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DIFX-io launches Spot Trading Exchange

Posted on by Bob Coiney

Singapore, September 8th, 2021 – DIFX launches its spot trading exchange equipped with platform’s robust features such as User-Friendly Interface, Dedicated Support with AI-based query Resolution Bots, Dedicated Cloud Servers, Proper Security Audits, Token vetting and pre-screening, Price uniformity, and wide bandwidth for transactions.

DIFX, a blockchain-based crypto exchange platform, has developed a solution for all the problems and brings significant and long-lasting disruptive alternatives to trading financial products. It is the first fully-insured cross-asset trading platform that connects brokers, individuals, and corporations while solving real-world payment problems.

In the world of cryptocurrencies, the only way to diversify a digital portfolio is by trading on exchanges. However, in the current scenario, most of the trading platforms rely on outdated security mechanisms and offer a poor user interface paired with high trading fees, making them an unavailable option for regular traders.

With the launch of the Spot Trading Exchange, DIFX will offer spot trading where traders can simply invest and trade. A trader can acquire several assets from the DIFX Spot Trading Exchange by using another digital or fiat asset.

DIFX’s Spot Trading exchange will operate similarly to any other exchange but with the additional benefits of the robust architecture of DIFX. With the addition of the exchange platform, DIFX will become a one-stop solution for all trading and investing needs.

Apart from that, the spot trading exchange will also utilize DIFX’s hybrid working model of centralized and decentralized exchange that incorporates atomic swaps using Blockchain Technology.

Moreover, DIFX operates under European data protection laws and its self-imposed Code of Ethics. Under this code of ethics, DIFX ensures the best protection against losses, complete transparency, and community involvement in the decision-making processes. DIFX also vets and verify traders before carrying out transactions on the platform to ensure security and safety, unlike other CEX’s.

About DIFX

DIFX is a blockchain-based cryptocurrency exchange platform that introduces a long-lasting disruptive alternative to sub-par trading platforms. DIFX promotes high-level margin trading with meager latency rates and corresponding APIs. DIFX includes a wide comprehensive ecosystem with several trading features, making it a one-stop solution for all trading requirements.

Some of the features that DIFX offers are. Exchange Platform, Liquidity Provider, Institutional Desk, Leveraged Trading, Custodian Services, Insured Crypto Wallet (For iOS & Android- Coming Soon), and Spot Trading Exchange.

Using these services, DIFX has developed a new financial order and offers direct settlements between payer and receiver that help millions of unbanked individuals to use digital currencies in day-to-day life.

Visit the DIFX spot exchange here.

Brazil’s Largest Brokerage Firm Grupo XP all set to Launch Crypto Exchange

Posted on by Bob Coiney

Grupo XP, which is Brazil’s largest independent brokerage and the owner of XP Investomentios SA has also entered the crypto arena. The brokerage house is launching a Bitcoin and Ethereum trading exchange in the next few months, according to a Bloomberg report.

Fast-changing market dynamics at play

Guilherme Benchimol, the Chief Executive Officer of the firm stated his plans at an event held in Sao Paulo. There are a growing number of crypto enthusiasts in the country; with nearly 3 million Brazilians having exposure to Bitcoin trading. On the other hand, the number of Brazilians involved in stock trading/investment is much lesser at 600,000. Such an enormous exposure to cryptocurrencies has pushed Grupo XP to venture in this thriving business.
The exchange is going to be run by Thiago Maffra and will be set apart from XP’s other brokerage businesses. XDEX will the name for this crypto exchange and it will have around 40 employees. However, Grupo XP has entered this sector reluctantly. “I wish that this theme of crypto craze extending to Brazilian lands didn’t exist, but it does,” Benchimol said. “We were compelled by market dynamics to start advancing in this business.”

Brazil’s improving business climate for cryptocurrency trading

Brazil’s past has been full of skepticism with regards to cryptocurrencies, as its Central Bank Chief Ilan Goldfajn compared them with a bubble and a Ponzi scheme. However, Brazilian regulators are now obligated to accept this industry and are easing rules of business. This week, regulators issued a set of rules which allow funds to make investments in crypto-assets abroad but with certain limitations.
Grupo XP has been expanding rapidly over the past few years. It is targeting to raise 1 tillion reais ($245 billion) by the year 2020 and is also launching a bank in the next few months. The firm has also offered online investment platforms to Brazil’s growing middle class. Itau Unibanco Holding SA, a banking giant, agreed to buy a minority stake in Grupo XP last year.

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Bitmex Review: A Haven for Pro Traders?

Posted on by Bob Coiney

Almost a decade after Satoshi’s middle finger to banks and government, through the creation of a peer-to-peer digital currency which does not need intermediaries to function, bitcoin has inspired the creation of more trading exchanges than seen in traditional markets. Today we’ll focus on Bitmex, a bitcoin futures trading exchange. This will be a review on what the exchange offers, its security status, team behind the spotlight, and pros & cons.

First things first, Bitmex is short for Bitcoin Mercantile Exchange. It’s an advanced platform best suited for pro traders. Beginners in crypto trading would do well to garner experience from other simpler platforms. One distinguishing factor between Bitmex and other crypto exchanges is that the former only offers bitcoin futures trading services. Thus, traders are actually not trading bitcoin and other cryptos, but trading contracts/ derivatives with bitcoin as the underlying value. Bitmex also allows margin trading, also known as leverage trading. Records shows the exchange has a trading volume of over 35,000 BTC daily, with not less than $34 billion worth of BTC being traded since first transaction.

Let’s backpedal a bit, to explain some terms. Derivatives are contracts whose value is based on an underlying asset. Derivative contracts can be written on virtually anything, including bitcoin. Margin trading, or leverage trading is simply trading with borrowed funds, using the initial balance as collateral. For instance, a trader needs $5000 for a trade, but has $2500, he can then proceed with his trade via a 2:1 leverage. This means he gets to borrow an extra $1 for every $1 he has.

How it Works

Only BTC is allowed for deposits and withdrawals on the exchange. Although, on the exchange, there are trading contracts featuring other cryptos like Bitcoin Cash, Litecoin, Dash, Ripple, Zcash and a few others. Traders from the US are not allowed on the platform. But of course, some US based traders utilize VPN in order to bypass the IP checks. Contracts are valued in USD and two other fiat currencies: Japanese Yen and Chinese Yuan.

To get started, all that is required is a functioning email to which the account opening verification link will be sent to. Anonymous names are allowed, meaning there is no KYC. However, the complicated nature of the platform, coupled with the high risks involved in margin and derivatives trading, means those able to trade on the platform, are likely to be pros.

Once registered, one can begin trading, of course after depositing into the Bitmex account. Trading through the Market Order button means it is an instant trade using the current market price. Trading through the Limit Order button means the trade will be initiated once it is triggered by the market getting to the given price. As explained in details in a different article, Bitmex offers two types of leverage accounts on their platform. Futures account which has an expiry date, sometime in the future and perpetual account which is continuously being renewed. Leveraging on Bitmex allows for up to 100x leverage.

Fee Schedule BitMEX

Unknowing to many, Bitmex’s fees are actually on the high side. But at least, they are straightforward and not hidden nor subtle. Fees depend on the type of contract or the product. From as high as 5% for margin and maintenance, to as low as -0.25% for maker fees. No fees are deducted for deposits and withdrawals. Although, there is a minimum withdrawal amount and a minimum fee to be paid for blockchain load. Trading on Bitmex can only be done on a PC, as there is currently no mobile version, nor an app for the platform.

The Team

HDR Global Trading Limited is the holding company for Bitmex. HDR itself was founded by the trio Arthur Hayes, Ben Delo and Samuel Reed, former banker, trader and web developer. Yes, HDR happens to be an acronym for the first letters of their surnames. The trio registered the trading platform Bitmex in Seychelles in 2014, but currently operate out of Hong Kong.

Having such an experienced and skilled team behind the platform presupposes there is a strong security framework in place. This is a fact, considering there are security protocols in place such as multi-signature deposits and withdrawals process, text messages, emails and two-factor authentication features, and also, hardware tokens. Written in kdb+, a database and toolset used by major banks involved in high volume trading, Bitmex has held its ground and has never been hacked.

In today’s era of automated responses and chatbots, Bitmex customer support appears to be able to attend to traders within an hour. Feedback on their customer support is good. They also have other on site help like FAQs and trading guides.

All in all, Bitmex has several advantages, with the major disadvantage being that anyone considering braving Bitmex must be a pro trader, a beginner is likely to get rekt, if not careful. The platform’s trading sophistication is better suited for persons familiar with crypto trading. For those who like referral programs, Bitmex pays out millions of dollars annually to referrers.

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The Philippines is drafting regulations for crypto-exchanges and ICOs

Posted on by Bob Coiney

The Philippines is considering allowing the operations of crypto-exchanges as a part of its new cryptocurrency regulation. This development comes in the wake of rising popularity of cryptocurrencies in the whole South Pacific region.

New Cryptocurrency Regulations are coming next week

The Securities and Exchange Commission (SEC) of Philippines is at the forefront of drafting these new cryptocurrency regulations with Australian and Swiss crypto-exchange rules being reviewed as the guiding templates. Ephyrp Luis Amatong, SEC Commissioner, told reporters that their agency is planning to release these new rules by the end of next week.
In this regard, SEC has initiated its collaboration with the central bank of Philippines called the “Banglo Sentral ng Pilipinas” (BSP). Amatong elaborated, “There is a dire need to regulate crypto-exchanges as trading platforms. Joining hands with BSP is mutually beneficial as they are also interested in regulating crypto exchanges and joint-efforts can bring better results.”

The need for having ICO regulations in place

Last month, SEC proposed initial coin offerings (ICOs) rules, according to which anyone planning to launch an ICO must file a request for preliminary assessment providing details of the offering. Afterward SEC would make the decision of allowing the ICO or not, based on the details submitted to the agency. Entities deliberating to launch ICOs must have to register themselves as a corporation while issuers with their main offices in foreign countries will have to establish their office branch in the Philippines. Moreover, these rules deal with several other ingredients of ICOs like the publicity campaigns, reporting & documentation and rate of returns for the investors etc.

Amatong explained the need for allowing such crowdfunding schemes, “ICOs are mostly launched by cryptocurrency startups and are highly effective in tapping individual contributions through online platforms, greatly helping small and medium-sized enterprises. Previously, one had to go through the PSE (Philippine Stock Exchange) or PDE (Philippine Dealing Exchange) to generate funding. However, FinTech is changing things by allowing such fund-raising at much lower costs.”

If you didn’t know, you should now…Crypto is Coming.

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Game Changer: Binance and LCX Crypto Exchange Joint Venture

Posted on by Bob Coiney

The successful joint venture of Binance and Liechtenstein Cryptoassets Exchange (LCX), on August 16, 2018, heralded the launch of a fiat-to-crypto exchange. Binance LCX will be located in Liechtenstein, one of the most crypto friendly nation in the world, according to the press release.

Game Changer

The platform will allow for trading between Fiat currency and cryptocurrency. To start Binance LCX will have trading of Swiss Franc (CHF) and Euros (EUR) against major cryptocurrencies, with the door left open for future additions.

The Binance and LCX venture hopes to create the most reliable exchange that processes fiat to cryptocurrency transactions. Binance LCX intends to comply with both federal and international regulations. The new exchange is going to benefit from the efficiency of Binance and the crypto friendly environment that Liechtenstein will provide.

Binance, with their unquestionable track record of success, will handle the technological aspects of the exchange, since it is built on the Binance blockchain. The Binance LCX team will be made up of about 10 to 15 people who will take charge of communications, customer support and ensure compliance with regulations.

binance lcx
Can you feel the excitement?

Project’s Prospects

Judging from previous projects handled by both players involved, one can look forward to this also being a success. Both teams have shown optimism with Binance CEO Changpeng Zhao stating:

“I believe Binance LCX will create a sustainable and reliable fiat-crypto gateway for professional and regular investors alike. I hope Binance LCX will drive new standards for usability and compliance for the blockchain industry, and we are very excited to bring the relevant experience and best practices to grow our team at Liechtenstein,”

Monty Metzger, the CEO of LCX, also shares similar excitement with Zhao stating:

“Professional investors need a reliable fiat channel to invest into crypto assets……We are excited to launch the joint-venture with Binance to establish new standards for the blockchain industry.”

Providing an ultimate secured vault, Binance LCX will afford crypto asset owners the feature of a dedicated hardware security module that supports multi-signature authorization for transactions.

Binance LCX ICO Analytics

Professional investors can look forward to institutional grade security for their crypto assets. To make for a smooth transition, Binance LCX promises users a platform with tools similar to those available in traditional trading platforms. Only this time, users will be dealing with crypto.

Why Liechtenstein?

The answer to this question is the fact that Liechtenstein is considered one of the most crypto friendly country in the world. Their stand towards cryptocurrency and blockchain is open and favorable as proven by legislation in March 2018 to regulate crypto and blockchain. During the launch of Binance LCX, the Prime Minister of Liechtenstein stated

“We are confident that Liechtenstein’s existing and future legal framework and practice provide a robust foundation for the Binance LCX and other blockchain companies to provide exceptional services here in Liechtenstein.”

The prime minister’s statement reflects the position of Liechtenstein’s economy as a haven to cryptocurrency and blockchain. The Binance LCX venture is precisely what the crypto market needs, the introduction of newer initiatives to help bridge the gap between fiat and cryptocurrency.

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