Know Your Exchange with Fabwelt
If you have clicked on this article, then you aren’t new to the world of cryptocurrency and most importantly you are a fellow WELTIE or are in the process of becoming one. A warm welcome to the new entrants! You probably would have logged into a price-tracking website for cryptoassets like CoinMarketCap to figure out the best available deal for the crypto that you are interested in. Is the available information enough or do we read between the lines to optimize a viable trading option? This article addresses just that and talks about why you should consider trading through the available exchanges where WELT tokens have been listed, namely MEXC, BitMart, Bitrue, Coinsbit International, Coinsbit India,PancakeSwap, and QuickSwap.
To start let us once again understand what an Exchange is for the benefit of the newbies. Disclaimer: Experts may skip this para and jump straight to the next one.
Exchange is the platform through which you can buy or sell crypto. It is the marketplace in the crypto world, where you can transact crypto in exchange for another crypto or buy crypto using regular currency. Exchanges can be broadly classified into two types; Centralized and decentralized. Centralized uses a middle person or a third person to conduct transactions. Decentralized exchanges, commonly known as DEX’s uses blockchain technology to conduct transactions directly between crypto users.
Now let us understand each of the above-mentioned Exchanges individually to ensure that your trading process is fruitful and hassle-free.
We will be focusing on four major areas which should help you make the right choice.
1. Ranking: Direct reflection of global standing
2. Trade Volume: Ensures trading happens at the best price
3. Security: The single most important factor that determines the safety of your investments and losses (if any).
4. Fees: Strong influencer in your trading decisions.
5. Support: Directly related to long term association
6. User Interface & Accessibility: Attracts you to use the platform regularly.
7. Community: Expands knowledge of how and when to trade.
· Ranking: 60
· 24-hour trading volume: $1.82 billion
MEXC has a high-end cold storage wallet and manages an approximate amount of $500 billion of crypto deposits in them, this way reducing the risk of hacking. The exchange uses the regular 2FA and phone/email verification methods. It has also upgraded it’s security by compulsorily attaching a mobile number and a Google authenticator. In the new campaign for first-time MEXC users, a futures bonus is awarded upon the achievement of a specific amount of deposit. This can be used as an Insurance Fund by the trader. There has been no security breach in the history of MEXC.
Trading Fees — Taker Fees: 0.200%
Maker Fees: 0.200%
Deposit Fess — FREE
Withdrawal Fees — Varies according to the traffic/demand on the network
MEXC is known for its excellent multilingual and prompt 24x7 customer support base. The website also offers an extensive array of support across various parameters and needs.
· User Interface & Accessibility
The MEXC app is available on the Apple store as well as on Google Play. The UI is straightforward. It simply asks for your mobile number to register and also mentions the reward for first-time users; a definite winner for those who find ‘typing’ a task! Scroll down and there is an extensive report on the current crypto trade followed by the USP of this dynamic exchange.
MEXC is based in Singapore. It has obtained compliance licenses across the globe including Estonia, Canada, and the United States, thereby increasing its consumer base.
The exchange offers a wide variety of cryptocurrencies; 581 to be precise. This factor is a definite plus for the traders as the options are plenty. It also boasts of 635 markets enlisted on it. MEXC’s global compliance policy makes it easily the preferred and trusted exchange for traders worldwide.
· Ranking: 10
· 24-hour trading volume: $2.37 billion
BitMart operates on a hybrid cold and hot wallet system. It follows the standard 2FA procedure apart from multi-signature technology and other security features like IP address detection and monitoring.
BitMart is known for its innovative tiered fee structure. The exchange demarcates new users from advanced/professionals. It charges no deposit fees. Withdrawal fees depend on the type of the asset being withdrawn at that time. BitMart has its crypto in the name of BMX tokens, which can be used for trading. For instance, advanced users having more BMX volume avail of more discounts. Traders using BMX tokens as transacting fees can get up to a 35% discount on their fees. Above all, BitMart analyses a trader’s portfolio for 30 days to calculate fees and discounts. For regular trade, BitMart charges 0.25% for most users.
BitMart has a dedicated customer support team to offer assistance and address grievances through email and live chat. One may have to hold a support ticket to receive assistance from the support team. They do not have a toll-free number for direct communications.
· User Interface and Accessibility
BitMart has an extremely neat and classified UI. It asks only for either an email address or a mobile number for registration. An OTP is generated and one is successfully registered. The website has distinctive options for standard and advanced users respectively, which makes the experience of traders hassle-free. Secondly, the website also gives the option of future trading in collaterals and coins. For those traders who know which crypto they want to trade in, the ’Buy and Sell’ option redirects the users to a simple page where the options are direct and less complicated. The winning feature of BitMart is the clear demarcation made for Standard users and Advanced Users. BitMart is available on IoS and Windows making it accessible at any point from anywhere.
BitMart is headquartered in the Cayman Islands and currently operates in 180 countries globally. It also has branches in the United States, South Korea, and China. This has increased the BitMart network globally making it accessible to users across countries who can monitor trade in real-time.
BitMart has a listing of 800 plus tokens and coins and also provides trading in fiat currencies. The other distinct feature of BitMart is that it lists lesser popular coins that have a lower market cap and the ones that are not yet available on other exchanges. This gives the investor an advantage of profiting in the infant stage of the coin/token. BitMart offers a lending program for its users through which they can earn around 6.25% of annual interest. Due to the extensive listing, the rate of liquidity is higher making it easier for a trade to withdraw their funds at any time. It also eases the process for new users by giving them an option to trade using ApplePay, Mastercard, Paypal, and Visa.
· Ranking: 58
· 24-hour trading volume: $2.71 billion
Biture follows the 2FA procedure and also has an active multi-signature cold wallet system. The app also has an IP Whitelist feature which ensures that the IP address from any request received is matched to a pre-approved IP address provided by the trader. Bitrue provides Email Safety Codes which are unique to every user and is mentioned in every mail received from Bitrue. Unmatched codes are an indication of phishing which warns the user. In addition to the above, if a user finds suspicious activity on his/her account, they have the option of Account Lockdowns, through which they can disable their respective account. The most unique measure towards securing the assets of the users deployed by Bitrue is its Insurance fund. It accommodates 38 million XPR and 40 million BTR in the case of hacking.
Bitrue offers a varied fee structure for its users.
XRP/BTC, XPR/USDT, XRP/ETH — 0.2%
ETH & USTD — 0.098%
The usage of BTR(Bitrue tokens) gives the advantage of discounts of up to 30%. The XPR transactional rate varies according to the usage of BTTR as transactional fees. It levies withdrawal charges and also a minimum amount for additional services like international wires.
The website offers tutorials and also a provision to search for your specific problem. One could also submit a request, where users could upload a document that displays the specific problem. The Bitrue community also encourages users to reach them through their various social media platforms.
· User Interface and Accessibility
Available on IoS and Windows, the UI is pretty simple and direct. The user’s Email ID is asked to sign up. The current trade figures, patterns, and hot markets are directly displayed on the homepage. One also gets direct access to the services and pros of using Bitrue through their neat thumbnails. The mobile application allows users to keep track of their assets including cold wallets and bitcoin cash. The app can also exchange Bitcoin, USDT, XRP, Ethereum, Litecoin, and dozens of different altcoins following the web-based functionalities.
Bitrue is based out of Singapore. It boasts 4.2 million users and is currently available in Europe, the U.S.A, Canada, Japan, and a few more countries.
Bitrue has over 114 cryptocurrencies listed on its platform. It has a strong relationship with Ripple (founding company of XRP cryptocurrency) and hence offers a wide variety of trading pairs using XRP as the base currency to trade crypto. XRP being a centric platform enables Bitrue to conduct cross-border payments better. Bitrue offers a Piggy Bank which encourages users to deposit their funds and earn interest. Similarly, it is also among the first exchanges to offer crypto loans to its users at around 15% interest p.a. It also allows advanced users to access features like Traders’ view easily.
The exchange was named the “best trading platform launched in 2018” at Blockchain Life 2019 Asia. With 73 active markets, the exchange does pretty well for itself as it is ranked 29th among the top-rated exchanges by 24h trading volume. Now in India! We are Coinsbit India.
Launched in August 2018, Coinsbit is a centralized exchange based in Estonia. The team claims that the number of Coinsbit users is 2,000,000. Coinsbit supports cryptocurrency pairs, 6+ fiat gateways and OTC trading, as well as P2P-lending platform. Coinsbit offers cryptocurrency trading and allows users to earn cryptoassets via the Staking pool. Coinsbit exchange token CNB that was launched on 1 January 2020 to reduce trading fees for users. Coinsbit offers its platform both for listing and for conducting IEOs. Being the largest cryptocurrency exchange means reliability. Your own confidence is the most important thing for us. It is thanks to this confidence of our traders we entered the top largest exchanges in the ranking of CoinMarketCap and CoinGecko. We know how to achieve peak goals and we know what service is needed for this. A million of our traders appreciated the convenience and reliability of our platform — this is our main achievement, and the main reason for you to start working on our platform. Right now.
Fee for trading — 0.2% trading fee
The main distinguishing feature of Coinsbit is the processing speed of up to 10,000 trades every second and 1,000,000 TCP connections.
More than 95% of all currency are stored on cold wallets. WAF (Web Application Firewall) — is a web application security screen that detects and blocks hacker attacks.
Support main crypto currency
BTC, USDT, ETH, XRP, EOS, XLM, BNB, ONT, WAVES, LTC, BCH, BTG, ETC, TUSD, DOGE, PAX.
Support main fiat currency
USD, EUR, TRY, UAH, RUB, KZT.
The world’s first online store for buying goods with cryptocurrency. We have collected the best offers from the largest online stores in the world for your convenience. Buy goods from anywhere in the world from your exchange account. Simple and reliable.
Trading is always risky. We give you the opportunity to avoid risks. Earn by investing free coins in StakingPool. As a result, you safely make a profit, developers promote their projects, and the exchange attracts new deposits. Everybody wins.
Here is a small recap on what Decentralized or DEX’s are. These exchanges eliminate the use/role of a third party and allow the users to directly transact with each other in the P2P marketplace with the help of smart contracts that facilitates trades or certain actions when definite conditions are met. It uses Liquidity pools where the funds of the investor are locked up to earn interest and facilitate trade. The price is continuously regulated by something called the AMM or the automated market maker. One important aspect to be kept in mind before using DEX is that it does not allow the use of fiat currencies and hence one needs to have cryptos to get cryptos. For this purpose, every decentralized exchange requires a trader to connect their wallets to the platform; a wallet that stores tokens/coins that needs to be compatible with the platform. Instead of the 24-hour trading volume, we shall be sharing the TVL or the Total Value Locked for each DEX as it is a direct reflection of the liquidity of all the pools. We will be exploring two top DEXs where each of the above-mentioned points will be explained in detail.
1. PancakeSwap (Created on the Binance Smart Chain)
· Market Ranking: 46
· TVL: $4.59 billion
· Wallets(BSC compatible): Metamask, Binance Wallet, Coinbase Wallet, Trust Wallet, WalletConnect, MathWallet, TokenPocket, Safepal, Coin98, Blockto
· Native Token: CAKE
1. Liquidity Pools (LP) — One can provide liquidity to a pool, which means that you deposit equal amounts of a pair that is available on the platform. Once the transaction is completed, the investor gets LP tokens called FLIP tokens and a percentage of the fees provided by the others trading in the pool. The fees are calculated based on the investor’s share of the pool.
2. Farming- Once you have earned your LP tokens, there is an opportunity to earn CAKES, which is the native governance token of PancakeSwap. PancakeSwap offers a list of ‘Farm’s to choose from. One needs to choose a Farm that is compatible with the LP tokens that have been earned. Upon the completion of the transaction, the trader successfully earns CAKES equivalent to the number of LP tokens staked. A transaction fee will be charged and hence a portion of the LP tokens needs to be accommodated as transactional fees.
3. Syrup Pools — This is a form of staking. Once the CAKES have been earned, we can reinvest the desired portion of the CAKES in a Syrup Pool to receive a BEP-20 in return. BEP- 20 is the native token of Binance Smart Chain and DEXs like PancakeSwap use BEP-20 tokens to initiate any form of trade or even provide liquidity. A syrup pool also offers additional annual interest and hence APR(Annual Percentage Rate) is also an important factor before choosing Pools. Another important factor is that Syrup Pools allows one to trade in other compatible tokens other than CAKE.
4. Staking — The most direct and simple way to earn rewards is through Staking. All one has to do is store the cryptos for a longer period in their wallets. The platform recognizes this and rewards the investor accordingly.
5. Lottery — This works exactly like a regular lottery. Upon purchasing the lottery ticket using CAKE tokens, one gets a randomly generated four combination number between 1 and 14. At the end of the session, if the generated combination matches the lottery combination, the player will be the winner and will earn 50% of the lottery pool. The position of the numbers also needs to be matched. The player earns rewards even if two digits match the lottery combination.
6. NFT (Non-Fungible Token) — One can buy and sell NFTs using BNB-CAKE tokens. PancakeSwap has earned a lot of money through NFTs. Custom NFTs have also been created for Lottery winners.
7. IFO (Initial Farm Offering) — This process is a form of fundraising for new DeFi projects. PancakeSwap is one of the best platforms to offer IFO. An investor can stake the desired number of CAKE-BNB tokens to take part in the IFO. The users will be rewarded tokens for their participation.
A trader pays 0.25% fee for any form of transaction. Off this, 0.17% goes directly to the liquidity pool that the investor has traded in towards the providers.
· UI & Accessibility
Anyone entering the PancakeSwap website for the first time would mistake it for a children’s gaming website. Colorful and filled with characters, the website is less strict. The website informs many offers in the form of Lottery and Syrup pools, thereby attracting a first-timer to want to know more about the offers. PancakeSwap is not available as an app but one can access the ecosystem through certain wallets like WalletConnect for IoS users and GoSwapp and the most common wallet Metamask.
PancakeSwap is audited by Certik. A major advantage of investing in DEX is that the assets are held directly by the investor and not by a third party. And since the contracts happen directly on the blockchain, it is difficult for a hacker to break through the complex network. KYC is not required and hence the identity of the investor is protected. Since there is no third party involved, counterparty risk is eliminated.
PancakeSwap was created by a group of unknown enthusiasts in 2020. It has around 1647 coins and 9152 trading pairs listed. Since it is built on Binance Smart Chain, the process of a transaction and the subsequent fees involved is significantly less, which has translated to its super-fast success within the short period since its inception.
· Ranking: 526
· TVL: $650 million
· Wallets (ETHEREUM compatible): Metamask, Coinbase Wallet, Bitski, Vely, Portis, WalletConnect
· Native Token: QUICK
1. Liquidity Mining — LP works similarly to the other DEXs. An investor can create a pool or select a pool and invest in it using equal proportions of two cryptos. Once he/she lends his/her assets, they become a provider. The provider earns rewards in the form of LP tokens, the value of which will increase as the liquidity of the pool increases. The LP tokens will be in the form of QuickSwap’s native token QUICK. Apart from this, they receive a percentage of the fees earned by the platform from the ongoing trade in the specific pool.
2. Staking — The simplest form of earning passive income is lending QUICK tokens to the network for a speculated time. This aids the platform to remain secure. The investor receives a portion of the DEX transactional fees as a reward and DQUICKS which translates to Dragon’s QUICK. The size of the rewards depends on the number of tokens staked.
3. Yield Farming — This is similar to staking, the only difference being that there isn’t a fixed lock-up period of the assets and that the rewards can vary from day to day which requires proper monitoring by the farmer.
4. Dual Farming — QuickSwap allows to farm and earn profits from two different crypto assets. One can currently farm in QUICK and MATIC.
5. Dragon Syrup — This feature allows to stake QUICK tokens and earn rewards from other tokens of the stakers choice (token choices offered in Dragon Syrup).
QuickSwap charges 0.30% for any transaction. It does charge withdrawal fees. The platform does not charge any fees for the transfer or withdrawal of assets except network fees that need to be paid to the chain itself and not the exchange. This amount varies depending on the network pressure. One must have a basic amount of ETH at any point in time to cover the transaction fees and the like.
The platform is based on community governance which means that significant changes to the network can be made by the users of QuickSwap. The servers of these exchanges are spread across the globe making it impossible for hackers to penetrate the system. Secondly, the users directly manage their respective wallets. And hence even if the exchange is hacked, the user’s assets will not be touched.
· User Interface and Accessibility
The website is straightforward, simple, and direct. The minimal options give you clear options for your actions. One can conduct transactions in no time with the aid of this very clean UI. Wallets like Metamask deploys extensions that allow access to QuickSwap in the web versions as well as IoS and Android.
QuickSwap is built on Polygon(previously called MATIC) network built by Nick Mudge and Sameep Singhania. It is a fork (alternative chain created to introduce new features) of UniSwap and uses ERC-20 as its governance token. It was built basically to reduce the congestion on UniSwap, thereby reducing the overall transaction time and the gas fees (fees paid to the miners of each network) to a great extent. Ethereum’s (on which UniSwap is based) gas fees are exorbitant and hence have been losing a lot of investors lately. QuickSwap seems to be the perfect solution to break the clutter.
This was nothing but a very brief insight into what crypto exchanges are. An avid crypto trader needs to study each platform extensively to achieve maximum profit for their investment. Some of the words might scare the newbies. Don’t you worry! This article is going to push you to Google many of the terms and names used here. And once you start peeling each layer, you will finally understand the beauty of this crazy world of crypto. Happy cryptoing!