The more the cryptocurrency space is emerging, the more the awareness about the use of cryptocurrencies are being made the more crypto-space is expanding. As a result of the tremendous increase in the need exchanging cryptocurrencies, Cryptocurrency exchanges are becoming an essential part of any trading activity. To fill this need today, a number of exchanges exist across the world and serve different markets and countries.
As the demand for cryptocurrency exchange services is growing, many exchanges are having difficulty keeping up with demand. This is both in terms of website infrastructure and in customer support response times. However, some exchanges have been keeping up with the daily demands. One of these exchanges is the Cryptopia exchange.
About Cryptopia Cryptocurrency Exchange
Cryptopia is a New Zealand based exchange, that offers an awesome crypto-exchange experience. For most traders, Cryptopia exchange offers a doorway to the world of cryptocurrencie irrespective of being a New Zealander or not.
For traders seeking an exchange that offers over 500 cryptocurrency trading pairs, with options to trade in BTC, LTC, USDT, NZDT, and DOGE pairs. Cryptopia is an all-in-one kind of exchange and trading site engrossed on cryptocurrencies’ trading. It allows traders to buy/sell altcoins at instantaneous prices.
Cryptopia does not only offer trading services. It also enables customers to buy/sell physical goods. Customers can surf various sale listings and potentially buy almost anything from home accessories to mobile phones to vehicles with cryptocurrency. One of the main benefits might be the ability to transfer bitcoin and other currencies between users free of charge, as it’s being passed through Cryptopia rather than along the blockchain.
Cryptopia is a fully peer-to-peer exchange, this means you can buy or sell straightly from other users instantaneously. As shown above, the exchange also offers a range of useful features other than exchange feature including:
Table Of Contents
- 1 About Cryptopia Cryptocurrency Exchange
- 2 Major Feature Of Cryptopia Exchange
- 3 Getting Started With The Cryptopia
Marketplace: The Cryptopia marketplace allows buying and selling listings with cryptocurrencies alone. The marketplace enables customer to sell anything, to anyone, anywhere in the world in exchange for the cryptocurrency. The Cryptopia marketplace allows you to set up an auction with just your cryptocurrencies at very competitive prices, just like some other online market places.
Coin Info: The coin info page that gives you real time factual information on over 500 altcoins being traded on the exchange.
Forums: Reading through the forum is a key part of the Cryptopia experience. The forum allows you to get up-to-date information about the exchange, and the general crypto space.
Arbitrage: The Cryptopia exchange allows you to see prices of currencies from other exchanges. The feature makes helps you compare the “Ask” and “Bid” prices from four different websites to pick out the better value for money listings and make more conversant decisions with just a few clicks of button.
Major Feature Of Cryptopia Exchange
Multiple Asset Support
One of the major selling points of the Cryptopia Exchange is its very broad asset support. The only fiat currency supported by Cryptopia is the New Zealand dollars transferred from a New Zealand bank account. However, it also supports an exceptionally wide choice of cryptocurrencies. Not only is the asset choice incredibly wide, but also the site also allows for direct exchanges between various popular currencies such as Litecoin and Dogecoin. This is important because, it means traders do not need to convert everything into bitcoin first before they can convert into another cryptocurrency.
As discussed above, there is no fee charged for transferring altcoins between users, if the addresses are within Cryptopia. This is because they’re staying in the Cryptopia wallet but simply allowing a different person access. Therefore, the fees are limited to:
- Trading: A considerable amount of fees is charged for trading your current asset for another. The trading fees charged by Cryptopia is 0.20% of the total BTC traded on each trade.
- Withdrawal: Transfer fees apply when withdrawing NZD from your account, as well as cryptocurrencies. When withdrawing cryptocurrencies, you’re essentially transferring them from the Cryptopia wallet to your own, and so a transaction fee is applied.
Unlike some other exchanges in the market, Cryptopia does not have any record of hack. Cryptopia uses the expected HTTPS security certificate and generally takes all efforts to ensure the integrity and security of all data on the platform.
For all-out security, Cryptopia recommends two-factor authentication (2FA) for all accounts and insists on it for level 3 verifications. Recently, the exchange made a major security upgrade in the use of two-factor authentication. The exchange now authenticates with the Google authenticator app, unlike the initial use of secret pin codes which is believed to be far less efficient.
There is no restriction of access in crediting one’s exchange account. All traders are allowed to make cryptocurrency transfers to their respective accounts. Additionally, verified New Zealand accounts can deposit funds via bank transfer. However, this needs to be done manually by requesting a transfer.
Getting Started With The Cryptopia
Creating An Account On Cryptopia
- Follow this link to the registration page on Cryptopia as shown below, and fill up all the required information.
- After successfully filling the details and agreed to the terms and conditions, a confirmation email will be sent to the mail address you provided as shown below:
- Click on the link sent to your mailbox to confirm your registration.
Verifying Your Account
There are three stages of verification:
- Stage 1: This can be achieved by verifying only an email address as stated above. This level of verification is limited to a withdrawal or transfer of up to NZ$5,000 per 24-hour period.
- Stage 2: This level of verification requires your residential address, an identification document which could be a voter’s card, national identity card, or a drivers’ license, and a selfie of yourself holding that ID. Once you are done with this level of verification you can raise your withdrawal and transfer limits to NZ$50,000 per 24-hour period.
- Stage 3: By providing all of the required information above, as well as proof of address, a photo of a paper with your Cryptopia username handwritten on it and a written statement about why you need limits above NZ$50,000 per day, you can raise your withdrawal and transfer limits to NZ$500,000 per 24-hour period.
Note: that, two-factor authentication must be enabled for all parts of stage 3 verified account.
Fund Your Account
- Click on the ‘Wallet’ button
- Select the ‘Deposit’ function from the drop-down as shown below:
- Select the type of currency you are willing to deposit by typing the currency identifier in the text box provided and click the next button
- Copy the generated address or scan the QR Code (In the example below, we are using the BTC).
- Paste the generated address into the sending account
- Wait for the transaction to be confirmed on the blockchain
Placing a trade on Cryptopia
- Click on the exchange button from the top tab
- Select your preferred trading pair from the left panel (In this guide we are selecting the BTC pair)
- Select your preferred asset you are willing to exchange with your BTC (In this guide, we selected the Wincoin)
- Fill the buy order on the left-hand side as shown below:
- Wait for the order to be matched.
Note: that the order placed will be placed in the open orders below the BUY/SELL orders column. You can also follow the same step to SELL your asset (WINCOIN in this case) for BTC.
To withdraw your fund from Cryptopia
- Click on the ‘Wallet’ button
- Select the ‘Withdraw’ function from the drop-down as shown below:
- Select the type of currency you are willing to withdraw by typing the currency identifier in the text box provided and click the next button
- Fill in the amount of BTC you want to withdraw
- Enter the BTC address your sending to, and your 2-factor authenticator pin and press next button as shown below:
- A withdrawal confirmation will be sent to your mail, confirm the mail and wait for the blockchain confirmation.
Bitcoin Volumes Finally Grow Again and Bitfinex/Tether Issues Spark Systemic Risks, New Diar Report Affirms
Diar has recently published its report of the crypto market for April. According to the company, Bitcoin volumes are finally growing again and the whole situation with Tether and Bitfinex showed the industry some of its systemic risks. DAI fee hikes and stablecoin projects were also highlighted in the report.
Bitcoin Goes Back To Growing Again
The main highlight of the month is, obviously, that Bitcoin is back on the action. After facing lows which started in 2018, the token has finally been able to effectively reverse the trends and have an actual price surge this month, going from less than $4,200 USD to over $5,200 USD during this short timeframe.
With this, the number of on-chain transactions has spiked for three months in a row, since prices started to get some of their value back in March and April. Now, transaction volumes are around their levels in June 2018 when the price of the asset was around $7,000 USD.
However, charts indicate that Bitcoin is yet to find more footing outside of speculative trading, so the bull market may not be as near as some think.
When looking at the volume of the whole quarters, Q1 2019 had lower volumes than Q4 2018, but Q2 2019 started considerably well.
Bitfinex and Tether Start Concerns of Systemic Risks
As you may have heard, Bitfinex was accused of using Tether funds to cover up its losses. According to Diar, there is a 26% shortfall of in-cash reserves to back Tether tokens (USDT). Tether loaned $850 million USD to Bitfinex to cover up losses and its general counsel Stuart Hoegner has affirmed that the company is operating with fewer reserves than the total market cap of the token.
This happened because Bitfinex had the $850 million USD “seized” by Crypto Capital, one of its payment processors. Unless Hoegner is lying, though, the company had the assets to back the stablecoin until recently.
While it is clear now that Tether simply does not have the money to back the funds, people simply keep buying the tokens. Now, instead of all cash, some shares of Bitfinex are being used to represent the rest of the value, which makes the stablecoin enter securities territory for the first time.
Curiously, the markets are all very tolerant now since the prices are still stable but the systemic risks are clear, especially if other companies are to follow Tether’s path.
DAI Hikes Fees Once More
Another situation highlighted by the reports is that DAI has decided to upgrade its stability fees once again as the community is desperately trying to make the prices of the so-called stablecoin go up again. DAI tokens are being sold for less than $1 USD, their official price, on secondary markets.
At the moment, the fees are 16.5%, after increasing three times in only one month. Before April, the fees were only 7.5%. This has resulted in a decrease of 4.9% in the circulation of DAI tokens.
Stablecoins Eye Wider Use Cases
Gemini and Harbor, a A16Z tokenized securities platform, have started a partnership in order to get more clients for the Harbor stablecoin. However, this was deemed “too soon” by Diar, as Harbor does not have any known token right now. The only one the company had was canceled.
TrustToken is also trying to get more stablecoins on its list, especially the ones that are not focused on USD, but on several other fiat currencies like HKD, CAD or GBP instead.
#DropGold Campaign to Hit Your TV, Here’s A Breakdown of the Underlying Bitcoin Message(s)
Grayscale, a leader in digital currency investing, launched an ad on Wednesday, May 1, telling investors that money should be contributed to Bitcoin holdings as opposed to gold. In a number of interviews, CEO of Grayscale’s parent company (Digital Currency Group), Barry Silbert and Managing Director of Grayscale, Michael Sonnenshein, have since expressed the underlying message of the ad.
The #DropGold Ad
According to news outlet, U Today, the ad starts off with a man holding gold bars in his arm, which he decides to drop. While doing so, a woman also does the same. Throughout the ad, people supposedly have their gold bars stacked in shopping carts, while “losing their gold coins.” Watching what’s about to unfold, the two individuals try to find their way out.
Advertising Bitcoin or Grayscale’s Services?
Despite being the one to have introduced this campaign, Silbert argues that it isn’t entirely about Grayscale services, but rather said services being a result of consumers’ decision. Yahoo Finance has since quoted the following comment made by Silbert himself:
“We do not see this as a Grayscale commercial. For us #DropGold is our ‘Got Milk’. This campaign is first and foremost focused on starting a conversation about bitcoin vs gold. If the ad makes people want to get into Bitcoin, we’re completely indifferent about how they go about doing it.”
Having said this, the commercial is evidently portraying Grayscale as an option, as towards the end, one is told, “Go Digital. Go Grayscale.”
Silbert’s and Sonnenshein’s Arguments Regarding Gold’s Limitations
Silbert believes that this campaign works towards addressing the fact that Bitcoin can serve as an equal asset class as gold, if not better. In particular, he was quoted saying, “But now you have Bitcoin, which, in our opinion, provides all the same attributes as gold – it’s fungible and scarce and you can’t counterfeit it – but the big difference is that Bitcoin has utility. Gold doesn’t have much utility beyond jewelry.”
He further argued that the goal here isn’t to replace fiat currency for shopping purposes, but rather to show the world that Bitcoin does a better job at doing gold’s job and this will be evident in the long run. Although he has acknowledged Bitcoin’s volatility as being concerning, he is hopeful that it will one day serve as both an ideal utility token and store of value.
As for Sonnenshein’s viewpoint, he sees this ad as revealing the “absurdity” associated with gold. More specifically, he said:
“We’re going after a narrative around gold being where investors should go when markets turn south or as a hedge against inflation […] we’re highlighting the absurdity of gold.”
As per The Block Crypto, Grayscale also tries to convince investors that the return earned from redistributing 5% of gold to Bitcoin will be greater than 5% yearly.
What are your overall thoughts on this ad? Did it leave you asking yourself, “Why did you invest in gold? Are you living in the past?” Share your thoughts below!
Huobi Pro Bitcoin Exchange: Cryptocurrency Asset Trading Platform?
Huobi Pro Cryptocurrency Exchange
Founded in 2013, Huobi Pro allows for a myriad digital currencies to be exchanged, at a 0.2 percent trading commission. Loyal users point to the low fees and stellar service that make the exchange stand out above others.
Although pitched at dedicated cryptocurrency enthusiasts since the site doesn’t accept fiat currencies many who enter the realm on the back of fiat end up at Huobi Pro, largely due to its diverse offering and favorable fee structure.
Huobi Pro in A Nutshell
A victim of China’s clampdown on digital currencies, the company might be registered in the Seychelles, but was originally founded in Beijing. As testament to the broad appeal of the platform, after the Chinese regime effectively banned all things crypto at the beginning of 2018, trading volumes have only grown.
While at first very much a Chinese company looking at the home market, Huobi Pro has been forced to find a wider marketplace on the international scene. Indeed, even prior to the official cessation of altcoins and their trading, the company heard the rumblings in 2017 and took its cryptocurrency interests abroad.
Huobi now provides exchange services to users in over 130 countries. Company offices are located in the USA, Korea, Japan, Singapore and Hong Kong. Although the Huobi Group also owns and manages the Huobi Autonomous Digital Asset Exchange (HADAX), Huobi Pro is more of a pure “login and trade” exchange.
Users can employ network tokens to cast votes on adding new altcoins on HADAX. On the Huobi Pro exchange, a simplified offer encompassing all of the mainstream altcoins greets visitors. Some more popular coins offered are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), NEM (XEM), NEO (NEO), Qtum (QTUM) and Ripple (XRP).
That said, when one actually tallies the number of altcoins available for exchange, it becomes apparent why loyal followers value the site. A marriage of both simple ease of use and diversity in trading, the platform is largely welcomed by newcomers and experienced enthusiasts alike. In the current melee of regulation being contemplated, implemented and tweaked all the while, some users may be precluded from trading on the exchange based on their country of residence.
Huobi Pro accepts the funding of accounts only in digital currencies, and accepts deposits in any of its listed altcoins. Unlike other exchanges that have opted for a midway between crypto and fiat, Huobi Pro traders deal strictly in digital coins at every point of a transaction. Funds need to be withdrawn to a wallet, and fiat users looking to buy in will have to establish a wallet first in order to fund their Huobi Pro trading account.
Traders pay a maker or taker fee of just 0.02 percent using the exchange. There are more detailed offers, worth looking at for daily traders with volume.
Huobi Pro Membership Levels
VIP users get preferential platform trading fees if they buy the privilege with Huobi tokens. The Huobi Token (HT) was never an ICO token, but rather a system token that users only obtain by buying “Point Cards” on the Huobi Pro platform. Point Card is essentially a pre-paid Huobi card that keeps users liquid on service fees. One HT = 1 USD, therefore one “point” = 1 USD. The more points purchased, the more free points are added, although savings on 1000 points, for example, means only 10 HT for free.
Huobi Global minted a fixed total of 500 million tokens, with 300 million employed to facilitate the in-house VIP structure. A mark of the business group behind the platform is seen in their practice of buying back-sold tokens from the open market each quarter. Not only that, but those funds go towards the Huobi Investor Protection Fund (HIPF).
This is a planned fund that will compensate investors who suffer platform disruption and subsequent losses. It’s a tool that minimizes risk, smooths out the market overall and also goes towards protecting investor interests. This transparent and pleasing aspect of the platform is one reason traders have confidence in the exchange, and its popularity is rising worldwide.
By way of example, in order to glean a VIP status, a trader will pay 120 HT a month for First Level membership. This enables a 20 percent discount on trading fees. Running through toward the top end, a pricier option of 6,000 HT a month secures a 50 percent discount on fees. Overall, a diligent trader can optimize the system and come out with a substantial discount on the already low 0.02 percent base offer.
The company charges no fees to deposit funds, but there are withdrawal fees. Although there are reviews online listing withdrawal fees, it appears that, especially within the membership structure, users are advised to ascertain exact fees when establishing their account. Likewise, transfer limits need to established upfront to avoid disappointment later. There exist order size limits on the platform too, again becoming more malleable as one moves up the ranks of the VIPs.
Security And UX On Huobi Pro
All of the standard protocols including two-step Google Authenticator verification are at play on the platform. Unlike many other exchanges that offer a simple crypto-exclusive platform, Huobi Pro will need your personal details in the form of a passport copy and chat room comments are not devoid of complaints, although almost all of them take issue with the structure of the platform and its potential pitfalls. There are few allegations of lost funds or other negligence on behalf of the company. On the whole, Huobi Pro seems to be rubbing off its decidedly corporate ethos onto the exchange – good news for traders overall.
Another serious boon for the cryptosphere as a whole is that over 98 percent of holdings are stored in an offline cold wallet or vault. Imbued with a strict customer service ethic, the platform probably sports the best customer service to date for crypto exchanges. Available 24/7 365, there is a live chat option onsite.
The platform intel is sufficient although newbies might have to scratch to paint a clear picture of how exactly everything works. The FAQs are thoughtful and, again, testament to a polished offering. Huobi used to be one of the biggest Chinese crypto exchanges, based in Beijing. Started by entrepreneur Leon Li in 2013, since the move there has been mutual appreciation of its value. Worldwide users have taken to the exchange, as it too realized that it had global appeal.
Huobi Pro Conclusion
Huobi claims to have exceeded BTC 500,000 in daily trading approaching 2014. Although only in its fifth year, that’s a long time in cryptocurrency. Although frequently accused of embellishing trading volumes, these allegations have never been proven. In comparison to other digital exchanges that have suffered persistent user complaints and even been shut down due to criminal activity, Huobi Pro shines.
As an offering, it has low fees, great diversity and an unbeatable crypto-energy. No trader on the platform feels like they’re missing out on something else somewhere else, by most accounts. Possibly due to their prior involvement in the fintech world, the platform got it right first time around and user numbers prove it. The company Huobi also owns another trading platform, BitYes, more focused on USD/BTC and USD/LTC pairs trading. Great customer service and minimal technical glitches have made it appear positively top-tier, again in comparison to less polished outfits.
With a detailed offering, great client liaison – very unusual for most digital exchanges so far – and no legitimate proof of anything even vaguely dark hanging about them, the Huobi Pro project is recommended. Users are advised to always ascertain costs prior to trading – not hard with the customer support in this case – and sample a platform with small trades before trading greater amounts. To learn more, you can head to their official website: huobi.pro