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HitBTC is fraud: John Mcafee, What about Binance?

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John McAfee has termed HitBTC as one of the most arrogant cryptocurrency exchanges that he has ever seen in his life. Let's compare HitBTC with Binance

The articles cover aspects and give insights after comparing HitBTC vs Binance

 

Intro

The cryptocurrencies predominantly need a Marketplace as they have flourished from a handful of them to 1500 different varieties till date. An intermediary is required which would help in the buying and selling of various kinds of cryptocurrencies across the world. This facility is being provided by many of the cryptocurrency exchanges which has been flourished with the inception of Bitcoin in the year 2009. The cryptocurrency exchanges are highly centralized in nature but can handle huge amounts of transactions in every seamless manner, but they seem to be compromising on the security which is very crucial in this highly vulnerable cryptocurrency space. let us understand and try to compare two of the most prominent cryptocurrency exchanges.

 

HitBTC vs Binance: Introduction

Binance easy one of the most recent cryptocurrency exchanges which initiated its operations from China in the year 2017. It has been one of the most popular cryptocurrency exchanges which offer a huge variety of options in the form of trading pairs to its customers. The Centralized trading platform supports a myriad of languages as well as cryptocurrencies when compared to the lesser prominent HitBTC. Hitbtc is another centralized cryptocurrency exchange which initiated its operations way before binance in the year 2013 itself. Nevertheless, the Crypto exchange has not been able to gather as much as popularity as Binance has. The Hong Kong best cryptocurrency exchange supports fever languages when compared to the former one but a higher number of trading pairs to choose from.  

 

HitBTC vs Binance: Security

According to estimates, it has been found out that Binance supports approximately 123 cryptocurrency coins, whereas the hitBTC is deemed to support almost 228 different varieties of cryptocurrency tokens. Boudi cryptocurrency exchanges do not support any kind of Fiat deposits and only allows for the exchange between various kinds of cryptocurrencies. Security is one of the major concern and until now both the cryptocurrency exchanges have not been susceptible to any kind of hacks. They ensure security through a two-factor authentication process in order to safeguard the cryptocurrency funds.  However, Binance requests higher verification procedures to be followed for an increased amount of withdrawal or deposits.

 

HitBTC vs Binance: Transaction fee

When it comes to the transaction fees Binance as implied 0.1% on both the maker as well as the taker fees, but hitBTC seems to be compromising and has levied the transaction fee only on the withdrawal of 0.1%. The China-based cryptocurrency exchange, Binance is Highly popular and the daily trading volume is estimated to be almost $2 billion. On the other hand the daily trading volume of the hitBTC accounts to approximately $450 million. It seems that the Binance has been able to attract the customers from all over the world through its hard work and dedication. They also believe in customer service and also have an interactive mobile application which allows the user to undertake the trading operations very similar seamlessly.

 

John McAfee’s thoughts about HitBTC

Even John McAfee has termed HitBTC as one of the most arrogant cryptocurrency exchanges that he has ever seen in his life. He points out the Anonymity of the exchange which is providing minimal service and extracting maximum profits out of the cryptocurrency funds. He was very furious with the CEO of it BTC as he alleges that the CEO of hitBTC and threatened him.

 

 

HitBTC vs Binance: Popularity

The HitBTC cryptocurrency exchange was one of the most preferred ones, during its times but has become unreliable in the current domain, and it has been and has significantly failed to adapt itself to the changing market conditions. The inability to innovate and keep up with the pace rendered them to become very unpopular, although it was one of the early players in the market. Binance, on the other hand, has been deemed to be on the fastest growing cryptocurrency exchange in the cryptocurrency market. It doesn’t require much verification until the withdrawal of 2 Bitcoins worth, and the transaction fees also kept very negotiable.

 

Closing thoughts

Most of the popular cryptocurrency exchanges like Binance, Coinbase, KuCoin, Kraken, Bitfinex, HitBTC, etc are centralized in nature which means that the primary keys are stored in their servers. It is highly preferred that the users withdraw their cryptocurrency funds each time, after the trading and store it in an external hardware wallet as leaving them on the exchange is highly susceptible and dangerous.

#Exchange

Zeniex Crypto Exchange closing down after crackdown by Korean Authorities

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Zeniex Exchange is ending its journey in the crypto world after receiving a crackdown on unauthorized cryptocurrencies from the Korean Financial Authorities

Zeniex Cryptocurrency Exchange is ending its journey in the crypto world after receiving a crackdown on unauthorized cryptocurrencies from the Korean Financial Authorities. Zeniex has asked its users to withdraw all their funds on immediate basis.

 

Zeniex Exchange

The Zeniex Exchange was launched in earlier this year and allowed its users to trade all major cryptocurrencies.
The Zeniex Exchange announced on its official website about the termination of Zeniex Services and the termination of ZXG Crypto Fund No.1.

 

ZXG Crypto Fund No.1

The ZXG Crypto Fund No.1 was the center of attention for the financial regulators since its launch in September this year as it was the first cryptocurrency fund in South Korea.
The Financial regulators believe that the ZXG Crypto Fund No.1 violates the country’s Capital Markets Act.

 

South Korean Financial Services Commission said:

The virtual currency fund is likely to be in violation of the capital markets law and the company is not an investment company accredited by the financial authorities.

 

Timeline for funds withdrawal

The Zeniex Exchange has announced that all users must withdraw their funds (except for ZXG) before the end of the service date i.e. 23rd November 2018. The users will not be able to see their funds in their respective exchange wallets after this due date.

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#Exchange

Aftermath of EtherDelta Charges by SEC

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SEC’s swift action against the founder of EtherDelta does not appear to have had an immediate impact on cryptocurrency world.

SEC’s swift action against the founder of EtherDelta does not appear to have had an immediate impact on the crypto world.  As the non-fiat community awakens to the regulatory rap, crypto prices remained flat. With the sole exception of a few raised voices from Korean Bar Association on Thursday for the legalization of crypto activities and encourage mass adoption, there has not been much activism from the industry or user community in protest against the fine.

However, SEC’s enforcement moves do have a handful of lessons for the Decentralized exchange (DEX) community in particular.

 

Lessons Learnt from EtherDelta-SEC Confrontation – DEX should follow same rules

EtherDelta, the crypto token exchange has reached a settlement with the United States trade regulatory body Securities and Exchange Commission (SEC), following charges of operating the exchange without necessary approvals.  Zachary Coburn, the founder of the unregistered exchange, did not challenge SEC’s scrutiny and instead chose to pay penalties to the tune of $388,000, disgorgement as well as interests as part of the settlement.

Andrew Hinkes, New York University School of Law professor in his expert commentary of the deal, opines that EtherDelta operated as an exchange without the necessary legal endorsements from the council and the securities laws and implications and thus action and enforcement from SEC were but a question of time.

Thus the agreement arrived between EtherDelta and the SEC sets a precedent for new things to happen with respect to Decentralized Exchanges (DEXs).

 

DEX and SEC

The surprising part of the deal is that Coburn no longer works with EtherDelta, having quit the organization in 2017. However, since SEC was penalizing the organization and its executive members for the period of July 12, 2016, and December 17, 2017, Coburn is party to the settlement.

By penalizing the exchange, SEC has established the precedent that decentralized networks cannot be irresponsible or behave differently from centralizes server networks. Secondly, even if the business has ceased to operate or the owners have changed, SEC will enforce securities laws.

The penalty imposed is just a matter of routine and did not have any other penalties in terms of his participation in the markets. Experts believe by cooperating with the regulatory body, Coburn was able to win himself his favor, else it could well have led to his suspension or higher fines to be participating in the capital markets.

The third lesson is that the SEC wants the executives behind the actions of an organization are to set up the guidelines for such management leaders to work within the regulatory dimensions and not demand exceptions.

 

ICOs led to SEC aggressiveness

The year 2017 saw a proliferation of ICOs and tokens, especially in the US capital markets. Additionally, a plethora of Decentralized exchanges also began to set up a shot using, most commonly, assets which ran on the Ethereum network. These exchanges engaged in swapping of assets and thereby did not see the need for operating under a licensing system. Besides, they believed that being decentralized agencies they ruled themselves out of the centralized server-system framework regulated by SEC.

Thus, another lesson learned here is that the Ethereum platform – ERC20, when used cannot be considered as exempt by the exchanges from SEC obligations and compliance. Smart contract operations are also violating Exchange Act, states cyber law expert Hinkes. However, if Coburn and his group were alert and had kept out “certain tokens” their operations on ERC20 would not have been an issue states Hinkes.

 

Legal Labyrinth – the biggest Aftermath

Hinkes hints that the settlement between the likes of Coburn by the SEC now throws open the question of operations of organizations like EtherDelta. The question of unregistered securities sales and purchase is now open-ended in the USA, while overseas regulators are welcoming ICO and token use. The legal labyrinth remains the biggest aftermath post the legal settlement with Coburn.

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#Bitcoin

Crypto Trading on the Move: Five Apps if You Wish to Trade on the Go

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crypto trading: Let’s have a look at five of the better apps out there at the moment for crypto traders.

As crypto trading becomes more mainstream, we’re seeing people from all different walks of life get involved, and not all of them are sitting in front of their laptop all day.

For many, being able to make trades while on the move can be a make or break factor when choosing their crypto exchange of choice, and exchanges are smartening up to this.

 

Enter crypto trading apps.

In today’s world, there’s an app for everything, and it was only a matter of time before we saw crypto exchanges add apps to their services.

Like most apps, you’ll find some that are absolutely fantastic, but others that aren’t quite up to the job.

Let’s have a look at five of the better apps out there at the moment for crypto traders!

 

Binance

Everyone knows about Binance, so why not start with them? The company was founded in 2017 and has gone from strength to strength since.

Currently one of the largest crypto exchanges on the market by trade volume, Binance have ambition and a committed team.

They provide a desktop app that is available for both Windows and Mac, as well as an Android mobile app.

Users of the Binance app describe it as easy to use and with a simple interface, allowing them to sell, buy, and view their personal trade history. It also allows users to access their open orders and crypto holdings.

With over 1 million downloads to date, it’s safe to say that the Binance app is a favorite of crypto traders.

 

Tab Trader

When most people think of trading apps, they naturally assume that such apps are produced by the exchanges themselves.

This isn’t always the case, as we see with Tab Trader, which is a free trading terminal that provides users access to crypto exchanges such as Coinbase, Binance, HitBTC, and Gemini.

All in, there are over 25 different exchanges available on the Tab Trader app, which has been downloaded around half a million times by users in over 150 countries.

Using the app, traders can trade using stop-loss, limit order, market order, and settle position functions over a number of crypto exchanges.

All of a users exchange accounts are managed from one handy interface.

All of a users API keys are kept on the actual crypto exchange in an encrypted form, or in the possession of the app users, so at no time does Tab Trader have access to any of their user’s funds.

 

RightBTC

The Dubai-based exchange’s mobile app is available for both iOS and Android, so it caters to the majority of the smart device-owning market.

Providing state of the art SSL security, 24/7 customer support and over 90 listed pairs, RightBTC’s app offers a high standard of analytical tools, with graphs and charts that are easy to read, as well as real-time market access, meaning instant and accurate updates of users accounts.

RightBTC has seemingly been keeping tabs on some of the issues that traders have experienced with other apps and have put together an offering of their own that seems to address many of these issues.

The app is intuitive and stable and is incredibly easy to use.

 

KuCoin

Known in certain circles as “the people’s exchange,” KuCoin aims to make crypto trading more accessible for the novice trader.

Its mobile app is available on both Android and iOS and offers many of the essential functions that their desktop website does, such as basic trading services like deposits, withdrawals, buying, and selling, as well as access to your wallet.

With over 350 coins listed at the time of writing, KuCoin is an interesting choice for those interested in obscure coins.

 

Bitfinex

Despite not being able to offer services to US customers, Bitfinex is still a significant player when it comes to trading, and their mobile app reflects that.

Again, this app is available for both Android and iOS, and you can easily deposit funds and trade on the platform using it on whichever device you choose.

Being easy to configure and use is a quality that you’d be looking for in any app, and the Bitfinex offering provides that.

As mentioned, US users may not be able to enjoy the Bitfinex service for the moment, but this is still a lovely little app worth mentioning.

 

As the popularity of crypto trading continues to grow, exchanges will have to continually up their game and ensure they’re providing the kind of service that appeals to not only dedicated traders but casual traders as well.

A high-quality mobile app is an integral part of that strategy, and the apps chosen here are done so with ease of use in mind for both experienced and novice traders alike.

We thank Aubrey Hansen for this guest post.

Happy trading!

 

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