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What’s in a Cryptocurrency Exchange?

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Let’s have a look at the various cryptocurrency exchanges, starting with a new one that was brought to our attention which was funded through an ICO, Binance. For this review, we’ll stick to exchanges that are mainly focused on crypto-to-crypto trading, as opposed to exchanges like Bitfinex and Coinbase which are focused on the dollar and Euro market.

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Binance

I made a video of myself setting up an account at Binance:

As you can see, they don’t yet have a lot of pairs at Binance, and one of the primary ones they want people to trade is the BNB token, which they created to launch the exchange. That token doesn’t appear to be trading much elsewhere. The benefit of the BNB token is that exchange fees can be paid in it, but only at this exchange.

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Poloniex

Poloniex is both the golden eagle and the s*** bird of the cryptocurrency exchange world. They frequently have mass user problems, and if it weren’t for the size of the exchange, it seems that people would largely take their business elsewhere. The author cautions against ever leaving any real value there, as they are a powder keg of issues. Anyway, as you can see, they have a lot of pairs, as well as margin lending and trading.

HitBTC

HitBTC is new to this author, and wow, he is impressed. This exchange offers almost as many pairs as Poloniex, has an extremely professional interface, and in general offers all the same things that Poloniex does. Poloniex and HitBTC both have a withdrawal fee of .001 BTC, which is around $4 at current prices.

C-Cex

C-Cex lists a lot of coins that you won’t find elsewhere. Their interface is poor, their support is worse, and their fiat markets are generally wildly off kilter. Nevertheless, C-Cex is good for certain coins that have a high barrier to entry elsewhere. Wherever there is a valuable, there should be a market, and until decentralized solutions are in everyday usage, we’ll have to tolerate offerings like CryptoCurrencyExchange.

Bittrex

Bittrex has been around since the first altcoin boom, and they continue to offer many of the major altcoin pairs, as well as newer pairs and pairs with USDT. They are one of the better altcoin exchanges.

Bleutrade

Founded by former Microsoft engineers, Bleutrade really seems to be behind the times. For instance, they do not even list NEO.

Verdict

At this point, the author leans toward HitBTC as the best place to trade altcoins. If Binance offers a lot more trading pairs, then they could be an interesting alternative since they don’t force one to pay fiat or BTC for fees, but currently you’re not going to get enough action there to justify the commitment of funds.

What do you think? Are there other altcoin exchanges worth checking out? Let us know in the comments.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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5 stars on average, based on 1 rated postsP. H. Madore has covered the cryptocurrency beat over the course of hundreds of articles for Hacked's sister site, CryptoCoinsNews, as well as some of her competitors. He is a major contributing developer to the Woodcoin project, and has made technical contributions on a number of other cryptocurrency projects. In spare time, he recently began a more personalized, weekly newsletter at http://ico.phm.link




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8 Comments

8 Comments

  1. Nox

    August 15, 2017 at 10:53 pm

    Good information, good conclusions.

    I would like to see the same article but with exchange of dollars and euros. For me the big piece of the cake is the fall of Bitcoin, so I am not interested in these exchange although I like to be informed and even use it in order to buy a hard currency to buy.

    Thank you!

  2. letusallunite

    August 16, 2017 at 12:06 am

    I’m confused. Where are Kraken and Bitstamp, just to name a couple of obvious examples?
    Why does the author refer to himself as “this author”?

    • Tarik

      August 16, 2017 at 2:13 pm

      not considered those tradicional exchanges trading fiat, but crypto-to-crypto only

  3. ericlflau

    August 16, 2017 at 5:24 am

  4. Equinox

    August 16, 2017 at 8:24 am

    I just recommend the author to mention that there is a referral affiliate/link used at HITBTC which makes puts things more into perspective for the reader.
    For the rest a great overview. I do agree on Poloniex however once you get used to the interface, it is a great platform.
    Concerning technical charting tools and security wise Kraken is one of the best exchanges. They do not offer a lot of pairs, but if you are in the majors, that’s a good place to trade and program you trades.

    • cryptomill

      August 16, 2017 at 10:21 am

      @Equinox Kraken is my go to exchange for FIAT conversion out of crypto but it has a lot of performance issues during high volatility. I have had many trades bounce due to API errors or load issues on their side. Really frustrating to have to try a trade many times and watch it fail as the market crashes… Boo Kraken you are a great platform but lacks consistency

  5. cirrus147

    August 16, 2017 at 11:07 am

    Would love to see some comment to explain how and when to trade pairs, for example I am just realising on Kraken that when you look at the Bitcoin/EURO and Bitcoin/UKPound pairs, you get a different view of volume, sell demand and buy demand, so it can affect decisions I am pretty new to this and subscribe to Hacked to learn… getting a lot of analysis and opinion here, but still struggling to learn….

  6. Tarik

    August 16, 2017 at 2:17 pm

    HitBTC deals ICO IOU tokens as well, which made me very confused… nothing to be concerned if you stay away from them, but be aware and careful with the ICO tab. I did trade some there and (though working fine) consequences are many times surprising.

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Altcoins

DigixDAO: The Only Light in a Sea of Red

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DigixDao (DGD) advanced briskly on Saturday, confounding a broad downtrend in the cryptocurrency market that dragged most of the top-30 coins lower.

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DGD Price Levels

DGD rose more than 22% on Saturday, reaching $390 per token, according to data provider CoinMarektCap. The cryptocurrency was up nearly 26% against bitcoin and more than 23% versus ether.

At current price levels, DGD has a market cap of $779 million based on a circulating supply of 2 million coins. That’s enough for 30th place among active cryptocurrencies in terms of overall market cap.

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Trade volumes in the last 24 hours reached $77.3 million, with the vast majority of the trades being placed on Binance against bitcoin. Between bitcoin and Ethereum, Binance processed roughly 86% of the daily trade volume.

DGD has rebounded more than 83% from its recent swing low, but is still trading 14% below its all-time settlement high of $456.44 on Feb. 2.

Beating the Market

DigixDAO’s native coin has been rising gradually even as a week-long pullback in the crypto space shaved tens of billions of dollars off the collective market cap. This isn’t the first time DGD has outpaced the market. Three weeks ago, Hacked reported impressive gains for the cryptocurrency as virtually every other digital asset in the top-100 declined double digits.

At the time of writing, the total market cap of all cryptocurrencies was $430.5 billion, down 3.4% from the previous day and 6.7% from the intraday high of $461.6 billion.

Aside from DGD, Ethereum Classic was the only cryptocurrency in the top-30 to report gains on Saturday.

DAO Platform

As a Distributed Autonomous Organization (DAO), Digix was part of Ethereum’s first public crowdraise all the way back in 2016. The token raise launched in March of that year and reached its crowdfunding goal of $5.5 million in 12 hours.

DigixDAO is often referred to as a gold-backed cryptocurrency, but this only applies to its DGX token. The company operates two tokens, with DGX supposedly pegged to one gram of gold. Gold futures are up more than 15% year-to-date on a tumbling dollar and wavering risk sentiment.

Unlike most digital currency systems, the DAO protocol gives investors a voice in the company’s decision-making process. Depending on how the DAO is structured, investors can vote on how funds are deployed or which business proposals it entertains.

Ethereum founder Vitalik Buterin is planning to make DAOs central to future crowdraises. This will be accomplished by a new protocol called “DAICO,” or Decentralized Autonomous Organization Initial Coin Offering. Gaming platform The Abyss recently announced it will be the first company to utilize the DAICO model.

Through DAICO, companies can encode specific rules into their crowdfunding campaigns, such as KYC/AML requirements and investor approval for accessing project funds. The specifications behind DAICO were first laid out in January blog post penned by Buterin.

No other project has announced plans to utilize the DAICO model, although this may soon change as demand for transparency continues to grow.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 166 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Analysis

Technical Analysis: Majors Stage Rally but Strong Levels Still Ahead

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The cryptocurrency segment has recovered from a broad correction today in early trading, with the most valuable coins all turning into green during the session, despite the bearish start to the overnight session. With bottom-to-top gains of up to 15%, the rally helped in easing the worries of bulls, especially in the case of the relatively weaker coins.

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Bitcoin and most of the largest altcoins remained stable during the selloff, and BTC recaptured the $10,000 level quickly after trading as low as $9600 overnight. The initial rally topped out near $10,400, and the coin is trading back near the $10,000 level, as the bullish momentum faded away somewhat.

BTC/USD, 4-Hour Chart Analysis

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That said, we expect the uptrend to continue even if the correction could still carry Bitcoin lower. Further strong support is found between $9000 and $9200, while targets are ahead at $11,300, $13,000, and $14,250.

ETH/USD, 4-Hour Chart Analysis

Ethereum showed strength during the bounce again after yesterday, together with the early leaders of the rally, and although the coin dipped below the $845 level in the second half of the session, the signs remain positive for bulls. Support levels are now found at $780, $740, $625 and $575, while resistance is ahead near $910 and $1000.

(more…)

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 115 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Analysis

Crypto Update: Encouraging Bounce before the Weekend

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The correction that started out in the major lagging altcoins and spread to the leaders of the market yesterday is weakening, with a nice rally today in early trading in most of the majors.  Although the segment is not out of the woods just yet, the bullish signs which have been present ever since the lows three weeks ago still persist.

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Bitcoin stayed clear of the key $9000-$9200 support zone, for now at least, which would be an ideal bottom for the correction, but as we noted long-term investors should accumulate the coin during the correction, as the short-term momentum is already back to neutral. The $10,000 level is still in the focus, while the next major resistance is found at $11,300 and the prior rally high near $11,750 is also ahead as an obstacle.

BTC/USD, 4-Hour Chart Analysis

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The early leaders of the rally, Litecoin and Ethereum Classic are once again showing strength and that could signal that the next leg higher already started. That said, with several coins still stuck in broader downtrends, investors should still expect a bumpy road, with the occasional volatile sell-off.

Litecoin got very close to the $180 support that we have been monitoring throughout the correction, but it quickly bounced above the $200 level again, as the broad bounce started after testing the previously dominant declining trendline. So far, the price action in the coin is consistent with a new uptrend and we still expect LTC to lead the market higher.

LTC/USD, 4-Hour Chart Analysis

Ethereum Showing Positive Signs Again

ETH/USD, 4-Hour Chart Analysis

After yesterday’s early signs of relative strength, the second largest coin is now clearly showing evidence of accumulation, as it quickly recovered above the $845 level following the selloff after the US close. The coin established a new support near $780, and as the MACD is close to providing a bullish cross, it might signal the bottom of the correction.

Despite the bullish price action across the board, even in the recently lagging XRP and IOTA, the correction could still continue, but we still advise traders and investors to look for entry points as we expect the recovery to continue, although traders should still use smaller positions in the relatively weaker coins.

Stay tuned for our detailed technical analysis later on today.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 115 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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