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Forex brokers attract traders using BitPay for instant Bitcoin deposits

BitPay Deposit allows brokers to accept Bitcoin and cryptocurrency deposits, fund user accounts in minutes, and receive next day irreversible bank account settlement in EUR, USD, or other local currency.

Republished by Plato

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Today’s traders expect access to funds in minutes, not days. Fast deposit options are no longer just an important aspect of the platform trading experience, but rather a requirement when choosing where and how much to trade.

Nearly 100% of traders say that they want immediate access to funds when making a deposit.

Learn more here:

Yet, as brokers and platforms work to make deposit options easier for their customers, they are limited by the inherent challenges of the available payment methods. Traditional ACH, wire transfer, and credit card processing can be costly, time consuming, and frustrating. In fact, delayed deposits can be a significant reason why a trader changes platforms, or chooses one platform over another.

Traditional deposit methods are too slow and cumbersome

  • Bank Accounts: Traders are required to enter sensitive data, await account verification, and wait (again!) for collected funds to become available.
  • Wire: Customers have to involve their bank, navigate detailed and complex instructions that contain sensitive data, wait for the wire to transmit, and then wait again for funds to be posted and available.
  • Card Payments: Consumers need to share sensitive card and personal data which is authorized, stored, and then processed. Access to customer funds is fast … but card limits often prevent big dollar transactions.

The business impact of legacy deposit methods

Legacy payment methods can result in significant challenges for brokers and platforms competing in this digital era.

  • Slow: Depositing funds via wire or bank account transfer can take hours or even days, causing friction between you and your customers.
  • Expensive: Bank account or card transactions can be expensive to you and/or your customers. Unfortunately, you’re also often on the hook if these transactions are reversed or charged back.
  • Source of Fraud: Payments tied to bank accounts or credit cards can make you, the merchant, hold all the risk and liability for fraud. Bank account and card payments are 100% reversible for up to 90 days–unlike blockchain or push payments.

We’re proud to introduce BitPay Deposit, a fast, safe, and secure account funding alternative for online forex brokers and platform providers.

BitPay Deposit allows brokers to accept Bitcoin and cryptocurrencies deposits, fund user accounts in minutes, and receive next day irreversible bank account settlement in EUR, USD, or other local currency. BitPay supports BTC, BCH, ETH, XRP and stable coins USDC, GUSD, PAX and BUSD for deposits. Because blockchain payments are push payments versus pull payments, BitPay Deposit eliminates the risk of chargebacks and shields against any risk of Bitcoin or other cryptocurrencies price volatility. BitPay Payout allows brokers to immediately fund customers wanting to cash out via a single batch payout, and handles sending Bitcoin or other cryptocurrencies to any number of recipients worldwide, for a flat 1% fee.

BitPay provides brokers:

  • Potential to expand user base. Tap into a large and growing number of BitPay users and cryptocurrencies users who are likely to have traded online and at a larger average transaction size than other payment methods.
  • Lower costs. BitPay charges a flat 1% transaction fee paid either by brokers or passed on to their users.
  • Elimination of chargebacks. Bitcoin transactions are pushed by the sender rather than pulled by the receiver (like a merchant pulls money out of your bank account to settle a purchase), eliminating the risk of the payer claiming a payment was unauthorized.
  • Global operations. Accounts can be funded from anywhere in the world, without banks or any other third party.
  • Added volume and liquidity, with an expanded market and faster deposits.

and their clients:

  • Speed: Bitcoin transactions are confirmed by the network and settled, on average, in about ten minutes, allowing users to trade within minutes of funding an account and providing liquidity for arbitrage
  • Lower costs: No wire transfer fees, credit card fees, or interest.
  • Large deposit options: BitPay-funded accounts aren’t subject to wire transfer or credit card limits.
  • Borderless: Bitcoin and cryptocurrencies can be sent anywhere in the world in minutes, no bank account required.

Expand your deposit options to include BitPay Deposit and open your platform to a large and unique cryptocurrencies audience.


Source: https://bitpay.com/blog/forex-traders-want-to-use-bitcoin-for-instant-access-to-their-deposits-for-faster-and-cheaper-trading/

Blockchain

Litecoin Price Analysis: 22 January

Republished by Plato

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

The Bitcoin market registered an important price drop recently, one wherein the value of the digital asset dipped briefly under $30k on the charts. Although the cryptocurrency’s value later bounced back above the $30k-level, the said drop in price also contributed to major altcoins like Litecoin plunging on the charts.

Litecoin briefly breached the support at $125, following which it managed to recover from its sudden fall on the charts. At the time of writing, Litecoin was valued at $137.27, with the cryptocurrency trading close to its immediate resistance levels.

Litecoin one-hour chart

Source: LTCUSD on TradingView

From the attached chart, Litecoin’s price can be seen falling within a descending channel and hitting a low of $121.97. This low was followed by an immediate retracement as the market tried to stabilize. In fact, later, the price of the digital silver immediately pushed higher, which was why LTC was trading above $130, at press time.

Given the aforementioned drop, the digital asset may breach the resistance at $138 and be priced higher on the charts.

Reasoning

The 50 moving average moved above the price bars and acted as a resistance level for the price of LTC. The said fall pushed LTC into the oversold zone, with Bitcoin’s own depreciation on the charts contributing to growing selling pressure. However, as the price recovered, the Relative Strength Index also moved into the equilibrium zone. As this level looked like a consolidating range for LTC’s price, the emergence of bullish pressure may push it higher on the price scale.

Further, the Awesome Oscillator highlighted the momentum shifting towards the sellers’ side. The AO dipped under zero a couple of days back, and a short position of traders must have realized here as the market went on a downtrend. With the downtrend sustaining itself, all momentum in the market was lost.

Crucial levels to look out for

Entry: $138.03
Stop-Loss: $134.73
Take-Profit: $144.88
Risk-to-Reward: 2.39

Conclusion

The press time price level looked like a consolidating level for Litecoin. However, a northbound push for the digital asset may result in traders benefiting from a long position as they realize a profit at $144.88.

Source: https://ambcrypto.com/litecoin-price-analysis-22-january

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Blockchain

VanEck files for a ‘Digital Asset ETF’ with the SEC

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According to a filing published today by the United States’ Securities and Exchange Commission, New York-based investment management firm VanEck intends to launch a Digital Assets ETF, one that will track as closely as possible, before fees and expenses, “the price and yield performance of the MVIS® Global Digital Assets Equity Index.”

The fund will invest in companies that generate at least 50% of their revenue from digital asset projects, or developing projects that have the potential to generate half of their revenue from the digital assets industry.

It should be noted, however, that the term “digital asset industry” is by and large a broad terminology for companies that operate digital asset exchanges, payment gateways, mining operations, software services, equipment, and technology. This may well mean that there is potential for companies like Coinbase to be included in the fund after a successful IPO.

The SEC filing also notes that this fund will invest in companies that hold a significant amount of digital assets on their balance sheets. This suggests that companies like MicroStrategy may be a part of its portfolio, considering its own billion-dollar Bitcoin holdings.

The New York-based investment firm isn’t a stranger to SEC filings. VanEck had previously submitted applications for Bitcoin-based ETFs with the SEC, with a majority of them being rejected by the regulatory agency for a host of reasons.

On the contrary, back in September 2019, VanEck withdrew its application for a Bitcoin ETF. Interestingly, the verdict on its most recent application for an ETF, titled “VANECK BITCOIN TRUST” is still undecided.

If the development comes to pass, it will be a huge step, especially since the said offering will be launching in a country where regulatory agencies have often been seen with a suspicious eye. In Europe, on the other hand, crypto-ETPs surpassed a billion Euros in assets in 2020, despite a regulatory ban on selling these products to retail investors in the U.K.

While a crypto-ETF is still yet to be officially approved in the U.S, many investment advisors have cited concerns saying that without a crypto exchange-traded fund, there is little incentive for registered investment advisors to put clients’ cash into crypto.

Source: https://ambcrypto.com/vaneck-files-for-a-digital-asset-etf-with-the-sec

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Blockchain

Stellar Lumens, Steem, Maker Price Analysis: 22 January

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Stellar Lumens registered significant losses recently. However, since a lot of the asset wasn’t sold on the market, XLM could see some upside in the next day or two. STEEM also showed signs that it was poised for a bounce while Maker slipped under a triangle pattern and could move towards $1000 on the price charts.

Stellar Lumens [XLM]

Stellar Lumens, Steem, Maker Price Analysis: 22 January

Source: XLM/USD on TradingView

While Stellar Lumens did not show strength in the market with regard to its price, there was reason to believe that XLM was heading back towards the range high at $0.31. The trading volume was low over the past few days, and the OBV showed that there was not a significant volume of XLM sold over the past few sessions, despite strong losses.

The range lows at $0.223 offered some pushback and at the time of writing, XLM was trading under the mid-point of the range at $0.264.

While the momentum seemed bearish, rising above the mid-point and defending that level will be a reason to conclude that XLM is likely to move towards $0.31 once more.

Steem [STEEM]

Stellar Lumens, Steem, Maker Price Analysis: 22 January

Source: STEEM/USDT on TradingView

STEEM registered a local high at $0.22 earlier this month and set a lower high at $0.211 a few days ago. Since then, it has faced strong selling pressure, with the crypto trading at $0.177, at the time of writing.

It saw a candlewick below the $0.168-support level, but that was quickly bought up. The RSI registered a value of 38, indicating bearish momentum. Further, the Stochastic RSI was deep within the oversold territory.

Combined with the buying pressure that drove the price all the way up from the wick to $0.164, it could be that STEEM is poised to attempt a bounce to the $0.185-$0.19 region. The reaction there will set its next direction.

Maker [MKR]

Stellar Lumens, Steem, Maker Price Analysis: 22 January

Source: MKR/USDT on TradingView

The MACD was steadily falling further into bearish territory after MKR closed under a symmetrical triangle pattern and re-tested the $1400-level as resistance. The Directional Movement Index also showed that the -DMI (pink) and ADX (yellow) were both climbing past 20 on the charts to show that a strong downtrend was in progress.

The 38.2% level at $1200 could offer support to MKR, should it flip the level to support in the coming hours. Further downside for Bitcoin towards $27.7k will likely see MKR move towards $1000 as well.

Source: https://ambcrypto.com/stellar-lumens-steem-maker-price-analysis-22-january

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