The exchange rates and logos of Bitcoin, Ether, Litecoin and Monero are seen on the display of a cryptocurrency ATM in Zurich
LONDON: Cryptocurrency trading volumes soared by 17per cent last month in the wake of Tesla’s US$1.5 billion bitcoin bet, with larger exchanges taking a growing share of the overall volumes, data showed on Friday.
Trading volumes jumped to US$2.7 trillion in February, with volumes at major exchanges jumping over 35per cent to US$2.4 trillion, researcher CryptoCompare said. Smaller exchanges saw volumes slump by 36per cent to US$381 billion, suggesting growing consolidation of trading at larger venues.
Volumes hit an all-time high of US$159.9 billion on Feb. 23, it said, when bitcoin sank 10per cent.
The embrace of cryptocurrencies by the likes of Tesla Inc and Mastercard Inc drove bitcoin to a record high of US$58,354 and a US$1 trillion market capitalisation last month. Growing interest from bigger investors has also added fuel to the cryptocurrency’s rally.
Bitcoin, whose history of wild price swings has long-hampered its use for commerce, has since slumped around 20per cent from its peak and was last trading at around US$47,000.
Major exchange Binance saw the biggest trading volume in February of US$761 billion, up 66per cent from the previous month, the data showed. That was followed by Huobi and OKEx, both popular with investors in Asia, which saw respective increases of 12per cent to US$214 billion and 26per cent to US$188 billion.
(Reporting by Tom Wilson; editing by Thyagaraju Adinarayan)
12 Best Cryptocurrency Exchange to Consider
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Huobi Unit Wins HK Permission to Launch Pure Crypto Asset Funds
Huobi Technology Holdings Ltd., China’s largest cryptocurrency exchange platform, said its asset management subsidiary won approval from the Hong Kong securities regulator to launch 100% crypto asset management funds.
Hong Kong-listed Huobi said the unit would set up three funds to invest entirely in digital currencies, tracking Bitcoin, Ethereum and other crypto assets. The funds will be similar to what Grayscale offers U.S. investors. The company didn’t disclose the size of the planned funds.
Fund managers around the world are racing to connect crypto assets with traditional capital markets. Canada’s asset management companies Purpose Investments and Evolve Funds Group Inc. recently won approval to launch exchange traded funds tracking the value of Bitcoin. U.S. asset manager VanEck is also seeking to set up similar products.
Huobi became the second company to secure a license from the Hong Kong Securities and Futures Commission to set up pure crypto asset funds after the Asian financial hub introduced virtual asset management rules in 2019.
Hong Hong-based financial service provider Venture Smart Financial Holdings Limited (VSFG) was the first to obtain a license in June. The company said it would raise $950,000 to set up a portfolio to invest in Bitcoins.
Huobi in July won a lighter version of crypto asset management license, which allows it to invest 10% of the funds it managed in cryptocurrencies, with the rest in equity and fixed income products.
More companies are considering raising crypto asset investment funds in Hong Kong. Reuters reported in November that crypto financial service provider Babel Finance submitted an application seeking the Hong Kong regulator’s permission to set up a $1 billion crypto fund.
Founded in China, Huobi moved its headquarters to Seychelles after Chinese regulators launched a crackdown on domestic crypto exchanges. China in 2017 became the first country in the world to ban fundraising through cryptocurrencies, known as initial coin offerings (ICOs), warning they were “giving rise to speculation and inviting suspicion of illegal financial activities.” Regulators on the mainland later expanded the crackdown to exchanges, prohibiting them from trading virtual currencies with legal tender.
Bitcoin slipped 3% Thursday in early U.S. trading, hovering around $49,000. Prices of the largest cryptocurrency have surged almost 600% since the start of 2020 on the back of wider mainstream adoption.
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The 5 Best Cryptocurrency Trading Sites | Cryptocurrency
Cryptocurrencies are the latest craze to sweep the finance world, with Bitcoin (BTC) dominating the headlines while Dogecoin nails the punchlines.
As the number of cryptocurrencies on the market continues to expand, investors have more options than ever before to exchange their hard-earned cash for decentralized digital money. But how do you actually go about trading your favorite cryptocurrency?
The internet is filled with horror stories of hackers swindling traders of their gains from poorly protected cryptocurrency exchanges, making it all the more essential to carefully choose a secure crypto trading platform before you make your investment. That said, which of the many cryptocurrency exchanges is the best choice for you?
There’s a myriad of factors that will influence your decision: security, ease of use, fees and the number of coins available for trading all play a part in helping you determine the best crypto exchange for you. To help you find the cryptocurrency trading platform that meets your needs, here are five options to choose from that will suit a variety of cryptocurrency investors:
It should come as no surprise that Coinbase, one the most popular crypto exchanges in the world, tops this list. Coinbase will go public via a direct listing in the next few weeks, and with a $100 billion valuation, the anticipation surrounding the company’s debut is mounting. While investors will soon be able to get a piece of the Coinbase pie, crypto traders have been using Coinbase since 2012, and the exchange has only gotten better with age.
A user-friendly interface, straightforward onboarding process and a free $5 just for opening an account make Coinbase an excellent place for new traders to get started. Advanced users will enjoy Coinbase Pro, which provides more powerful tools for power users looking to dive into cryptocurrency trading. Coinbase even provides users with a wallet, albeit a hot wallet, opening the door for potential attacks – though George Chrysochou, global marketing manager at Financer.com, notes that Coinbase is one of the most reliable exchanges, keeps very high-security standards and has never been hacked.
With 46 different types of digital currency and altcoins supported on Coinbase, users have a good range of options to choose from, though the list is by no means extensive. In addition, users will want to watch out for high fees tacked onto their trades, part of a labyrinthine fee structure across the Coinbase site. Plus, Chrysochou notes that users don’t own their own private keys on Coinbase, and slow email support plus limited privacy may turn some users off. But these are relatively minor cons to an otherwise strong list of pros, and it’s easy to see why Coinbase has become the crypto exchange of choice for many, many people.
Another incredibly popular crypto trading site, Binance has only been around for the last three years but has quickly taken the crypto market by storm.
Based out of Hong Kong, Binance is an international exchange that supports more than 200 different cryptocurrencies. The website is very intuitive and straightforward, allowing users to switch between a basic and advanced version of the site at will as they progress in their crypto trading careers. While new cryptocurrency traders will find Binance simple to use, ultimately it might be best for crypto day traders – very low fees, strong charting tools and an easy-to-use mobile app allows for fast, simple cryptocurrency trading. It’s apparent why Binance has become one of the largest cryptocurrency exchanges in the world.
Note that Binance doesn’t allow you to exchange U.S. dollars for cryptocurrency, though it does accept credit and debit cards – there’s a U.S.-based site for American users, but it offers more limited options than the main site. In addition, Binance has been hit by cyberattacks in the past, most recently in 2019 – though the site does have an insurance fund to cover any losses. That said, Binance is a secure trading platform that offers a number of powerful tools for users who want to invest in different digital currencies on the blockchain.
You may not think of Robinhood when you think of cryptocurrency trading, and for good reason. The mobile app known for commission-free stock trading – and for prohibiting users from selling GameStop (ticker: GME) and other “meme stocks” in recent months – is a stock-first app, but in 2018 Robinhood began to roll out cryptocurrency trading as well. In the years since, Robinhood has slowly built up the crypto side of its app, allowing users in select states to trade a mere seven cryptocurrencies, including Dogecoin.
While that’s a small pool to work from, it’s plenty of selection for users just beginning their crypto journey. With the company’s mobile-first mindset, Robinhood has built an incredibly easy to use app, and no fees for trading mean the barriers to entry are extremely low. As for security, “Robinhood utilizes cold wallets to store your cryptos, meaning that the majority of users’ funds are held safely offline,” says Edmund McCormack, founder and CEO of DChained. “However, in the event that a hack were to take place, they are underwritten by Lloyd’s to cover any cybersecurity breaches.”
You should know that Robinhood doesn’t allow users to remove their coins and put them into a wallet of their choice. In fact, Robinhood doesn’t let users utilize their coinage for payments – it is strictly a trading app. Clearly Robinhood lacks the bells and whistles of its bigger, better established competition, and advanced users would be better served elsewhere. But it has all the essentials for a cryptocurrency rookie, and it might just be the best crypto exchange for new traders to start with.
Founded by the Winklevoss twins in 2014, Gemini has established itself as one of the most trusted names in crypto. The two stars of Gemini were Bitcoin and Ethereum, but today the exchange allows users to trade 26 different cryptocurrencies on its site, including Gemini dollars, a U.S. dollar-backed stablecoin. Gemini is predicated on legitimacy, and the site was founded with regulation compliance as a top priority. Gemini is a fiduciary and the site is FDIC insured, and as you might imagine, this means security is paramount for Gemini.
Gemini is well-known for its safety, with most of the coinage on the exchange held in cold storage, and the site has never been hacked. Plus, according to McCormack, Gemini has “an extremely responsive customer service branch, usually getting back to email inquiries within a few hours.”
McCormack notes that “Gemini’s trading fees are a bit higher than Coinbase Pro, but less than Coinbase itself.” Fees are charged on a sliding scale depending on frequency of trading, encouraging power users to utilize the platform more often but leaving one-time buyers paying an above-average fee. The site itself is straightforward, though the mobile app isn’t as intuitive as some of the competition, and the site doesn’t accept debit or credit card payments to fund your trading. That said, if your primary concern is safety and security for your crypto, trading via Gemini is an excellent choice.
Kraken has proven itself to be a trusted, secure crypto exchange ever since its founding in 2011.
With 56 coins available for trading on the site, Kraken’s selection is smaller than some but it makes up for that with excellent features that experienced crypto traders love. Though the site has basic features for newer traders, Kraken’s Pro site is where it truly shines. Advanced tools like margin trading and crypto futures are sure to attract power users, while the ability to stake your coins will appeal to set-it and forget-it users. As for security, Kraken has its own in-house proprietary custody solution and doesn’t rely on any third-party service, according to Kapil Rathi, CEO at CrossTower. In fact, according to Rathi, 95% of all deposits on Kraken are kept in offline, air-gapped, geographically distributed cold storage.
Kraken’s maker-taker fee schedule system is confusing at best, and it often leaves users holding the bag for larger fees than they’d find elsewhere unless they’re actively trading during a 30-day period. In addition, as Rathi points out, Kraken’s exchange has been known to go out during periods of high volatility. In addition, Kraken was singled out by the New York Attorney General’s office in 2018 for compliance issues. That aside, Kraken is one of the oldest and safest exchanges available, and it’s a great pick for anyone looking for advanced crypto features.
4 of Best Local Cryptocurrency Exchanges for 2021
Choosing the local cryptocurrency exchange that’s best for you largely depends on your personal needs and circumstances.
In the last year, cryptocurrencies have once again exploded in popularity, as some of the most popular digital assets like Bitcoin (BTC), Ethereum (ETH), and dozens of other cryptocurrencies reached heights not seen since 2018 or earlier.
In this time, massive institutional investors, like Grayscale, Square, One River Asset Management, and more have been stockpiling Bitcoin and other cryptocurrencies, while cryptocurrency trading volume continues to reach ever greater heights – since the returns offered by cryptocurrencies have eclipsed all other major asset classes.
One of the most popular ways for individuals and businesses to safely buy and sell Bitcoin and other cryptocurrencies is through local exchange platforms, which allow users to search for the best offers available in their region – helping to keep the fees down by paying with local payment methods and currencies.
With all eyes on cryptocurrencies, these platforms have been onboarding new merchants and users faster than ever before. If you are looking to get your start with cryptocurrency investments or are considering starting your own local vendor service, here four of the best local exchange platforms that are worth getting started with.
Cryptolocally is a cryptocurrency exchange platform that has seen a dramatic uptick in popularity since its launch in 2019. The platform with the goal of making popular cryptocurrencies and altcoins more accessible and safer to trade. And this is exactly what it achieved.
Billed as the “easiest way to buy & sell crypto online”, Cryptolocally is designed to make buying and selling cryptocurrencies a safe, simple process. It achieves this thanks to its smart contract-enforced escrow system, which keeps both buyers and sellers protected at all times during the trade.
The platform supports more than 20 coins and tokens, including many of the most popular assets – like Bitcoin, Ethereum, BNB, Tron (TRX), Tether (USDT), and DOGE.
In November 2020, it also became the world’s first fully decentralized P2P exchange after the launch of GIVernance – a protocol that allows users to participate in the governance and growth of Cryptolocally by staking GIV tokens to create and vote on governance proposals.
This can be used not only to choose which coins and tokens are added to the platform next, but also to influence the direction of Cryptolocally’s ecosystem development. Additionally, GIV holders can also vote on the inflation rate of the GIV token and earn rewards by staking their tokens.
Cryptolocally sets itself apart from most other local cryptocurrency exchanges thanks to its Finance Wallet v2 feature, which allows users to earn a passive income on their balance. In fact, Cryptolocally’s Finance Wallet is considered one of the best DeFi wallets in the entire crypto space, as it automatically allocates its users’ funds to the protocol with the best return in real time (e.g., Compound, Aave and more…). Through this mechanism, investors always earn the highest rates without the hassle and fees of constantly switching services. As of March 2021, users can earn a passive return on six different assets, often exceeding 20% APY, with the click of a button.
Unlike other platforms, Cryptolocally only requires an email address and a phone number to start trading, allowing users to get up and running with fewer hurdles.
LocalBitcoins is one of the longest-standing local cryptocurrency exchange platforms. It was founded in June 2012 by Jeremias Kangas – a programmer, entrepreneur, and early Bitcoin adopter.
Since its launch almost a decade ago, LocalBitcoins has grown to become one of the most liquid local exchange platforms for Bitcoin, and frequently clocks in more than $40 million in daily trading volume.
LocalBitcoins allows users in well over 200 countries to buy Bitcoin with over 100 different payment methods – which can including several altcoins (depending on the region/merchant). That said, the platform is most popular in the United States, Russia, Nigeria, and the United Kingdom.
As its name suggests, LocalBitcoins only supports the buying and selling of Bitcoin, this means it isn’t a suitable platform for individuals or businesses looking to trade a variety of altcoins. However, users can find payment options that are difficult to find elsewhere, such as PayPal, Payoneer, Worldremit, and more – making it suitable for those looking to buy BTC with a very specific payment method.
Like some other platforms, LocalBitcoins features a built-in escrow system, which ensures both trading counterparties remain safe. Since mid-2019, LocalBitcoins customers now need to complete KYC verification before they can use the platform.
Sellers pay a 1% fee for each successful sale conducted through the platform, whereas buyers can use the platform at no cost.
No list of the best local cryptocurrency exchange platforms would be complete without Paxful, one of the biggest names in the space.
Launched in 2015 and based in New York, Paxful is one of the most widely used cryptocurrency marketplaces – and currently boasts more than 3 million registered users.
The platform offers a free Bitcoin wallet to users and supports over 350 different payment methods. It can be accessed from practically anywhere and has a simple to use mobile app for buying and selling cryptocurrencies on the go.
Though it is mostly used for Bitcoin, Paxful recently added support for the stablecoin Tether (USDT), and users can buy BTC or USDT with over 30 other digital currencies, such as Litecoin (LTC) and Bitcoin Cash (BCH).
Paxful does not charge buyers any fees, whereas sellers will be subject to an up to 5% fee for using the platform (depending on the payment method). Paxful also offers a payment gateway for merchants, allowing them to easily sell online without chargeback risks.
Like LocalBitcoins, Paxful has a seller feedback system, allowing you to select Bitcoin sellers not just based on their rates, but also based on their reputation. It also features a similar escrow system, helping users avoid scams. For those with a charitable side, Paxful started the #BuiltWithBitcoin initiative in 2017, and plans to build 100 schools, water wells, and community gardens in emerging markets – funded entirely by BTC donations.
LocalCoinSwap is a lesser-known name in the local exchange space, but its features make it worth discussing. Founded in 2015, the Hong Kong-based exchange hasn’t managed to gather quite the same reputation as Paxful or LocalBitcoins, and is somewhat similar to Cryptolocally in its feature set – but isn’t quite as simple to use.
Like Cryptolocally, the platform is secured by escrow smart contracts, ensuring users cannot be scammed while trading on the platform, and it also allows users to buy and sell a range of popular cryptocurrencies, including Bitcoin, Dash, and various different stablecoins.
It also supports somewhere in the order of 250 payment methods, including bank transfer, PayPal, and cash – helping to securely facilitate in-person trades. LocalCoinSwap is also one of the few local crypto trading platforms that don’t enforce KYC verification.
Despite its strong features, LocalCoinSwap hasn’t attracted as many vendors as its direct competitor Cryptolocally, but most users will find at least one vendor available in their city. It has also been known to suffer downtime, which can render it unavailable at times.
LocalCoinSwap charges a standard 1% fee for every completed trade (paid by the seller). According to the platform, 100% of profits made by the platform “goes back to the community”, and is distributed to LocalCoinSwap (LCS) tokenholders as dividends rewards.
As with all things, choosing the local cryptocurrency exchange that’s best for you largely depends on your personal needs and circumstances.
Are you looking to maximize the range of features available? Or are you looking to pay with a highly specific payment method, that only a few vendors will accept? Whatever the case, at least one of the four options presented today will likely fit your needs, but you may need to play the field somewhat to find the right offers in your location.
You’ll also want to consider the fees and security options, ensuring you remain secure at all times and don’t lose too much due to commissions. Of the aforementioned options, Cryptolocally has the lowest fee, with a base rate of 0.99%, reducable to under 0.5% using GIV tokens, whereas Paxful has the highest potential fee of up to 5%.
On top of this other features like LocalCoinSwap’s dividend rewards and Cryptolocally’s DeFi wallet should also factor into your equation – since these represent a potential additional revenue stream, beyond your standard cryptocurrency trading.
All in all, you can’t go wrong with any of these options, but it’s worth taking the time to test out more than one before picking the one that fits you best.
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Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.
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MXC Exchange Commits To Integrating USDC-SPL on Solana
MXC Exchange, one of the fastest growing and leading crypto exchanges, does its part to further the USDC ecosystem. By adding support for USDC-SPL, a new chapter is added to the cryptocurrency industry.
USDC on the Solana blockchain (USDC-SPL) introduces an extra layer of convenience and accessibility. MXC Exchange plans to integrate USDC-SPL into its exchange offering, making it accessible to its global user base as quickly as possible. Going down this path ensures MXC Exchange users will have access to the cheapest and fastest options to transact with the USDC stablecoin.
The ongoing partnership between Circle and Solana dates back to October 2020. Like Tether’s USDT, Circle wants to bring its USDC stablecoin to multiple blockchains, allowing for unprecedented access, speed, and low fees. Solana’s benefits include better scalability, speed, and cost-efficiency in the market thanks to its growing list of integrations with projects and services.
All of the benefits provided by Solana will be made accessible to users of the MXC Exchange. Especially during volatile periods like today, there is an increasing interest in entering and exiting markets as quickly and efficiently as possible. Using trusted stablecoins, including USDC, makes that process more straightforward.
MXC VP of Global Business Katherine Deng states:
“At MXC Exchange, we always strive to give our users the best experience and access to a growing range of financial tools and assets. The ongoing growth in popularity of USDC and the benefits of the Solana ecosystem provide a scalable and efficient solution that will benefit our users globally.”
The support for the Solana ecosystem may be the first step in an ongoing process. Several opportunities are being explored, including different ways to invest in cryptocurrencies, OTC trading, and other ways to empower users of the MXC Exchange ecosystem. We will provide more information on these features and services accordingly.
The USDC market capitalization has increased from $427 million to $8.23 billion in the past year. This substantial increase confirms this pegged asset’s appeal and the role it will play in the future of cryptocurrency trading. As USDC becomes accessible across more efficient blockchains, the project and its partners will provide a better user experience.
Founded by former Qualcomm, Intel, and Dropbox engineers in late-2017, Solana is a single-chain, Proof-of-Stake protocol whose focus is on delivering scalability without sacrificing decentralization or security. Solana can currently handle 50,000 TPS with single transaction costs as low as $0.00001.
Core to Solana’s scaling solution is a decentralized clock titled Proof-of-History (PoH), built to solve the problem of time in distributed networks where there is not a single, trusted, source of time. By using Verifiable Delay Functions, PoH allows each node to locally generate timestamps with SHA256 computations. This eliminates the need for the broadcasts of timestamps across the network, improving overall network efficiency.
Combining these core innovations with decades of distributed systems research, Solana enables builders to easily deploy apps that are composable and unstoppable. Leading crypto projects like Serum, Audius, Chainlink, and USDC are now leveraging Solana’s speed and ultra-low fees in order to scale to billions of users and devices globally.
Established in April 2018, MXC Exchange is one of the world’s leading digital-asset trading platforms which offers users one-stop services including spot, margin, leveraged ETF, derivatives trading and staking services. The core members of the team come from world-class enterprises and financial companies, who have rich experience in blockchain and financial industries. We offer the most comprehensive marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks, and formulate their strategies to maximize gains and mitigate risks. For more information, please visit https://www.mxc.com/.
Author: By Crypto Advertising
– 5 Mar 2021