Please note: This review is based on buying a relatively small amount of bitcoin with euro. The figures outlined in this review may not apply to larger traders. This review is part of our series of bitcoin exchanges.
I’ve had a blockchain.com wallet for some time. If I look back through my transaction records, my first ever bitcoin transaction back in early 2013 was through one of those wallets, although the keys are long lost, and there’s only a couple of satoshi in it anyway. I’d signed up to their upgraded platform a while ago to get some airdrops, and as part of this had completed the KYC.
I recently received a newsletter telling me that they’re launched a new exchange at https://exchange.blockchain.com, and due to a cooncidence in timing where my preferred crypto exchange had temporarily suspended fiat deposits and withdrawal, it arrived smack bang in the middle of me looking for an alternative. While Binance is fine for crypto-to-crypto transactions, they have quite a high fee via third party payment processors circa 3% for fiat deposits. When I did the maths on some of the credit card based ones, I wasn’t willing to pay the fees associated with their spread, and I was looking to purchase relatively small amounts, and the withdrawal fees on Coinbase would eat into things considerably.
So I said I’d give it a go as they offered SEPA transfers. Registering was straightforward. I had already completed KYC as I mentioned before, so I just needed to set up an account and link this to my blockchain wallet (which I don’t really use though as I prefer hardware wallets such as the Trezor or the Ledger with it’s nice mobile app). If you’re not registered already, you’ll need to go through the normal KYC process with photo id, selfie and other information as is normal on most reputable crypto exchanges, and there’s several levels of verification you can go through depending on how much you want to trade. It also has the option to set 2FA to further secure your account.
So one of the key things that attracted me to using this having reviewed a number of them is it’s low fee structure. It uses a simple maker/taker model, and for low level traders under $100,000, the maker fee is 0.14% and the taker is 0.24%, which are a slight bit lower than my other favoured exchange. If you’re trading at higher levels, they have a scale that drops down depending on your volume.
In addition to this, and a standout point compared to most exchanges I’ve used over the years they don’t have any withdrawal fees when taking both bitcoin and ethereum off the platform. I did double check this, and the exact amount that I purchased for euro was what hit my wallets. I was also happy with the transaction speed, the bitcoin withdrawal was transmitted and confirming away within minutes, and the ethereum was even faster. By the time I had gotten the transaction id, loaded up etherscan, put the transaction number in and searched, it had already confirmed once. I’ve never had a withdrawal be sent that fast in 6 years of using exchanges.
I was looking to make a couple of purchases, so was depositing fiat which was relatively straightforward. Once in your account, you’re given bank details in your name within the EU to set up in your online banking. I’m also within the SEPA zone, so I was very curious as to how long it would take. On my first deposit, I made it on a Friday afternoon, and it hit my account on the morning of the following Tuesday. The second deposit was the same, I made the deposit and the day after next’s morning it was deposited onto my account and I received an email letting me know it was available.
Trading on the platform itself is simple. In the top, you can save several pairs based on your preferences, so for me I was interested in EUR/BTC, EUR/ETH and EUR/XLM. The price also sits pretty tightly when compared to other exchanges for the couple of times I was using it for the purpose of this review.
Depending on what you want to do, there’s a few options for trading. When buying, you have three options with taking a market order at the going price, setting a limit order, and a stop-limit. When selling there are four, Market, Limit, Stop and Stop-Limit. In terms of the order types, you have four options, fill or kill, good til cancelled, good til date and immediate or cancel. There’s also an option to post only.
The interface gives you three trading views – Line, Candlestick & Trading View. The Trading View features some nifty little tools, letting you play with the data by placing crosses, dots and arrows, putting in various trend lines, pitchforks, gann options, notes and various graphs. For the technical analysts out there, this will be a nice feature.
For advanced traders and those who want to connect a bot to the exchange for arbitrage, there is a solid API and good documentation available. There was also clear and simple information on both failed and successful trades, deposits and withdrawals. Obviously they use their own block explorer when linking to transaction ID’s for the relevant cryptos.
At time of writing, the exchange supports a mix of pairs across the following cryptos; ALGO, BCH (Bitcoin Cash), BTC (Bitcoin), DGLD, ETH, LTC (Litecoin), PAX, USDT (Tether), XLM (Stellar) and XRP (Ripple). So it’s not the most extensive range out there.
So overall, what are my impressions? Well I was looking for an EU based exchange that I could make some deposits to within a reasonable time. Check. Less than 48 hours in two tests was good (about 36 in reality given the time of day I made the deposits). Check. A reputable company running it. Check with blockchain being one of the longest established companies in the crypto space, and out of Luxembourg so within the EU (even though their bank wasn’t ;p).
The interface is simple and clean, trades were quick and I was really impressed with the speed of crypto withdrawals, the Ethereum I bought was in my wallet in no time, and the bitcoin I bought was transmitted within minutes, and confirmed quickly enough as well. So they’re definitely not cheaping out on miner fees.
So overall happy with them, and after looking at about a dozen different exchanges to find my new home for the next while, I think I’ve found one with the right features to meet most of my day-to-day requirements. Does it have every crypto i’m interested in? No, but if I am looking to get crypto here and there, it suits me down to the ground.
All Eyes on Ethereum
One Ether now costs more than US$3000. Did you ever think you’d see the day?
You gotta hand it to the crypto markets: in some ways they’re comically predictable. A month ago, Ethereum was everyone’s favourite whipping boy, a bloated, expensive under-achiever that couldn’t even double its 2017 all-time high. Lol what a weakling.
And with competitors like Cosmos, Solana, Polygon and Polkadot nipping at its heels, perhaps this was the beginning of the end for the network that gave us smart contracts, ICOs, ERC-20 tokens, DeFi, yield farming, NFTs and, to be honest, the entire idea that blockchain was a multi-functional and era-shaping technological breakthrough that you ignored at your peril.
How things have changed. On Monday Ethereum blasted through the US$3000 mark like it was barely there, throwing on an extra 15% while it was at it. The network is now worth a shade under US$400 billion, putting it on par with Mastercard and Walmart, and officially making Vitalik Buterin, the 27-year-old prodigy who created Ethereum, a bona fide billionaire. So, is this how the Flippening begins?
Network to net worth
Due to the speed with which things move in crypto, we tend to underestimate some of the metrics that actually speak to a technology’s success. The new shiny thing is almost always more exciting than some dusty old contraption built in the positively prehistoric year of 2015. Did they even have electricity back then?
But Ethereum stands out from almost all other blockchains in that it’s already being used, at scale, by millions of people and companies. While that may seem like Business 101 – get more customers, be more successful – when it comes to blockchain usage is a particularly powerful factor because of the way it harnesses network effects to improve the value of the system itself. Use it more and the whole system becomes more valuable, both financially and practically, for the network’s users, miners, stakers, investors and developers. Oh, and Vitalik, of course.
How far we’ve come
Ethereum’s issue has always been its inability to scale. If you can’t handle hundreds or even thousands of transactions a second, then you’re not really fit for purpose as a global computer. The result for Ethereum has been a year of increasing network congestion and brutally high transaction fees. Yet the fact that so much continues to be built and transacted on Ethereum tells you exactly how strong these network effects already are.
There’s also an increasing focus on three major changes to the Ethereum network due to arrive before the end of the year:
- EIP-1559: Lifts one of DeFi’s major innovations in the field of ‘tokenomics’ by implementing a token burn system on every transaction. You use the Ethereum network, you burn some ETH, never to be seen again.
- Optimism: due for a full launch in July, the Optimism sidechain should significantly improve the speed of Ethereum by leveraging largely incomprehensible processes such as ZK-Rollups and Sharding. It’s already being used by the Synthetix protocol, where it has saved users over $10 million dollars in transaction fees.
- Ethereum 2.0: This is the big one, Ethereum’s transition from Proof-of-Work to Proof-of-Stake. It’s been coming for years, but the importance of the change cannot be overstated. Already more than 4 million Ethereum are being staked on the Ethereum 2.0 contract, offering an insight into how much ETH might fall out of circulation once the entire thing goes live (potentially in November).
In short, Ethereum is just getting started. The price might seem gaspingly high right now, but remember that Ethereum isn’t trying to be Walmart or Mastercard. It wants to be the thing that Walmart and Mastercard are built on – and that’s a prospect worth having a stake in.
CARBON: A perfect avenue for showcasing talent
Creative professionals sometimes find themselves figuring out where to showcase their creations and profit from them.
It’s a tough situation to be in. But with CARBON, the dilemma is lessened.
CARBON creates an avenue that gives creators both a place to show off their talents and a chance to earn money.
CARBON features an ecosystem of a global scale that integrates open finance, fashion, art, music, and non-fungible tokens (NFTs).
One of its objectives is to enable a community that can inspire, support, and reward professionals.
What the CARBON marketplace looks like
As what an ideal marketplace should be, CARBON has a lot to offer, helping emerging brands and artists have a shot even at the highest levels of competition they have to deal with.
Items related to fashion, art pieces, music, and digital assets such as NFTs are offered in the CARBON marketplace. A dedicated team will carefully select these products.
The market will also see exclusive collaborations featuring various artists and brands for physical commodities and digital items that will be dropped on a weekly basis.
As for its audience, they should prepare for a diverse experience brought by a market evolving into a global ecosystem.
CARBON was founded by Chad Pickard who also acts as its Chief Executive Officer (CEO). It is an open finance wallet and super ecosystem that is built for the whole world of fashion, art, music, and culture while also integrating digital assets through NFT offerings.
It has its native token, the $GEMS, and its wallet integrates Neobank functions like the financial technology company Revolut and a non-custodial smart wallet for decentralized finance (DeFi) and cryptocurrencies.
This integration allows users to hold fiat (government-backed) and digital currencies as well as NFTs in a single platform.
The wallet is linked to the market, giving users the ability to directly select items that they desire.
CARBON doesn’t just work as a marketplace where purchases can be made, but also as an avenue where professional creators get to showcase their talents and inspire others to promote their own. It provides them with a winning environment.
How Tokenplace can help crypto traders get the best buy and sell prices
Any seasoned crypto trader knows that the price of a digital currency can vary across different exchanges worldwide.
Thus, one of the basic strategies for investing in digital currencies is to scout for the best buy or sell price and that’s where Tokenplace comes in.
Access to different crypto exchanges via one platform
To take full advantage of the price variance across exchanges, some traders often resort to opening accounts on different platforms. But Tokenplace eliminates this need because the platform allows one to access different exchanges worldwide.
This means that a user will only need his Tokenplace account and password to gain access to the entire crypto market. This is a lot simpler compared to having to main multiple accounts and passwords for other exchanges for different trading pairs.
Tokenplace is basically an online trading platform and exchange aggregator. With its automated order-splitting, orders are automatically broken up to ensure that traders get the best price for every coin they want to trade.
Easy to use and features-packed trading terminal
Tokenplace is also very appealing to newer investors because it is very easy to use. For instance, users will only need to access a single window for their deposits, withdrawals, trading, and exchanging.
The platform can be accessed from both desktop and mobile devices. Tokenplace’s onboarding and one-time registration process are also one of the quickest in the industry.
Tokenplace uses advanced algorithms for its multi-exchange order splitting feature. With this high-tech tool, users can get the best buy and sell price every time they trade.
IMPORTANT NOTE: This is a paid press release, which BitcoinerX has posted as part of a commercial agreement. BitcoinerX is not responsible for producing this content and does not endorse the products or services mentioned. It is the responsibility of the company posting the press release to ensure the material is credible and accurate. BitcoinerX is not responsible for any damage or loss caused to anyone who chooses to use the company, product or services mentioned in the press release. BitcoinerX does not recommend using the information in the press release to form the sole basis of investment decisions.
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