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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.

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.

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 2 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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Analysis

Crypto Update: Coins Drift Lower but Damage Remains Limited

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The major cryptocurrencies continue to trade in narrow ranges following last week’s decline and this week’s failed rally attempt. While Bitcoin is stuck near the $3600 support, the other top coins have been losing ground today, with Ethereum dipping below the $120 level, Ripple violating the $0.32 price level and Litecoin testing the $30-$30.50 support zone yet again.

Trading volumes and volatility remain very low across the board, but correlations are still high between the majors, and despite the quiet environment, we haven’t seen bullish signs in the market. That said, the trading ranges that developed this week are still intact, and although the overwhelmingly bearish long-term picture still makes the continuation of the decline more likely, a failed break-down pattern could still develop in the segment, should the top coins recover above their weekly highs in the coming days.

For now, our trend model remains on sell signals on both time-frames in case of most of the majors, and traders and investors should still stay away from entering new positions here, with still no bullish leadership being present.

BTC/USD, 4-Hour Chart Analysis

Bitcoin is still relatively stable even in the very quiet environment, and the most valuable coin is trading right at the $3600 support/resistance level. BTC formed a volatility compression pattern in recent days, and that formation points to a more significant move in the coming days, with a move out of it being inevitable as soon as this weekend.

Bulls are still looking for a move above $3850, towards the key zone between $4000 and $4050, but the bearish long-term setup continues to favor a dip below $3600, with support zones still found near $3250 and $3000, and traders and investors should still not enter positions here.

ETH/USD, 4-Hour Chart Analysis

Ethereum failed to get close to the $130 resistance level again, and as it dipped below primary support, the test of the swing low near $112 is likely in the coming days. The coin remains on sell signals on both time-frames in our trend model, and a move towards the key support zone and between $95 and $100 is likely in the coming weeks, barring a quick reversal above $130. Further resistance is ahead at $145, $160, and near $180 while the bear market low is found near $80

Ripple Under Pressure Again in Weak Environment

EOS/USD, 4-Hour Chart Analysis

Altcoins continue to trade without a clear direction despite today’s dip, but the bearish drift of the recent days means that the key support levels could be in focus during the weekend, should the volatility compression finally end. The few major coins showing signs of strength haven’t been able to maintain the bullish momentum, like EOS, which gave back yesterday’s gains today.

XRP/USDT, 4-Hour Chart Analysis

While the market of Ripple is still very quiet, the coin fell below the $32 support yet again, and it remains relatively weak compared to its closest peers. It is also on sell signals on both time-frames in our trend model, and a dip below $0.30 will likely be the next significant move. Further strong support is found near the $0.26 level, with resistance ahead near $0.3550 and $0.3750.

LTC/USD, 4-Hour Chart Analysis

Litecoin is trading just above the key $30-$30.50 support zone, and it sill failed to get anywhere near the next major zone near the $34.50 price level. Given the hostile long-term setup and the short-term sell signal our trend model, traders should stay away from the coin here, with a move toward the $26 level being likely in the coming weeks. Further strong resistance is ahead near $38 and $44 and with another support level found near $23.

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 443 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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Altcoins

Power Ledger (POWR) Reaps Benefits of Good-Guy Image with 45% Weekly Growth

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Power Ledger (POWR), the blockchain-based democratizer of the energy industry, gained 45% on its value over the past week. While 68% of daily trades came from Korean markets, it was Western eyes which were focused on Power Ledger this week.

Coverage in Huffington Post, and a nomination from Newsweek in their ‘Blockchain Impact Awards’, both added to POWR’s growing reputation of one of crypto’s good guys.

Power Ledger’s Good Rep

Coming hot out the gates with a plan to democratize the energy sector by cutting out third-party middlemen, Power Ledger got off to a promising start when it launched in late 2017.

Only a month or so after trading commenced, POWR got swept up in the altcoin pump of January 2018 and charged ahead to 3,919% gains, and an all-time high of $2.01.

Power Ledger’s aim to put (literal) power back in the hands of the average citizen made it an instant media darling. Its reputation as one of blockchain’s good guys, or gals, may also have been helped by the media focus on co-founder Jemma Green – one of the few women currently involved prominently in the blockchain space.

Blockchain Impact Awards

The first ever Blockchain Impact Awards, held by Newsweek, lists Power Ledger as one of the nominees for the upcoming ceremony.

“Newsweek is working with global experts in the blockchain world to present the first ever Blockchain Impact Awards. The awards will recognize entrepreneurs and enterprises that are developing blockchain applications to accomplish a social good.”

Power Ledger is up against 24 other blockchain projects – none of which are as instantly recognizable as the still fairly unknown Power Ledger. The next most known project among the nominees would perhaps be Akoin – the project founded by U.S-Senegalese rapper, Akon.

Huffington Post Likes Power Ledger

Power Ledger was given the spotlight in the Huffington Post before its ICO was even over, back in 2017. This week saw another focus article dedicated to Power Ledger, this time covering co-founder Jemma Green’s position as a female role-model in the blockchain industry.

Yet the promise of Power Ledger may run deeper yet. A single mother of two when she launched Power Ledger, Green has already met with the likes of Richard Branson and Elon Musk – both of whom have shown interest in the project.

Power Ledger Price

The last seven days have seen POWR wake up after a long and painful descent through 2018. From a weekly low of $0.070057 seven days ago, POWR surged 45% up to Friday morning’s price point of $0.102010.

The late night peak of $0.112617 took weekly gains to 60%, however much of that faded away by the time Western traders woke up for the day. The recent daily volume peak of $15 million is the highest in almost three months, with the POWR/KRW trade to thank for 68% of it.

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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4.5 stars on average, based on 123 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Altcoins

What is Optimal Shelf Availability Token (OSA) – And Is it Worth Your Time?

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Optimal Shelf Availability Token (OSA) splashed onto the first page of CoinMarketCap this week when its token circulation stats were updated.

While the coin price remained the same, the token’s market cap jumped 200% in a flash – possibly a result of locked-in ICO funds suddenly becoming available, although different sources report varying circulations at this time.

So what is Optimal Shelf Availability Token? Is it worth your time, or is it just another shitcoin with a ridiculous name?

Optimal Shelf Availability Token

Well, the answer might surprise you. At first glance, OSA actually seems like one of the more promising projects to pop up in recent years – and that’s coming from such a cold-hearted cynic as myself. The team’s self-description sounds common enough:

“OSA is a decentralized, AI-driven blockchain platform that collects and analyzes data from retailers, manufacturers, consumers and open sources real-time.”

The first thing you notice as you land on the project website is a claim that such global brands as Coca-Cola, L’Oreal and Danone already use OSA’s services. As you scroll down, you realise that Optimal Shelf Availability Token is targeting the retail supply-chain industry – and that those claims about Coca-Cola and co are actually…kind of true!??!

Well, for six months the Russian wing of the Coca-Cola HBC (Hellenic Bottling Company) rolled out the OSA tech in a number of retail stores. Over the span of the six-month pilot program, sales increased by 10% – as covered in this report.

When L’Oreal initiated the pilot, sales also increased within a two-month period, but were actually down for the rest of the experiment compared to the control group. More can be read here.

Manga & Marketing

OSA is the first crypto project I’ve seen that comes with a manga comic dramatizing its use-case – two comics, actually. The professionalism of the website compared to some of the tokens recently reviewed on Hacked is night and day. Multiple technical documents are made available for public consumption, including several whitepapers, annual and quarterly reports, and research papers.

The project’s Bitcointalk forum page was launched last April, and is currently 61 pages long. Contributions from the team are regular, and an extension of the bounty program was recently initiated to celebrate the token’s ascension through the rankings.

All of this can seem great at first sight – but, like a thirsty man in the desert, when you’ve been deprived of nutrition for so long, just about anything is going to look good compared to the mass of shitcoins we’re constantly exposed to.

The level of professionalism, and amount of goodies, on the website almost makes me suspicious. Like the polished veneer is only there to compensate for other shortcomings. But that’s coming from a tired mind, grown weary from having its cynicism confirmed on so many occasions.

OSA Price

Despite the recent ascent in the past week, OSA lost 17.98% in the previous twenty-four period, falling from $0.045754 down to $0.037524.

The Bibox exchange processed over 98% of daily trades via OSA/ETH and OSA/BTC, with CoinEgg making up the rest of the $1.3 million daily volume.

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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4.5 stars on average, based on 123 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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