Coin Metrics, one of the world’s premier blockchain/cryptocurrency analytics firms, has updated its list of ‘trusted volume’ exchanges, adding a further five crypto exchanges, all the while adjusting scoring methods for trading platforms.
This time, FTX, Lbank, Liquid, The Rock Trading, and Upbit are joining the list that already features Coinbase, Bitfinex, and Binance.
Coin Metrics highlighted that those who didn’t make the ‘trusted volume’ list they just simply did not meet the parameters that had been set: “It is not to discredit any exchanges.”
“For example, this more conservative definition of trading volume can help institutions considering ETFs to more confidently gauge an asset’s daily spot trading volume for market sizing,” the firm said.
Other exchanges on the list include:
Initially, in July 2020, exchanges were ranked taking into account web traffic, trading volumes, developer tools, trading rules, and know-your-customer (KYC) standards. However, according to the firm, it didn’t quite quantify data as objectively as it could.
As such, Coin Metrics is making a few adjustments that have been based upon changes in the industry and community feedback.
This includes removing Western bias, including the volume of perpetual futures in their correlation tests, as well as tweaking the significance of web traffic data in their findings.
According to the firm, the element of Western bias has existed due to them taking a location-based approach to their assessments. To remedy this, Coin Metrics will observe daily trading volumes to iron out ‘seasonality differences’, as well as observing elements such as KYC, regulations, and trading rules independently of an exchanges’ legal residence.
Author: By Eddie Mitchell
- Binance vs. Huobi vs. OKEX: Comparing International Crypto Buying/Selling Options
- Live – Oct 20, 2020 CRYPTO MARKETS (Live Streaming) |
- IDEX 2.0 Brings DEX User Experience Out of the Stone Age • Disaster Recovery Journal
- Bitcoin “Exchange Fud” Dies Down With OKEx And BitMEX Controversies
- OBITS Price Up 27.2% Over Last Week (OBITS)
Binance vs. Huobi vs. OKEX: Comparing International Crypto Buying/Selling Options
Three of the international exchanges that are usually being compared with each other are Binance, Huobi, and OKEX. The three exchanges are constantly competing with regards to various crypto marketplaces, including spot trading, futures trading, fiat-to-crypto services, and even their own cryptocurrencies.
While all three exchanges can trace their origins to Asia, each of these exchanges have their distinct advantages when it comes to running crypto buying and selling platforms. In this article, we compare Binance, Huobi, and OKEX to each other on certain characteristics of their fiat channels, or the platforms where you can buy crypto using fiat. For every question, each exchange will be awarded up to five points depending on how well they perform.
Binance: The exchange has fiat onramps in over 232 countries and territories when it comes to credit/debit card purchases for the instant Buy Crypto service. It also has direct banking channels covering Nigeria, UK, EU, Australia, Ukraine, and Brazil. In addition, it offers multiple payment solutions via local popular wallets or third-party payment companies like Papara in Turkey, ADVcash in Europe, and Simplex globally.
Huobi: On its crypto purchase page, there are 34 currencies listed as available options. The exchange also lists MasterCard and Visa as payment options, although the Visa option is available for “most European countries and Australia” and the MasterCard option can be used for the UK, Australia, Poland, and Gibraltar.
OKEX: Its website only lists CNY as the fiat option, although its sister exchange OKCoin serves “all the countries in the world” except for 10 countries.
Scores: Binance – 5, Huobi – 2.5, OKEX – 3.5
Binance: The exchange supports SEPA (for Europe) and FPS (for the UK) payment networks — the most commonly used payment systems in Europe and the UK — enabling faster transfers via banking deposit and withdrawal, compared to international wire transactions. It also allows its customers to use their Visa and Mastercard credit/debit cards for deposits.
Huobi: Silvergate Bank, a crypto-focused bank based in the U.S., provides fiat deposit and withdrawal services for Huobi through international wire transfers as part of the Silvergate Exchange Network.
OKEX: This exchange’s various partnerships enable it to support SEPA and international wire transactions.
Verdict: While all exchanges offer adequate payment channels for buying crypto on their respective platforms, Binance’s payment channels allow for more instant transactions through multiple payment gateways. After all, you wouldn’t be able to support both SEPA and FPS if you haven’t built a network of multiple payment channels.
Scores: Binance – 5, Huobi – 3, OKEX – 3.5
Binance: Both the Euro (EUR) and the British pound (GBP) are accepted on Binance, whether through its several payment channels or deposits made via Visa or MasterCard credit/debit cards.
Huobi: Silvergate Bank’s wire transactions support multiple currencies, but deposits of local currencies to Huobi may take between three and five business days.
OKEX: This exchange supports EUR and US dollar (USD), both through SEPA and wire transactions.
Verdict: Only Binance supports both EUR and GBP transactions instantly. Huobi appears to also support both currencies, but the length of time it takes for wire transactions to complete may prove to be a disadvantage. OKEX’s support of USD may be good for some transactions in Europe, but the lack of GBP support via FasterPayment could be an inconvenience.
Scores: Binance – 4, Huobi – 3.5, OKEX – 3.5
Binance: Deposit charges on Binance cost 0.50 EUR or 1.95 GBP, while withdrawal transactions include fees worth 1 EUR or 1.95 GBP. When making deposits through Visa or MasterCard credit/debit cards, there’s an additional 1.8% charge for your transaction.
Huobi: The exchange itself does not charge fees for deposits and withdrawals. However, those transactions are subject to bank charges. And upon checking the latest wire transfer charges from Silvergate Bank, wire transfers for depositing on Huobi can cost between $30 and $65. These charges also apply when you withdraw from Huobi to the bank via wire transfer. In addition, according to Huobi’s basic fee rate list, fiat-to-crypto transactions are subject to a maker fee of 0.7%.
OKEX: SEPA-related deposits and withdrawals are charged a 0.20 EUR fee. Deposits done via international wire are free of charge from the exchange side, but are subject to bank changes, while withdrawals may cost up to 35 EUR per wire.
Verdict: Out of the three exchanges, Binance charges the highest deposit fees (although there isn’t much of a difference compared with OKEX), as well as the lowest withdrawal fees. Huobi earns extra points for having no fees for deposits, but the hefty tag price that comes with wire transfers result in disadvantages for both Huobi and OKEX.
Scores: Binance – 4, Huobi – 2.5, OKEX – 4
Binance: You can deposit between 20 EUR and 15,000 EUR per transaction. There are set deposit limits of 50,000 EUR per day and 500,000 EUR per month. You can execute checkout transactions worth up to 5,000 EUR daily, and this limit can go up to 10,000 EUR if you verify your address.
Huobi: You can deposit at least 100 USD to Huobi through Silvergate wire transfer.
OKEX: There is a 1 EUR minimum amount for SEPA-related deposits. For international wire transfers, the minimum deposit amount is 5,000 EUR.
Verdict: Binance beats Huobi’s minimum deposit amount, though it lags OKEX’s SEPA-related minimum. Considering that SEPA and FPS transactions have faster processing times compared to international wire transfers, each exchange can make a case for the merits of their respective transaction limits set.
Scores: Binance – 4, Huobi – 4, OKEX – 4
FINAL VERDICT: By summing up the scores from the questions above, we arrive at the conclusion that Binance offers a more compelling crypto buying/selling platform for global users, with an apparent advantage in Europe. While the three exchanges were able to match up quite evenly in other aspects, Binance was able to rise up to the rest of the competition through its wide acceptance of payment channels and currencies.
Please keep in mind that results may vary per country. You may also have a different set of factors that you consider for which exchange you prefer, but for this particular round, Binance wins convincingly.
TOTAL SCORES: Binance – 22/25, Huobi – 15.5/20, OKEX – 18.5/20
Author: By Guest post
– 21 Oct 2020
Live – Oct 20, 2020 CRYPTO MARKETS (Live Streaming) |
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IDEX 2.0 Brings DEX User Experience Out of the Stone Age • Disaster Recovery Journal
Eliminates Front-running and Trade Failures With New Trading Engine
SAN FRANCISCO–(BUSINESS WIRE)–$IDEX #blockchain—IDEX, a leading decentralized cryptocurrency exchange (DEX), today launched a new version that addresses the UX issues that have held back DEX adoption such as front-running and failed transactions. Over the long term, IDEX aims to eliminate the performance gap between centralized (CEX) and decentralized (DEX) exchange. To wit, IDEX has abstracted away the decentralized functions and now offers traders an optimized environment.
“Decentralized exchanges put the users ‘closer’ to the blockchain,” said IDEX co-founder and CEO, Alex Wearn. “This means that they have to deal with some of the shortcomings of blockchains themselves. In particular this could include things like long wait times for transaction and trade execution. The open nature also exposes users to issues like front-running and trade failures.”
Most decentralized exchanges provide a notoriously fickle experience, frustrating users with their lack of reliability. According to analysis from Token Ion, DEXs like Uniswap can have greater than 20% failure rates for trades during peak times. Likewise, other industry-leading DEXs still revert about 5 to 10% of all transactions. Additionally, the open ledger and on-chain matching systems of these DEXs invite bad actors to front-run trades and disrupt fair and seamless transactions.
Today, IDEX offers traders the same user experience as a centralized exchange but without taking control of user’s funds. Balancing decentralization with UX, IDEX keeps order matching and execution off-chain, guaranteeing successful trades all while keeping the user in control of their assets.
With the new IDEX 2.0, traders can expect the following:
- Frictionless onboarding; if you’ve traded on any centralized exchange then you will know how to use IDEX 2.0
- Instant trade execution
- Front-running protection
- Guaranteed trade settlement
- Private order books
- Capacity for thousands of users and hundreds of thousands of orders per second
Furthermore, IDEX has streamlined support for market makers with a simple API that matches the format of centralized exchanges. High-frequency traders (HFTs) can now trade continuously without waiting for transactions to mine, and they can place or cancel orders as fast as they would on a CEX.
Following its UX update, IDEX 2.0 will continue to add new features and upgrades in three phases. The phased rollout minimizes risk by isolating each major change and prioritizing security of the system. In its next phase, IDEX will roll out a layer-2 scalability solution that will virtually eliminate gas fees.
As part of the IDEX 2.0 launch, IDEX will be switching domains from IDEX.MARKET to IDEX.IO.
For more information, please visit the IDEX 2.0 homepage: https://idex.io/
IDEX operates the world’s most technically advanced cryptocurrency exchange with IDEX 2.0. Combining the speed and features of a centralized exchange with the security of a DEX, IDEX 2.0 is the only cryptocurrency exchange that does not compromise performance or security. The new exchange makes it easier than ever for market makers to integrate with their existing infrastructure and provide deep liquidity in a secure manner.
Bitcoin “Exchange Fud” Dies Down With OKEx And BitMEX Controversies
In the cryptocurrency scene, exchanges are as important as cryptocurrencies themselves. As Blockchain is to cryptocurrencies, so is an exchange to crypto users, who are the backbone of the cryptocurrency community. In recent times, up until today, exchanges have affected market performances and how cryptocurrency users react to the market.
The recent controversy within BitMEX and OKEx are perfect examples of exchanges’ influence in the cryptocurrency market; Bitcoin dropped by nearly 4% upon announcement from OKEx, one of Malta’s largest cryptocurrency exchanges, that cryptocurrency withdrawals of all kinds were being suspended till further notice, BitMEX, on the other hand, caused open interest to drop by 16%, shortly after investors withdrew 37,000 BTC in less than 24hours.
Nonetheless, in the face of these exchange controversies, one of crypto’s well-known analysts is of the opinion that exchange fluctuations no longer bamboozle the cryptocurrency community as it used to in previous years.
Qiao Wang, a self-proclaimed startup “consultant,” and prominent cryptocurrency analyst, known mostly for championing DeFi and other similar Ethereum projects took to Twitter recently, and disclosed that the idea that cryptocurrency exchanges can cause fear, uncertainty, and doubt within the crypto-industry is “dead.”
To back up his take, Wang noted that Bitcoin surged up to 5% in the space of 3 weeks, at which time Kucoin, BitMEX, and Okex were dealing with major setbacks from both internal and external factors.
Some perspective: BTC is up about 5% during a 3-week period where Kucoin got hacked, Bitmex executives got charged by regulators, and Okex suspended withdrawals due to investigation.
The “exchange FUD” narrative that has haunted this industry for years is officially dead IMO.
Although the CEO of Kucoin has now revealed that the culprits behind the exchanges $200 million+ hack had been fished out and funds had been recovered, the industry was left in a state of uncertainty as the safety of users’ funds were being questioned.
Following that incident, data from Arcane research revealed that open interest on the BitMEX Bitcoin perp hit a new low of 45,112 BTCs; a representation of the 16% drop that followed the Commodity Futures Trading Commission (CFTC) charges against BitMEX and its executives for allegedly running an unregistered cryptocurrency trading platform.
Leading on from that, OKEx’s withdrawal suspension announcement, which up till present has no call-off date, took the industry by storm, still, all of these weren’t enough to pull Bitcoin back from making a quick comeback and climbing back to the $11,500 which is reflected in the 5% gains over that time period.
It is indeed a fact that exchange setbacks will affect the cryptocurrency industry in many different ways, no matter how little. The market movement will definitely record some form of decline, however, as the industry continues its inevitable evolution, there’s no denying that reaction to market patterns will continue to change, exchanges as with many other important parts of the crypto-industry are not exempted from this course.
Author: By TeamMMG
OBITS Price Up 27.2% Over Last Week (OBITS)
OBITS (CURRENCY:OBITS) traded 41.7% higher against the U.S. dollar during the 1-day period ending at 13:00 PM ET on October 20th. During the last seven days, OBITS has traded 27.2% higher against the U.S. dollar. One OBITS token can now be purchased for $0.0055 or 0.00000046 BTC on major cryptocurrency exchanges including OpenLedger DEX and Livecoin. OBITS has a total market capitalization of $79,752.90 and $355.00 worth of OBITS was traded on exchanges in the last day.
Here’s how similar cryptocurrencies have performed during the last day:
OBITS launched on December 1st, 2015. OBITS’s total supply is 14,497,286 tokens. OBITS’s official Twitter account is @Open_Bits and its Facebook page is accessible here. OBITS’s official website is www.obits.io. The Reddit community for OBITS is /r/OpenLedgerDEX.
Buying and Selling OBITS
OBITS can be bought or sold on these cryptocurrency exchanges: Livecoin and OpenLedger DEX. It is usually not possible to buy alternative cryptocurrencies such as OBITS directly using U.S. dollars. Investors seeking to trade OBITS should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Coinbase, Gemini or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to buy OBITS using one of the exchanges listed above.
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Author: Clark Linder