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Cryptocurrencies are getting more and more popular and the hype around them gets louder day by day, and most people are getting on it just because of their fear of missing out (FOMO). As a personal opinion, I believe that cryptos can be the future of finance and it can replace the traditional money that we currently use.
A lot of other cryptocurrencies are popping up, called Alt Coins, hoping to ride the waves of the ever-growing popularity of Bitcoin and Ethereum. And platforms specifically designed to buy, sell, and trade cryptos are also booming, and with hundreds of crypto exchanges available worldwide, how do you choose the right platform? (Source: hongkiat)
Crypto exchanges in a nutshellCryptocurrencies are built on different blockchains and are not connected, making it hard to do trades between them.
Crypto exchanges were made to solve this dilemma by bridging the gap between each coin, allowing users to buy, sell, and trade cryptocurrencies on their platform.
Are Crypto exchanges safe?If you are not actively trading cryptocurrencies for profit, it is better to keep them in your own digital wallet or transfer them to a wallet that is not accessible by others or platforms.
If the exchange servers get hacked and cryptocurrencies like Bitcoin, Ethereum, and altcoins get stolen from its customers’ wallets (exchange-issued wallets) then you only have the chance of recovering your funds after filing a long arduous lawsuit against the exchange and winning it, or if they are willing enough, or are pressured by the government. However, this takes years and sometimes the affected people never recover their lost money at all.
Therefore, avoid keeping large amounts of cryptocurrencies on an exchange unless they really need to be traded immediately.
Also, an exchange that is well set up and secure will usually provide customers with two ways to authenticate themselves that are required to withdraw funds.
The first form of authentication is typically an SMS (text) message sent to your mobile phone, providing an additional security step for those who might be using their phones for money transfers or other banking activities on the same device. The second type of verification can be through email or Google Authentication which you will need to enter in order to access the account settings page on the exchange website. These methods make it harder for hackers to get into your account since they require more than just your username and password.
It’s also important to know if your chosen exchange stores their customers’ funds in a cold or hot wallet.
A cold wallet is a term used for wallets that are offline and can be stored in a place like a 3rd party storage device or even printed on paper and kept away. These wallets cannot be hacked since there is no way to connect them with the internet hence making it impossible to steal funds from them unless you keep your private key with someone else.
In the case of cryptocurrency exchanges, when users have their money in their hot wallets, which means wallets directly connected to the internet then they are at greater risk of getting hacked or losing funds.
What’s in it for them?It’s all about money, of course. Even if a lot of exchanges’ fees are just around 0.05% per transaction, considering the millions of volumes being traded daily, imagine the money that will flow in.
Of course that’s not entirely it. There are exchanges that were built under the idea that people should have control over their own money, and that people should have the opportunity to build wealth in a new way, away from the prying eyes of the government – I mean, this is the entire idea of cryptocurrencies.
How to choose a crypto exchange?There are several factors to consider when choosing the right crypto exchange, such as the availability to your location, transaction fees, useful and advanced features for both beginners and experienced investors, and so on.
Choosing the most popular crypto exchanges might be the obvious choice, but it doesn’t mean that they are the best available option for everyone.
Crypto exchanges to know in 2022Very well, then, shall we get started? Basically, in the list below, we will introduce you to exchanges that you might want to consider using based on their features, fees, crypto listings, and regional availability.
But at the end of the day, it’s important to do your own research (DYOR) further before putting your money in on any of the items below!
1. Pionex 10Pionex is a highly reliable cryptocurrency exchange platform designed for everyone. Whether you’re just starting out or a veteran cryptocurrency investor, Pionex has the tools and functions that cater to all users of different experience levels.
It’s a user-friendly platform that provides useful tutorials for both experienced and inexperienced investors and traders, but the highlight of this platform is its crypto trading bots. For the uninitiated, trading bots are programmed to perform trades on behalf of its users using different algorithms and parameters, and some also incorporate Machine Learning or Artificial Intelligence in their decision-making.
One such platform is Pionex, which supports over 120 different coins, with no deposit fees, and only charges 0.05% per trade. They also have a mobile app, so you can always be on the go, ready to check the market and perform trades. Good thing that people around the world can use Pionex, the only restriction is that US residents cannot trade leveraged tokens inside it.
Pros
They have tons of features and functions, and with over 180 cryptocurrencies available on their platform, charging only 0.2% per trade. They are based in George Town, Cayman Islands, and are available in all the countries in the world except for New York, Washington, Cuba, Sudan, Syria, Iran, North Korea, Pakistan, Crimea, and Venezuela.
Pros
They do, however, have higher fees compared to other crypto exchanges. And a confusing fee structure ranging from 0.5% to 4.5%, depending on the type of coin, platform, payment method, and amount of the transaction. Despite not having a physical headquarters, Coinbase supports almost all countries in the world except for Singapore, Australia, and New Zealand.
Pros
Kraken’s transaction fees would cost you 1.5% for instant purchases and 0.9% for stablecoins. Additional fees would apply as well, depending on the type of transaction or bank, while transaction fees for Kraken pro are much less, only costing 0.26% taker fee or 0.16% maker free. And fees are reduced even more for higher dollar amounts starting from $50,000 and above.
Kraken is based in San Francisco, supporting over 200 countries, making it a global cryptocurrency exchange.
Pros
As of today, it only supports more than 20 of the main cryptocurrencies such as BTC, ETH, ADA, SOL, and so on. A single account requires a minimum deposit of $50. Its transaction fees will vary around 0.7 to 5%, depending on the type of crypto.
eToro is based in the UK, supporting around 100 countries worldwide. However, some states in the US don’t have access to it, such as Delaware, Hawaii, Minnesota, Nevada, New Hampshire, New York, or Tennessee. And countries that don’t have access to it include Canada, Hong Kong, Iceland, Portugal, Taiwan, and Turkey.
Pros
It has affordable fees of only 0.02% for makers and 0.07% for takers but comes with a higher withdrawal fee of $75 for withdrawals under $10,000. Though there will be discounts for trading high dollar amounts. They’ve recently released their mobile app for Android and iOS, making it a convenient option for its users.
They are based in Nassau, The Bahamas, and are available to almost all countries worldwide. However, FTX is not available for investors located in Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Antigua or Barbuda, and the US, but US residents can use a separate site called FTX.us
Pros
Your first withdrawal of the month will be free, and then you’ll have to pay some fees for the second withdrawal, and so on. Withdrawal fees will vary depending on the type of crypto you want to withdraw.
They are based in New Jersey, offering their platform worldwide except for sanctioned countries like Cuba, Iran, North Korea, Sudan, Syria, and others.
Pros
Bybit only charges 0.05% per transaction, making it a viable platform to use. They also have a mobile application available for both Android and iOS if you want to have easy access to your account anytime and anywhere.
Their headquarters is in Singapore, and they offer their service worldwide except for service-restricted countries like the US, Cuba, Crimea, North Korea, Syria, etc.
Pros
It also supports fiat currencies and over 380 coins that you can choose from, with varying low fees of around 0.0005% to 0.1%, depending on the type of coin. Having that many options for coins are important, especially for those investors willing to bet on new and not-so-popular cryptos that could blow up, and having the access to that cryptocurrency first would have the upper hand.
KuCoin is based in Singapore and offers its services to all investors worldwide, and the fact that it also has a mobile app is a plus to its convenience.
Pros
They are based in Wilmington, Delaware, and they extend their service to over 100 countries around the world. Sadly, prohibited or restricted countries include the US, Crimea, Cuba, North Korea, Sudan, Mainland China, Libya, and more.
Pros
And also, only trade and/or invest the money you are willing to lose. Don’t take out a loan or use your life savings! Trade responsibly!
Happy learning!
A lot of other cryptocurrencies are popping up, called Alt Coins, hoping to ride the waves of the ever-growing popularity of Bitcoin and Ethereum. And platforms specifically designed to buy, sell, and trade cryptos are also booming, and with hundreds of crypto exchanges available worldwide, how do you choose the right platform? (Source: hongkiat)
Crypto exchanges in a nutshellCryptocurrencies are built on different blockchains and are not connected, making it hard to do trades between them.
Crypto exchanges were made to solve this dilemma by bridging the gap between each coin, allowing users to buy, sell, and trade cryptocurrencies on their platform.
Are Crypto exchanges safe?If you are not actively trading cryptocurrencies for profit, it is better to keep them in your own digital wallet or transfer them to a wallet that is not accessible by others or platforms.
If the exchange servers get hacked and cryptocurrencies like Bitcoin, Ethereum, and altcoins get stolen from its customers’ wallets (exchange-issued wallets) then you only have the chance of recovering your funds after filing a long arduous lawsuit against the exchange and winning it, or if they are willing enough, or are pressured by the government. However, this takes years and sometimes the affected people never recover their lost money at all.
Therefore, avoid keeping large amounts of cryptocurrencies on an exchange unless they really need to be traded immediately.
Also, an exchange that is well set up and secure will usually provide customers with two ways to authenticate themselves that are required to withdraw funds.
The first form of authentication is typically an SMS (text) message sent to your mobile phone, providing an additional security step for those who might be using their phones for money transfers or other banking activities on the same device. The second type of verification can be through email or Google Authentication which you will need to enter in order to access the account settings page on the exchange website. These methods make it harder for hackers to get into your account since they require more than just your username and password.
It’s also important to know if your chosen exchange stores their customers’ funds in a cold or hot wallet.
A cold wallet is a term used for wallets that are offline and can be stored in a place like a 3rd party storage device or even printed on paper and kept away. These wallets cannot be hacked since there is no way to connect them with the internet hence making it impossible to steal funds from them unless you keep your private key with someone else.
In the case of cryptocurrency exchanges, when users have their money in their hot wallets, which means wallets directly connected to the internet then they are at greater risk of getting hacked or losing funds.
What’s in it for them?It’s all about money, of course. Even if a lot of exchanges’ fees are just around 0.05% per transaction, considering the millions of volumes being traded daily, imagine the money that will flow in.
Of course that’s not entirely it. There are exchanges that were built under the idea that people should have control over their own money, and that people should have the opportunity to build wealth in a new way, away from the prying eyes of the government – I mean, this is the entire idea of cryptocurrencies.
How to choose a crypto exchange?There are several factors to consider when choosing the right crypto exchange, such as the availability to your location, transaction fees, useful and advanced features for both beginners and experienced investors, and so on.
Choosing the most popular crypto exchanges might be the obvious choice, but it doesn’t mean that they are the best available option for everyone.
Crypto exchanges to know in 2022Very well, then, shall we get started? Basically, in the list below, we will introduce you to exchanges that you might want to consider using based on their features, fees, crypto listings, and regional availability.
But at the end of the day, it’s important to do your own research (DYOR) further before putting your money in on any of the items below!
1. Pionex 10Pionex is a highly reliable cryptocurrency exchange platform designed for everyone. Whether you’re just starting out or a veteran cryptocurrency investor, Pionex has the tools and functions that cater to all users of different experience levels.
It’s a user-friendly platform that provides useful tutorials for both experienced and inexperienced investors and traders, but the highlight of this platform is its crypto trading bots. For the uninitiated, trading bots are programmed to perform trades on behalf of its users using different algorithms and parameters, and some also incorporate Machine Learning or Artificial Intelligence in their decision-making.
One such platform is Pionex, which supports over 120 different coins, with no deposit fees, and only charges 0.05% per trade. They also have a mobile app, so you can always be on the go, ready to check the market and perform trades. Good thing that people around the world can use Pionex, the only restriction is that US residents cannot trade leveraged tokens inside it.
Pros
- 16 Free crypto trading bots
- Supports over 120 different coins
- Low fees
- Mobile app available for Android and iOS
- No fiat deposits/withdrawals
They have tons of features and functions, and with over 180 cryptocurrencies available on their platform, charging only 0.2% per trade. They are based in George Town, Cayman Islands, and are available in all the countries in the world except for New York, Washington, Cuba, Sudan, Syria, Iran, North Korea, Pakistan, Crimea, and Venezuela.
Pros
- Supports over 180 different coins
- Low fees
- Mobile app available for Android and iOS
- No fiat deposits/withdrawals
They do, however, have higher fees compared to other crypto exchanges. And a confusing fee structure ranging from 0.5% to 4.5%, depending on the type of coin, platform, payment method, and amount of the transaction. Despite not having a physical headquarters, Coinbase supports almost all countries in the world except for Singapore, Australia, and New Zealand.
Pros
- Supports almost 100 different coins
- Mobile app available for Android and iOS
- Supports fiat deposits/withdrawals
- Higher fees compared to other exchange
Kraken’s transaction fees would cost you 1.5% for instant purchases and 0.9% for stablecoins. Additional fees would apply as well, depending on the type of transaction or bank, while transaction fees for Kraken pro are much less, only costing 0.26% taker fee or 0.16% maker free. And fees are reduced even more for higher dollar amounts starting from $50,000 and above.
Kraken is based in San Francisco, supporting over 200 countries, making it a global cryptocurrency exchange.
Pros
- Mobile app available for Android and iOS
- Supports fiat deposits/withdrawals
- Available globally
- Higher transaction fee for non-pro users
- Limited altcoins available compared to some competitors
As of today, it only supports more than 20 of the main cryptocurrencies such as BTC, ETH, ADA, SOL, and so on. A single account requires a minimum deposit of $50. Its transaction fees will vary around 0.7 to 5%, depending on the type of crypto.
eToro is based in the UK, supporting around 100 countries worldwide. However, some states in the US don’t have access to it, such as Delaware, Hawaii, Minnesota, Nevada, New Hampshire, New York, or Tennessee. And countries that don’t have access to it include Canada, Hong Kong, Iceland, Portugal, Taiwan, and Turkey.
Pros
- Mobile app available for Android and iOS
- Supports fiat deposits/withdrawals
- Reasonable transaction fees
- Only supports 20 coins
- Requires a minimum account deposit
It has affordable fees of only 0.02% for makers and 0.07% for takers but comes with a higher withdrawal fee of $75 for withdrawals under $10,000. Though there will be discounts for trading high dollar amounts. They’ve recently released their mobile app for Android and iOS, making it a convenient option for its users.
They are based in Nassau, The Bahamas, and are available to almost all countries worldwide. However, FTX is not available for investors located in Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Antigua or Barbuda, and the US, but US residents can use a separate site called FTX.us
Pros
- Supports over 130 different coins
- Mobile app available for Android and iOS
- Supports fiat deposits/withdrawals
- Not available in some countries like the USA
- High withdrawal fees for under $10,000
Your first withdrawal of the month will be free, and then you’ll have to pay some fees for the second withdrawal, and so on. Withdrawal fees will vary depending on the type of crypto you want to withdraw.
They are based in New Jersey, offering their platform worldwide except for sanctioned countries like Cuba, Iran, North Korea, Sudan, Syria, and others.
Pros
- Mobile app available for Android and iOS
- Low fees
- Only supports 6 coins
- No fiat deposits/withdrawals
Bybit only charges 0.05% per transaction, making it a viable platform to use. They also have a mobile application available for both Android and iOS if you want to have easy access to your account anytime and anywhere.
Their headquarters is in Singapore, and they offer their service worldwide except for service-restricted countries like the US, Cuba, Crimea, North Korea, Syria, etc.
Pros
- Mobile app available for Android and iOS
- Supports fiat deposits/withdrawals
- Low fees
- Only supports 20 coins
- Not available in the US
It also supports fiat currencies and over 380 coins that you can choose from, with varying low fees of around 0.0005% to 0.1%, depending on the type of coin. Having that many options for coins are important, especially for those investors willing to bet on new and not-so-popular cryptos that could blow up, and having the access to that cryptocurrency first would have the upper hand.
KuCoin is based in Singapore and offers its services to all investors worldwide, and the fact that it also has a mobile app is a plus to its convenience.
Pros
- Mobile app available for Android and iOS
- Supports 380+ coins
- Low fees
- Not recommended for newbies
They are based in Wilmington, Delaware, and they extend their service to over 100 countries around the world. Sadly, prohibited or restricted countries include the US, Crimea, Cuba, North Korea, Sudan, Mainland China, Libya, and more.
Pros
- Low fees
- Supports 380+ coins
- Mobile app available for Android and iOS
- Available only in limited countries
- No fiat deposits/withdrawals
And also, only trade and/or invest the money you are willing to lose. Don’t take out a loan or use your life savings! Trade responsibly!
Happy learning!
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