Category: Reviews

PancakeSwap is a decentralized exchange that operates on the Binance Smart Chain, providing users with a fast, low-cost, and user-friendly platform for trading cryptocurrencies. In this article, we’ll be diving into some of the key aspects of PancakeSwap, including its safety measures, transaction fees, and investment potential.

Whether you’re a seasoned trader or new to the world of cryptocurrency, this article will provide valuable insights into what PancakeSwap is all about and whether it’s a platform worth considering. So let’s get started and explore what PancakeSwap has to offer.

What Is PancakeSwap?

PancakeSwap is a decentralized exchange that allows users to trade cryptocurrencies on the Binance Smart Chain. It works by utilizing liquidity pools, which are essentially collections of tokens that are locked into smart contracts. Users can trade tokens by swapping them in and out of these pools, with the value of the tokens being determined by a mathematical algorithm.

One of the key benefits of PancakeSwap is its user-friendly interface, which makes it easy for both novice and experienced traders to use. Additionally, transaction fees on PancakeSwap are generally lower than on other decentralized exchanges, thanks in part to the Binance Smart Chain’s fast and low-cost infrastructure.

In addition to trading, PancakeSwap also offers liquidity providers the ability to earn rewards through yield farming. Yield farming involves depositing tokens into liquidity pools and earning rewards in the form of additional tokens or transaction fees. This can be a lucrative way to earn passive income in the world of cryptocurrency, although it does come with some risks that investors should be aware of.

Overall, PancakeSwap offers a simple, low-cost, and user-friendly way to trade cryptocurrencies on the Binance Smart Chain, with the added potential for yield farming rewards.

PancakeSwap Fees

While PancakeSwap is known for its low transaction fees, there are still some costs associated with using the platform. When making a trade on PancakeSwap, users will be charged a trading fee of 0.25% of the transaction amount. Additionally, there are gas fees that must be paid in order to execute transactions on the Binance Smart Chain.

Compared to other decentralized exchanges, PancakeSwap’s fees are generally lower, especially when compared to Ethereum-based platforms. This is because the Binance Smart Chain has been designed to provide fast and low-cost transactions, making it an attractive option for traders who want to minimize fees.

To minimize fees when using PancakeSwap, there are several tips that traders can follow. One is to use limit orders instead of market orders, as this can help reduce the likelihood of slippage and minimize trading fees. Another tip is to avoid trading during times of high network congestion, as this can cause gas fees to spike.

Overall, while there are still fees associated with using PancakeSwap, they are generally lower than those of other decentralized exchanges, making it an attractive option for cost-conscious traders. By following some basic tips and strategies, traders can further minimize their fees when using the platform.

Is PancakeSwap a Safe Platform?

When it comes to trading cryptocurrencies, safety and security are of paramount importance. Fortunately, PancakeSwap has taken several measures to ensure that its platform is as safe and secure as possible. One of the key steps it has taken is to undergo regular audits by third-party security firms, which help to identify and address any vulnerabilities or potential security issues.

In addition to audits, PancakeSwap also operates a bug bounty program, which rewards users who identify and report any security vulnerabilities on the platform. This incentivizes users to help improve the platform’s security by identifying any weaknesses that could be exploited by malicious actors.

While PancakeSwap has generally been a safe platform, there have been some notable security incidents and vulnerabilities in the past. For example, in June 2021, PancakeSwap was the victim of a phishing attack that affected some users. However, the platform was quick to respond and take measures to mitigate the impact of the attack.

To stay safe when using PancakeSwap, there are several tips that traders can follow. These include using strong passwords and two-factor authentication, being cautious of phishing scams, and avoiding sharing personal information or private keys with others.

Overall, while no platform can guarantee 100% security, PancakeSwap has taken several measures to ensure that its platform is as safe and secure as possible. By following some basic security practices, users can help to minimize their risk and trade cryptocurrencies with confidence.

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Is PancakeSwap a Good Investment?

As with any investment, there are both potential benefits and risks associated with investing in PancakeSwap. One of the key benefits of investing in PancakeSwap is the potential for high returns. As a decentralized exchange, PancakeSwap allows users to earn rewards by providing liquidity to its various liquidity pools. Additionally, PancakeSwap’s native token, CAKE, has seen significant price increases in the past, which has led to substantial profits for early investors.

However, there are also risks associated with investing in PancakeSwap. One of the biggest risks is the volatility of cryptocurrency prices. Cryptocurrencies, including CAKE, are known for their high volatility, which can lead to significant price fluctuations and potential losses for investors. Additionally, there is always the risk of technical issues or security vulnerabilities that could impact the value of CAKE or the overall performance of the platform.

Despite these risks, many investors see PancakeSwap as a promising long-term investment. CAKE has shown strong growth potential in the past, and the platform’s popularity continues to grow as more users become interested in decentralized finance. Additionally, PancakeSwap has outperformed many other decentralized exchanges in terms of trading volume and liquidity, which suggests that it has a strong market position.

Overall, while investing in PancakeSwap does come with some risks, many investors see it as a promising long-term investment. By carefully considering the potential risks and benefits and staying up-to-date on market trends and performance, investors can make informed decisions about whether or not to invest in PancakeSwap.

PancakeSwap Key Features

PancakeSwap offers the following key features to its users:

• CAKE, PancakeSwap’s native token, is a BEP20 token built on BSC.
• Faster transactions and lower fees than other Ethereum-based Decentralised Finance (DeFi) platforms.
• It’s an Automated Market Maker, similar to ERC20-based platforms such as SushiSwap and Uniswap.
• It enables users to trade digital assets against a variety of liquidity pools while also collecting yields.
• It allows users to lend their digital assets to liquidity pools in exchange for liquidity tokens, which they can stake to gain even more digital assets.
• It lets users trade other BEP20 tokens in addition to using cryptocurrencies to add liquidity to exchange pools, enabling them to earn extra tokens.
• With CAKE, users can earn more tokens or other tokens based on the BSC, like DODO, UST, or LUNA, by using the native token in SYRUP liquidity pools.
• “Know Your Client” (KYC) and/or Anti-Money Laundering (AML) aren’t required.
• CertiK has audited and verified PancakeSwap to ensure its legitimacy and security.
• It features a 40 CAKE reward per block; however, 15 CAKE is burnt, making the effective value substantially lower.

Binance Bridge

To trade ERC-20 tokens on PancakeSwap, you must first wrap them on the Binance Bridge and convert them into BEP-20 assets. On the Binance Bridge, connect your digital wallet. The transaction must then be verified on the Ethereum network for some Ether known as gas fees.

While the high Ethereum gas fees may make this expensive, once you’ve wrapped and bridged your crypto assets to BSC, PancakeSwap’s low fees will save you a lot of trading expenses. After you’ve finished your transactions on PancakeSwap, just use Binance Bridge to transfer your BEP-20 assets back to ERC-20. As a result, you can use BSC to buy tokens like ApeCoin using this bridge.

PancakeSwap Exchange: Products and Services 

PancakeSwap has been holding on to the status of “largest DEX on the BSC chain” for so long because of its capacity to offer a wide range of financial products and services through a single interface. Most of this is feasible due to the hard work of its development team behind the scenes. PancakeSwap has extended its services from basic token swaps to an on-chain derivatives market in less than two years. 

The following is a list of its current services:

• Spot Trading
• Perpetual Futures Trading
• Yield Farming
• IFO – Initial Farm Offering
• Prediction Market
• Lottery
• Syrup Pools (Staking)
• NFTs

PancakeSwap Spot Trading

Spot trading on PancakeSwap is carried out by swapping assets in a liquidity pool via an automated market maker (AMM). AMM swaps are often done live, with the price defined by the ratio of assets in the pool; users have no decisive influence over the price at which they buy or sell assets.

PancakeSwap offers a solution to this problem by allowing users to pre-set orders using the limit order function on its interface. Unlike centralized exchanges, this does not imply matching one order against another. Instead, once the pre-set price objective is met, the AMM executes a swap on its liquidity pool.

However, remember that PancakeSwap doesn’t accept limit orders for tokens with a fee/tax on the ‘transfer’ of tokens. Open limit orders will stay open forever unless they are executed or canceled by users. Soon, a customizable expiration date functionality is planned.

Furthermore, as PancakeSwap is based on the BSC network, transaction speeds are substantially faster and less expensive than on Ethereum. When completing swaps on PancakeSwap, ensure to use the V2 swap, as the previous version (V1) is more prone to slippage, which results in financial loss.

PancakeSwap Yield Farming

Users can farm rewards in the form of CAKE tokens by supplying liquidity to PancakeSwap’s Liquidity Pools. PancakeSwap features several yield farms, which require you to stake two tokens to obtain the LP tokens associated with the specific farm. Each farm on PancakeSwap has its own yield rate and multiplier, so before supplying liquidity, ensure to know which farm you want to profit from. For example, the CAKE-BNB farm has a 40x multiplier, which means it earns 40 CAKE for every block produced.

PancakeSwap Syrup Pools (Staking)

Syrup Pools let users stake CAKE and gain rewards in the form of CAKE or other tokens. The CAKE Syrup Pool, for instance, allows users to choose between flexible and locked staking. The locked staking option offers a high APY but requires users to lock their tokens for a predetermined period. The flexible staking option provides a lower APY but lets users withdraw their tokens anytime.

PancakeSwap Prediction Market

PancakeSwap’s prediction market lets users earn tokens by correctly predicting the price movement of BNB-USD or CAKE-USD pairs. Users can bet on whether the price of BNB or CAKE will rise or fall in the next five minutes.

Results will be calculated, and rewards will be distributed based on the closing price at the end of the round.

PancakeSwap Lottery

Users can purchase lottery tickets for the PancakeSwap Lottery, and each ticket has a unique 6-digit combination. A random six-digit combination is generated at the end of each lottery session, which lasts between 12 – 36 hours.

Users must have tickets that match the winning combination from left to right to win. The closer your number is to the winning combination, the higher your payout.

PancakeSwap’s Perpetual Futures Trading

PancakeSwap has collaborated with ApolloX Finance to allow customers to trade perpetual futures contracts using its interface. The trading infrastructure is built with off-chain order-book matching and on-chain settlement, allowing for critical trading features such as different order types (such as limit orders, stop orders, and post-only orders) while preserving privacy and security of a DEX. I.e., it doesn’t require KYC or use intermediaries when engaging with smart contracts.

PancakeSwap Initial Farm Offerings (IFO)

Initial Farm Offering, or IFO, is a novel Initial Coin Offering (ICO) concept introduced by PancakeSwap. Users must create a “profile” on PancakeSwap to participate in an IFO. Users can then commit CAKE tokens to the IFO pool to buy the token. The number of iCAKE a user owns determines the amount of CAKE a user can commit. iCAKE is a numerical metric used to calculate the quantity of CAKE staked in the fixed-term CAKE staking pool as well as the overall staking duration of your current fixed-term staking position.

PancakeSwap’s NFTs and NFT Marketplace

PancakeSwap is staying ahead of the competition by launching its own NFT collections and allowing users to create personalized profiles on the exchange by linking them to an NFT. PancakeSwap also has its own NFT marketplace for trading white-listed NFT collections.

NFTs can be won through team trading games, where traders compete to see who has the greatest trading volume in a period, or via PancakeSwap airdrop events.

PancakeSwap Farming and Staking

PancakeSwap Liquidity pools are funded with users’ deposits, and in exchange for their contributions, users get Liquidity Provider (LP) tokens, also known as FLIP tokens. These LP tokens can be used to reclaim their share and a percentage of the trading fees.

PancakeSwap also allows users to farm CAKE and SYRUP tokens. Users can deposit their LP tokens on the farm to get rewarded with CAKE. CAKE tokens can then be staked to get SYRUP, which has extra utility as a governance token and can be used as tickets in different lotteries.

CAKE holders are given a fixed quantity of CAKE for each built block, and users can stake them to earn incentives. CAKE is distributed as BEP20 tokens to those offering liquidity to the network, and users may earn 170 percent APY by staking CAKE in the pool. Users need a Metamask wallet or a Binance Chain Wallet with both CAKE and (Binance Coin or BNB) to pay for gas on the exchange to stake CAKE.

Users can begin staking by following these steps:

• Go to the PancakeSwap website under “Finance” and click the “Connect” button in the upper righthand corner of the homepage.
• Users can choose “Connect” or “Binance Chain Wallet,” which will open the wallet.
• The user can choose “Pools” from the left-hand menu to see a list of active pools ready to accept a stake, such as the CAKE Pool.
• After identifying the pool, the user can click “Approve CAKE,” which will access the user’s wallet.
• The user can then click “Confirm” and wait for the transaction to be confirmed on the blockchain, which takes around 3 seconds.
• The pool’s format has changed, and the user can now select the “+” option on the CAKE Pool. Users may now input the amount they want to stake and click “Confirm.”
• The user’s wallet will appear, allowing them to verify the transaction details before clicking “Confirm,” which will take a few seconds to approve on the blockchain.
• Once completed, the user’s stake and CAKE balance will be updated. From here, the user may “Harvest” to claim their CAKE rewards or “Compound” to reinvest them by choosing the corresponding option offered.

PancakeSwap Deposits and Withdrawals

PancakeSwap platform exclusively accepts deposits and withdrawals from users who want to utilize PancakeSwap’s perpetual futures trading product. By depositing funds, you are granting the protocol permission to use your funds as collateral for any margin transactions you do. This collateral will be liquidated if you do not repay or close positions before certain critical price levels.

Currently, deposits are only accepted in USDT, BUSD, APX, or CAKE. To withdraw deposited funds, close any open trades and click the withdraw option under the assets tab.

PancakeSwap Supported Wallets

Users of PancakeSwap have a variety of wallet options to select from, including MetaMask, MathWallet, WalletConnect, TokenPocket, and Trust Wallet. MetaMask is an ERC-20 wallet that can also be configured to hold BEP-20 assets.

You can also choose from several other wallets in the crypto market that you can connect to PancakeSwap.

PancakeSwap Security

PancakeSwap is an open-source project that has undergone many security assessments by Certik, Peckshield, and SlowMist. The official documentation lists a total of 9 security audits.

PancakeSwap also follows standard practices in security by employing multi-signature for all contracts and setting a time-lock option for them. Furthermore, for maximum transparency, the majority of PancakeSwap’s code is publicly available, and all of their contracts are checked on BscScan.

Conclusion

In summary, PancakeSwap is a decentralized exchange running on the Binance Smart Chain. It offers a user-friendly interface, low transaction fees, and a variety of liquidity pools for users to earn rewards through yield farming. While there are risks associated with investing in PancakeSwap, including cryptocurrency price volatility and potential technical issues, many investors see it as a promising long-term investment due to the strong growth potential of its native token, CAKE, and the platform’s market position.

When it comes to safety, PancakeSwap has taken measures such as audits and bug bounties to ensure the platform’s security. By following best practices for staying safe when using PancakeSwap and minimizing fees, users can make the most of this decentralized exchange.

Overall, we encourage readers to try PancakeSwap for themselves and to stay informed about developments in the decentralized exchange space. With its user-friendly interface, low fees, and potential for high returns, PancakeSwap is a promising platform for anyone interested in decentralized finance.

Disclaimer: All information provided in or through the CoinStats Website is for informational and educational purposes only. It does not constitute a recommendation to enter into a particular transaction or investment strategy and should not be relied upon in making an investment decision. Any investment decision made by you is entirely at your own risk. In no event shall CoinStats be liable for any incurred losses. See our Disclaimer and Editorial Guidelines to learn more.

Kyber Network is a multi-chain crypto trading and liquidity hub that connects liquidity from different sources to enable trades at the best rates. As a decentralized protocol, Kyber Network facilitates cryptocurrency exchanges without KYC or a middleman and enables on-chain transactions that are entirely transparent and verifiable.

KyberSwap, the network’s flagship product, is a next-gen DEX aggregator that enables users to swap, earn, and seamlessly participate in DeFi on each of the 13 supported chains. As a DEX aggregator, KyberSwap sources liquidity not only from its own pools but also from over 70 DEXs across its supported networks and is equipped with yield optimization protocols to ensure the best rates and returns. 

This Kyber Network review will look into the Kyber Network, its services, products, trading fees, etc., and assess the KNC tokens’ long-term adoption potential and use cases.

Let’s get right to it!

What Is Kyber Network

Kyber Network’s goal is to make Decentralized Finance accessible, cheap, fast, and secure for all users.

A pioneer in the DeFi space, Kyber Network launched in 2017 under Vitalik Buterin’s mentorship with a successful ICO raising $52 million. Kyber Network has evolved to a project committed to making DeFi easy and accessible for all – including KyberSwap, the most advanced DEX & Aggregator in DeFi, KyberDAO, the governance community at the forefront of DeFi, and Kyber Ventures, Kyber’s investment arm supporting Web3 founders to build the future of decentralized technologies.

Over the past 5 years, Kyber Network has been driven by innovation and dedication to become one of the top DEXs in the DeFi space. Their core product, KyberSwap, is a next-gen DEX aggregator providing the best rates for traders and maximizing returns for liquidity providers in DeFi.

As a decentralized exchange, KyberSwap connects traders to liquidity pools rather than an order book. The protocol’s smart contracts provide liquidity and enable users to complete transactions without intermediaries.

Currently deployed on 13 chains, including Ethereum, Polygon, BNB, Avalanche, Fantom, Cronos, Arbitrum, BitTorrent, Velas, Aurora, Oasis, and Optimism, KyberSwap aggregates liquidity from over 70 DEXs to give users the best rates possible for their swaps.

For liquidity providers, KyberSwap has a suite of capital-efficient protocols designed to optimize rewards. KyberSwap Classic’s Dynamic Market Maker protocol (DMM) is DeFi’s first market maker protocol that dynamically adjusts LP fees based on market conditions, while KyberSwap Elastic is a tick-based AMM with industry-leading liquidity protocols and concentrated liquidity, customizable fee tiers, reinvestment curve and other advanced features specially designed to give LPs the flexibility and tools to take earning strategies to the next level without compromising on security. Liquidity providers can add liquidity to KyberSwap pools and earn fees and incentive rewards.

To date, KyberSwap powers 100+ integrated projects and has facilitated over US $11 billion in transactions for thousands of users since its inception. 

Despite its similarities with other exchanges, Kyber provides a unique platform to users enabling them to easily trade one token for another through a liquidity pool by combining several cryptocurrencies.

What Makes KyberSwap Unique

The introduction of decentralized exchanges bridged shortcomings in centralized systems’ operations, such as increased expenses and taxes, sluggish transaction rates, indiscriminate wallet locking, increased exposure to insecurity, etc.

However, decentralized exchanges also have vulnerabilities, including significant expenses for trade modifications in order books and lack of liquidity, a key component in the DeFi ecosystem. Kyber Network Crystal introduces the KNC and develops liquidity pools by collecting liquidity from various digital tokens.

The Network makes the liquidity pools always available to investors. As a result, investors who don’t have booking orders can trade directly from their wallets. However, traders will maintain custody of their tokens throughout the process. 

KyberSwap facilitates swapping cryptocurrencies at the lowest possible cost for each protocol transaction.

Kyber Network is also compatible with other protocols and is called a developer-friendly project by the crypto community. The protocol that wishes to connect with KNC must operate on a blockchain-powered by smart contracts.

Several companies, DApps, and wallets have already integrated the Kyber platform into their projects or businesses, such as InstaDApp,  MetaMask, SetProtocol, bZx, AAVE, Coinbase, etc. According to the Kyber Network website, the project has already received over 100 integrations.

Kyber Network Features

The Kyber Network is not just a decentralized cryptocurrency exchange but also a digital asset transfer platform. It facilitates the exchange process by allowing users to transmit tokens and receive any token they choose. Let’s have a closer look at its features.

KyberSwap

The KyberSwap mechanism enables the instant swapping of cryptocurrencies without using order books, deposits, or wrapping. The exchange constantly routes queries via numerous centralized exchanges and liquidity pools to get the best price. Clients can optimize their swaps for either the lowest gas prices or the highest returns. Variable slippage tolerance and critical pre-trade information such as minimum returns and predicted USD value are also available.

Kyber Developer

This developer-friendly mechanism provides developers with the tools and documentation to integrate new apps, wallets, exchanges, and platform enhancements into the DeFi ecosystem.

Kyber Network Fees

KyberSwap Fees

Unlike some DEXs, KyberSwap does not charge any aggregator, management, or platform fees. Liquidity providers earn 90% of their fees, while the remaining 10% goes to the KyberDAO for governance rewards. These rewards are paid out in KNC and are distributed to KNC holders who stake and vote on governance proposals based on the proportion of their stake.

Kyber Network doesn’t charge any withdrawal fees, which makes it a highly competitive offering. However, it should be noted that there are also exchanges that pay the network fees for the traders’ advantage, i.e., their withdrawal fees are 0. On the other hand, the network fees are rather insubstantial; therefore, charging the network fees solely is also a trader-friendly fee arrangement.

Buying & Storing KNC

You can buy KNC tokens through various cryptocurrency exchanges, such as Coinbase, Binance, etc. The former is headquartered in the United States, while the latter is an offshore exchange. There’s a spread in the trading volume of the digital asset at these exchanges, which indicates that KNC’s liquidity has no dependence and concentration on a single exchange. Moreover, every exchange book gives you high liquidity. For example, the Binance BTC/KNC books are diverse and have a high turnover resulting in faster order execution.

KNC is an ERC20 token that can be stored in any Ethereum-compatible wallet, including MyEtherWallet, MetaMask, and CoinStats Wallet.

KyberSwap Team

The team has an experienced and skilled advisory board comprising Vitalik Buterin, the Ethereum founder.

The protocol’s testnet became operational in August 2017. The Network’s initial coin offering (ICO) raised $60 million, the equivalent of 200,000 ETH, in September 2017.

The mainnet was launched in February 2018 and was only accessible to whitelisted users. In March 2018, the KyberSwap platform launched the mainnet as a public beta. The network volume increased by over 500% by the end of the second quarter of 2019.

Kyber Network (KNC) Token

KNC is the Kyber Network’s native token, released in 2017. The KNC price during the Initial Coin Offering (ICO) was $1 per token. Only 61% of the 226 million KNC raised for the ICO were sold, and the remaining share was split 50/50 between the founders/advisors and the company. The lockup term for this control is one year, while the vesting period is two years.

At the time of writing, the total supply of KNC was 223 million, with over 102 million tokens in circulation and a market capitalization of $116.5 million, as per the data available on CoinStats.

The token effectively supports the Network by connecting liquidity seekers and liquidity providers.

KNC is also the Kyber Networkecosystem’s governance token. Token holders can stake KNC tokens on KyberDAO to vote on platform updates, boost their value, and improve adoption rates. This will also increase the project’s functionality and value. The tokens are staked in cycles called “epochs,” which are measured in Ethereum block timings and have a time span of two weeks. Holders are entitled to a portion of the fees generated by the protocol’s liquidity pools.

KNC is also a deflationary token, i.e., a percentage of the token generated by fees is burned to decrease the cryptocurrency’s total supply. Deflation has a beneficial effect on the asset’s economic flow.

Note: Currently, the KNC supply is fixed until the KyberDAO votes to burn or mint more.

The protocol burned its first 1 million KNCs in May 2019 and the second 1 million KNCs in August 2019. While the first burning occurred 15 months after the launch, the second one was only after three months following the first, demonstrating the protocol’s rapid growth and acceptance.

Frequently Asked Questions

What Is the Kyber Network Crystal Token

KNC has several applications as the blockchain’s native token, such as staking for passive income rewards, platform governance, etc.

Is the Kyber Network Safe

As Kyber Network is a non-custodial, decentralized exchange, users need to link their wallets to begin trading while preserving anonymity and complete control of their crypto assets.

Kyber Network’s codebase has been audited by top audit firms Chainanalysis and Hacken and is available for public record.

Conclusion

Kyber Network aims to become a leader in the DeFi community for facilitating reserve liquidity through its functionality and operations. It offers liquidity by aggregating liquidity from several sources and is powered purely by code, a distributed network of software users, and the Ethereum blockchain. 

To reach its goal, the Kyber Network provides a protocol for decentralized exchange, an application programming interface (API) for token swaps, and the KNC cryptocurrency. The Network’s growth trajectory is strong, notably through quick token trades.

The protocol will increase trading volume, and KNC token demand as the Network’s utility in DeFi grows.

We hope our Kyber Network review has been helpful for your crypto trading!

You’re also welcome to visit our CoinStats blog to discover a broader perspective on decentralized finance and how it seeks to empower people. 

You can also read our articles, such as What Is DeFi, and explore our in-depth guides on various topics, such as What Is PanCakeSwap, What Is SushiSwap, Top 10 Metaverse NFT Projects, Best NFT Games, How to Buy Cryptocurrency and learn more about wallets and exchanges, portfolio trackers, etc.

Investment Advice Disclaimer:  The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice.

As a cryptocurrency trader, you were undoubtedly faced with the dilemma of choosing an exchange to suit your investment needs among a staggering number of trading platforms in the cryptocurrency market.

CoinStats regularly reviews leading platforms like Binance, Coinbase, or Kraken, relatively small but reliable crypto exchanges like the Bibox exchange, and a relatively new derivatives exchange like BTSE and presents their advantages and drawbacks to help you pick the right trading platform for buying, selling, and trading digital assets.

BTSE is a derivatives exchange that offers a rich suite of digital assets, spot and derivatives trading, NFT and exchange white labels, over-the-counter (OTC) trading, and a viable fiat to cryptocurrency conversion.

Our BTSE review will discuss the platform’s services and features, advantages and disadvantages, trading fees, security, etc., and demonstrate how to start trading on the platform to maximize profits.

Let’s get right to it!

What Is BTSE Exchange

BTSE exchange is a relatively new platform registered in the British Virgin Islands. It has been active since September 2018. The platform is a licensed entity formed by two registered companies, BTSE Commercial Brokers LLC (814684) and BTSE Payment Service Providers LLC (814678). Based in Dubai, BTSE is licensed by the Department of Economic Development, Government of Dubai, and operates under regulations set by the Central Bank of the United Arab Emirates.

The BTSE team comprises Jonathan Leong, co-founder / Chief Executive Officer; Brian Wong, co-founder / Chief Product Officer; Yew Chong Quack, Chief Technical Officer; and Joshua Soh, Chief Operating Officer.

BTSE stands for Bitcoin Trading and Securities Exchange and is described as a multi-currency digital assets exchange and derivatives platform that innovates and delivers a one-stop solution bridging the gap between traditional fiat markets and the crypto world.
The BTSE exchange offers spot and futures markets and a viable fiat to cryptocurrency conversion. It supports nine different fiat currencies and fiat/crypto pairs, including not only standard trading pairs for the US dollar and Euro but also the Japanese Yen, Swiss Frank, Hong Kong dollar, etc. The platform supports advanced trading options like spot trading, leveraged trading, the perpetual contract option, OTC trading, etc., and multi-asset collateral and settlement for derivatives trading.

Additionally, BTSE offers an all-in-one order book for deep liquidity, credit card top-ups for quick account funding, low conversion fees, and up to 12.5% APY for USDT deposits.

BTSE is the first exchange to offer Web3 wallet support for both MetaMask and Phantom wallet extensions enabling users to make easy deposits and withdrawals of Ethereum and Solana.

The platform offers lucrative incentives like deposit bonuses and referral programs, and the Testnet trading platform that enables novices to test the exchange’s features using fake money.

BTSE exchange currently generates over $1.5 billion in daily trading volume on BTC and ETH futures. The trading platform securely stores over 99% of customers’ funds in cold wallets.

The exchange was rated 7/10 on the CoinGecko security scale and ranked 56 safety-wise out of 518 exchanges.

How to Start Trading

Trading on the BTSE platform is relatively intuitive and straightforward. Follow this quick tutorial to begin trading right away:

Step #1: Registration

The BTSE exchange requires platform users to provide a valid email address or a mobile number and create a solid password to create a BTSE account. After submitting the form, check your email inbox for the registration confirmation and click the verification link.

Users wishing to upgrade their account and benefit from several advantages such as lower fees and larger withdrawal limits must undergo the Know Your Customer (KYC) procedure and verify their identity through ID confirmation and proof of residential address via a utility bill, credit card bill, bank statement, or mobile phone bill issued within the last 3 months.

Users wishing to trade fiat currencies must also perform identity verification.

Note: If you have a referrer, click “Referral Code” and fill it in.

Step #2: Deposit Funds

To start trading, users must deposit funds, like on any other trading platform. The BTSE exchange supports a wide range of deposit options, including:

Crypto Deposits

Users with experience in crypto trading can link their existing crypto wallets to the BTSE exchange and deposit their digital currency to begin trading.

Fiat Currency Deposits

You can also deposit fiat currency into your account through a wire transfer, a credit/debit card, etc.

NOTE: The BTSE platform requires ID verification for credit card deposits and additional proof of address for bank transfers and fiat withdrawals.

Step #3: Start Trading

To buy or sell digital currencies, you must go to TRADING and select the digital currency. Then you must choose the Buy/Sell method under “MARKET / LIMIT / INDEX.”

NOTE: BTSE exchange provides a user-friendly TradingView for monitoring price movements.

TIP: If you don’t find the token you need within the fiat pairs, check if it has an available pair with Bitcoin.

Spot Trading

• Click on “Spot” under “Trade” on the top navigation bar
• Search and enter the pair you want to trade
• Select Buy or Sell and choose your Order type
• Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy Order”/”Sell Order” to submit your order
• View your order in “Open Orders” at the bottom of the page.

Trading Options

BTSE exchange offers several trading options to cryptocurrency traders, including:

Spot Trading

The BTSE exchange spot trading feature offers 11 markets, 5 are standard trading pairs, and the other 6 are indexes. Since an index represents the performance of a group of digital assets, you’ll not be buying any actual underlying asset but rather the average performance of the group of assets.

Pairs like BTC/USD, USDT/USD, and ETH/USD are included in the standard offer, while BTC, ETH, LTC, and XMR are in the index offer, along with the BTSE 5 and BNC-BTSE (BBCX) composite indexes.

Here are the spot trading limits sizes:

• BTC: min 0.002 – max 2000
• USDT: min 10 – max 100,000
• ETH: min 0.05 – max 5000
• LTC: min 0.05 – max 5000
• XMR: min 0.05 – max 1000
• BTSE token: min 1 – max 25.

BTSE Futures Exchange

BTSE offers an extensive futures exchange, with over 20 futures contracts, such as BTC, ETH, LTC,  XMR, USDT, and BBCX.

Futures contracts also have an expiration range, and some offer a perpetual contract option, meaning a contract with no expiration date.

Following the industry standard, some futures can be traded up to 100x leverage, or a 1% initial margin, which brings us to the next order of business.

Leveraged Trading

Leveraged trading on the BTSE futures exchange can go up to 100x on some trading pairs, i.e., you need a margin of only 1% to make 100x larger orders.

NOTE: Margin trading is extremely risky. User funds can be lost if the trader bets on the wrong outcome. However, it can also grant massive returns if the bet is right, making it a high-risk/high-reward trading method.

OTC Trading

BTSE operates a 24/7 OTC (Over The Counter) desk at no additional cost. OTC trading enables prominent players in the crypto community to sell or purchase large amounts of digital currency, which is impossible on a regular trading platform because the crypto market value is affected by large trades.

Furthermore, the order book might be too thin to execute the relevant trade.

Trading Fees

BTSE Exchange uses different fee structures for its spot and futures trading platforms. For spot trading, BTSE uses the maker/taker fee model, which charges takers more than market makers. For accounts trading <100 BTC per month, maker fees are 0.05%, while taker fees are 0.1%. Moreover, the platform determines the account VIP level based on a one-month rolling window of trading volume, which is recalculated daily. Higher volume accounts benefit from a trading fee reduction of up to 80% on maker fees and 70% on taker fees.

Specific trading conditions are set according to a user’s trading volume (calculated in Bitcoin) and VIP level.

Trading volume in another currency is converted into Bitcoin-equivalent volume using the spot exchange rate.

It also offers a direct conversion tool between USDC, TUSD, and USD, charging just 0.3% to convert these stablecoins to fiat.

BTSE exchange doesn’t charge deposit fees.

Deposits and Withdrawals

BTSE platform enables you to make a deposit via SWIFT remittance. You get your transaction number and bank information under “Login” > “WALLETS” and can view all SWIFT remittance fee types on the platform’s site.

To withdraw fiat currency, go to SWIFT Remittance Log-in and “WALLETS,” and click on “Withdraw” under the fiat currency field. Enter the amount you want to withdraw and choose the bank account to which you want your currency to be withdrawn.

Similarly, to withdraw digital currencies, simply click “Withdraw” under the digital currency window, enter the amount, and choose the account you want your currency to be withdrawn to.

The BTSE withdrawal fees vary depending on the withdrawal currency and typically stand at the industry average. The minimum withdrawal amount also differs depending on the token.

For example, the Tether USD coin minimum withdrawal amount stands at 10 USDT, and its withdrawal fee is 5 USDT, with no minimum deposit or deposit fee.

Bitcoin traders, on the other hand, get different terms. The minimum withdrawal for BTC is 0.002 (equivalent to approximately $40 at the current rate), and the deposit fee is 0.0005 BTC (roughly $10).

NOTE: The crypto market is volatile, and the fees listed in digital currency have no solid dollar equivalent and are subject to change due to that volatility.

The deposit and withdrawal conditions are different for crypto traders wishing to withdraw in fiat. For example, the minimum withdrawal and deposit amounts for USD are $1,000, and the fee is 0.1% off the relevant trade. No deposit fee is charged. Fiat currency deposits may be charged a bank fee, payable to the bank, not to BTSE.

BTSE Token

The BTSE token is the exchange’s native token powers the BTSE ecosystem. It grants holders extra advantages and serves as the exchange’s base currency. The BTSE token is the first exchange token built on Liquid, a Bitcoin sidechain-based settlement network for traders and exchanges. The BTSE token reduces holders’ trading fees and is used as a payment method for buying BTSE exchange products and services. Additionally, the BTSE token allows users to save 60% on exchange fees.

Customer Support

Regarding cryptocurrency exchange assessment, customer support is an essential factor to consider. BTSE reviews often include the exchange’s poor customer service in their list of disadvantages. Moreover, some customers report it to be slow and unhelpful. The platform has no live chat, social media channels, or phone support to enable users to contact BTSE instantly and solve their problems without wasting time.

BTSE exchange provides a support desk with a help chatbot designed to answer only general concerns about using the platform.

To contact BTSE customer support, you must use the internal ticket system only. You’ll get a reply after several hours according to your query, which might not solve your problems.

Frequently Asked Questions

Is BTSE Exchange Available In the US

While there is no direct restriction from the BTSE exchange, US customers might go against the Securities Exchange Commission (SEC) regulations while using the platform. Some other global restrictions include Belarus, Cuba, North Korea, Syria, Iran, Venezuela, Libya, Russia, and Yemen.

Is BTSE Exchange Safe

BTSE hosts its own exchange and doesn’t rely on lax third-party security, which can lead to data breaches. It uses Google’s two-factor authentication system, preventing unauthorized people from accessing users’ accounts. 

BTSE Exchange claims user funds are stored in cold storage, accessible only via multiple keys. The exchange has been praised for bringing institutional-grade security to everyday investors.

Is BTSE Exchange Decentralized

BTSE exchange is a Decentralized Finance (DeFi) platform that supports trading in fiat currencies and digital assets.

Conclusion

The BTSE crypto exchange is an all-in-one platform with top-notch security and a wide range of digital assets, trading pairs, and deposit methods. It offers high flexibility and liquidity to its traders. The exchange is beginner-friendly, enabling novices to quickly and efficiently buy, sell, convert, or invest on the platform. The BTSE platform also provides advanced trading features to experienced traders, including traditional spot markets and leveraged trading.

The introduction of a separate educational platform, the BTSE academy, has already gained massive popularity amongst cryptocurrency traders.

BTSE also provides some unique features compared to its competitors, such as access to verified merchants and the possibility of becoming verified merchants.  

We hope our BTSE exchange review has been helpful for your crypto trading!

It should, however, be kept in mind that cryptocurrencies are volatile, and nothing in this article is a piece of financial advice. 

If you wish to learn more about cryptocurrencies, blockchain technology, and DeFi, you’re welcome to visit our blog and read articles like “What Is DeFi.” To learn how to manage your crypto portfolios, read our “Crypto Portfolio Trackers.”

As a cryptocurrency trader, you were undoubtedly faced with the dilemma of choosing an exchange to suit your investment needs among a staggering number of cryptocurrency exchanges.

CoinStats regularly reviews leading platforms like Binance, Coinbase, or Kraken, relatively small but reliable crypto exchanges like the Bibox exchange, and a global exchange like Bitmart and presents their advantages and drawbacks to help you pick the right trading platform that suits your needs.

Bitmart exchange is a global cryptocurrency exchange platform for trading cryptocurrencies and earning on crypto. It offers users decentralized financial (DeFi) services, a wide range of cryptocurrencies, advanced trading features, and an NFT marketplace.

Unfortunately, the exchange was hacked in December 2021 and lost an estimated $196 million in cryptocurrency.

Our Bitmart review will discuss the platform’s services and features, pros and cons, trading fees, security, etc., and demonstrate how to start trading on the platform to maximize profits.

Let’s get right to it!

What Is BitMart

BitMart is a global cryptocurrency exchange with over 5.5 million users in 180 countries. The platform was launched in 2017 in the Cayman Islands, with its offices in China, South Korea, and the United States.

BitMart enables trading in over 1,000 digital assets and provides investment services and advanced features to a global customer base, including margin and futures trading. You can trade not only the most popular cryptocurrencies, such as Bitcoin, Ethereum, Dogecoin, Solana, Ripple, Cardano, etc. but also small and newly released crypto assets.

In 2018, BitMart launched the BitMart Token (BMX), which provides token holders with special trading discounts and numerous other benefits on the exchange.

The trading platform has added numerous new features, including staking, lending, savings products, and derivatives trading.

Bitmart provides a simple buy/sell crypto feature where beginners can trade crypto using multiple payment methods with just a few clicks. Additionally, it offers advanced features such as spot trading, futures trading, margin trading, derivatives trading, OTC trading, etc., allowing investors to use leverage with their crypto investing.

The platform provides an NFT marketplace where you can buy NFT tokens and competitive fees. BitMart uses a maker and taker model to determine the trading fees, starting from 0.25% respectively and reducing with trading volume.

However, the BitMart exchange was hacked in December 2021, when the private keys of its hot wallets were compromised, resulting in the theft of $196 million worth of cryptocurrency. 

Bitmart Features

Now, let’s have a closer look at the Bitmart crypto exchange features:

Wide Selection of Cryptocurrencies

Bitmart has a vast selection of digital assets compared to other trading platforms that users can buy and sell easily on the exchange.  

Margin and Futures Trading

In addition to its simple buy and sell function, Bitmart provides its users with crypto futures trading and margin trading options.

Bitmart includes a futures market with leveraged trading up to 100x and DeFi services such as borrowing and lending products. The derivatives and futures markets allow Bitmart customers to perform future trading without the hassle and speculate on the market.

Remember that trading crypto is highly risky, and futures and margin aren’t recommended for most crypto investors.

Bitmart Lending

BitMart Lending offers passive income for investors looking to earn passive income via crypto lending options. To participate in lending, you must subscribe, and your selected token will get locked. You’ll receive the deposited tokens and the interest accrued to your BitMart account when the term is completed.

The annually calculated accrued interest can vary between 5% and 120%.

Bitmart Earn

Bitmart customers can earn passive income through their crypto holdings on the platform. There are multiple ways to earn passive income on Bitmart, namely:

• Bitmart Staking: Staking is the process through which users lock their crypto assets on a blockchain network to validate transactions on the blockchain and earn rewards in proportion to their locked tokens. With Bitmart Staking, users can lock up funds for 30 to 90 days to earn Bitmart staking rewards.                                                       

• Bitmart Savings: With Bitmart Savings, you can earn an APY as high as 50 percent on your crypto holdings. The digital assets you can make through Bitmart savings range from stablecoins like USDC and USDT to large caps like BTC, ETH, LTC, etc., and newly listed tokens such as FND, VCG, DHLT, etc. Remember, however, that the feature is not available to US users. 

Bitmart Dual Investment: This unique feature allows users to earn in any of the two currencies in a trading pair. The trading pairs available are BTC/USDC, ETH/USDC, SOL/USDC, and BCH/USDC. You can select your preferred asset, choose the method (Sell high or Buy low), enter the subscription amount, and pick a settlement date from the options. With Bitmart Dual Investment, users can hedge against the massive price fluctuations in cryptocurrencies and earn on crypto assets or stablecoins like USDC. This feature also isn’t available to US users.                                                          

Bitmart NFT Marketplace

The Bitmart NFT marketplace aims to bring NFT artists, communities, enthusiasts, and collectors together, enabling them to create, purchase, and trade some of the world’s best and most unique NFTs. Users need to create a Bitmart account to access the BitMart NFT marketplace. The NFTs supported on Bitmart are all ERC-721 tokens, the details of which can be found on Etherscan. 

Bitmart Launchpad

Bitmart launchpad is the place where new and exciting tokens are launched. The Mission X2 project has been created for investors wanting to support startups and receive premiums from them. The investors are required to transfer a certain amount of BMX to the chosen startup. Once the amount of BMX reaches 1 million, the project token may enter the BMX market and be paired with BMX.

Bitmart Institution

Bitmart Institution is designed for large institutional investors and enables them to become a broker and a market maker, earn rewards, participate in OTC trading, or list their own tokens on the platform. While users have to fulfill certain conditions to access these features and services, Bitmart Institution proves to be very profitable for large institutional investors and entities. 

Bitmart Referral Program

Bitmart has a very lucrative referral program for existing users, allowing them to invite their friends to trade on Bitmart and earn up to 40 percent from their trading fees. You can invite your friends to Bitamrt through a referral link or QR code. 

Bitmart Affiliate

Any user can apply to become an affiliate for Bitmart. Once the application is approved, the user gets their unique referral link to share in their networks and earn commissions as high as 100 percent on spot and futures trading.

Bitmart Task Center

Even new users on Bitmart can get a chance to win up to USD 3000 rewards by completing a few simple tasks. By signing up for Bitmart and creating an account, you can win up to USD 500. For depositing USD 100 or more, you stand a chance to win up to USD 1000, and if your first spot trade is USD 100 or more, you become eligible to win up to USD 1500.

These are some of the most popular and commonly used features of Bitmart. In the next section of our Bitmart review, we’ll explain how to access these features and introduce you to the Bitmart fee structure. 

Setting up a Bitmart Account

To set up a Bitmart account, you must sign up with your email address or phone number and create a strong password. Once you’ve successfully created an account on Bitmart, you must verify your identity to start crypto trading immediately.

The verification process differs depending on the accounts’ types:

Level 1 Starter

The verification process for Level 1 users’ accounts is straightforward and requires only personal details like a valid email and a phone number to set up two-factor authentication. Once you’ve entered these details correctly, you can start using the Bitmart trading platform to buy and sell crypto assets. 

Level 2 Advanced

To gain access to all the features and make the most of your Bitmart trading, you must upgrade to Level 2 and become an Advanced trader. The verification process involves providing a government-issued valid identification card and a complete facial verification. 

Additionally, there is a special onboarding process for institutional investors and companies. Our Bitmart review will focus on retail users. 

Once you’ve created a user account, the next step is to deposit funds into your Bitmart wallet. You can deposit crypto assets directly from your crypto wallets (software or hardware), and the exchange doesn’t charge deposit fees. The Bitmart withdrawal fees vary depending on the cryptocurrency and the network used to withdraw funds. 

Buy Cryptocurrencies

Bitmart allows you to buy and sell cryptocurrencies using fiat currencies through debit or credit cards, PayPal, payment gateways such as MoonPay or Simplex, etc.

Bitmart Fee Structure

While the exchange doesn’t charge any deposit fees, it charges a small trading fee from its users. Bitmart competitive fee structure is one of the factors that makes it so popular amongst its users. The fee structure is tiered, and the trading fee for a standard user starts at 0.25 percent. Your level in the tiered structure depends on the number of BMX tokens you hold. The higher the number of BMX tokens, the lower the fee charged, as shown in the table below. 

For professional users, the levels range from PRO1 to PRO6, and the trading fee goes down as one moves up the level. The 30-day trading volume in BTC determines the trading fees and levels for professional users – higher volume means higher level and lower trading fees. The trading fees for pro levels are displayed in the table below:

Bitmart Security

Our Bitmart review will now look into security as one of the most important considerations when choosing a crypto exchange for crypto trading. According to the official Bitmart website, it has an Advanced Risk Control System that utilizes a hybrid model of hot and cold wallet systems with multi-signature technologies. On top of that, Bitmart is registered as a Money Service Business in the USA with Financial Crimes Enforcement Network, making it a legitimate cryptocurrency exchange for crypto trading in the US. 

However, despite all the Bitmart exchange’s security measures, it became subject to a hack of USD 196 million in 2021. As stated, some hackers had gotten control over the private keys to two of Bitmart’s hot wallets used to store users’ funds and assets and managed to hack the Bitmart exchange. The company later stated that it would reimburse all its users with the funds they had raised.

Trading Experience Bitmart

Since the hacking incident in 2021, the Bitmart ratings on Trustpilot have gone down to 3.6 out of 5 stars. Another reason behind this low ranking is that the 0.25 percent standard fee charged by the trading platform can be higher than other popular exchanges.

To sum up, the Bitmart exchange is suitable for professional-level traders or those wishing to invest in small-cap and newer cryptocurrencies. 

Final Word

Our detailed Bitmart review has revealed that you can easily trade and exchange crypto on the platform. The exchange provides several advanced features to make your crypto journey straightforward and more efficient. Moreover, its registration with FCEN makes the Bitmart exchange legit in the US, and users don’t have to worry about their funds being suddenly frozen by the government.

It should, however, be kept in mind that cryptocurrencies are volatile in nature, and nothing in this article is a piece of financial advice. 

If you wish to learn more about cryptocurrencies, blockchain technology, and DeFi, you’re welcome to visit our blog and read articles like “What Is DeFi.” To learn how to manage your crypto portfolios, read our “Crypto Portfolio Trackers.”

SimpleSwap is an easy-to-use instant crypto exchange that enables users to trade, buy, or sell crypto assets through several cryptocurrency exchanges and provides over 500 cryptocurrencies.

The SimpleSwap crypto exchange was launched in 2018, aiming to simplify the swapping or buying of crypto instantly, including with a credit or debit card, Google Pay, or Apply Pay. The platform is free from sign-up or trade limitations and has a user-friendly interface that provides an easy exchange process.

In this SimpleSwap review, we cover everything you need to know about SimpleSwap’s reliable service, SimpleSwap fees, features, and the SimpleSwap trading system to help you decide if it’s a suitable exchange for you.

So without further ado, let’s get started!

What Is SimpleSwap

SimpleSwap is an instant crypto platform registered in the Marshall Islands. The platform was launched in April 2018, aiming to make the exchange process straightforward and without any complications or limitations, i.e., users aren’t required to register or sign up on the platform. Traders can simply visit the website or open the app, enter the transaction details, and process it.

SimpleSwap enables users to trade their crypto assets or buy new assets for fiat currencies through numerous cryptocurrency exchanges and provides over 500 coins.

The SimpleSwap trading system is integrated into the largest crypto exchanges to enable instant coin exchanges with no deposit storage. SimpleSwap users don’t have to worry about choosing the most profitable exchange rate because the system works with 15+ trading platforms and exchange partners, including OKEx, Bittrex, and Binance, to find the best exchange rates for them.

In addition to the classic API with a floating rate, the platform also offers fixed-rate exchanges allowing traders to see the exact amount of crypto they’ll get after the swap before the exchange process. Both the fixed rate API and the classic API with a floating rate can be easily integrated into different wallets and services.

SimpleSwap also offers its own crypto wallet, SimpleHold, that can be used as a browser plugin and is based on AES encryption.

The company offers an affiliate program, sending a unique affiliate link to new users registering on the exchange platform. Every time someone uses this link, the user receives up to 90% of the exchange profit.

Additionally, the SimpleSwap Loyalty Program allows users to get BTC cashback for every exchange made on SimpleSwap.

SimpleSwap Coin (SWAP)

SimpleSwap coins (SWAP) are the internal currency for the platform’s loyalty program and hold a utility value where users can get BTC cashback, promos, unique branded goods for crypto enthusiasts, and other advantages. SimpleSwap Coins may also be earned as a reward for bounty campaigns, social media contests, etc.

How Does SimpleSwap Work

The SimpleSwap cryptocurrency exchange provides an intuitive interface and speedy transactions. With over 500 assets and a diverse variety of trading pairs, the platform attracts a large number of users.

SimpleSwap is available on both web browsers and mobile applications. Its mobile app is supported by both iOS and Android and can be downloaded from AppStore and Google Play. Registering an account for making exchanges and quick transactions isn’t required on the platform. However, certain benefits to being a registered customer of this instant crypto exchange include participation in their Loyalty Program.

Follow the steps highlighted below to start trading on SimpleSwap:

• Visit the SimpleSwap homepage
• Choose a floating rate or a fixed rate
• Select the crypto you want to swap under the first drop-down list
• Select the crypto asset you’d like to receive on the second drop-down list
• Enter the amount of crypto to be swapped and the recipient’s address
• Click on Exchange to complete the transaction.

The platform doesn’t charge withdrawal fees but charges a total of 4.95% for deposits in fiat currencies. and commissions on Visa and Mastercard deposits. The SimpleSwap fees depend on the crypto you buy and are believed to be included in the cryptocurrency prices offered for exchanges.  

SimpleSwap Features

While SimpleSwap doesn’t offer advanced trading features, here is the list of features that help the platform provide a great user experience:

• Instant transactions through cryptocurrency exchanges, with funds being typically deposited within a few moments.
• Wide range of supported cryptocurrencies.
• The platform’s own SimpleHold free crypto wallet that supports a wide range of crypto assets and employs AES to safeguard SimpleSwap users’ private keys.
• 24/7 customer support with a live chat feature, through which users’ issues can be quickly resolved. The support staff may also be reached by Twitter, Telegram, email, etc.
• Price alert notifications through the mobile app.
• No sign-up, no KYC, and no restrictions on the number of coins to exchange, i.e., you can swap as much crypto as you want.
• The SimpleSwap trading system integrated into the largest cryptocurrency exchanges to quickly find the most profitable exchange rates.
• Fixed-rate exchanges allowing traders to get the exact estimated amount of crypto.
• Attractive Affiliate and Loyalty Programs.
• The platform’s own SimpleSwap Coin.
• SimpleSwap mobile app allowing users to swap assets on the go.
• Intuitive and effective interface.
• Supports multiple deposit methods.
• Tailor-made solutions for those who want to connect their business with the Crypto World.

SimpleSwap Registration

SimpleSwaps is a registration-free instant cryptocurrency exchange that allows you to start trading immediately.
Simply visit the site, enter the data, and execute the swap or transaction without KYC verification. However, the platform requires a mandatory KYC verification when dealing with any problems or incorrect transactions.

To create a SimpleSwap account, simply enter your credentials and follow the on-screen instructions. The platform also supports logging in with Google and Facebook accounts. SimpleSwap rewards all registered customers executing a swap on the platform with 1,000 SWAP coins.

Buy and Sell Crypto

You can not only swap cryptocurrency on SimpleSwap but also sell or buy crypto with fiat. The platform has partnered with Mercuryo to enable the exchange of 14 fiat currencies, including USD, EUR, GBP, RUB, UAH, and TL, to crypto.

Follow the steps highlighted below to purchase cryptocurrency with fiat money on the platform:

• Visit the SimpleSwap homepage and choose the Buy/Sell Crypto tab
• From the drop-down list of the “You send” section, choose the currency you’d like to pay, like the USD, and enter the amount you want to spend.
• From the drop-down list of the “You get” section, select the cryptocurrencyyou’d like to buy, like BTC. You’ll see the estimated amount you get, and if everything is correct, select “Exchange.”
• Ensure to enter the correct address where your crypto should be sent.
• Agree with SimpleSwap and Mercuryo Terms of Service and Privacy Policy.
• Click “Go to the exchange page.” You’ll be redirected to Mercuryo’s page to make the payment. Mercuryo requires you to enter data to verify your identity if it’s your first time buying crypto with fiat. This applies to purchases over €900 only; however, in some regions, you may be asked to pass verification. Once the necessary information’s provided and confirmed, you can easily buy crypto with credit and debit cards without going through this process again.
• Your exchange will be completed and displayed on the screen.

SimpleSwap Fees

Each transaction and swap with SimpleSwap is subject to a fee. The price, however, is classified as a network fee rather than a trading fee. The fee structure is not adequately specified by the company, but the exchange prices are assumed to incorporate the cost in advance. This is certain to cause alarm among customers who desire to trade large amounts of crypto assets such as Ethereum and Bitcoin on the site.

Users can select a floating or a fixed exchange rate.

Commissions are charged on Visa and Mastercard deposits and a total of 4.95% for fiat currency deposits. SimpleSwap offers customers a specific rate based on market rates for crypto to crypto swapping.

There are no fees for opening an account or for any account inactivity.

SimpleSwap doesn’t charge a withdrawal fee since it never keeps any assets in the first place.

Integration With Exchanges

The SimpleSwap trading system is integrated with the world’s leading cryptocurrency exchanges such as Binance, Kraken, Swapzone, OKX (formerly OKEx), KuCoin, Poloniex, Bitfinex, Bittrex, HitBTC, Huobi Global, etc., to identify the most profitable exchange rates for its customers quickly.

Payment Methods

SimpleSwap supports multiple payment methods. SimpleSwap users can buy crypto using cryptocurrencies and fiat currencies. The platform supports Visa and Mastercard, bank accounts, Google Pay, and Apple Pay.

The complete list of fiat currencies, cryptocurrencies, and trading pairs offered by SimpleSwap can be checked on the company website.

Visa and Mastercard are the only means to deposit fiat into the exchange, and there are no minimum or maximum limits for depositing into the exchange. The total commission fee for the deposit is 4.95% of the total amount deposited.

The fiat deposit is supported in partnership with Mercuryo, which requires users to complete KYC verification before depositing money on the platform.

The network fee for depositing and swapping crypto depends on the trading pair involved and is affected by the coin’s blockchain.

Supported Countries

SimpleSwap is accessible on multiple continents; however, it’s not available in the United States. For fiat to crypto exchange, the service is available in all countries except those on the FATF list.

SimpleSwap Loyalty Program

SimpleSwap’s Loyalty Program rewards users with a 0.5% cashback in SWAP for each completed transaction. It also allows users to purchase a BTC cashback subscription by creating a customer account and enabling the Loyalty Program on the “Subscription” page. Customers who’ve accumulated a sufficient number of SWAP tokens can purchase a Bitcoin cashback subscription.

SimpleHold Wallet

SimpleHold is SimpleSwap’s non-custodial (light) wallet. It was developed by the SimpleSwap team and enables users to transfer, receive, and securely store major cryptocurrencies and non-fungible tokens (NFTs). SimpleHold is available as a mobile app (iOS and Android) and a browser plugin (Chrome, Firefox, Brave, etc.).

SimpleSwap Unique Features

SimpleSwap offers some unique features that set it apart from most cryptocurrency exchanges. The platform’s trading system is linked to some of the world’s most significant crypto exchanges allowing users to exchange more than 500 crypto assets at the best rate. SimpleSwap users don’t need to store their funds on SimpleSwap because the platform processes all exchanges instantly. Also, no sign-up is required, no trading limits, and no need for KYC verification for buy and sell orders up to 900 USD and equivalents.

SimpleSwap also provides fiat-to-crypto and crypto-to-fiat services, enabling users to buy crypto with fiat through Mastercard and Visa credit and debit cards.

Users can start trading digital assets immediately via its easy-to-use, intuitive interface available via the website or mobile app.

SimpleSwap API

SimpleSwap also provides a transparent and easy-to-use API (application programming interface) with market intel that allows the integration of exchanges with floating and fixed rates. The API can be used by developers or investors to examine the cryptocurrency market trends, analytical data, etc., to make more profitable investments.

SimpleSwap Security

SimpleSwap offers a high level of security comparable to that of some of the largest exchanges and platforms in the decentralized financial sector. The company’s wallet also has a good security rating because of its AES encryption technology. SimpleSwap doesn’t keep any assets, so the platform isn’t a common target for cyber assaults. However, users are urged to consider all factors when evaluating safety and security, such as the exchange, protocols, and wallet.

SimpleSwap Customer Support

SimpleSwap offers 24/7 customer support in English. SimpleSwap users can use the live chat support to get their queries solved quickly, raise tickets, or send emails. They can also browse the FAQ Section to get answers to common issues. The SimpleSwap support team has been very effective and quick in responding to users’ problems.

SimpleSwap Regulations

Despite operating in multiple countries, SimpleSwap is not regulated. The platform abides by the local laws and regulations of the locations in which it operates, and its partners are all regulated in various jurisdictions.

FAQs

Is SimpleSwap Safe

SimpleSwap appears to be a secure and trustworthy platform. There have been no records of hacks or lost money from the exchange.

Does SimpleSwap Support THETA

Yes, SimpleSwap supports THETA.

Is SimpleSwap Available in the United States

No, SimpleSwap is not yet available in the United States. United States residents will have to look for an alternative instant trading platform that doesn’t require verification.

Final Thoughts

SimpleSwap is a versatile and easy-to-use instant platform that enables users to start trading immediately without undergoing extensive verification or trading limits. It’s a top recommendation for users wishing to trade a wide selection of cryptocurrencies without bothering about liquidity pools. The platform’s unique features and reliable service make it efficient, convenient, and transparent.

You’re also welcome to visit our CoinStats blog to discover a broader perspective on decentralized finance and how it seeks to empower people.

You can also read our articles such as What Is DeFi, explore our in-depth guides on various topics, such as What is PanCakeSwap, What is SushiSwap, Top 10 Metaverse NFT Projects, Best NFT Games, How to Buy Cryptocurrency, and learn more about wallets and exchanges, portfolio trackers, etc.

Investment Advice Disclaimer:  The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice.

Cryptocurrency is a highly volatile market, sensitive to secondary activity, do your independent research, obtain your own advice, and only invest what you can afford to lose. There are significant risks involved in trading CFDs, stocks, and cryptocurrencies. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider your own circumstances and obtain your own advice before making any investment. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.

Decentralized Finance (DeFi) is one of the biggest trends in the blockchain industry and has the potential to overtake the traditional financial system in a decentralized and permissionless way through distributed ledger technology (DLT), and DApps built on the blockchain. DeFi aims to bring everyone secure, efficient, and transparent financial services.

The DeFi market has experienced exponential growth since the summer of 2020, referred to as “the DeFi summer,” when the number of DeFi projects reached 235, and the TVL, total value of crypto-assets locked in DeFi applications, exceeded USD 200 bn in 2021.

The unprecedented growth of different DeFi projects and their decentralized nature make it difficult for crypto investors to track each project individually to keep up to date with the multi-chain world. DefiLlama was designed to offer a solution by providing cross-chain data on the state of Decentralized Finance and the popularity and liquidity of each protocol. 

DefiLlama is one of the largest TVL aggregators that tracks the DeFi TVL (total value locked), i.e., the current value of cryptocurrencies deposited in a liquidity pool, lending pool, or staked on a DeFi protocol, of popular chains and their DApps.

Read on to learn everything you need to know about DefiLlama, its features and competitors, and how to make the most of it.

Since we mentioned DeFi above, are you ready to learn more? You’re welcome to check the CoinStats guides “What Is DeFi,” and “DeFi Solutions” to explore the concept further. As Sam Bankman Fried had proclaimed some time ago, DeFi is hot and full of potential, but it has a long way to go.

Let’s get right to it!

What Is DefiLlama

DefiLlama is a decentralized analytics dashboard that tracks DeFi platforms and their Dapps and uses TVL to show which DeFi protocols are the largest and how they develop over time. The platform aggregates the cross-chain data on the state of Decentralized Finance, including cumulative data for all chains combined, and presents it to DeFi users for free.

DefiLlama claims it is committed to accurate data and transparency without ads or sponsored content. DeFiLlama lists DeFi projects from all chains and sources reliable data from open DeFi protocols, where blockchain data is available to the public, i.e., over 130 Layer 1 blockchains, 1750 DApps, etc. This data is maintained by a team from their respective communities and coordinated through the DefiLlama/DefiLlama-Adapters Github repository.

DefiLlama collects data on a protocol by calling some endpoints or making some blockchain calls. Currently, the SDK only supports EVM chains, so if your project is in any of these chains, you should develop an SDK-based adapter, while if your project is on another chain, you will need a fetch adapter. The adapter is a function that returns the balances of tokens in your protocol’s smart contract at that time and takes a timestamp (on Ethereum).

The platform acts as a one-stop protocol where users can keep track of all the popular blockchains and the DeFi protocols, DApps, etc., associated with them. At the time of writing, DeFiLlama tracks over 1750 DeFi protocols and over 130 different blockchains. 

Apart from the accurate data on TVL, the DeFiLlama product keeps track of DeFi analytics for the following:

• DeFi Applications
• DeFi Chains
• DeFi Oracles
• DeFi Forks
• DeFi Airdrops
• NFTs.

What Is Total Value Locked

The total value locked is the most important data available on DeFiLlama. The TVL or total value locked is the total amount of crypto assets/tokens deposited into DeFi protocols. The TVL growth for a DeFi protocol strongly indicates increasing user confidence and activity in DeFi protocols. TVL is computed based on the USD-denominated value of the tokens locked in smart contracts such as:

• Staking Pools: The assets, including staked lp tokens where one of the coins in the pair is the governance token, are locked across various staking pools on a Proof-of-Stake blockchain. Stakers earn interest in proportion to the assets locked up in staking. 
• Lending: DeFi protocols act as a lending platform and use smart contracts to process the loans. The tokens locked across various lending platforms are part of the TVL calculations. DeFi users lending their tokens earn interest on them. 
• Liquidity: Liquidity in the DeFi projects is one of the major indicators of people’s trust and support of those projects. Users locking their tokens in a project are provided with liquidity mining incentives. 

Remember that TVL is not a metric to measure how much one can earn on their deposits; it’s simply the total value of tokens locked within the ecosystem. The TVL for a particular DeFi protocol can change when:

• Users withdraw or deposit crypto assets into a DeFi project. 
• Prices of the tokens supported by DeFi projects, including native tokens, change.

Note: As crypto prices are highly volatile, the TVL also keeps changing. However, if the prices are down, it doesn’t necessarily imply an outward capital flow from the project. 

If a DeFi protocol is built on multiple chains, its TVL across those chains would be different. Since most DeFi projects are built on Ethereum, it makes Ethereum the most extensive network in terms of TVL. 

Tip: The market cap of a DeFi protocol shows active and passive investors’ support for a protocol. On the contrary, the total value locked is a clear indicator of the performance of a protocol in the DeFi ecosystem. 

How Does DefiLlama Work

When visiting the DeFiLlama site, you’ll go straight to its dashboard, displaying a chart of TVL across different DeFi activities. The home page includes TVL rankings for DApps based on USD, the TVL of different blockchains, profit generation and insurance protocols, decentralized exchanges, and the percentage change over one day, seven days, and a month. 

You can scroll through TVL rankings based on separate chains such as Ethereum, Terra, Fantom, Binance Smart Chain, Tron, etc., or choose a generic overview of the market.  Selecting a chain will enable you to view applications built for that particular chain based on TVL and select the top largest DeFi applications. You can also check if the application is compatible with other chains under the “Chains” tab.

This helps you find the best DeFi exchanges for the largest chains without doing individual research for each.

On the left-hand side of the dashboard, you can also find individual sections, including: 

• Chains
• DeFi Forks
• Airdrops
• Oracles
• Stablecoins.

How Do DeFiLlama Sections Work

As a multi-chain TVL dashboard, DefiLlama represents stats of DeFi activities related to the following:

DeFi Chains

On the DeFiLlama dashboard, click “Chains” to view a list of Layer 1 chains and check the TVL of the largest blockchains. DeFiLlama only lists Layer 1 blockchains that are smart contract compatible and on which applications can be developed; therefore, Bitcoin is not there.

The Ethereum blockchain is the largest DeFi chain, with a market share of 57.88 percent and a TVL of USD 35.56 billion, at the time of writing. Ethereum supports EVM chains and enables developers to create ERC-20 tokens, DApps, etc. DeFi started with Ethereum, which allowed developers to create apps such as UniSwap, OpenSea, etc., and make the ground for decentralized trading, NFTs, etc. However, the Ethereum dominance has decreased drastically from nearly 95-97 percent in early 2021. A major reason behind this was the substantial increase in gas fees, leading users to move to competing chains such as Terra, BSC, and Avalanche.

DeFi Oracles

You can view the top oracle services in the market through the Oracles tab.Blockchain oracles help decentralized ecosystems communicate with the external world to validate data, improve security, and prevent chains from being isolated through smart contracts. They send data, such as price feeds, payment service data, weather data, etc. 

DeFi Forks

A fork is a copy of original software that’s been slightly altered to make improvements. Most DeFi applications are open-source, so the code is commercially available and can be cloned for other projects. Forks can sometimes have more combined TVL than the original application.

DeFi Airdrops

On the DefiLlama Airdrops tab, you can find protocols that may airdrop soon and get in early to optimize your earnings.A DeFi airdrop is a token giveaway usually completed when a new cryptocurrency is launched to promote the token, reward early users, and build a DeFi community.

DeFi Stablecoins

You can use the Stablecoins tab to view the market’s most popular stablecoins, ranked by market caps.

DefiLlama Features

DeFiLlama has added the following features to the TVL aggregator, such as:

Chain Breakdown

Anyone using DeFiLlama can access TVL data for a particular protocol across various chains. This breakdown provides users with an insight into which chains the protocol is deployed and the fragmentation of its TVL across chains.

Market Cap Data

Along with TVL data, DeFiLlama provides a protocol’s market cap data to allow users to evaluate a protocol (Mcap/TVL).

Charts

DeFiLlama charts help users understand and track the protocol’s total inflows and outflows, thereby providing insight into the future prospects of a DeFi project. 

Chain TVL

DeFiLlama tracks over 130 blockchains and provides data on the TVL of each chain. You can click any of the chains and get a DeFi list of projects operating on that blockchain. 

Stablecoin Market Cap

Another underused DeFiLlama product is the Stablecoin Market Cap chart. It provides a detailed breakdown of the total stablecoin market cap by asset and chain. The information includes the MCap, information about the chains, the stablecoin’s price, etc.

Yield Rankings

This DeFiLlama product is divided into three categories, namely:

• Pools: Pool information is divided into projects, chains, TVL, the percentage change in TVL, and APY predicted outlook. 
• Overview: A heatmap of APY across different protocols and charts of APY average vs. volatility in the market.
• Projects: Information on a protocol’s number of pools, combined TVL, audits, and median APY.

Conclusion

DeFiLlama is one of the most fundamental and trusted web tools enabling you to learn about DeFi protocols and blockchains, their growth, and liquidity to make investment decisions based on actual data. DeFiLlama aggregates all the data and develops new tools to help you keep track of them in real time.

Although cryptocurrency prices on decentralized or centralized exchanges may look good, it’s hard to make an informed investment decision without all the data, such as price deviations.

You’re welcome to apply DeFiLlama tools to look up the popular chains and try out the DeFi applications built on them.

FAQ

Are There Any DefiLlama Alternatives

DeFiLlama has many competitors, such as CoinMarketCap, CoinGecko, DappRader, etc. To get the most accurate data, we’d advise using a combination of data sources from DeFiLlama and its competitors.

You can also use software such as DeBank -DeBank’s mission is to create a bridge between users, DeFi tech, and financial services; Ape Board – they support Ethereum, Binance Smart Chain, Terra, Solana, Binance Exchange, and Polygon; DeFi Pulse, etc., to check out the DeFi list which includes the best resources in DeFi and track and display all your DeFi activities across multiple chains.

What Other Applications or Services Does DefiLlama Integrate With

DefiLlama integrates with Aave, Arbitrum, Avalanche, BNB Chain, Celo, CoinGecko, Ethereum, Fantom, Fuse, Harmony, Instadapp, Polygon (Matic), Solana, SushiSwap, Terra, and Uniswap.

Does DefiLlama Have Integrations API

Yes, DefiLlama offers API access. Developers can use their API to integrate key statistics on their website and showcase the growth of the DeFi landscape.

To learn about wallets and exchanges, visit our “Wallet and Exchange Reviews. To discover how to keep track of all your DeFi activities across multiple chains for all your DeFi activities check out our “Crypto Portfolio Trackers.”

As a cryptocurrency trader, you were undoubtedly faced with the dilemma of having to choose an exchange to suit your investment needs among a staggering number of cryptocurrency exchanges out there.

To help you pick the right trading platform that suits your needs, CoinStats regularly reviews leading platforms like Binance, Coinbase, or Kraken and relatively small platforms like the LATOKEN Exchange and presents their advantages and drawbacks.

LATOKEN is an Estonian cryptocurrency exchange created in 2017. It supports a wide variety of digital assets for crypto-to-crypto trading and offers several investment solutions for staking, crowdfunding, and investing in DeFi coins. LATOKEN exchange offers high-speed transactions and NFT and stock markets to help you to diversify your portfolio.

Our LATOKEN exchange review will take you through one of the most popular decentralized crypto exchanges, discuss the LATOKEN platform’s services and products, pros and cons, trading fees, security, etc., and demonstrate how to start trading on the platform to maximize profits.

Let’s get right to it!

LATOKEN Pros and Cons

Our LATOKEN review has looked into some of the exchange’s pros and cons described below.

LATOKEN Pros

• Wide Range of Supported Coins and Trading Pairs

LATOKEN supports a wide variety of coins and crypto trading pairs. Apart from the mainstream coins, it also offers various altcoins and less popular trading pairs such as BIOFI/USDT, HCS/USDT, 5STAR/USDT, or HELPS/USDT.

• Innovative Projects

LATOKEN offers interesting and innovative projects available on the platform and invests a lot in due diligence to ensure that the listed projects are worth your attention.

• Intuitive UI

The platform has a user-friendly interface that’s intuitive and easy to navigate.

• Secure

The LATOKEN platform uses two-factor authentication and SMS verification to protect user funds. LATOKEN uses a 4-layer transaction security system, ensuring there are no leaks. Additionally, Latoken claims it stores around 99.5% of crypto assets in cold storage – adding another layer of protection.

• Coin Listing

With a $242 million monthly turnover (Feb 2022) and the ambition to list new and promising projects, the LATOKEN crypto exchange is ideal if you’re looking to list your tokens.

Note: Several scammers pretend to be LATOKEN listing managers, so ensure to talk to the company rather than an imposter.

• Mobile App

The LATOKEN exchange offers a secure and easy-to-use app for Android and iOS, allowing you to trade on the go without any problems.

• Referral Program

Creating a LATOKEN account allows you to access a special referral program and receive a referral link. If an invitee signs up using your link and verifies an email, both you and your invitee receive a credit that will return part of your fees paid on LATOKEN as cashback.

LATOKEN Cons

• Low Liquidity

LATOKEN’s trading volumes are significantly lower than other crypto exchanges, posing issues when you try to remove certain assets quickly.

• Steep Learning Curve

The LATOKEN exchange has no demo account, so novices can’t test the platform with fake money before moving to real assets. The platform doesn’t provide any notable tutorials or a help center to answer your questions or help you if you get stuck.

• Unsupportive Customer Support

The LATOKEN crypto exchange gets negative reviews for its slow and inefficient customer service. LATOKEN reviews mention long waiting times for getting help from the customer support team. The only way to contact customer support is via tickets or email, but no live chat is offered.

• No LeverageLATOKEN doesn’t offer margin or leverage trading. As the LATOKENplatform develops, it might add margin trading as most cryptocurrency exchanges provide it.

• Not Transparent

While LATOKEN is officially an Estonian company registered in the Cayman Islands, some experts claim it’s just a cover for a Russian organization.

• High Trading Fees

LATOKEN charges high commissions per trade. Both takers and makers pay 0.49%, while on most of the top platforms, trading fees are below 0.2%.

• Missing Popular Coins

While LATOKEN offers a wider variety of coins compared to other exchanges, it also misses some popular ones like Ripple, Bitcoin Cash, Stellar, and Litecoin.

What Is LATOKEN

LATOKEN is a digital asset exchange launched in December of 2017 that provides a multi-asset trading platform for both cryptocurrencies and tokenized assets. It offers a wide range of less-known cryptos, easy-to-use UI, robust security, high-speed transactions, a solid mobile app, etc. The platform differentiates itself from most exchanges by offering NFT markets for tokenized real-world assets.

LATOKEN relies on DAG technology (directed acyclic graph), which differs slightly from blockchain technology, to enable high-speed and transaction volume without many delays. 

The exchange has its own token, LA, serving its base currency. LA token is used to pay trading fees and is an exchange pair for all the platforms’ currencies. The token gives users a 50% discount on trading transacted with the coin and has been used for trading tokenized shares of Apple, Tesla, Google, etc., and gold, oil, and real estate ETFs.

LATOKEN believes that LA can be used to tokenize real-world assets.

While LATOKEN may seem like a great platform to diversify your holdings, it has notable issues like high fees, no fiat support, no leverage, and unsupportive customer service.

Most LATOKEN reviews have complained about issues with withdrawing or depositing funds, and a LATOKEN ex-employee has accused the company of listing scam coins through the company’s Twitter account.

LATOKEN Company Overview

LATOKEN company is based in Tallinn, Estonia, but registered in the Cayman Islands as LiquiTrade Limited. However, some publications claim that LATOKEN is a Russian exchange.

LATOKEN Supported Countries

LATOKEN supports different countries worldwide, with over 200,000 registered users on the exchange. Most LATOKEN users are from Australia, the UK, China, and Switzerland.

The platform has such language options as English, Mandarin, Spanish, French, Indian, Italian, Korean, and Indonesian.

Several countries aren’t supported by the platform, including USA, Bosnia And Herzegovina, Syria, North Korea, Sri Lanka, Tunisia, Uganda, Iran, Pakistan, Iraq, Ethiopia, Trinidad and Tobago, and Yemen.

Is Latoken Regulated

According to the LATOKEN team, the platform follows AML regulations by requiring active traders to perform KYC checks and doesn’t operate in countries with strict cryptocurrency regulations, including the US.

LATOKEN has its fair share of controversy like some other exchanges, with a few Latoken scam accusations, which ultimately weren’t proven.

LATOKEN Founders

Valentin Preobrazhenskiy, a respected stakeholder in the crypto world, is the founder and CEO of LATOKEN.

Preobrazhenskiy also has a few other projects under his belt and significant financial background. After getting internships in Sberbank and Vneshekonombank, he became a chief specialist in RAO UES (Russian Electric Power Holding).

Preobrazhenskiy moved to investment banking and worked as Senior Associate in CERA and Director of Research in Spectrum Partners (one of the major regional hedge funds). He has also created a fund of his own called Avega Capital.

In 2014, Preobrazhenskiy created Zalogo, a platform connecting borrowers and mortgage lenders, which he sold afterward.

In 2017, Mr. Preobrazhenskiy created LATOKEN, often linked to Russia due to the founder’s nationality and notable Russian-speaking team. Preobrazhenskiy also managed the Founders Institute’s Russian Chapter.

LATOKEN has been the primary sponsor of a series of seminars known as the Blockchain Economic Forum.

LATOKEN Products and Services

LATOKEN cryptocurrency exchange has some additional features highlighted below:

IEO Campaigns

You can create IEO (initial exchange offering) campaigns on LATOKEN. On the LATOKEN website, under the exchange tab, there’s a section where you can set up crowdfunding projects. Before setting, you must contact the company directly. Only if the IEO platform approves your request can you start a campaign.

LA Trading

The LA token can be used for many on-platform transactions and as a trading pair to many coins on the LATOKEN exchange.

VCTV

Users get access to VCTV, the site’s video portal., where they can learn more about various crypto teams, watch some trend analyses, or learn to raise capital for early-stage startups.

They can also get more information about all the previous events by checking the Past Tab.

LATOKEN Supported Currencies

LATOKEN supports over 60 digital currencies and 145 trading pairs since it supports IEOs.

You can use the platform for trading major currencies like Ethereum (ETH), Bitcoin (BTC), Tether (USDT), etc., or altcoins like Stellar, Basic Attention Token, etc.

The native LA token is also quite popular among traders, and you can pair it up with other digital currencies.

You can’t use the platform to deposit fiat money, as LATOKEN is a crypto-to-crypto exchange that doesn’t support fiat-to-crypto trading. Additionally, LATOKEN exchange doesn’t support PayPal or a wire transfer. However, you can deposit digital currencies directly from a crypto wallet or purchase featured coins directly on the website.

Crypto Types

LATOKEN offers several noteworthy trading categories like “VC-backed” coins, i.e., a list of cryptos that a venture fund has allegedly backed.

Additionally, you can choose DeFi, CeFi, Infrastructure, and other filtering options that might help you find some coins to invest in.

LATOKEN Fee Structure

Cryptocurrency exchanges charge trading fees, deposit fees, and withdrawal fees.

Like most crypto exchanges, LATOKEN doesn’t charge any fee for deposits.

LATOKEN trading fees are somewhat higher than on other platforms. For example, Latoken charges 0.49% for takers and makers, while others only charge 0.2% (Binance charges 0.1%).

It’s worth mentioning that the platform provides several ways to reduce these fees. If you pay the commissions in LA tokens, you get a 74% discount. Another way to reduce fees is by increasing trading volumes.

Withdrawal fees differ from currency to currency and are among the highest in the industry.

LATOKEN also enables you to trade Perpetual Futures. The futures market allows you to trade contracts that agree to buy or sell a specific cryptocurrency at a future date for a certain price. LATOKEN Perpetual Futures trading fees are among some of the lowest ones.

LATOKEN Controversy

This LATOKEN review would not be complete without discussing the negative reviews highlighted below:

Deposit and Withdrawals Problems

LATOKEN users repeatedly complain about experiencing troubles when depositing or withdrawing their funds.

The exchange often closes some of its cryptocurrencies for withdrawals without warning users about withdrawal closures.

Additionally, users deposit money, but it doesn’t show up in the balance. Users complain about deposits not showing up on their balance on the feedback on Google Play. One of the explanations is that LATOKEN has a minimum required deposit amount for each currency. If you deposit less, your money disappears and is not subject to a refund.

It’s difficult to say if these issues result from the poor state of the exchange’s tech or if they have other reasons.

Scam Allegations

In LATOKEN reviews and Twitter history, you may find users claiming that the company is a scam and rips off its customers. Users claim that when they sell cryptocurrencies, they get only half or even a quarter of the value they were supposed to get and cannotcontact the company’s customer support for that reason.

Some LATOKEN reviews mention that their cryptocurrencies disappeared as those assets were simply removed from the website, and others suspect fake liquidity.

How to Buy Crypto on LATOKEN

Follow our step-by-step guide for buying digital assets on LATOKEN:

Step #1: Sign Up

The sign-up process on LATOKEN is easy. You can authenticate with a Google account or create one with an email:

1. Enter email & password;
2. Verify your email with the code sent to you;

These steps will get you a Tier 0 account, which comes with a 1000 USD /24h withdrawal limit, no access to Token Sales, and no access to Alternative Tokens.

To get higher limits and access the full scale of LATOKEN products and services, you must provide personal information and verify your identity with an ID or driver’s license.

More about the tiers and KYC process can be found on the Latoken website.

Step #2: Deposit Funds

You must now fund your LATOKEN account.

You can purchase major cryptocurrencies such as USDT, BTC, ETH, LTC, XRP, XLM, ATOM, TRX, and EOS with a credit card right on the platform.

Alternatively, you can transfer crypto coins from a wallet or another exchange. LATOKEN charges no deposit fees, but the minimum deposit is 0.0005 BTC.

To learn more about various wallet types, check our Wallets and Exchanges review.

Step #3: Check the Fees

Before making a transaction, it’s essential to consider all the fees and minimum deposit requirements. While LATOKEN doesn’t charge deposit fees, its trading and withdrawal fees are higher than the industrial average and vary depending on cryptocurrencies. So, we suggest you check the fees and minimal deposit amounts before proceeding with the deposit.

Tip: Consider depositing a small amount to ensure everything goes smoothly and you’re not charged more than you expect. It will also allow you to test the platform and see if you like it.

Step #4: Start Trading

Now, you’re all set to start trading. The process is similar to trading on other exchanges. You must select the “Buy” or “Sell” tab and fill in the required information under “Price,” “Amount,” “Limit Order,” “Good Till Canceled,” “Buy BTC” (or “Sell BTC), etc.

Setting the “Price” determines the price you want to buy or sell a specific digital asset for. “Amount” refers to the number of cryptocurrencies you want to buy or sell. You can also choose between a “Limit Order,” where you limit how many assets you want to purchase and at which price, and a “Market Order,” for the algorithm to buy/sell assets at the current market price immediately.

Once you’ve set up all these parameters, you can press “Buy BTC” or “Sell BTC” to perform the trade.

We highly recommend using a reliable crypto portfolio tracker like CoinStats, to manage all your crypto assets across several exchanges and wallets from a single platform.

Note: DeFi is a continuously growing Web3 segment, so you’re welcome to visit our What is DeFi guide to learn all about it!

Conclusion

The LATOKEN decentralized exchange offers cryptocurrency investors a rich suite of cryptocurrencies, altcoins, crypto pairs, advanced products and services, a user-friendly trading view, a referral program, and high security.

On the other hand, LATOKEN fees are high, and many negative reviews claim the exchange to be a scam.

Is LATOKEN exchange safe? It’s hard to answer. The exchange hasn’t registered any hacking incidents and undertakes high-security measures; however, many users claim to have lost their funds on the platform.

We hope our full LATOKEN review will help you in your crypto journey!

As a cryptocurrency trader, you were undoubtedly faced with the dilemma of having to choose an exchange to suit your investment needs among a staggering number of cryptocurrency exchanges out there.

To help you pick the right trading platform that suits your needs, CoinStats regularly reviews leading platforms like Binance, Coinbase, or Kraken and relatively small but reliable platforms like the Bibox exchange and presents their advantages and drawbacks.

Bibox is a decentralized cryptocurrency exchange platform for trading cryptocurrencies and earning on crypto. Bibox offers users decentralized financial (DeFi) services through its intuitive and user-friendly platform integrated with different AI-based modules. It has impressive liquidity pools for various assets and other advanced trading features.

Bibox exchange was launched in 2017 in Singapore and has recently announced its intention to open Bibox Europe.

Our Bibox exchange review will take you through one of the most popular decentralized crypto exchanges, discuss the Bibox platform’s services and products, pros and cons, trading fees, security, etc., and demonstrate how to start trading on the platform to maximize profits.

What Is Bibox

The Bibox decentralized exchange is a Singapore-based cryptocurrency exchange founded in 2017 by an experienced team comprised of Bitcoin enthusiasts, entrepreneurs, professional traders, investors, etc. Bibox has offices in the US, Canada, Switzerland, Japan, Estonia, etc., and has announced its intention to open Bibox Europe.

Bibox is the first AI-enhanced crypto exchange platform and reports an average trading volume of $200 million daily. However, there are times when Bibox trading volumes aren’t backed with actual liquidity, raising accusations of the platform’s wash trading in the crypto world.

Bibox supports over 90 crypto assets and 200 trading pairs. In addition to major cryptocurrencies, such as BTC, ETH, USDT, etc., Bibox lets its users trade a wide range of lesser-known altcoins. The exchange also has its own native Bibox token BIX, through which traders get up to a 50% discount on trading fees.

Bibox allows users to perform crypto swaps and trades and earn through crypto-backed loans and digital mining. The platform has an intuitive user interface with advanced features such as an order book, trading history, and customizable charts for crafting a seamless user experience.

This Bibox exchange review has explored the exchange’s key features and services to help you decide if Bibox exchange is a suitable platform for you.

Bibox History

The Bibox exchange was founded by a group of Chinese crypto experts and blockchain developers. The project was launched in 2017, at the peak of ICO popularity, and managed to bring together top specialists from Binance, OKCoin, and Huobi exchanges. Today the platform has offices in Canada, the US, Singapore, Japan, Switzerland, etc.

The Bibox exchange team members include founder, crypto entrepreneur, and investor Aries Wang, Meilun Li, product manager at Bibox, and director of operations Guojie Liu.

In the Whitepaper, the developers promised to make the exchange different from competitors by offering innovative tools and ensuring it could simultaneously serve up to 10 million people.

As a decentralized cryptocurrency exchange, Bibox isn’t regulated by any centralized authority.

Bibox claims to comply with the local regulations and laws of the geographic regions where it operates.

How Does Bibox Work

As mentioned, Bibox has an intuitive interface with features like an order book, trading history, and adjustable charts. Bibox supports margin trading, stop-limit orders, leverage trading, etc., and offers automated trading bots. Moreover, the platform provides a high transaction speed (<1 second) and is assessed as objectively convenient for trading.

Investors appreciate the exchange for various investment solutions for stable passive income. In addition, the Bibox exchange provides such services as detailed training and operative technical support via e-mail, a cloud, grid and copy trading, a network for swapping altcoins, the Bibox Lab, etc.

The Bibox affiliate referral program allows users to earn 20% -50% of the exchange’s net income from the invited participant.

Is Bibox Regulated

Like other decentralized exchanges, Bibox is self-regulated and has a less stringent verification process. Users don’t have to go through KYC verification and can start trading right away.

Bibox Technology LTD is registered in Estonia. The user agreement states that the platform operates within the framework of the countries’ laws where it operates. The company has operations centers in the US, South Korea, Canada, Singapore, Switzerland, Japan, etc.

Bibox Key Features

Bibox is a user-friendly and feature-rich cryptocurrency exchange with high-security features and a wide range of supported coins and trading pairs, suitable for both newbies and experienced crypto traders.

However, the platform doesn’t support fiat currencies, so traders must acquire their cryptocurrency from another platform before using the Bibox exchange.

Bibox key features are:

• Intuitive interface
• AI-run algorithms for a better crypto trading experience
• Support of a wide range of cryptocurrencies
• The Bibox native token – BIX
• Zero deposit fees 
• Low transaction fee (0.1%) compared to other cryptocurrency exchanges. 
• High-security level.

Bibox Token

Bibox has issued its own native BIX token in compliance with the ERC-20 standard. Initially, the developers planned to issue 500 million crypto coins, but later the amount was limited to 270 million. The token is designed to attract investments and develop the exchange platform’s functionality.

 The BIX token has the following use cases:

• Trading Fee Discount: Bibox token holders enjoy discounts and reduced trading fees on the Bibox platform.
• Voting Rights: Token holders can vote on the Bibox exchange development issues.
• BIX Incentive Reward: The Bibox exchange buys back and regularly burns a certain amount of BIX.
• Treasure Box Program: The program ensures that BIX token holders who lock their tokens receive an incentive.
• Bibox Orbit: Bibox Orbit is the exchange’s IEO launchpad. BIX token holders can participate in the Bibox Orbit to buy into listed projects.

 Mobile App

Traders can use both the official desktop and mobile apps for iOS and Android. The mobile applications are as user-friendly and attractively designed as the website. They provide seamless navigation and are designed for users trading on the go.

Desktop Application

The Bibox exchange desktop application has an intuitive trading interface with extensive settings, different indicators, and charts to meet any trader’s demands. The functional screen can be customized, and key zones can be configured.

Registration

Anyone can register on the Bibox platform without any location restrictions. The registration process is standard – you must provide your e-mail address, create a password, and verify your e-mail through the link sent to you. 

Trading on Bibox

After registering a Bibox account, traders get access to financial transactions and can place several order types such as Limit Order, Stop Profit/Loss, DPL, Iceberg Order, Followorder, and Advanced limit order.

To make transactions with your Bibox trading account, you must select a trading pair in the upper left corner, choose the order type and enter the number of coins you want to purchase or sell. Once the details are specified, you can click on the “Buy” or “Sell” button.

Deposit and Withdrawal Methods

The Bibox deposits and withdrawals can only be made in the form of crypto assets, as the exchange doesn’t support fiat money on the platform.

Depositing currency to the platform comes with zero fees.

You must log in to your Bibox account, select the Deposit/ Withdrawal button, enter the amount of currency to be deposited or withdrawn, and confirm the transaction.

There is a withdrawal limit on the number of crypto assets, and the limit can be increased after undergoing a verification process.

Bibox Trading Fees

Bibox fees are quite competitive compared to other crypto exchange platforms. The trading fee for takers is 0.20%, and the fee for makers is 0.075%.

Bibox fees also gradually decrease as the client gains new levels. Low trading fees can be further reduced if trading with the native BIX token. Bibox provides a 50% trading fee discount during the first year, which is reduced to 25% the following year. 

Regarding Bibox withdrawal fees, the exchange charges a withdrawal fee, i.e., network transaction fee, which varies depending on the cryptocurrency you’re withdrawing.

Bibox Services and Products

The Bibox exchange platform provides the following trading options:

• Spot Trading
• Margin Trading
• C2C Trading
• Swap USDT
• Coin Swap.

What sets Bibox apart from other crypto exchanges is the constant improvements and various products/services implementations.

Bibox implements services focused on helping traders to perform all operations on the same platform, including:

• Fixed Investments: For investors seeking to buy and hold assets for long periods and not affected by the market fluctuations in the short term.
• DeFi Mining: For users wanting to gain profits by mining for the platform and offering computer power.
• Swap for Crypto Assets: Users can swap their crypto assets and get high returns.
• Bibox Labs: To foster innovation and creativity in kids by focusing on robotics and STEM learning through Playful learning.

Bibox Earning Opportunities

The Bibox exchange platform provides several earning options, including:  

• Current Financing: It allows users to gain profit by holding assets. Current financing has a 7-day cycle, counting from the date interest is credited. As soon as the term expires, the client manually withdraws the profit; otherwise, the funds will go to the investment fund account.
• Land/Earn: It allows Bibox users to borrow the tokens available on the account to gain interest.
• Computing Power Lease: This section provides offers users can accept to earn commissions.

Bibox Security Features

So, is Bibox safe?

Bibox exchange hasn’t registered any hacking incidents due to the latest security measures on the platform. To protect client accounts, Bibox implements such security protocols as SSL encryption technology, multi-factor authentication, and Google’s 2-Step verification. Moreover, Bibox claims to store most user funds offline in cold storage wallets.

The user is immediately prompted to enable two-factor authentication (Google Authentication or SMS authentication) and set up an anti-phishing code.

We highly recommend using a reliable crypto portfolio tracker like CoinStats, to manage all your crypto assets across several exchanges and wallets from a single platform.

Customer Support

Bibox has a reputation for prompt and efficient customer support, available in English, Chinese, and Korean. There are several ways to contact the Bibox support team:

• Feedback form (ticket)
• E-mail
• WeChat
• Telegram.

Bibox also has official pages on social media, including Facebook, Twitter, Reddit, Weibo, LinkedIn, etc. All the links are provided on the Bibox website.

Conclusion

The Bibox cryptocurrency exchange offers a rich suite of cryptocurrencies, tokens, and several advanced trading options, such as leveraged trading, margin trading, etc. The platform stands out from other decentralized exchanges with excellent usability, rich functionality, a large section of training guides, no minimum deposit, low trading fees, etc.

Bibox offers several investment options and advanced features such as automated bots, copy trading, and decentralized management, making it one of the leading platforms with advanced trading mechanisms and simple platform functionality.

BitForex is a global cryptocurrency exchange with low fees, high liquidity, and security that provides a rich suite of trading tools, such as spot trading (over 300 trading pairs), margin trading, perpetual trading, Turbo Stater (IEO, INO, Vote for listing), BitForex Earn, NFT marketplace, and Crypto Loans. Launched in 2017, BitForex has over 6 million users in over 200 countries and regions.

Our BitForex exchange review will discuss the BitForex platform’s services and products, pros and cons, trading fees, security, etc., and demonstrate how to register on the exchange to start trading and maximize profits.

What Is BitForex

BitForex is one of the leading cryptocurrency trading platforms with a worldwide presence in over 200 countries. Despite being new in the cryptocurrency exchange industry, BitForex exchange has over 6 million users worldwide. It offers a wide range of advanced trading tools, such as token trading, margin trading, BitForex Earn, NFT marketplace, and perpetual futures contracts with leverage up to 100x. 

The company is headquartered in Hong Kong,  registered in the Republic of Seychelles, and has international teams in Germany, Singapore, Malaysia, Estonia, the Philippines, etc. As a startup, BitForex received over $20 million in funding from famous crypto investors such as TRON, Block VC, Crypto Capital, and Genesis Capital.

BitForex currently supports more than 300 trading pairs and 163 cryptocurrencies, among them Bitcoin (BTC/USD), Bitcoin Cash (BCH/USD), Ether (ETH/USD), Litecoin (LTC/USD), Ripple (XRP/USD), etc. The company offers its own BitForex Token (BF) and a referral program, allowing BitForex members to earn commission on transaction handling fees. Moreover, the BitForex trading engine is capable of processing up to 1.6 million orders per second, significantly more than the trading engines of most crypto exchanges worldwide.

As an “entry-level exchange,” BitForex supports such deposit methods as Wire transfers, cryptos from other exchanges, credit and debit cards, cash, and bank account transfer.

BitForex has a mobile phone app for iOS and Android devices that can be downloaded from AppStore and Google Play. The mobile app is suitable for crypto traders on the move and features an intuitive and mobile responsive design. The platform’s web version is mobile-friendly and can be used on smartphones.

How Does BitForex Work

BitForex offers several products and services, including CApp Town, BF sector, EazySwap, BitForex MT5, etc. It has adopted a Tiered Margin Ratio System to avoid the liquidation of significant positions, which can have an enormous impact on market liquidity. It works by offering lower leverage to larger positions held, with a higher Initial Margin Ratio required. BitForex deposits a portion of the entire transaction asset and gives the remainder allowing the user to take leading positions without risking the cash.

BitForex Security

Our BitForex review has revealed that there have been no security breaches or hacks on the exchange since its launch. BitForex service uses a hardware wallet to safeguard the users’ accounts and funds.

According to the Bitforex website, user money is stored as follows:

Additionally, the business uses a hot wallet because the user needs to fulfill withdrawals in the queue.

• 98% of user funds are stored in a multi-signature cold wallet offline across various locations worldwide, ensuring an extra layer of protection. To withdraw funds from this wallet, account users will require the permission of multiple members of BitForex’s internationally distributed management backend team.
• The hot wallet stores 0.5% of the funds used to execute withdrawals, etc.
• Other security measures include multi-factor authentication, such as 2FA, SMS verification, and insurance security coverage.
• Protection from Distributed Denial of Service (DDoS): Intelligent load balancing and routing when moving between servers to improve performance. Real-time malicious traffic detection blocks malicious server requests.
• BitForex has a leading global system for monitoring the security of digital assets.
• BitForex migrated to a new data server, and the security team performed a comprehensive audit, including a deep analysis of all source code and dependencies.

BitForex Fees

• Deposit and Withdrawal Fees

BitForex doesn’t charge a deposit fee for depositing money, and digital currency withdrawal fees are based on network costs. The exchange charges a 0.0005 BTC withdrawal fee, below the global industry average. Depending on the crypto, there are some limitations for withdrawals. For example, the maximum daily limit for Bitcoin is 100 BTC. Additionally, you must set two-factor or SMS authentication before activating a withdrawal request. You can fund your BitForex exchange wallet using a bank account or a credit card.

• Trading Fees

Trading fees are charged for each executed order based on various fee structures. Fees are calculated in the Realized P/L (profit/loss) and work on a maker & taker structure. As for the spot market, there is a flat 0.1% spot trading fee, which is lower than those charged by most cryptocurrency exchanges

• Maker Fee and Taker Fee

Maker fees apply when you add liquidity to the order book, while taker fees are charged when you remove liquidity from the pool. With BitForex, makers and takers pay a flat fee of 0.1% for spot trading. For perpetual contract trading that involves other currencies, the BitForex Exchange applies a flat 0.06% fee to both makers and takers.

BitForex Features

Our BitForex review has looked into the various features offered by the BitForex exchange, such as:

Spot Trading

BitForex spot trading is one of the easiest ways of buying cryptocurrencies. The user interface for spot trading is straightforward. Trading pairs are on the left, the price chart is in the middle, the order book is on the right, and assets buy and sell access options are at the bottom.
At the website’s main menu, go to the ‘Spot’ trade page. Enter the order size and price for the trading pair you want to trade with and confirm. After the order is completed, your money will be credited to your Exchange wallet, and the order will be moved to the Order History tab.

TradingView

TradingView is an excellent charting interface for traders who rely on technical analysis to refine their trading edge and get a competitive advantage in their business. The chart offers live prices, comprehensive trading tools, and indicators, allowing traders to draw trend lines and arrows and add chart patterns. It further helps in limit or stop orders.

CApp Town

CApp Town is an open platform based on the BitForex Exchange that connects digital currency traders to multiple blockchain apps, including CoinGecko, Twitch,  Paxful, and Matrixport. CApp Town is an essential feature for BitForex, aiming to eliminate the inconsistencies between various blockchain protocols.

EazySwap

EazySwap is a decentralized token mechanism for ERC-20 tokens. The significant benefits of EazySwap are – no gas fees,  slow slippage, and quick matching. It offers more than 980 ERC20 tokens for trading and rewards liquidity pool providers with up to 80% of the pool’s trading costs.

Ethereum 2.0 Staking

With this feature, users can stake Ethereum tokens on BitForex. The minimum amount to stake is 0.1 ETH, and you can exchange your ETH tokens anytime. The platform also provides rewards from the BitForex pool based on the number of staked tokens.

BF Sector

The BF sector is a separate trading zone for DeFi, NFT, and Polkadot tokens. The section shows the available DeFi tokens and includes a spot exchange sector where users can stake on any listed tokens.

MetaTrader 5

Another interesting feature worth mentioning is MetaTrader 5, enabling users to trade traditional finances and goods with additional opportunities without leaving the platform. MT5 aims to expand the economic landscape of the cryptocurrency sector and currently supports BTC, ETH, USDT, and XRP currencies. Users can fund their MT5 account by directly transferring funds from their wallets.

Perpetual Contracts

Perpetual contracts are a special type of futures contract with no specific expiry date, so users can hold assets as long as they choose. The absence of expiration allows traders to hold leveraged positions perpetually till the margin is sufficient. Significantly high leverage is one of the most exciting features of BitForex perpetual contracts allowing you to enhance your position up to 100x.

The BitForex Token

The BitForex Token is generated through trade mining, community, and ecosystem mutual building. BitForex exchange uses 80% of its trading fees as purchase-back and allows token holders to vote on platform growth and community management.

BitForex Turbo

BitForex Turbo is a listing platform created for premium IEO listings worldwide. It assists blockchain startups in raising money and expanding their presence across the crypto ecosystem. It’s a great place for users to become part of high-quality industry projects, develop their products, and increase adoption. Users can also view trade pairings, total allocation, start/end times, etc.

How to Register With BitForex

Easy and hassle-free registration is one of the best parts of the platform, as it doesn’t require any personal information for KYC verification. Users just need to register with their email, verify their email, and start trading by first purchasing or transferring Bitcoin.

How to Deposit Funds on BitForex

BitForex makes it easy to deposit funds into your account. You just need to log in, go to the ‘Assets’ section, select ‘Deposit’ and choose the crypto coin you want to deposit from your crypto wallet using the given wallet address. The platform accepts deposits in over 163 cryptocurrencies and supports all credit cards. BitForex doesn’t have any minimum deposit requirement.

How to Buy Crypto With BitForex Exchange

With the BitForex trading platform, users can instantly buy Bitcoin and other cryptocurrencies with a credit card. To purchase crypto on BitForex, users must log in, navigate to ‘Assets,’ then ‘Purchase Now,’ select the crypto coin, and finalize the payment. Moreover, users can also trade digital coins using the Spot Market in their BitForex account.

BitForex Leverage

BitForex exchange provides leverage up to 100x on perpetual contracts. It works by using a Tiered Margin Ratio System to prevent the liquidation of large positions. Cryptocurrency leverage trading can be a helpful tool for traders to benefit from small price changes to grow the balance much faster. 

BitForex Customer Support

The BitForex website offers customer support services and a comprehensive FAQ section covering all the basic questions users may come across, such as fees, coin withdrawal, deposits, features, tokens, etc. The platform also features a ticket system with a 24-hour response time and a live chat service to get in touch with the support team directly. Email support is also available, allowing users to report any issues or queries via email and get a quick response within

12 hours.

FAQ

Is KYC Necessary on BitForex

No KYC procedures are required to start trading with BitForex. The exchange allows using its services as an unverified user with just email registration and may request additional ID verification only in case of observing an unusual IP address behavior and if your daily trading volume is more than $10,000.

Is BitForex Legit to Use

Yes, BitForex is completely safe and legit to use and has high-security features.

However, we suggest that US customers check with their own state rules or federal rules before trading on BitForex.

Can You Trade Forex (FX) on BitForex

No, the BitForex exchange only allows Bitcoin and other listed coins, but not any type of Forex product.

Final Words

BitForex provides a safe crypto platform for staking coins, a wide range of altcoins and perpetual contracts, and spot trading. Despite being a relatively new exchange, it comes with a complete package of products and services and a high level of security, with 98% of client funds held in cold storage wallets. All this, combined with competitive BitForex fees, intuitive interface, and the lack of KYC processes, make it a promising destination for a full crypto experience. 

Most BitForex reviews are satisfied with its convenient, intuitive interface, the charting platform provided by TradingView, low trading fees, a wide variety of trading pairs with high liquidity, and innovative products and services.

BitForex accepts CNY bank exchanges, making it easy for users to purchase crypto from fiat-based stores and allows earning commissions through its generous referral program. The platform uses advanced tech and embraces the latest trends and functionalities for a comfortable trading experience.

Security is another advantage of the exchange. BitForex has proved to be a trustworthy exchange due to its impressive security measures implemented to prevent scams and hacks.

Finally, the sign-up process on the BitForex platform is easy and doesn’t require personal information or KYC processes; just email or phone number verification is enough to start trading.

On the downside, BitForex is a comparatively new exchange and comes with its own set of risks. The exchange’s lack of transparency regarding the company’s establishment, background, and team members, the uncertainty in its terms and conditions, and questionable trading practices are troubling, although not crucial for using the exchange.

Sure, BitForex still has to earn itself more trust and reputation. But so far, the exchange offers many advantages and positive signs to give it a try as a safe, feature-rich, and user-friendly trading platform.

PancakeSwap is one of the most popular decentralized exchanges (DEXs) on Binance Smart Chain that employs an automated market maker mechanism to facilitate the secure BEP-20 token swaps. 

PancakeSwap debuted in 2020 as a more affordable and faster automated market maker (AMM) than Uniswap. While PancakeSwap Exchange originated as a fork of Uniswap on Binance Smart Chain, it has grown to be a significantly more popular platform than Uniswap.

PancakeSwap’s daily transaction volume has topped $100 million, making it one of the most popular DApps ever. Furthermore, in less than a year, it has also eclipsed Binance’s own Binance DEX, becoming the most popular DEX on Binance Smart Chain (BSC). So what makes PancakeSwap Exchange so unique and accounts for its extraordinary success?

Read on for our PancakeSwap review to learn everything you need to know about PancakeSwap Exchange, including its key features, fees, pros and cons, security, and the Pancakeswap token.

Let’s jump right in!

What Is PancakeSwap

PancakeSwap is a decentralized exchange (DEX) on the Binance Smart Chain (BSC) that uses an automated market maker mechanism to make token swaps possible. It was released in September 2020 by a group of anonymous developers. PancakeSwap is also a permissionless DEX, allowing anyone to list their tokens on the exchange as long as they build a liquidity pool for the token.

PancakeSwap provides its users with a wide range of features like token swaps, liquidity provision & farming, perpetual trading, staking, lottery, NFT marketplace, launchpad, etc.

It’s one of the few DEXs that provides users access to a range of financial products in a single interface, offering a well-rounded DeFi experience, typically seen in centralized exchanges that work with large operational teams and financing.

According to DeFi Tracking Platform Defi Llama, PancakeSwap is now the largest DEX and DeFi application (by TVL) on the BSC network, with an estimated $3.05 billion in assets stored on the platform. PancakeSwap features its own governance token, ‘CAKE,’ which enables its users to vote on proposals and is often given to liquidity providers and stakeholders as a reward.

CAKE Token

CAKE is PancakeSwap’s native governance token, as well as its rewards and utility token. CAKE holders can vote on governance decisions, get rebates on trading fees for perpetual futures, get access to IFOs, buy lottery tickets, etc.

CAKE’s current total supply is 315,268,578, with a maximum supply of 750,000,000. CAKE currently has a market cap of $481.8 million and an emission rate of 13.75 CAKE/block.

PancakeSwap Key Features

PancakeSwap offers the following key features to its users:

• CAKE, PancakeSwap’s native token, is a BEP20 token built on BSC.
• Faster transactions and lower fees than other Ethereum-based Decentralised Finance (DeFi) platforms.
• It’s an Automated Market Maker, similar to ERC20-based platforms such as SushiSwap and Uniswap.
• It enables users to trade digital assets against a variety of liquidity pools while also collecting yields.
• It allows users to lend their digital assets to liquidity pools in exchange for liquidity tokens, which they can stake to gain even more digital assets.
• It lets users trade other BEP20 tokens in addition to using cryptocurrencies to add liquidity to exchange pools, enabling them to earn extra tokens.
• With CAKE, users can earn more tokens or other tokens based on the BSC, like DODO, UST, or LUNA, by using the native token in SYRUP liquidity pools.
• “Know Your Client” (KYC) and/or Anti-Money Laundering (AML) aren’t required.
• CertiK has audited and verified PancakeSwap to ensure its legitimacy and security.
• It features a 40 CAKE reward per block; however, 15 CAKE is burnt, making the effective value substantially lower.

Binance Bridge

To trade ERC-20 tokens on PancakeSwap, you must first wrap them on the Binance Bridge and convert them into BEP-20 assets. On the Binance Bridge, connect your digital wallet. The transaction must then be verified on the Ethereum network for some Ether known as gas fees.

While the high Ethereum gas fees may make this expensive, once you’ve wrapped and bridged your crypto assets to BSC, PancakeSwap’s low fees will save you a lot of trading expenses. After you’ve finished your transactions on PancakeSwap, just use Binance Bridge to transfer your BEP-20 assets back to ERC-20. As a result, you can use BSC to buy tokens like ApeCoin using this bridge.

PancakeSwap Exchange: Products and Services 

PancakeSwap has been holding on to the status of “largest DEX on the BSC chain” for so long because of its capacity to offer a wide range of financial products and services through a single interface. Most of this is feasible due to the hard work of its development team behind the scenes. PancakeSwap has extended its services from basic token swaps to an on-chain derivatives market in less than two years. 

The following is a list of its current services:

• Spot Trading
• Perpetual Futures Trading
• Yield Farming
• IFO – Initial Farm Offering
• Prediction Market
• Lottery
• Syrup Pools (Staking)
• NFTs

PancakeSwap Spot Trading

Spot trading on PancakeSwap is carried out by swapping assets in a liquidity pool via an automated market maker (AMM). AMM swaps are often done live, with the price defined by the ratio of assets in the pool; users have no decisive influence over the price at which they buy or sell assets.

PancakeSwap offers a solution to this problem by allowing users to pre-set orders using the limit order function on its interface. Unlike centralized exchanges, this does not imply matching one order against another. Instead, once the pre-set price objective is met, the AMM executes a swap on its liquidity pool.

However, remember that PancakeSwap doesn’t accept limit orders for tokens with a fee/tax on the ‘transfer’ of tokens. Open limit orders will stay open forever unless they are executed or canceled by users. Soon, a customizable expiration date functionality is planned.

Furthermore, as PancakeSwap is based on the BSC network, transaction speeds are substantially faster and less expensive than on Ethereum. When completing swaps on PancakeSwap, ensure to use the V2 swap, as the previous version (V1) is more prone to slippage, which results in financial loss.

PancakeSwap Yield Farming

Users can farm rewards in the form of CAKE tokens by supplying liquidity to PancakeSwap’s Liquidity Pools. PancakeSwap features several yield farms, which require you to stake two tokens to obtain the LP tokens associated with the specific farm. Each farm on PancakeSwap has its own yield rate and multiplier, so before supplying liquidity, ensure to know which farm you want to profit from. For example, the CAKE-BNB farm has a 40x multiplier, which means it earns 40 CAKE for every block produced.

PancakeSwap Syrup Pools (Staking)

Syrup Pools let users stake CAKE and gain rewards in the form of CAKE or other tokens. The CAKE Syrup Pool, for instance, allows users to choose between flexible and locked staking. The locked staking option offers a high APY but requires users to lock their tokens for a predetermined period. The flexible staking option provides a lower APY but lets users withdraw their tokens anytime.

PancakeSwap Prediction Market

PancakeSwap’s prediction market lets users earn tokens by correctly predicting the price movement of BNB-USD or CAKE-USD pairs. Users can bet on whether the price of BNB or CAKE will rise or fall in the next five minutes.

Results will be calculated, and rewards will be distributed based on the closing price at the end of the round.

PancakeSwap Lottery

Users can purchase lottery tickets for the PancakeSwap Lottery, and each ticket has a unique 6-digit combination. A random six-digit combination is generated at the end of each lottery session, which lasts between 12 – 36 hours.

Users must have tickets that match the winning combination from left to right to win. The closer your number is to the winning combination, the higher your payout.

PancakeSwap’s Perpetual Futures Trading

PancakeSwap has collaborated with ApolloX Finance to allow customers to trade perpetual futures contracts using its interface. The trading infrastructure is built with off-chain order-book matching and on-chain settlement, allowing for critical trading features such as different order types (such as limit orders, stop orders, and post-only orders) while preserving privacy and security of a DEX. I.e., it doesn’t require KYC or use intermediaries when engaging with smart contracts.

PancakeSwap Initial Farm Offerings (IFO)

Initial Farm Offering, or IFO, is a novel Initial Coin Offering (ICO) concept introduced by PancakeSwap. Users must create a “profile” on PancakeSwap to participate in an IFO. Users can then commit CAKE tokens to the IFO pool to buy the token. The number of iCAKE a user owns determines the amount of CAKE a user can commit. iCAKE is a numerical metric used to calculate the quantity of CAKE staked in the fixed-term CAKE staking pool as well as the overall staking duration of your current fixed-term staking position.

PancakeSwap’s NFTs and NFT Marketplace

PancakeSwap is staying ahead of the competition by launching its own NFT collections and allowing users to create personalized profiles on the exchange by linking them to an NFT. PancakeSwap also has its own NFT marketplace for trading white-listed NFT collections.

NFTs can be won through team trading games, where traders compete to see who has the greatest trading volume in a period, or via PancakeSwap airdrop events.

PancakeSwap Farming and Staking

PancakeSwap Liquidity pools are funded with users’ deposits, and in exchange for their contributions, users get Liquidity Provider (LP) tokens, also known as FLIP tokens. These LP tokens can be used to reclaim their share and a percentage of the trading fees.

PancakeSwap also allows users to farm CAKE and SYRUP tokens. Users can deposit their LP tokens on the farm to get rewarded with CAKE. CAKE tokens can then be staked to get SYRUP, which has extra utility as a governance token and can be used as tickets in different lotteries.

CAKE holders are given a fixed quantity of CAKE for each built block, and users can stake them to earn incentives. CAKE is distributed as BEP20 tokens to those offering liquidity to the network, and users may earn 170 percent APY by staking CAKE in the pool. Users need a Metamask wallet or a Binance Chain Wallet with both CAKE and (Binance Coin or BNB) to pay for gas on the exchange to stake CAKE.

Users can begin staking by following these steps:

• Go to the PancakeSwap website under “Finance” and click the “Connect” button in the upper righthand corner of the homepage.
• Users can choose “Connect” or “Binance Chain Wallet,” which will open the wallet.
• The user can choose “Pools” from the left-hand menu to see a list of active pools ready to accept a stake, such as the CAKE Pool.
• After identifying the pool, the user can click “Approve CAKE,” which will access the user’s wallet.
• The user can then click “Confirm” and wait for the transaction to be confirmed on the blockchain, which takes around 3 seconds.
• The pool’s format has changed, and the user can now select the “+” option on the CAKE Pool. Users may now input the amount they want to stake and click “Confirm.”
• The user’s wallet will appear, allowing them to verify the transaction details before clicking “Confirm,” which will take a few seconds to approve on the blockchain.
• Once completed, the user’s stake and CAKE balance will be updated. From here, the user may “Harvest” to claim their CAKE rewards or “Compound” to reinvest them by choosing the corresponding option offered.

 PancakeSwap Fees

One of the primary reasons users may be tempted to PancakeSwap is its lower fees compared to other DEXs. You’ll be charged a 0.25% trading fee for swapping a token on PancakeSwap. Surprisingly, a large portion of trading fees is refunded to liquidity providers, incentivizing them to offer liquidity to the platform.

The 0.25% transaction fee is distributed as follows:

Sent to the PancakeSwap Treasury – 0.03%

CAKE buyback and burn – 0.05%

Return to Liquidity Pools as an incentive for liquidity providers – 0.17%

Also, remember that certain tokens may have a “tax” on transfers or sales of the token, in addition to the fees mentioned above.

Perpetual Futures Market Fees

PancakeSwap’s perpetual futures market employs an off-chain order book and an on-chain settlement method, meaning that users must pay “maker” and “taker” fees. Trading fees are 0.02% of the notional amount for makers and 0.07% for takers. CAKE will be the default payment method for fees, followed by APX (ApolloX’s token) and USDT. Users who pay their trading fees in CAKE will receive a 5% reduction, equating to 0.019% for makers and 0.0665% for takers.

PancakeSwap Deposits and Withdrawals

PancakeSwap platform exclusively accepts deposits and withdrawals from users who want to utilize PancakeSwap’s perpetual futures trading product. By depositing funds, you are granting the protocol permission to use your funds as collateral for any margin transactions you do. This collateral will be liquidated if you do not repay or close positions before certain critical price levels.

Currently, deposits are only accepted in USDT, BUSD, APX, or CAKE. To withdraw deposited funds, close any open trades and click the withdraw option under the assets tab.

PancakeSwap Supported Wallets

Users of PancakeSwap have a variety of wallet options to select from, including MetaMask, MathWallet, WalletConnect, TokenPocket, and Trust Wallet. MetaMask is an ERC-20 wallet that can also be configured to hold BEP-20 assets.

You can also choose from several other wallets in the crypto market that you can connect to PancakeSwap.

PancakeSwap Security

PancakeSwap is an open-source project that has undergone many security assessments by Certik, Peckshield, and SlowMist. The official documentation lists a total of 9 security audits.

PancakeSwap also follows standard practices in security by employing multi-signature for all contracts and setting a time-lock option for them. Furthermore, for maximum transparency, the majority of PancakeSwap’s code is publicly available, and all of their contracts are checked on BscScan.

Mobile Apps

PancakeSwap does not have its own mobile app. Instead, you can access the PancakeSwap ecosystem on mobile by downloading several Android or iOS applications. Apps that are supported include WalletConnect, Trust Wallet, and Ledger Nano.

PancakeSwap Customer Support

PancakeSwap doesn’t officially provide customer support for you to get in touch with. Users can access the troubleshooting page on the PancakeSwap website, which covers typical issues such as “price impact is too large” or “PancakeSwap router has expired,” as well as workarounds and an explanation of why they occurred.

While there is no official customer service, users can seek assistance from the community through the different chat rooms on Telegram and Discord. We found PancakeSwap’s Telegram more entertaining and responsive than its Discord Channel. However, be aware that you’ll be bombarded with ‘support lines’ and ‘customer service’ scammers claiming to be able to assist you with your problem. DO NOT PARTICIPATE IN THESE CHATS. The best thing to do is change your privacy settings to more favorable ones to block these calls from coming through.

ApolloX offers a ‘support ticket system’ for PancakeSwap’s perpetual futures market users to ensure they always get prompt support.

FAQs

1. Is PancakeSwap Legit

Yes, PancakeSwap has undergone an audit by CertiK, demonstrating that it’s a trustworthy exchange. Your funds won’t be at risk of being stolen by hackers if a breach occurs because the exchange doesn’t hold any of your assets.

2. What Cryptocurrencies Can I Trade

PancakeSwap allows you to swap a wide range of cryptocurrencies, including Elongate, Kabosu, USDT, Doge/Dogecoin, Ethereum, Zilliqa, and Zeppelin Dao, as well as gems like Safemoon. As long as the cryptocurrency exists as a Binance Smart Chain token, it’s available on PancakeSwap.

3. What Is Slippage Tolerance on PancakeSwap Exchange

The difference between the expected price of a trade (what you see) and the price at which the deal is executed (what you get) is called slippage tolerance. This occurs because trading is not immediate, and an asset’s price might vary during the processing of a transaction. When you specify the slippage tolerance, your transaction will fail if the slippage exceeds the amount you specified, protecting you from getting less for your swap than you desired.

4. Is PancakeSwap Better Than Uniswap

This is a difficult question to answer. PancakeSwap and Uniswap are both excellent crypto exchanges, but they operate on different networks. PancakeSwap is the ideal option for BEP-20 token owners who want to continue using Binance Smart Chain. While Uniswap is the preferable option if you want to keep your activity limited to the Ethereum blockchain.

PancakeSwap Review: Our Verdict

PancakeSwap is a well-designed DEX that provides several ways to make money through tokens, farms, and pools. It’s a safe and reliable exchange, audited by CertiK and enabling users to profit from the turbulent cryptocurrency market. Although no customer service is offered on the PancakeSwap website, there are several social media platforms where users can get in touch with the team or community.

If you’re looking for detailed steps to buy CAKE tokens, you can check out our guide on How to Buy PancakeSwap.

You can also visit our CoinStats blog to learn more about wallets, portfolio trackers, tokens, etc., and explore our in-depth reviews on various cryptocurrency exchanges such as BKEX, ChangeNOW, Bybit, Crypto.com, BitMEX, FinexBox, Binance, WazirX, etc. 

Want to dig deeper? Discover the origin of decentralized finance, blockchain technology, and cryptocurrency with our articles What Is DeFi, How to Buy Cryptocurrency, and more.

Investment Advice Disclaimer: The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice.

Cryptocurrency is a highly volatile market sensitive to secondary activity, do your independent research, obtain your own advice, and only invest what you can afford to lose. There are significant risks involved in trading CFDs, stocks, and cryptocurrencies. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider your own circumstances and obtain your own advice before making any investment. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.