Exchanges Guide Alex Morris

Binance Exchange Review: Taking a Closer Look at the Crypto Behemoth

Exchanges Guide
In this Binance review, we’ve analyzed all of Binance’s features to find out whether multibillion-dollar Binance Exchange is better than any alternative exchange
Binance Exchange Review: Taking a Closer Look at the Crypto Behemoth
Contents

Binance — From an ICO to the world’s biggest exchange

While the majority of Chinese exchanges have failed to reach a global audience, there is one very prominent exception: Binance, the largest exchange in the world by trading volume.  

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Changpeng Zhao (better known as CZ) is the mastermind behind this Chinese exchange. It is worth mentioning that he already had certain trading experience before founding Binance — he started his already impressive career by building trade engines at the Tokyo Stock Exchange. After CZ found out about the existence of Bitcoin in 2013, he started working for a slew of crypto-oriented projects, including Binance’s present-day rival OKCoin, but then he eventually decided to start his own crypto-only exchange.   

In order to raise funds for the new Binance exchange that was supposed to become a leader in the crypto-to-crypto niche, CZ conducted a fairly successful ICO, raking in $15 mln. Investors were rewarded with the Binance Coin (BNB), the native token of the Hong Kong-based exchange.     

Despite China’s crackdown on cryptocurrencies, Binance has managed to enjoy monstrous success against all odds. It literally had to temporarily suspend registrations because of incredibly high demand. As of now, CZ-led Binance records daily trading volumes that exceed $1 bln. Such a big volume is partially attributed to the huge speed of transactions on the exchange. Binance is able to process up to 1.4 mln orders in a single second. Still, CZ keeps it humble.    

“As for us, we try very hard to not be number one all the time, because being number one creates other problems sometimes, especially with regulators.’’ – CZ

Now, Binance exchange is expanding globally, landing partnership after partnership. It is worth mentioning that Binance exchange has already set operation in Malta, Singapore, and other countries. That being said, it is important to determine whether the exchange lives up to this immense hype.

Apart from English, Binance exchange — an East-oriented exchange — also supports Chinese, Korean, and Japanese. Given CZ’s ambitious plans to create a truly global digital asset trading platform, more languages are expected to be added in the future.

Setting up an account

Let’s jump right into the signup process on Binance!

The process of purchasing cryptocurrency is rather straightforward. In order to create your Binance account, click on the top right corner where it says “Register”. After that, you have to fill in all the necessary information. Complete the captcha by scrolling the puzzle to the missing position, and look for an email in your inbox.

Binance account

Then, simply log in to your account. You will see a pop-up window that asks you to enable 2FA on Binance (you have to download an application and scan a QR code).

a pop-up window

As you can see, the registration process for the exchange is very simple and straightforward. In fact, you are already able to withdraw up to 2 BTC from Binance even without confirming your identity.

Depositing Cryptocurrencies: What are the available payment methods?

Since this is a crypto-to-crypto exchange, cryptocurrencies remain the only available payment method on Binance. In order to buy altcoins, you have to buy Bitcoin or Ether on Coinbase (or any other fiat-to-crypto exchange first). Most of these assets are traded against these two currencies, so it makes sense to deposit them first on the Binance exchange.  

Once you see the list of coins, simply click the “Deposit” button.

 the list of coins

You have to know your Bitcoin address in order to be able to deposit money into Binance. Simply copy the Binance address and deposit funds from your ordinary wallet (the same modus operandi applies to Ethereum, Litecoin and plenty of other assets).

the Binance address

NB: The funds won’t be available in your account instantly! It may take up to a couple of hours until your money gets deposited to your Binance account from another exchange, but you will be getting your coins in a snap after five network confirmations.

Purchasing Cryptocurrency: Buy Bitcoin, Ethereum or any altcoin!  

In order to buy crypto on Binance, you have to go to the “Exchange” section and choose the “Basic” option in a drop-down window. Once you’ve done that, enter the ticker of any cryptocurrency of your choice in a search box to select a corresponding trading pair (most assets are traded against Bitcoin or Ethereum).

a drop-down window

Select this trading pair in order to see a candlestick chart that displays the most recent price fluctuations pertaining to a certain cryptocurrency that is listed on the Binance exchange.  

a candlestick chart

If you are willing to purchase crypto on Binance, there are two available options on the exchange: a market order and a limit order. Buying any cryptocurrency at a current market price on Binance presupposes the creation of the market order. Meanwhile, the limit order allows buying (or selling) coins at a specific price without the need to constantly monitor the Binance exchange.       

Binance

Trading Fees

There is a flat trading fee on Binance that is set at 0.1 percent. Back in July, Binance launched a new trading fee discount program that ranks users based on their trading volumes and the current BNB balance. As the table below shows, maker fees and taker fees can be reduced to 0.02 and 0.04 percent respectively. Obviously, even the minimum discount remains a pipe dream for run-off-the-mill Binance traders since your monthly trading volume has to exceed 100 BTC ($641,833 at the time of writing this article). Meanwhile, the highest VIP 8 level on Binance remains an exclusive Bitcoin billionaire club since 150,000 BTC is very close the $1 bln mark (it’s very questionable whether the biggest crypto whales can boast such enormous trading volumes on the exchange).   
Trading Fees

There is also a 25 percent discount on all trading fees paid in the BNB token (according to Binance’s white paper, this discount will dwindle each year until it completely disappears in 2021).

Deposits do not incur any additional payments, but there is a withdrawal fee that depends on the digital asset of your choice (some digital assets in the likes of NEO do not presuppose any withdrawal charges on the Binance exchange).

Transaction Limits

Given that Binance is a crypto-to-crypto exchange, you cannot deposit fiat currencies. However, when it comes to crypto, you can deposit an unlimited sum of digital assets. Still, there are withdrawal limits in place that directly correlate to your verification level on the Binance exchange.

If you want to break the chains of the 2 BTC per day limitation, you have to go through the Binance verification process. In order to reach Level 2, you have to enable 2FA (that is a mandatory requirement on every exchange that helps to enhance users’ protection). After that, you have to complete your KYC verification by submitting your personal information to the Binance exchange (name, address and a photo of your ID).

Once you’ve done that, you are free to send up to 100 BTC to your wallet on a daily basis. Notably, the verification process on the Binance exchange is significantly less invasive compared to other exchanges since only the photo of your ID is required to seal the deal.

High-dollar investors are able to withdraw even more than that, but they need to contact Binance’s customer support if there is such a necessity.

Security: Is there any reason to be worried about your coins?

It is absolutely clear that the ability to build an extensive user base in such a short span of time stems from establishing a high level of trust. Unlike an armada of other Chinese exchanges that are often associated with fake trading volumes and other shenanigans, Binance seems like a robust trading platform. Does Binance really offer top-notch security?

Unlike Coinbase, a leading fiat-to-crypto exchange, CZ-led Binance doesn’t provide enough information on how it is supposed to secure the funds of its clients, which might be concerning for some Binance investors. One would be naïve to assume that Binance, the biggest exchange on the market that is expected to rake in $1 bln even amidst the crypto rout, would not take its users’ safety seriously. On the flip side, the infamous Mt. Gox fiasco proves that no one is too big to fail in this fledgling industry, and Binance could see the same fate.

In fact, Binance almost suffered from a major phishing attack back in March. The hackers collected users’ logins for months with the help of scam websites in order to steal their funds. All altcoins from Binance users’ wallets were converted to BTC, but then they were stymied by the withdrawal process. Since these individuals started pumping Viacoin beforehand, they turned out to be the only ones who lose funds while the attack itself had been effectively prevented by Binance.      

NB: Always check the website address before entering any sensitive information that could compromise the safety of your Binance account!   

Furthermore, there are numerous security features that will help you to enhance the protection of your Binance account:

numerous security

Speaking of the regulatory side of this issue, one has to point out that Binance is not registered in the US, which essentially means that the exchange doesn’t have to comply with SEC’s policies.    

Back in September, U.Today reported about an explosive report of New York Attorney General Barbara Underwood who states that Binance, along with some other big-name exchanges, do not protect their users properly from manipulations. That doesn’t necessarily mean that Binance broke the law — the watchdog simply requires more clarity on investor protection.

Customer Support

The success of a certain exchange largely depends on how responsive its customer support is. HitBTC, for instance, provides its users with disastrous feedback despite also being one of the leading exchanges. Speaking of Binance, there is also room for improvement since the exchange doesn’t feature live chat support — a very convenient tool if there’s a need for a quick reply. Moreover, Binance users do not have the ability to contact the support team over the phone.

Customer Support

One can leave a request on their website and wait for a reply that is sent to his/her email address. Since Binance is positioned to become a global exchange, there is a multilingual customer support. However, Binance is usually criticized for a long response time (it usually takes three days for Binance’s staff to answer the request). Still, Binance has a good social media presence: it has more than 880,000 followers on Twitter alone, and CZ himself often tweets too, keeping Binance’s user base constantly engaged.

Pros and Cons

Binance advantages:  

  1. Big and solid user base. The fact that Binance is globally trusted by so many traders is a clear indicator that it is a force to be reckoned with. Moreover, as mentioned above, Binance is perfectly suitable both for seasoned traders and beginner-level users who are making their first foray into the world of crypto.    

  2. A gargantuan amount of coins. Binance has become the mainstay for those who want to diversify their investment portfolio with altcoins.

  3. The high speed (Binance is able to process up to 1.4 mln TPS).

  4. A competitive fee structure with a transparent system of discounts offered by the Binance team.  

Binance disadvantages:

  1. Customer support that is less responsive to Binance compared to other rival exchanges.   

  2. There have been numerous complaints about withdrawal support directed at Binance.

  3. China. Binance is based in Hong Kong, but it still remains in China’s crosshairs (which retains its hawkish stance on crypto).

  4. Privacy concerns. Binance is storing users’ data, which might be alarming for those who value their privacy.

  5. The absence of fiat deposits and withdrawals on Binance (in order to buy Bitcoin, you have to deposit Bitcoin from Coinbase).     

Decentralized Exchange in the offing?

While already trumping all other exchanges in the crypto-to-crypto department, Binance is also inching closer toward launching its own decentralized exchange (DEX) that is expected to go live in Q1 2019. BNB will reportedly be a native currency on the exchange that is supposed to grant users the freedom of being in full control of their funds.   

The topic of decentralized exchanges has always been a rather debatable issue in the crypto space. While pundits in the likes of Ran Neuner call them the future of the crypto industry, the existing examples of such exchanges don’t have even an ounce of the popularity of their centralized competitors (that actually applies to all dApps).

The aforementioned fees remain the bread and butter of Binance, but Ethereum’s cofounder Vitalik Buterin already came up with a solution to reward the developers of decentralized exchanges by embedding native fees into the smart contracts (case in point: EtherDelta).

CZ believes that Binance is the best alternative of a decentralized exchange since it has a robust infrastructure. The CEO claims that the most pivotal advantage of decentralized trading platforms over centralized ones consists in the ability of users to fully control their funds. There are no user accounts — all transactions are conducted on a blockchain. In this case, a centralized exchange in the likes of Binance doesn’t serve as a custodian of wallets.

Conclusion

The fact that Binance rose to prominence in practically no time doesn’t come as a surprise: the exchange stands out among its competitors because of its low fees, a bevy of available coins, and a perfect reputation (Binance still hasn’t suffered a single hack since its very inception). On the flip side, everything is changing at a breakneck speed in the world of crypto — one day you're the cock of the walk, the next you're the feather duster.

Binance continues to assert its dominance by opening offices around the globe, but the exchange still hasn’t managed to stand the test of time to appear in the “old-timer” crowd. Anyway, the future looks bright for CZ-led Binance, and there is no reason why it shouldn’t be your first choice when it comes to C2C exchanges.

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IDCM: The Next Contender to be an Exchange Leader?

Exchanges Guide
Our team continues researching exchange platforms, and today we’ll review IDCM. In this IDCM exchange review, we’ll take a closer look at its outstanding features
IDCM: The Next Contender to be an Exchange Leader?
Contents

The market offers a wide selection of cryptocurrency exchange platforms, and despite China’s strict policy regarding crypto, the number of worthy crypto-related websites continues rising. Being a new exchange platform, IDCM has quickly become a comfortable place for traders. Will it live up to your expectations? This ultimate guide is here for you to decide.

About IDCM

This is a Chinese cryptocurrency exchange with a minor selection of trading pairs. IDCM was established in Hong Kong in April 2018: within half a year, it became one of the Top-20 cryptocurrency exchanges by daily turnover. What’s the secret of such success? The Chinese blockchain-based project was founded by Wall Street top-dogs: the team behind it consists of blockchain pioneers, independent financial directors, and other key people in the financial sphere.  

The IDCM alliance was organized by representatives of Deutsche Bank, UBS, ASX, and Accenture Blockchain’s team. It is being managed by former and current employees of NASA, McKinsey & Co., Google, Goldman Sachs, Tencent, IBM, Huawei, and KPMG. With so many talented contributors and rich investments, the platform was destined to thrive from the very start.

IDCM main page
IDCM exchange main page screenshot

Great liquidity and exceptional performance are praised by users. At the moment, IDCM supports 22 currencies and 38 trading pairs. The daily trading volume has exceeded $204 mln with BTC/USD exchange alone worth 11850,309 BTC.

What makes it special is its large trading volume and very quick processing of transactions. Although the number of trading pairs is far from outstanding, the exchange platform enlists the most reliable tokens only. IDCM boasts rock-solid protection of transactions and clients’ information. The system of alliances makes this platform resilient and super-fast.

Exchange Features

What makes IDCM very competitive is a large set of exclusive features and peculiarities.

First, IDCM is the first exchange platform in the world to use consensus mechanism: serving as super-nodes, alliances form the trading platform for the cryptocurrency. The alliance accumulates additional liquidity from transactions made outside the platform. The exchange volume can be five times higher than the trading volume.

Secondly, IDCM provides a whole gamut of top-notch financial services. It provides real-time information about the market, suggests beneficial trading strategies, and renders other marketing services. Traders are free to set price alerts: if the price exceeds 10% of the current rate, both buyer and seller are notified.

Thirdly, IDCM provides a great DApp platform for developers of games, trading products, eCommerce projects, and social media. DAICO, the proprietary development platform, is a specific solution for high-quality projects. IDC (IT) token will be used on the platform, as well: it may serve to distribute profits and get access to certain services.

What makes IDCM so special?
Key features of IDCM exchange platform

Please note that other cryptocurrency exchanges can join the alliance, but only the most reliable and quality projects are allowed to merge. Those that join will have access to IDCM’s technologies, resources and the exchange platform itself. Every website that gets enlisted will be legally protected in the country it represents: IDCM has well-developed algorithms of juridical protection. The decision about accepting new exchanges depends on the results of voting protocols.

Main Advantages

The Chinese cryptocurrency exchange appeals to both Chinese and international users due to a wide range of benefits available:

  • One key advantage of the platform is its exceptional performance and speed. The alliance standing behind IDCM is able of processing up to 1,400,000 orders per seconds. Besides, due to a high liquidity, users’ orders are taken quickly.

  • Military-grade encryption technology is topped off by multichannel distributional memory and AI security systems. Users’ personal and payment information is protected by SSL encryption.

  • Decentralization and super-nodes allow for a fast consensus mechanism which boosts transaction efficiency and allows users to participate in platform management.

  • Blockchain technology ensures data integrity, makes transactions transparent and allows for independent audit.

  • IDCM does its best to sustain liquidity. Since it’s organized as an alliance, it has a great support being backed up by strong investors.

The alliance continues growing quickly due to low entry barriers. If an exchange platform wants to join IDCM, there are only two things to do: 1) Get a domain name; 2) Pay the IDCM alliance fee. The company keeps supporting its partners by all means possible. Probably, due to this fact, the number of available trading coins can be expanded soon.

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Bonuses

Although newcomers aren’t offered any special bonuses, IDCM provides a generous referral reward: users can get a 30% trading commission discount for inviting their friends. To be more specific, you get 20% of the trading free that your own friends generate and 10% more from commission fees made by friends that sign up through them. If they get caught in fraudulent activities, you won’t get a reward.

Additionally, traders can test the new ToM (Trade-to-Mine) mechanism and get IT token dividends. That means the transaction fees are converted in IT coin and sent back to users. The more transactions you perform, the higher your benefit.

Exchange Trade Volume

At the moment of writing this article, the daily trading volume has exceeded $204 mln with BTC/USD exchange alone worth 11850,309 BTC. According to coinmarketcap.com, IDCM is on 13th place in top-20 crypto exchange platforms by the trading volume.

Trading statistics shows BTC and USDT are in demand
The most demanded trading pairs and currencies on IDCM

How to Use IDCM?

On the main website, you can see basic sections:

  1. Fiat – fiat cryptocurrency trading (only USD and HKD can be deposited/withdrawn).

  2. Trading –main trading page.

  3. IT – information about the proprietary token.

  4. IDCM ALLIANCE – information about joining the alliance.

  5. News about cryptocurrency.

The process of navigation is quite simple: you have all necessary information at your fingertips. As soon as you register, you can start making deposits and trade.

Want to trade on the go? IDCM offers a mobile application that’s compatible with iOS and Android. It can be downloaded on the official website.

IDCM mobile app
IDCM mobile application interface

Purchasing Cryptocurrency

Proceed to the Exchange section. You will see the following categories:

  1. Choice of the trading pair.

  2. Trading pair rates.

  3. Graphical information about the chosen trading pair.

  4. Open Buy orders.

  5. Open Sell orders.

  6. History of transactions.

  7. History of user’s trading.

  8. Sell/buy order form.

  9. Buy cryptocurrency.

To start a transaction, you need to select a trading pair and fill in the Buy form.

 ‘Buy’ cryptocurrency form
How to buy cryptocurrency on the IDCM exchange?

You can select the type of order:

  • Limit order – You choose the price.

  • Market order – The default market price is set.

Now set the price and the number of coins you need and click Buy. As soon as someone takes your order, you’ll get the coins.  

Sell Cryptocurrency

To place your order, fill in the Sell form. To have your order processed faster, place a bigger price, but make it more competitive. If you can’t wait and need an instant exchange, go to the list of Buy orders and take the one that suits your requirements.

 ‘Sell’ cryptocurrency form
‘Sell’ cryptocurrency form on IDCM

Trading Pairs

IDCM features 40+ coins. The most demanded trading pairs are BTC/USD, BTC/ETH, ETH/USD, BCH/USD, EOS/USD, NEO/USD, XRP/USD. This is not a large number of trading pairs, but the basic ones are covered and orders are accepted quite quickly.

Trading Coins

IDCM works with the most popular cryptocurrencies, including Bitcoin, Ethereum, Neo, Bitcoin Cash, Litecoin, Ripple, and others. It accepts USD and HKD as the fiat currency. Aside from it, the IT token is used as the reward for transactions.

One of outstanding coins on IDCM is VHKD (Virtual Hong Kong Dollar). This is a digital currency that’s bound to the Hong Kong Dollar (HKD). In comparison with USDT, which is not completely centralized, VHKD is more confidential and convenient in use.

Trade Fees

Another thing that attracts users is flat fee policy: users only pay agreeable 0.1% transaction fee (both makers and takers are charged 0.1%). Deposits in USD and HKD are charged 0.3% fee, while deposit in cryptocurrency is totally free. That makes IDCM’s commission the second lowest trading fee on Chinese cryptocurrency exchanges. The withdrawal fee is 0.0005 Bitcoin: no exchange platform can boast such a low withdrawal rate. Withdrawal fees for other currencies depend on the type of token. As for C2C Trading, IDCM has %0.25 fee for order placer and zero fees for an order taker.

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Transaction Limits & Liquidity

Neither website nor any third-party sources mention the trading limits: it is up to users to decide. But as for deposit and withdrawal limits, they depend on the currency. For example, the platform has a minimum $500/ 5,000 HKD / 0.01 BTC / 10 XRP deposit, which isn’t agreeable for users who make minor transactions. Withdrawal limits are pretty much the same as deposit, which means IDCM is the place for those who play big.

However, it should be noted that IDCM ensures a high liquidity of assets: the volume of transactions taking place in the alliance is five times higher than on the platform itself.

Setting up Trade Account

The interface of IDCM can be a bit confusing right from the start, but customers get used to it quickly: all sections and tabs can be accessed in a couple of clicks, and trade management is intuitive. Let’s observe step-by-step navigation on the website.

Creating an Account

To create an account, click the Sign-Up button in the upper right corner of the page. You’ll need to fill in the registration form:

  1. Email address (Gmail is highly recommended – it’s considered to have the best protection against hacking).

  2. Password.

  3. Click Get code. You will receive a letter on your email. Copy the code from the letter and paste it in the registration form.

  4. If you have a referral number, paste it in the form.

Now click Sign up. Congratulations — you’ve joined the ranks of IDCM users!

IDCM Registration form
The registration form on the IDCM exchange platform

Security

IDCM features basic security features, such as SSL encryption and firewall. But don’t forget your security is in your hands: there’s a handful of ways for account protection.

Before you rush to make a deposit, set up the account safety. Proceed to account settings (click on your Profile sign on the upper right corner of homepage). IDCM offers such protection measures as password and PIN code (those are generated upon signing up), 2-factor authentication, and verification.

Don’t forget your PIN
PIN code is the basic means of account protection

It is highly recommended to use 2fa from Google. How to set it up? Go to Security settings in IDCM and select 2fa. Download 2fa application on your mobile phone (both Android and iOS compatible versions are available). Open the app, press + on the upper right corner and click ‘Scan QR-code’ (it will be shown in IDCM). As soon as scanning is completed, the app will display a line with a 6-digit code: paste this code in the Google authentication code panel on IDCM and press Enable Google authentication. If your smartphone doesn’t recognize the QR-code, try to add brightness on your screen, or scan it with a third-party application.

 Setting 2fa from Google
How to set up 2fa protection by Google?

Unlike other exchange platforms, IDCM doesn’t oblige users to go through personality verification, but it may add trust to your account and prevent hacking. The process of verification takes from several days to several weeks and requires the following personal information:

  1. Country of residence.

  2. Passport/ID number (scan + selfie).

  3. User’s full name.

Adding Payment Methods

While IDCM accepts wire transfer for deposits, no plastic or credit cards are supported. You cannot add a payment method — the transfers to the exchange platform can be saved as patterns in your banking account.

Depositing/Sending Cryptocurrency

To deposit funds, go to your account and proceed to Assets section. The page with available coins for trading will be opened. Select the cryptocurrency and click the Deposit button on the opposite. The Deposit form will be opened. Copy the address of generated wallet. Paste it in the Receiver’s address in the payment system you use (exchange platform, cold wallet, etc).

BTC deposit
BTC deposit page on IDCM

To withdraw your funds, go to the Withdraw section and fill in the form:

  • The address of wallet where you send money to.

  • Amount of coins.

  • Amount of coins you receive without commission (calculated automatically).

Now press the Withdrawal Confirmation button.

Withdrawal is a quick 4-step procedure
A short IDCM withdrawal instruction

Customer Support

IDCM provides customers with a decent level of 24/7 customer support. Following the practices of C2C trading platforms, IDCM gives users three hours to upload the proof of payment in the system. If the digital currency isn’t released within three hours, IDCM operations team will help to have the transaction finished.

Users can contact the assistants around the clock via email [email protected] or by making a phone call. Their customer support speaks several languages: Chinese, Korean, Vietnamese, Japanese, English, French, and Dutch.

Aside from that, users can get a lot of essential information in the knowledge library. The FAQ section offers a few guides on securing account, trading, deposits, and withdrawal. There’s the full set of API documentation for developers, as well.  

Conclusion

Generally, IDCM’s advantages outweigh the minor drawbacks:

Pros

Cons

Incredibly fast transaction processing (the alliance can process up to 1,400,000 orders per second).

The choice of trading pairs isn’t large: IDCM works with the most widespread cryptocurrencies only.

The website provides exceptional user experience thanks to easy navigation, mobile application, and transparent fee policy.

Deposit via credit/debit cards isn’t possible.

IDCM’s transaction fees are among the lowest ones on both Chinese and international market of cryptocurrency exchange platforms.

The website interface is available on a few languages, customer support speaks 8 languages. It means that IDCM isn’t equally convenient for people from different regions. The project needs to expand its global presence.

This is one of the first exchange platforms that use Trade-to-mine technology: it means that users can earn IT tokens by simply performing transactions.

Relatively high deposit and withdrawal limits: IDCM is suitable for serious traders who can afford spending hundreds of bucks on investments.

IDCM is one of few cryptocurrency exchanges that does not track users’ transactions, e.g. what exactly coins are spent on. Personal security is boosted by 2-factor authentication.

Among fiat currencies, only USD and HKD are available for deposit.  

Aside from a trading platform, IDCM serves as trader’s personal consultant: it provides information about token rates, notifies about price fluctuations, and displays useful infographics. All the information (banners, announcement news, information, core advantages, partners, trading volume, social media, and links) is customizable.

Margin trading isn’t allowed.

IDCM ensures a high liquidity of all assets present, and users’ orders are processed quickly. Be assured: if you set up agreeable Buy/Sell price, your order will be taken instantly.

 

Providing its customers with a myriad of useful instruments and trading opportunities, IDCM platform has the right to be called one of the best cryptocurrency exchange platforms both in China and the world. Its creators strive to stay ahead of tech curve and leverage the best security practices for customers to be safe and sound. IDCM would be equally convenient for both starters and professional traders: fast order processing and convenient navigation make for brilliant user experience. The only serious drawback is a small choice of trading pairs. However, the situation can change to the better because IDCM alliance is free to join for third-party exchange services, and many starters will surely grab this opportunity with both hands.

You shouldn’t miss your opportunity as well: rumor has it that IDCM might cancel regular registration of new users and allow only for registration by referral links.

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DigiFinex Exchange Review: Binance’s Emerging Competitor?

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DigiFinex Exchange boasts huge volumes. Our DigiFinex review tries to determine how legit these numbers are, and whether they should be reviewed by DigiFinex
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Contents

Main facts about DigiFinex Exchange  

DigiFinex (Digital Asset Financial Exchange) is a popular Chinese cryptocurrency exchange that is currently headquartered in Singapore. The company DIGIFINEX LIMITED is registered in Seychelles along with some other big-name digital asset trading platforms in the likes of BitMEX. The exchange is specifically designed for the Asian market, but the website also supports the English language.

The Singapore-based cryptocurrency startup currently occupies a position on CMC by trading volume. Users are able to exchange the Chinese Yuan (CNY) into USD Tether (USDT).

However, this is definitely not an option for traders from the US and Singapore since their accounts are not accepted there (actually, the residents of these aforementioned countries are not even able to create an account).  

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Back in April, DigiFinex released its own ERC20 token dubbed DFT. As of now, the DFT token is yet to touch the top 1,700 on CoinMarketCap. At the time of writing this article, the token’s price is sitting at $0.16 after hovering above $1 in August.

Despite being among the biggest names in the business, DigiFinex remains a hardly known trademark, which is perfectly reflected by its media presenc: their official Twitter page barely exceeds 1k followers. Their Telegram channel seems rather popular with 16,756 members. However, it is exclusively designed for Chinese users, with all messages also being in Chinese.  

DigiFinex’s founder Ned Kee has recently shared the insights into how the young startup took the market by storm and managed to shoot up from zero straight to CoinMarketCap’s top 20 list.

1

(Source: Steemit)

Kee acknowledges the fact that very few people know about DigiFinex’s existence despite its massive trading volumes. The reason behind such low popularity, as he explains, stems from the fact that their business strategy doesn’t include pouring money into marketing. Kee claims that the lion’s share of their budget is spent on security since they prioritize the safety of its customers.

DigiFinex vows to protect investors by annually conducting an audit (one of very few exchanges that are fully compliant with the SOA auditing standard) and performing identity verification, thus complying with KYC regulations as well. On top of that, the company pledges to cooperate with authorities to determine any instances of suspicious activity.

In the hindsight, one of the main reasons behind the low popularity of this company it its focus on China. Despite the brutal crackdown on ICOs and crypto-oriented startups by the Chinese authorities, DigiFinex still primarily targets the domestic market, failing to increase its appeal to foreign traders. As U.Today reported earlier, the government’s ban did very little to stop Chinese residents from trading cryptocurrency, but the country still poses a huge threat to Bitcoin.  

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All assets the exchange features

There is a myriad of coins available on this platform — from flagship cryptocurrencies (Bitcoin, Ethereum, Litecoin) to the most popular stablecoins and lesser known tokens. Still, it is worth mentioning that the company has a rather strict listing policy.

According to the website, different projects can list their tokens on DigiFinex by means of voting and cooperating. One can apply for a token listing at the bottom of the main page.
DigiFinex has a point-based listing policy. All potential tokens have to undergo a verification procedure. If the trading volume of a token drops below the 200,000 CNY per day (for 5 days), the token will be delisted. The same goes for those assets whose price drops below 90 percent compared to their initial valuation.

Back in September, the Singaporean startup made a substantial amount of buzz in crypto news outlets by delivering a major blow to Tether (USDT), a flagship stablecoin, by replacing it with TrustToken’s TrueUSD (TUSD) due to numerous “trust issues”.

According to DigiFinex’s co-founder Kiana Shek, they’ve been plotting Tether’s delisting for months. The biggest stablecoin has been under fire for alleged manipulation. After a prolonged bleeding, USDT also recently lost its peg.   

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Main advantages of strategic mining

On Apr. 16, DigiFinex started trade mining, issuing a whopping number of DFT tokens. Aug. 21 was supposed to be the last day of the DFT mining.

In August, DFT mining — which is considered to be the bread and butter of the company — was terminated. Since trade mining is becoming more and more popular, this was clearly an unexpected move. Due to trade mining, the exchange has managed to skyrocket from 50th to 11th place in practically no time, and its trading volumes have recorded almost a ten-fold increase. Zhu Wenjuan, vice president of DigiFinex, told NetEase technology that issuing more coins will result in reducing their value. They fear that the pace of the issuance may surpass the growth of the platform itself. Even if they did manage to maintain the price of the token, it wouldn’t stand a chance to survive in the long run.  

The reason behind this termination was supposedly a legal advice in order to get regulatory clarity in Singapore. They decided to terminate DFT mining for daily rewards, but they are still going to keep it for extra rewards.

Remarkably, an armada of Chinese exchanges generally deals with a similar issue, including Bit-Z and Xstar. The trend itself was started by the infamous FCoin. Since then, more than 1/3 of all exchanges have been reportedly involved in trade mining.

Bonuses to first users

There are numerous reward programs in place. Right now, it is hosting the Magicstonelink (MCS) airdrop, which is devoted to the launch of the new token listing (it will last until Nov. 14). Furthermore, it is currently offering ETH rewards to all new users.     

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On Oct. 22, the exchange launched the “Spin to Win” gam: every user could win up to 1 BTC after purchasing 1,000 USDT worth of altcoins. The customers were also allowed to buy the opportunity to have one more spin with 1 DTF. During the FIFA World Cup, the company also offered its users rewards in its native coin.

Check out the “Announcements” section on the exchange’s website in order not to miss the latest bonuses to first users.

Exchange Trading Volumes

The exchange appeared on the market back in 2018, but it has already managed to crack into the top 20 exchanges on CoinMarketCap in such a short span of time. As of now, it is sitting at 17th place with daily trading volume surpassing $429 mln.

Yes, the numbers are here and seem impressive. Did DigiFinex exchange really manage to pull a Binance and become a crypto behemoth in practically no time? Well, not exactly.

These huge trading volumes are only on the surface (that problem that is typical for many Chinese exchanges). Just last week, the Blockchain Transparency Institute (BTI) published a report that vividly shows how numerous cryptocurrency exchanges are boosting their relevance with the help of fake trading volumes. With the help of wash trading, they strive to lure in traders from other exchanges with more humble (but real) numbers.

DigiFinex also appeared on BTI’s list of shame with a whopping 99.63 percent of its volume being fake (one of the highest numbers among all other entries that were “lucky” to appear on the list. Still, DOBI Trade, another Chinese exchange, gives DigiFinex a run for its money with 99.89 percent in fake trading volumes.  

While it is undoubtedly remarkable that the exchange’s volumes keep increasing, the shady practices behind this exchange cast doubts on the reputation of this fledgling Chinese startups.

Earlier, U. Today also reported that a lot of young exchanges are trying to cheat their way to the top of the CMC list. What is even more remarkable, Binance was also accused of wash trading.

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How to use: Setting up a trade account

Creating an account

The registration procedure is typical for all exchanges, but here you also first have to read the risk warning that pertains to the volatile nature of the cryptocurrency market. The Chinese exchange that is currently based in Singapore also emphasizes the regulatory uncertainty that surrounds cryptocurrencies, claiming that DigiFinex could be closed at any time due to the enactment of the national law. Hence, in order to proceed with registration, you have to acknowledge the above-mentioned warning and confirm that you are neither an American nor Singaporean citizen.

Once you’ve done that, you can see a typical registration form that requires you to fill out all personal data. As mentioned above, the exchange does support the English language, which essentially means that you don’t have to use Google Translate to cope with Chinese hieroglyphs. There are two options: you can register either with your e-mail or phone number. The first option is the only one for all non-Chinese users since DigiFinex only supports China’s country calling code (+86).  

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Once you’ve provided all the necessary information, click the “Get OTP” button in order to receive a verification code to your email (you only have 60 seconds to enter the code).   

Congratulations! Now you can freely use DigiFinex, but pay attention to the fact that your daily withdrawal limit is strictly restricted to 1 BTC per day. To increase this number up to 50 BTC, users are required to go thought a verification process.

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This procedure is conducted with the help of the DigiFinex mobile app that is only available for iOS (no other options). It presupposes a standard practice of taking a photo where you hold your ID next to a note that says the name of the exchange.

The identity verification of specific users requires providing the full name, the above mentioned photo of ID, as well as well as proof of residence (bank statements, utility bills, etc).

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Trading Coins

DigiFinex allows trading both on the website and directly with the help of the iOS-based mobile app. Obviously, before starting trading, you have to make sure that there is enough funds in your account.  

To jump right into trading, choose the “Exchange” section. It features a TradingView-powered candlestick chart that gives traders the ability to monitor any given trading pair with the help of a set of tools for technical analysis.

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The list of all available trading pairs is situated on the right (the table displays the current price of a given asset along with the most recent change). On the left, there is an order book with all pending buy and sell orders.   

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Purchasing Cryptocurrency

In order to purchase any asset, go right below the aforementioned candlestick chart where you can see the “Buy & Sell” section. DigiFinex only supports two types of orders: a limit order and a market order. The latter is suitable for traders who would like to purchase a certain amount of cryptocurrencies at market price. Meanwhile, the limit order will allow buying cryptocurrency at any price (it may take days or even weeks before an asset reaches this exact price depending on how far-fetched it is).  

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That definitely may sound disappointing for skilled traders who prefer using stop-loss orders to hedge against a sudden bearish downtrend. With stop-loss orders, you are not obliged to monitor a certain asset for an extensive period of time.

Once you’ve pressed the “Buy” or “Sell” button, check out the order book where you will be able to immediately see you uncompleted order (market orders usually get closed in a snap).  

Trading Pairs

According to CoinGecko, DigiFinex Exchange features 98 cryptocurrencies that form a total number of 149 trading pairs. USDT is responsible for the majority of the market’s volume. Tether (USDT) accounts for a tad more than 74 percent of the DigiFinex’s total trading volume. Meanwhile, BTC comes in second place with only 22.3 percent.

Speaking of specific trading pairs, BTC/USDT is holding the lead with a 25 percent share of the total volume. BCH/USDT and EOS/BTC are in second and third places with 19 percent and 10 percent respectively.

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Evidently, Tether still remains the dominant cryptocurrency on the exchange despite its plan to phase out Tether, gradually replacing it with fully-collateralized TrueUSD (TUSD).

Trading Fees

On Nov. 5, DigiFinex introduced its new tiered trading fee model that is rather similar to that of Binance. The amount of the reward for both makers and takers depends on the total trading volume over the last 30 days coupled with the DFT holdings.

The major difference between makers and takes consists in the type of order (market or limit). Makers place a limit order that is not filled instantaneously (they literally “make” the order). At the same time, takers place a market order that gets closed almost immediately (subsequently, they “take” the funds).   

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The transaction fee, which sits at 0.2 percent, is the same for both makers and takers. Speaking of fees, we can make a conclusion that they are rather competitive (the average industry fee is sitting closer to 0.25 percent).

As is the case with Binance, there is a 25 percent discount on all fees paid in the DFT token (originally, it was set at 50 percent).

Transaction Limits & Liquidity

According to the Terms for Merchants, there is a direct correlation between transaction limits and your verification level (or simply tier). In case the user exceeds the limit, the exchange will keep over-the-limit funds that won’t be withdrawn unless during the same timeframe unless the additional documentation is provided.    

Security

Do not forget to enable two-factor authentication (2FA)! That will effectively prevent hackers from stealing your funds. There are two options: Google Authenticator or Alibaba Authenticator (the former is more suitable for foreign traders). The exchange also asks you to save a special key that will come in handy if you delete your account by mistake.

One of the salient advantages of the site is that it has never been subjected to a single security breach, which speaks volumes about the security (although, Degifinex doesn’t provide any insights into its safety features).

Adding Payment Methods

The “Payment Methods” section will help you choose among all available payment methods. Unfortunately, adding payment methods is impossible without undergoing an identity verification by downloading the aforementioned iOS app.

Is it possible to trade without completing verification? Yes, but your credit will be strictly limited to 1 BTC.

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Depositing/Sending Cryptocurrency

As of now, all deposits and withdrawals are conducted automatically on the exchange. In order to deposit money, simply click the “Deposit” tab in the top right section of the page. You will see the list of all cryptocurrencies that are available for conducting a deposit, including the native token DFC. Choose any coin in order to generate a corresponding wallet address. The minimum deposit amount is set at 0.001 BTC.

Just like on any other cryptocurrency exchange, the withdrawals are conducted in a similar manner (remember that you are to confirm your identity to break the chains of the 1 BTC limitation).      

NB: Depositing cryptocurrency doesn’t incur any fees.

When it comes to withdrawals, there a flat fee that depends on a particular coin you want to withdraw. Here’s a table that displays the amount of fees for some of the most popular currencies on the exchange. For instance, withdrawing BTC will only result in 0.0003 BTC, giving competitors a run for their money. The fees charged for withdrawing other popular currencies are displayed below:  

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Those who consider themselves the “phone type” of users can also try depositing and withdrawing fees from their mobile app (again, the app is only available for iOS users). The withdrawal procedure takes no more than 10 minutes.

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Kee (the aforementioned CEO of DigiFinex) confesses that sometimes there is a need for withdrawal verification of all transactions that occasionally can be conducted personally by him. Yes, the company does has its own customer support staff (at least it seems so), but the DigiFinex founder may voluntarily do the job himself in order to stay closer to the community.

Customer Support

There is the DigiFinex help center that contains answers to all most popular questions that are typical for beginner-level users. On top of that, there is also a section that is entitled “Blockchain school” — as its name suggests, it covers all the important issues pertaining to the cryptocurrency industry (from the very definition of the nascent asset class to an explanation why cryptocurrencies have value). If the presented information doesn’t touch upon a certain problem, you can always submit a request by clicking a corresponding button at the top bottom of your screen.

Pros and Cons

Before opening an account with DigiFinex, each user preliminarily estimates whether it is suitable for him. U.Today made the task much easier for you by making a comprehensive list of all pros and cons of DigiFinex.

Pros:

  1. A slew of cryptocurrencies (there are plenty of altcoins, including the recently launched Gemini dollar).

  2. The fee schedule is rather competitive compared to other top 20 competitors (this is a salient feature of the majority of Chinese exchanges).

  3. Just like with Binance, account verification is not mandatory, but it is required for increasing withdrawal limits.

  4. A strong emphasis on security and regulatory compliance.

Cons:   

  1. The startup is not reputable enough to be your first choice

  2. The trading features are very meagre – no margin trading, no stop orders (this is definitely not the option for seasoned traders).     

  3. The mobile app is not available for Android devices (sorry Android fans, but the DigiFinex mobile app is only compatible with iOS-based devices).   

  4. Geographical limitations (traders from Singapore and the US are not even allowed to create an account with the exchange).

Conclusion

Our consensus is that this exchange barely stands out among other similar platforms. While it does offer robust security and comparative fees, it doesn’t have anything to offer to seasoned traders since it lacks margin trading, stop-limit orders, etc. On top of that, just like other Chinese exchanges, DigiFinex has been accused by numerous reputable research companies of artificially inflating trading volumes.

Hence, our consensus is that despite having fairly competitive trading fees and a lot of coins, this Chinese trading platform is not suitable for western traders (as mentioned above, US residents are even forbidden to create accounts). Binance, the famous crypto behemoth, would be by far a better choice. While Binance continues its global expansion, DigiFinex fails (or doesn’t even try) to win over traders outside of China.

Does it stand a chance in trumping Binance? Absolutely not.

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P2PB2B Exchange Review. The Next Generation of Crypto Exchanges or a Scam?

Exchanges Guide
All you need to know about the P2PB2B - Estonian crypto exchange platform
P2PB2B Exchange Review. The Next Generation of Crypto Exchanges or a Scam?
Contents

P2PB2B is an Estonian cryptocurrency exchange that can be used by individual customers only, but has a few benefits for ICOs, too. It features an open API for startups and provides the opportunity to get a free listing within 5 minutes. The multi cryptocurrency exchange platform has managed to attract a worldwide audience and reach an enormous daily turnover. How it can be useful for the average user and token creators, and is the game worth the candle?

About P2PB2B

Established in 2014, the Estonia-based P2PB2B exchange platform has quickly become popular around the world. It enables users to sell and buy cryptocurrency online. Its main currencies are BTC, ETH, and USD. What makes it appealing is the absence of trading fees and the fact that it has got a free listing of any business application’s API.

Today, P2PB2B supports 42 trading pairs with the following most popular combinations: BTC/USD, BCH/ETH, BCH/USD, DASH/BTC, BCH/BTC, LTC/BTC, DASH/USD, ETC/BTC, DASH/ETH, LTC/USD.

P2PB2B website interface
P2PB2B crypto exchange interface

At the moment of writing this article, the exchange platform had a daily turnover of $31.38 mln and was the 47th exchange platform in the world by the volume of trading per 24 hours. In the last week, the overall trading turnover was $80.76 mln or 12,609.76 BTC, the monthly turnover — $148.77 mln or 23,228.17 BTC.

Generally, P2PB2B reviews are positive: users are satisfied with the speed of processing and fee policy. But can P2PB2B be called an ideal place for traders?

Exchange Features

When it comes to P2PB2B, it seems to be a bare-bones solution: the platform cannot boast out-of-the-box functions, but it does what’s said on the label. P2PB2B is a reliable, quick and convenient cryptocurrency exchange platform — isn’t this the primary requirement from traders?

To make the trading process more efficient, the exchange provides:

  • current cryptocurrency rates;

  • infographics;

  • news;

  • transaction history;

  • cryptocurrency descriptions.

When you need a simple and reliable cryptocurrency exchange platform, this is just the ticket.

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Main Advantages

Limit your appetites: P2PB2B won’t spoil you rotten with such features as signals, detailed personalized statistics, or crypto funds (analog of bank deposits). However, you can reap benefits from:

  1. Exceptional processing speed: servers process up to 10,000 trades every second and support up to 1,000,000 TCP connections.

  2. Decent safety. Over 95% of users’ assets are stored on cold wallets. Hacking is detected and blocked by an advanced Firewall.

  3. A well-developed affiliate program allows adding to your profit. The referral program is topped off by the referral game: every season, the most active traders can win a generous amount of altcoins.

  4. 24/7 customer support is available for all users. Assistants speak English, Chinese (Mandarin), Japanese, Russian, Indonesian, Spanish, and German.

  5. Recently, ATB coin was added, which delighted many traders.

It should be noted that P2PB2B’s single-page website is simplicity itself: it features everything you need and nothing you don’t. Navigation is a no-brainer, and newcomers will easily figure out what is what.

Bonuses

As previously  mentioned, P2PB2B organizes contests: the most active users can gain points and win free tokens. The P2PB2B team went further and introduced ‘the Battle of Bitcoin forks’ for token creators.

What is it made for? Since the launch of Bitcoin, many developers tried to improve it and fix issues. In April 2018, there were 69 Bitcoin forks in total, but only 10 of them were present on exchanges. P2PB2B decided to help the best forks make their way to the market. The crypto community will decide which project is the best – winners get listed on P2PB2B.

Traders with at least 0.003 BTC / 0.05 ETH / 25 USD on their account are allowed to vote. How is it organized?

  1. The first stage lasts one week, and only 8 coins pass to the next round. Coins that make it to the play-off receive listing on the platform for one month.

  2. Eight coins are divided into pairs and participate in matches. Each match lasts 24 hours. Only 2 finalists pass to the final.

  3. The final stage lasts for 5 days. The winner is chosen by voting and gets a free listing on the exchange.

Following this process, the companies behind Bitcoin forks will be able to promote their token.

Referral Program

P2PB2B offers a great referral program that’s topped off by Referral Games. Users who recommend this platform to their friends are paid a certain percent from their transactions. It is calculated in the currency of the trading commission and paid once a month.

In November-December 2018, the platform will organize the next season of Referral Games (every user is free to participate). To become a participant, you should register on https://p2pb2b.io, get the Referral Link, and invite friends through it. The more friends join the platform, the more coins you get. There’s one condition: a player should perform at least one transaction once a day, be that an order, deposit or withdrawal. Each transaction brings one point.

The actions of referred friends matter, as well. Thus, when a friend deposits money on his account or goes through KYC procedure, you get 5 or 10 points correspondingly. As soon as the number of referred friends reaches 10, a trader can get a 50% commission rate until the end of the game.

5 traders with the highest amount of points will win. The 1 mln token winners’ pot will be divided in the following way:

  • 1 place – 250,000 tokens.

  • 2 place – 125,000 tokens.

  • 3place – 50,000 tokens.

  • 4 place– 40,000 tokens.

  • 5 place – 35,000 tokens.

Every season, the type of coin for reward is changed. This time, the E-Dinar coin is playing in the season.

How P2PB2B referral games are organized
P2PB2B referral games explained shortly

Exchange Trade Volume

P2PB2B is in the Top-50 world exchange platform ranking due to the fact that its daily exchange volume is $31.38 mln (4,899.74 BTC). In a week, the exchange trade rate rises to $80.76 mln (12,609.76 BT); in a month, to $148.77 mln or 23,228.17 BTC.

Daily turnover on P2PB2B
The daily turnover on P2PB2B: 14 USD pairs

How to Use P2PB2B

The platform is very easy in use. First, you need to register — this process takes a couple of minutes and requires minimal personal information. Then you should make a deposit and start trading. Exchange transactions are performed in the form of orders. You can be a maker and place your sell/buy order, or be a taker and accept someone’s order — this transaction will be instant.

Purchasing Cryptocurrency

In order to purchase cryptocurrency, you need to make a USD deposit on your account. This can be done by a wire transfer, or with a debit/credit card. Go to the personal Account → Deposit. Choose a payment method and confirm the transaction. As a rule, money is deposited instantly.

As soon as you have money transferred on your account, you should go to the Trade section and place or select the existing Buy order. As soon as it’s accepted by someone, you’ll have the coins transferred on your account.

Click “+” to buy cryptocurrency
To buy crypto, choose the cryptocurrency and click “+”

On P2PB2B, users can buy vouchers (alphanumeric redeemable code) that can serve to transfer coins between Accounts. To buy a voucher, go to the Codes section on the upper left corner of the interface. Select the desired cryptocurrency from the list and specify the amount of the voucher. Then click the Create button. After that, the code should appear in My Code section.

Trading Pairs

At the moment, P2PB2B offers 42 trading pairs. The most popular are LTC/BTC. BTC/USD, BCH/ETH, BCH/USD, DASH/BTC, DASH/ETH, ETC/BTC. It cannot be called an extensive choice, but the most demanded coins are covered.  

Trade Fees

Good news: P2PB2B does not charge any trading fees. Exchanging cryptocurrency is totally free. However, deposit and withdrawal are charged. The platform accepts deposits in USD only: the fee is 4% (min 10 USD, max 100 USD). 0.2% fee is charged in addition to the purchased deposit.

As for withdrawal fees, they depend on the type of cryptocurrency you use:

-0.0012 BTC;

-0.01 ETH;

-USD: 4% (min 10 USD, max 100 USD);

-0 ATB + 0.1% (min 10 ATB, max 1000 ATB);

-0.03 BCC;

-10 BNB;

-0.1% (min 0.1 BTG, max 10 BTG);

-15000 CHE;

-20 CRBT;

-200 DOGE;

-20 ECHT;

-0.01 ETC;

-0.01 LTC;

-200 QUiNT;

-20 TUSD.

The platform may also charge a Storage fee for storing cryptocurrency until assets are reclaimed. The exact amount of fee can be checked in the Fee Schedule page. This commission is charged on a daily basis.

Transaction Limits & Liquidity

P2PB2B has the following limits.

Minimum withdrawal: BTC - 0.002 BTC, ETH - 0.02 ETH, USD - USD15

As for maximum withdrawal limits, it depends on the type of account.

  1. New accounts (without KYC): Newly created accounts have a $0 (or equivalent) withdrawal limit.

  2. Basic accounts: Basic accounts can currently withdraw $500 (or equivalent) per 24 hours.

  3. Enhanced Accounts: $100,000 (or equivalent) per day. Two-factor verification is required.

Setting up a Trade Account

Since P2PB2B is a simple, intuitive platform, setting up an account is as easy as 1-2-3. Here’s what you need to do.

Creating an Account

Creating an account on P2PB2B is quite easy. Open the https://p2pb2b.io/register page. In the window you’ll need to specify:

  • your e-mail address;

  • password and password confirmation;

  • captcha.

Now confirm that you agree with conditions and click Sign up. An activation email will be sent to you. If you don’t see the letter, check the Spam folder. Click the link inside the email and you’re ready.

Registration on P2PB2B
Step-by-step explanation of registration on P2PB2B

If you have forgotten your password, you’ll need to go through the procedure of recovery, which might be quite complicated. In fact, users are allowed to generate a PIN-code for password recovery, but if you forget that too, you’ll have no choice but to contact customer support. Write [email protected] from your email address, explain the problem, specify your latest actions and deposits on the account, and provide screenshots, if possible.

Security

Like its analogs, P2PB2B provides the whole gamut of security measures for its customers. First, users’ payment and personal information is encrypted; the website features an SSL certificate. Secondly, 98% of users’ assets are protected by cold storage. Thirdly, the platform leverages WAF that detects and prevents hacking. There were no reports of hacking or any fraudulent activity on P2PB2B: this website has an unsullied reputation.

To top it off, the platform has two-factor authentication technology, which eliminates the risk of stealing funds from users’ accounts. They can activate 2-step authentication and use SMS codes to verify their personality. If you lose the code or key to two-factor authentication, you’ll need to provide KYC data, your account login, and the information about the latest currency deposits and withdrawals.

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Please note that P2PB2B practices KYC (Know Your Customer): that means your personal information will be required to perform transactions and withdrawals. You CANNOT withdraw money until the KYC procedure is finished. When your identity is verified, you will be able to make a withdrawal request within 24 hours.

Like some other exchange platforms, P2PB2B can suspend or terminate a user’s account if it’s suspected to be used for illegal purposes. For example, users’ accounts can be blocked for performing transactions connected with:

  • drugs and other narcotic substances;

  • weapons and explosives of any type;

  • pyramids, Ponzi and other schemes;

  • goods under trade embargo;

  • body parts or human remains;

  • protected animals or protected plants;

  • other purchases in the darknet.

Therefore, all transactions are tracked. Some clients can find this moment unacceptable.  

Adding Payment Methods

Payment method management is performed in the user’s personal account. As soon as you open it, you should proceed to Payments. There, you should click Add new and specify your bank credentials, or debit/credit card information.

If you want to join with a bank account, note that P2PB2B supports only the advcash wallet. You will need to register at https://wallet.advcash.com/register and get a wallet.

Register your plastic card on advcash wallet to make payments on 2PB2B
To add a plastic card to payment methods, you’ll need to use advcash wallet

Depositing/Sending Cryptocurrency

For making a deposit, click Balance → Deposit. Click “+” next to the coin you want to buy. You will be able to place an order, or be a taker and accept one of the orders from the list.

Alternatively, you can go to the main page. Open the Trade section and select the desired cryptocurrency by double-clicking on it in the list of coins:

Choose the cryptocurrency from the list
The list of available cryptocurrencies on 2PB2B

You’ll see the forms of selling and buying cryptocurrency. Whenever the typed sum exceeds the limits of your budget, you’ll see the notification in red letters:

You’ll be notified when the fund limit is exceeded
The transaction shouldn’t exceed your budget limits

As soon as you place your order, you’ll be able to track it in “My Orders” section.

Please note that rates are not fixed: P2PB2B users are free to set up their own rates. Besides, the administration does not handle the orders — P2PB2B doesn’t approve/control the placed orders. They appear in the list of orders automatically, so you will have to wait until someone accepts your order. If that doesn’t happen while other orders are being processed, don’t despair. You can cancel the current open Order and submit a new one with a more agreeable price. Keep in mind that you can only cancel orders that haven’t been accepted yet. As soon as your Order is accepted, the transaction becomes irreversible.

Another pitfall is ‘partial acceptance of Order’. Your Order can be divided into separate payments. For example, you can issue 200 coins and get 40 coins first, and the rest a bit later. This issue cannot be called convenient, but it adds to your chances of having the Order accepted.

Customer Support

Many users praise the platform for responsive and helpful customer support. It is available on 24/7 basis without holidays and breaks. Customers can contact the assistants via email and receive the answer to their question within a few minutes. P2PB2B team does its best to help customers solve their problems and keeps improving the service.

At the moment, P2PB2B customer support is offered in seven languages: English, Chinese (Mandarin), Japanese, Russian, Indonesian, Spanish, and German.

Conclusion

After 4 years of work, P2PB2B has made a proper reboot and attracted even more customers from all over the world. This is a simple platform for profitable trading that is devoid of extra features. Decent customer support, the absence of transaction fees, and ultimate convenience make this project ideal for beginners. As for professionals, they may lack some functions, such as in-depth analytics, trading signals, and forecasts.

Another thing the platform lacks is a mobile trading app. P2PB2B is not up to scratch for traders wishing to work on the go. However, when the team manages to address these shortfalls, things may take off.

Please do not mistake the p2p Android application for P2PB2B — there are no official Android or iOS compatible versions!

This is NOT an official P2PB2B app
P2PB2B does NOT have an Android app — this software is not related to the platform

In order to make a final decision, compare the advantages and disadvantages of P2PB2B:

Pros

Cons

Low fees. 0% fee for BTC and ETH deposit. 0.2% fee for trading coins.

Fixed withdrawal fees, which is expensive for minor withdrawals. The fee is defined by the type of coin processed.

Top-notch customer support on 24/7 basis. Users can contact the assistants via email. Seven languages are supported (English, Chinese (Mandarin), Japanese, Russian, Indonesian, Spanish, and German).

KYC procedure and tracking of user’s transactions. P2PB2B does NOT allow for anonymous transactions and can freeze your account for actions rendered illegal.

Exceptional security. SSL encryption and strong WAF guarantee protection against hacking. Over 95% of users’ cryptocurrency is stored on cold wallets, which prevents hacking, data breaches and malware.

A relatively small amount of trading pairs. While competitors offer hundreds or 1000+ coins for transaction, P2PB2B has only 42 trading pairs.

Intuitive interface: the exchange platform is easy to use; it features only the necessary functions. Even beginners will master navigation quickly. For the token to enter the exchange, it should have value and liquidity, and its code must be error-free and public.

The absence of a mobile application is a serious drawback that may cost P2PB2B millions of users. The team has never mentioned that they will launch a mobile app for Android and iOS.

The exchange platform gives starters the chance to get listed — the worthiest project can promote their tokens and enter the market totally for free.

No corporate accounts are available, which means the current withdrawal and transaction limits can be too harsh for users.

 

There’s no margin/leverage trading.

P2PB2B can be recommended for starters who need to learn the basics of trading. They don’t have to do anything except for placing their order or taking the current ones. The administrators do not control the orders, which is why users have a chance to set up agreeable transaction rates. Therefore, you can enjoy the freedom of trading coupled with convenience and decent customer support. In order to stay competitive, P2PB2B needs to add new cryptocurrency and features for professional traders. Without advanced trading features and mobile applications, the platform is doomed to become just another exchange out of hundreds similar platforms.

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Exchanges Guide Alex Morris

Binance Exchange Review: Taking a Closer Look at the Crypto Behemoth

Exchanges Guide
In this Binance review, we’ve analyzed all of Binance’s features to find out whether multibillion-dollar Binance Exchange is better than any alternative exchange
Binance Exchange Review: Taking a Closer Look at the Crypto Behemoth
Contents

Binance — From an ICO to the world’s biggest exchange

While the majority of Chinese exchanges have failed to reach a global audience, there is one very prominent exception: Binance, the largest exchange in the world by trading volume.  

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Changpeng Zhao (better known as CZ) is the mastermind behind this Chinese exchange. It is worth mentioning that he already had certain trading experience before founding Binance — he started his already impressive career by building trade engines at the Tokyo Stock Exchange. After CZ found out about the existence of Bitcoin in 2013, he started working for a slew of crypto-oriented projects, including Binance’s present-day rival OKCoin, but then he eventually decided to start his own crypto-only exchange.   

In order to raise funds for the new Binance exchange that was supposed to become a leader in the crypto-to-crypto niche, CZ conducted a fairly successful ICO, raking in $15 mln. Investors were rewarded with the Binance Coin (BNB), the native token of the Hong Kong-based exchange.     

Despite China’s crackdown on cryptocurrencies, Binance has managed to enjoy monstrous success against all odds. It literally had to temporarily suspend registrations because of incredibly high demand. As of now, CZ-led Binance records daily trading volumes that exceed $1 bln. Such a big volume is partially attributed to the huge speed of transactions on the exchange. Binance is able to process up to 1.4 mln orders in a single second. Still, CZ keeps it humble.    

“As for us, we try very hard to not be number one all the time, because being number one creates other problems sometimes, especially with regulators.’’ – CZ

Now, Binance exchange is expanding globally, landing partnership after partnership. It is worth mentioning that Binance exchange has already set operation in Malta, Singapore, and other countries. That being said, it is important to determine whether the exchange lives up to this immense hype.

Apart from English, Binance exchange — an East-oriented exchange — also supports Chinese, Korean, and Japanese. Given CZ’s ambitious plans to create a truly global digital asset trading platform, more languages are expected to be added in the future.

Setting up an account

Let’s jump right into the signup process on Binance!

The process of purchasing cryptocurrency is rather straightforward. In order to create your Binance account, click on the top right corner where it says “Register”. After that, you have to fill in all the necessary information. Complete the captcha by scrolling the puzzle to the missing position, and look for an email in your inbox.

Binance account

Then, simply log in to your account. You will see a pop-up window that asks you to enable 2FA on Binance (you have to download an application and scan a QR code).

a pop-up window

As you can see, the registration process for the exchange is very simple and straightforward. In fact, you are already able to withdraw up to 2 BTC from Binance even without confirming your identity.

Depositing Cryptocurrencies: What are the available payment methods?

Since this is a crypto-to-crypto exchange, cryptocurrencies remain the only available payment method on Binance. In order to buy altcoins, you have to buy Bitcoin or Ether on Coinbase (or any other fiat-to-crypto exchange first). Most of these assets are traded against these two currencies, so it makes sense to deposit them first on the Binance exchange.  

Once you see the list of coins, simply click the “Deposit” button.

 the list of coins

You have to know your Bitcoin address in order to be able to deposit money into Binance. Simply copy the Binance address and deposit funds from your ordinary wallet (the same modus operandi applies to Ethereum, Litecoin and plenty of other assets).

the Binance address

NB: The funds won’t be available in your account instantly! It may take up to a couple of hours until your money gets deposited to your Binance account from another exchange, but you will be getting your coins in a snap after five network confirmations.

Purchasing Cryptocurrency: Buy Bitcoin, Ethereum or any altcoin!  

In order to buy crypto on Binance, you have to go to the “Exchange” section and choose the “Basic” option in a drop-down window. Once you’ve done that, enter the ticker of any cryptocurrency of your choice in a search box to select a corresponding trading pair (most assets are traded against Bitcoin or Ethereum).

a drop-down window

Select this trading pair in order to see a candlestick chart that displays the most recent price fluctuations pertaining to a certain cryptocurrency that is listed on the Binance exchange.  

a candlestick chart

If you are willing to purchase crypto on Binance, there are two available options on the exchange: a market order and a limit order. Buying any cryptocurrency at a current market price on Binance presupposes the creation of the market order. Meanwhile, the limit order allows buying (or selling) coins at a specific price without the need to constantly monitor the Binance exchange.       

Binance

Trading Fees

There is a flat trading fee on Binance that is set at 0.1 percent. Back in July, Binance launched a new trading fee discount program that ranks users based on their trading volumes and the current BNB balance. As the table below shows, maker fees and taker fees can be reduced to 0.02 and 0.04 percent respectively. Obviously, even the minimum discount remains a pipe dream for run-off-the-mill Binance traders since your monthly trading volume has to exceed 100 BTC ($641,833 at the time of writing this article). Meanwhile, the highest VIP 8 level on Binance remains an exclusive Bitcoin billionaire club since 150,000 BTC is very close the $1 bln mark (it’s very questionable whether the biggest crypto whales can boast such enormous trading volumes on the exchange).   
Trading Fees

There is also a 25 percent discount on all trading fees paid in the BNB token (according to Binance’s white paper, this discount will dwindle each year until it completely disappears in 2021).

Deposits do not incur any additional payments, but there is a withdrawal fee that depends on the digital asset of your choice (some digital assets in the likes of NEO do not presuppose any withdrawal charges on the Binance exchange).

Transaction Limits

Given that Binance is a crypto-to-crypto exchange, you cannot deposit fiat currencies. However, when it comes to crypto, you can deposit an unlimited sum of digital assets. Still, there are withdrawal limits in place that directly correlate to your verification level on the Binance exchange.

If you want to break the chains of the 2 BTC per day limitation, you have to go through the Binance verification process. In order to reach Level 2, you have to enable 2FA (that is a mandatory requirement on every exchange that helps to enhance users’ protection). After that, you have to complete your KYC verification by submitting your personal information to the Binance exchange (name, address and a photo of your ID).

Once you’ve done that, you are free to send up to 100 BTC to your wallet on a daily basis. Notably, the verification process on the Binance exchange is significantly less invasive compared to other exchanges since only the photo of your ID is required to seal the deal.

High-dollar investors are able to withdraw even more than that, but they need to contact Binance’s customer support if there is such a necessity.

Security: Is there any reason to be worried about your coins?

It is absolutely clear that the ability to build an extensive user base in such a short span of time stems from establishing a high level of trust. Unlike an armada of other Chinese exchanges that are often associated with fake trading volumes and other shenanigans, Binance seems like a robust trading platform. Does Binance really offer top-notch security?

Unlike Coinbase, a leading fiat-to-crypto exchange, CZ-led Binance doesn’t provide enough information on how it is supposed to secure the funds of its clients, which might be concerning for some Binance investors. One would be naïve to assume that Binance, the biggest exchange on the market that is expected to rake in $1 bln even amidst the crypto rout, would not take its users’ safety seriously. On the flip side, the infamous Mt. Gox fiasco proves that no one is too big to fail in this fledgling industry, and Binance could see the same fate.

In fact, Binance almost suffered from a major phishing attack back in March. The hackers collected users’ logins for months with the help of scam websites in order to steal their funds. All altcoins from Binance users’ wallets were converted to BTC, but then they were stymied by the withdrawal process. Since these individuals started pumping Viacoin beforehand, they turned out to be the only ones who lose funds while the attack itself had been effectively prevented by Binance.      

NB: Always check the website address before entering any sensitive information that could compromise the safety of your Binance account!   

Furthermore, there are numerous security features that will help you to enhance the protection of your Binance account:

numerous security

Speaking of the regulatory side of this issue, one has to point out that Binance is not registered in the US, which essentially means that the exchange doesn’t have to comply with SEC’s policies.    

Back in September, U.Today reported about an explosive report of New York Attorney General Barbara Underwood who states that Binance, along with some other big-name exchanges, do not protect their users properly from manipulations. That doesn’t necessarily mean that Binance broke the law — the watchdog simply requires more clarity on investor protection.

Customer Support

The success of a certain exchange largely depends on how responsive its customer support is. HitBTC, for instance, provides its users with disastrous feedback despite also being one of the leading exchanges. Speaking of Binance, there is also room for improvement since the exchange doesn’t feature live chat support — a very convenient tool if there’s a need for a quick reply. Moreover, Binance users do not have the ability to contact the support team over the phone.

Customer Support

One can leave a request on their website and wait for a reply that is sent to his/her email address. Since Binance is positioned to become a global exchange, there is a multilingual customer support. However, Binance is usually criticized for a long response time (it usually takes three days for Binance’s staff to answer the request). Still, Binance has a good social media presence: it has more than 880,000 followers on Twitter alone, and CZ himself often tweets too, keeping Binance’s user base constantly engaged.

Pros and Cons

Binance advantages:  

  1. Big and solid user base. The fact that Binance is globally trusted by so many traders is a clear indicator that it is a force to be reckoned with. Moreover, as mentioned above, Binance is perfectly suitable both for seasoned traders and beginner-level users who are making their first foray into the world of crypto.    

  2. A gargantuan amount of coins. Binance has become the mainstay for those who want to diversify their investment portfolio with altcoins.

  3. The high speed (Binance is able to process up to 1.4 mln TPS).

  4. A competitive fee structure with a transparent system of discounts offered by the Binance team.  

Binance disadvantages:

  1. Customer support that is less responsive to Binance compared to other rival exchanges.   

  2. There have been numerous complaints about withdrawal support directed at Binance.

  3. China. Binance is based in Hong Kong, but it still remains in China’s crosshairs (which retains its hawkish stance on crypto).

  4. Privacy concerns. Binance is storing users’ data, which might be alarming for those who value their privacy.

  5. The absence of fiat deposits and withdrawals on Binance (in order to buy Bitcoin, you have to deposit Bitcoin from Coinbase).     

Decentralized Exchange in the offing?

While already trumping all other exchanges in the crypto-to-crypto department, Binance is also inching closer toward launching its own decentralized exchange (DEX) that is expected to go live in Q1 2019. BNB will reportedly be a native currency on the exchange that is supposed to grant users the freedom of being in full control of their funds.   

The topic of decentralized exchanges has always been a rather debatable issue in the crypto space. While pundits in the likes of Ran Neuner call them the future of the crypto industry, the existing examples of such exchanges don’t have even an ounce of the popularity of their centralized competitors (that actually applies to all dApps).

The aforementioned fees remain the bread and butter of Binance, but Ethereum’s cofounder Vitalik Buterin already came up with a solution to reward the developers of decentralized exchanges by embedding native fees into the smart contracts (case in point: EtherDelta).

CZ believes that Binance is the best alternative of a decentralized exchange since it has a robust infrastructure. The CEO claims that the most pivotal advantage of decentralized trading platforms over centralized ones consists in the ability of users to fully control their funds. There are no user accounts — all transactions are conducted on a blockchain. In this case, a centralized exchange in the likes of Binance doesn’t serve as a custodian of wallets.

Conclusion

The fact that Binance rose to prominence in practically no time doesn’t come as a surprise: the exchange stands out among its competitors because of its low fees, a bevy of available coins, and a perfect reputation (Binance still hasn’t suffered a single hack since its very inception). On the flip side, everything is changing at a breakneck speed in the world of crypto — one day you're the cock of the walk, the next you're the feather duster.

Binance continues to assert its dominance by opening offices around the globe, but the exchange still hasn’t managed to stand the test of time to appear in the “old-timer” crowd. Anyway, the future looks bright for CZ-led Binance, and there is no reason why it shouldn’t be your first choice when it comes to C2C exchanges.

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🤷 Opinions Alexander Goborov

Company Profile: Maker. An Express Visit

🤷 Opinions
No opinions and rants, only straight facts about Maker, quick and easy to understand
Company Profile: Maker. An Express Visit

Company name: Maker

Cryptocurrency [utility / governance token]: Makercoin / MKR (volatile)

Cryptocurrency [stablecoin]: Dai (pegged against the USD)

image

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Price per unit of MKR (at the time of writing): ~660 USD, 2nd in the world after Bitcoin

Market capitalization of MKR (at the time of writing): ~480 million USD, 22nd in the world

Year founded: 2015

Founded by: Rune Christensen

“MakerDAO works using collateralized debt positions (CDP) on a decentralized platform. People can take out debt positions using our stablecoin, the Dai (1 Dai = $1). The Dai credit system uses tokens or assets to back up their value… Leverage seekers or borrowers put collateral, like Ethereum, into the system and generate Dai based on that collateral… MakerDAO and the MKR token use a decentralized governance structure to bring stability to our stablecoin, the Dai. We believe money and credit systems should be transparent, so no one can sneak in their own agenda.”

Support platform (Blockchain): Decentralized Autonomous Organization (DAO) on the Ethereum network

Structure: Collateralized Debt Position (CDP) + Target Rate Feedback Mechanism (TRFM)

Standard protocol: ERC-20

Top wallets: Ledger Nano S (hardware), Trezor (hardware), MetaMask (web), MyEtherWallet (desktop)

Recommended exchange platforms: Bitfinex, Bibox, Gate, Okex, Paradex

Mining: Not permitted

This week’s stats:

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From all of us here at U.Today: happy trading and have a pleasant weekend!

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