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BitMEX Testnet – What is this? Real account and Pros and Cons

Trading contracts, especially with leverage, is a risky business. Therefore, it is best if a trader can test his mastered strategies and tactics directly in the market without risking his funds prior to doing any real investing. That is why BitMEX provides its customers with the place where they can simulate trading called BitMEX Testnet. […]

The post BitMEX Testnet – What is this? Real account and Pros and Cons appeared first on Cryptocointrade.

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Trading contracts, especially with leverage,
is a risky business. Therefore, it is best if a trader can test his mastered
strategies and tactics directly in the market without risking his funds prior
to doing any real investing.

That is why BitMEX provides its customers with
the place where they can simulate trading called BitMEX Testnet.

BitMEX testnet

BitMEX Testnet is a service built on the Bitcoin testnet providing a realistic environment for traders to test their trading skills, devise new strategies or just see how the real BitMEX trading platform works.

It offers a demo account, initially topped up with 0.01 Testnet XBT (BitMEX’s ticker for Bitcoin) which is perfectly easy to set up. Once inside, there are more than a few demo markets available:

  • Bitcoin
  • XBT UPs/DOWNs
  • Bitcoin / Yen
  • Cardano
  • Bitcoin Cash
  • EOS Token
  • Ethereum
  • Litecoin
  • Tron
  • Ripple
  • Bitcoin / Won

In each of those, a trader can take a long or short position with a leverage of up to 100x with a limit, market, stop market, stop limit, trailing stop, take profit limit, or take profit market orders. Moreover, a trader can choose between perpetual and dated demo contracts, making the already realistic demonstration even better.

If you’re looking for information regarding BitMEX, read our full BitMEX review.

Start Trading with BitMEX

BitMEX real account VS. BitMEX
testnet account

It is important for any simulation to come as
close to the real thing as possible, and that’s where BitMEX Testnet does a
really good job.

The customizable user interface looks exactly
like the real thing so every newbie can see how it is to navigate through
BitMEX’s options. Demo trader can see the whole order book as well ass all past
trades and depth chart. Charts are also in real-time just the same as if you
are using the real trading engine, making it possible for a user to witness the
consequences of his decisions immediately as market events happen.

There is also a popular trollbox included for
traders to exchange ideas as they trade, which is a great way to understand how
the market feels.

Therefore, the real thing doesn’t differ from the Testnet account apart from the logo. Also, the initial amount of demo XBT can be replenished via faucet so you can prolong your trading simulation further.

When should I use BitMEX testnet platform?

BitMEX Testnet is a perfect place to test out
new trading strategies and see how well would a certain trading tactic work in
a natural trading environment.

Such a demo platform is also useful like a simulator is useful for a future pilot to test his mastered skills because it is one thing to backtest a strategy and completely different to be able to see it working in the real-time market.

Pros and cons

Pros

  • Realistic market environment
  • Provides the opportunity to test
    trading strategies and tactics
  • Simple account creation
  • XBT faucets can prolong the
    simulation
  • Supports all BitMEX trading
    products

Cons

  • Simulated trading (trading without the risk) is never the same as when there is a high degree of risk involved

Start Trading with BitMEX

Your capital is always at risk when trading.

Read more about our platforms in our reviews, such as our PrimeXBT review, Binance reviewBitMEX review.

Source: https://www.cryptocointrade.com/crypto-trading-blog/what-is-bitmex-testnet/?utm_source=rss&utm_medium=rss&utm_campaign=what-is-bitmex-testnet

Blockchain

Bitcoin: Here’s the ‘ticking time bomb’ traders should be aware of 

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Despite Bitcoin oscillating around the $40,000-mark over the last 48 hours, the outflow of BTC from exchanges continued its downward trend. Over the week, exchange balances have continued to decline to hit a new multi-year low of 13.0% of circulating supply. This pushes exchange balances to levels last seen in February 2018. 

While the aforementioned outflow trend has continued to surprise, it has also been interesting to see how Bitcoin outflows played out differently for different exchanges and what affected this behavioral difference.

This article will delve into how differing sentiments and external and geographical factors played out during outflows from some of the top exchanges.

More and more outflows

According to a recent Glassnode report, there appears to be more demand for coins accumulated from exchange balances. In fact, the previous week saw a deeply negative (outflows) exchange net-flow reading, with BTC outflows happening at a rate of – 92k BTC/month.

Notably, both exchange balance and exchange net-flow balance highlighted that the market has clearly shifted its paradigm after March 2020. From a regime of net exchange inflow dominance to outflow dominance.

Comparative performance of exchanges 

While outflows have been constant across the market, external factors have influenced how exchanges across the spectrum behaved. A characteristic behavior was noted in two cohorts of exchanges –

The first cohort of exchanges included Bittrex, Bitfinex, Kraken, Gemini, and Binance. On the contrary, the second included Bitstamp, OKEx, Huobi, and Coinbase. 

The first cohort of exchanges demonstrated characteristic inflows and balance growth for most of 2020 and 2021, reflecting a rising dominance in coin holdings.

Binance and Gemini were the primary recipients of this cohort. Post the May sell-offs, balances across this exchange group plateaued and saw modest coin outflows. 

On the other hand, the second cohort of exchange saw constant outflows since March 2020. In fact, this has actually accelerated in recent weeks.

Further, the net balance across exchanges has continued to decline as the inflows observed in May were absorbed by the market and moved to investor wallets.

Exchange balance serves as an important metric to gauge traders’ sentiments for the underlying asset. In the case of Coinbase, it’s a hint at its traders’ intention to hold BTC instead of selling it.

Notably, the amount of Bitcoin held in Coinbase Pro’s vaults dropped by 28,843.87 BTC over the last month. 

On the other hand, modest outflows from Binance were indicative of the skepticism holders have for BTC’s price. Also, since Binance caters to a more global audience, it can play a part in this trend. The rising Bitcoin balances on Binance were suggestive of its users thinking about selling BTC, the opposite of the trend seen on Coinbase.

In hindsight, it can be noted that on Binance, the Bitcoin balance spiked from 199,700 BTC on 20 April to 347,590 BTC on 26 June – More than 1.5x. During that time, Bitcoin’s price dropped from over $65k to below $30k.

Thus, if the price doesn’t recover soon and outflows don’t dominate on Binance again, the rise in balances could prove to be a ticking time bomb. 

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Source: https://ambcrypto.com/bitcoin-heres-the-ticking-time-bomb-traders-should-be-aware-of

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Blockchain

Dimitra (DMTR) Listed On Kucoin

Dear Dimitra Community, We have some fantastic news to share with you. Dimitra is excited to announce the listing of the $DMTR token on KuCoin, recognized as one of the world’s leading crypto currency exchanges. The exchange’s user base is global and it is considered to be one of the leading trading venues for emerging […]

The post Dimitra (DMTR) Listed On Kucoin appeared first on CryptoCoin.News.

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Dear Dimitra Community,

We have some fantastic news to share with you. Dimitra is excited to announce the listing of the $DMTR token on KuCoin, recognized as one of the world’s leading crypto currency exchanges. The exchange’s user base is global and it is considered to be one of the leading trading venues for emerging and established altcoins.

KuCoin is the first exchange to list $DMTR. This listing, to be followed by other centralized and decentralized listings, will facilitate and accelerate Dimitra’s goal of democratizing agriculture technology for farmers globally.

The Dimitra $DMTR token will be available for deposit initially with the DMTR/USDT trading pair.

– Deposits will open at 11:00am UTC on September 21, 2021

– Trading will start at 09:00am UTC on September 22, 2021

All trading execution is done through the official website at www.kucoin.com or within the KuCoin Android and iOS apps

Dimitra is grateful and fortunate to experience the growth of such an active and loyal community! We are looking forward to continuing to grow together.

Check out KuCoin’s listing announcement here: https://www.kucoin.com/news/en-dimitra-dmtr-gets-listed-on-kucoin-world-premiere?utm_source=twitterinfo

About Dimitra:

Dimitra (DMTR) is a blockchain platform that is democratizing the agricultural technology space for smallholder farmers globally. Dimitra provides access to the blockchain, machine learning, Internet of Things sensors, and Satellite Technology through a mobile platform that helps farmers globally increase their yield, reduce costs and mitigate risks. Current farming practices are not sustainable; creating an evolution of practices will contribute to solving some of today’s largest issues for farmers. Issues like poverty, hunger, global warming, carbon emissions, freshwater, and soil preservation are all impacted by the adoption of Dimitra. Dimitra’s platform provides utility by combining the crypto investment cycle with agricultural development practices within nations globally.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptocoin.news/press-releases/dimitra-dmtr-listed-on-kucoin-64840/?utm_source=rss&utm_medium=rss&utm_campaign=dimitra-dmtr-listed-on-kucoin

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Blockchain

MiamiCoin Could Free Residents Of Tax Burden, Says Mayor

Thanks to its recently launched cryptocurrency, Miami is exploring a new way to fund municipal expenditures. ICYMI my interview on MiamiCoin w/ @FoxBusiness ✅The revolutionary concept of @mineCityCoins ✅Understanding how it’s generated $5M+ for the City ✅How these benefits translate into a better quality of life for Miamians pic.twitter.com/ipewPwBMdw — Mayor Francis Suarez (@FrancisSuarez) September […]

The post MiamiCoin Could Free Residents Of Tax Burden, Says Mayor appeared first on CryptoCoin.News.

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Thanks to its recently launched cryptocurrency, Miami is exploring a new way to fund municipal expenditures.

MiamiCoin earns 2,000 USD every 10 minutes for the city

In February, Miami mayor Francis Suarez made first advancements to transform the city into a cryptocurrency hub. His plans were further cemented when the municipal cryptocurrency MiamiCoin launched last month with 30% of all mined coins going directly to the city.

In a recent interview with Fox Business, Suarez confirmed that the city receives roughly 2,000 USD every 10 minutes though MiamiCoin. Annualized, this transfers to a revenue of over 100 million USD, although Suarez has been more careful, estimating a yearly revenue of 60 million USD. The money is earmarked for specific projects, such as funding for underprivileged communities, crypto education, and climate change mitigation.

Crypto could revolutionize government funding, says Francis Suarez

In his interview, Suarez stated that MiamiCoin could theoretically abolish Miami’s already low tax burden altogether:

It’s interesting because it’s not an involuntary tax and it’s not philanthropy. It’s something that is completely different and could revolutionize the way governments are funded in the future.

It is still a long way to go for that though. In 2015, the City of Miami recorded a total tax revenue of roughly 240 million USD. Yet, the move towards municipal coins is a very natural development.

Using cryptographic tokens as a funding vehicle for developing DeFi platforms and other decentralized applications is a tested method and has specially made great advancements over the last year. It should be only a matter of time until this method will be tried on a municipal, or even nationwide scale.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptocoin.news/news/altcoin/miamicoin-could-free-residents-of-tax-burden-says-mayor-64826/?utm_source=rss&utm_medium=rss&utm_campaign=miamicoin-could-free-residents-of-tax-burden-says-mayor

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