entry.

Koinly Price Plans    

The platform provides a range of plans designed to cater for crypto traders of differing activity levels.

• Koinly also has a Free plan that can be used extensively and allows anyone to track their trades/transactions, exchange and wallet accounts, and to also obtain a capital gains tax preview. The Free account also provides access to FIFO and LIFO tax reports and allows you to import data from a wide range of sources and contact the team via live chat and email.
• The Hodler account costs $49 per tax year and allows you to generate FIFO and LIFO tax reports as well as international tax reports, comprehensive audit reports, and Form 8949 and Schedule D reports. You can also export to TurboTax, and TaxACT, however, you are limited to 100 transactions.
• The Trader account costs $99 per tax year and provides access to a similar range of features and increases your transaction limit to 1000. When committing to this plan you also gain access to priority support.
• The Oracle account costs $179 per tax year for 3000 transactions and $279 for 10,000 transactions. The Oracle plan provides access to the full range of features available on Koinly. This includes access to priority support, and the ability to generate custom reports. This plan also gains extra assistance from the support team who will perform bulk actions and process custom files without manual charges.

The platform provides access to a comprehensive range of features and all plans currently include tax reports for the last five years of your crypto activity.

To get a better idea of all the options available, you can check out the team’s full price list here.

Is Koinly Safe? 

The team prioritize customer trust and the safety of user data and employ a number of security protocols designed to guard against any exploits or breaches.

Most importantly, Koinly does not require your private keys or gain access to any funds held on your exchange accounts. However, as it connects with your accounts via API, it’s always a good idea to disable the ability to withdraw and trade when configuring your API connections.

All API/blockchain keys are encrypted using aes-256-gcm before being stored, and the website is completely served over https with all data sent to or from Koinly also being encrypted using 256 bit encryption.

Koinly also makes use of Amazon Web Services (AWS), and Heroku for data storage and hosting.  AWS is an industry leader in providing secure hosting, and Heroku is a secure cloud application platform that isolates customer applications and data.

The platform applies security controls at every layer from physical to application, and applies security updates without any customer interaction or service interruption. This helps Koinly to have an uptime of 99.9% with any planned downtime being announced in advance.

Koinly allows user to sign up and authenticate via Google/Coinbase which does away with some of the need to store passwords, and anyone signing up via email has their passwords stored using bcrypt. The team also continuously scan for vulnerabilities and make sure to limit data access to only authorized employees.

In short, the platform incorporates a good number of industry standard security protocols and the team also elaborate on their security here. As ever, keeping your own personal data safe and remaining sensible with your info will also go a long way to protecting you from any data breaches.

Is Koinly Suitable for Beginners?

The platform is primarily aimed at people already actively engaged in various crypto related activities including trading, investing, mining, staking, and lending. As a result, Koinly may not be directed at people just starting their crypto journey.

However, the platform is useful for crypto enthusiasts of all experience levels and allows anyone entering the sector now to keep track of their activities from day one. It’s also worth noting that Koinly allows you to track your trades and transactions from the last five years which allows more experienced traders to go back and easily report what they have done.

The platform is quite comprehensive in its scope and links with all the leading exchanges, wallet providers, and blockchains. It also allows you to easily generate a range of reports including capital gains reports, income/transaction reports, end of year reports, and complete tax reports that many people are interested in creating.

The resource section helps to educate users, and the crypto tax guides are a handy way of keeping up to date with what’s happening in your jurisdiction. The localized tax reports also come in handy and error reconciliation features such as auto balance verification, and negative balance warnings help anyone not too familiar with doing their taxes.

More active crypto enthusiasts may have to look into the benefits of the Oracle plan which allows for custom reports, live chat support, and a high level of transactions to be tracked. These features combine to provide a more bespoke service that would suit high frequency traders while the free plan lets less active enthusiasts to easily keep track of all their accounts.

Conclusion

Koinly is a viable option for anyone in a supported region looking for a way to keep track of their crypto activities in order to file tax reports. The web based platform is relatively easy to use, and allows you to quickly link up your exchange accounts and wallet addresses and monitor your activities.

The platform integrates with a wide range of crypto service providers, and covers its core activities well. The service provided helps to streamline keeping track of all your transactions and take away the headache of staying on top of all your operations.

The service is quite well priced, although there is no option to pay in crypto, and the company is still developing having only been around since 2018.

However, the free account option allows anyone to sign up and test out the platform and gauge how accurately it helps you to monitor all your transactions.

All in all, Koinly provides a service aimed at an emerging crypto sector, and the ability to keep track of all your crypto activities will appeal to anyone looking to remain financially compliant and make sure that they can “cash out” or move between crypto and fiat with the minimum of headaches.

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Koinly FAQs

What is Koinly?

Koinly is an online cryptocurrency tax calculation and reporting platform. It integrates with crypto exchanges, wallets, blockchains, and lenders to automatically track transactions. Koinly calculates capital gains, income, and losses across supported crypto assets to generate regulatory compliant tax reports.

What cryptos does Koinly support?

Koinly supports over 6000 cryptocurrencies including Bitcoin, Ethereum, Litecoin, and NEO. It has automatic integration for 14 major blockchains and can import CSV data for thousands of other cryptos.

Which countries does Koinly cover for crypto taxes?

Koinly covers individuals and businesses based in over 20 countries across the Americas, Europe, Asia, and Oceania. This includes the USA, UK, Canada, Australia, Germany, Sweden and many more. It produces localized tax reports like IRS Form 8949 as well as international reports.

What exchanges and wallets work with Koinly?

Koinly connects with over 350 top exchanges like Coinbase, Kraken, Gemini, Crypto.com, KuCoin and Binance. It also integrates with 75 wallets including MetaMask, Trust Wallet, Coinbase Wallet and hardware wallets. Koinly supports tracking for all major crypto lending platforms as well.

What tax calculation methods does Koinly offer?

Koinly supports FIFO, LIFO, HIFO and LOFO cost basis calculations. It also offers more advanced average cost basis and share pooling methods. These can be adjusted in your account settings.

What crypto tax reports does Koinly generate?

In addition to capital gains and full transaction reports, Koinly produces ready-to-file tax forms like IRS Schedule D 8949, UK Capital Gains, German Anlage KAP/SO, Australian ATO ITR12, and many more. Reports can be downloaded as PDFs or CSVs.

How much does Koinly cost?

Koinly offers a free plan for up to 10,000 transactions. Paid plans start from $49 to $279 per tax year. Higher tier plans include priority support, custom reports, no transfer limits, and other benefits.

Is Koinly safe and secure?

Yes, Koinly employs bank-grade AES-256 data encryption, uses secure AWS cloud servers, and has well-vetted internal access controls. The platform does not require private keys and has read-only API access for more security.

The post Koinly Review: Cryptocurrency Tax Software for Automatic Tax Reports appeared first on Blockonomi.