CoinSpectator Blog

The co-creator of PricewaterhouseCooper (PwC) Switzerland’s Blockchain initiative is joining the Tezos Foundation in Zug as Chief Financial Officer and Head of Operations. With Schnider, the Tezos Foundation Board strengthens its operations team in Zug with an experienced investment banking and assurance specialist.

Roman Schnider, Assurance Director of PwC Switzerland will take on the role of Chief Financial Officer and Head of Operations of the Tezos Foundation beginning summer of 2019. 

Roman Schnider joins the Tezos Foundation after nearly 15 years at PwC where he worked in various roles around the world with a special focus on investment banking.  Most notably, in 2016, he launched the department for blockchain and cryptocurrency assurance at PwC Switzerland.

Schnider is especially familiar with the Tezos protocol and Foundation due to PwC’s role as auditor of the finance and business operations over the last year. The Tezos Foundation is the first major blockchain project to work with one of the “Big Four” as their statutory auditor.

“I sincerely look forward to joining the Tezos Foundation” says Schnider. “Together, we will work to serve and support the Tezos community in the most effective, efficient and transparent way possible.”  

Schnider is superseding Eelco Fiole as CFO. “We want to thank Eelco for his contribution to the development of the Foundation and wish him all the best” says Ryan Jesperson, President of the Tezos Foundation.

“As the Foundation continues to provide resources to a growing Tezos ecosystem, the CFO and operations lead will be critical to our success,” notes Jesperson. “Roman’s experience makes him the ideal finance and operations specialist for our team. He is already familiar with the opportunities and challenges blockchain projects face and has a deep understanding of the Tezos Foundation from his time at PwC.”

Whether you’re a speculator, investor or gambler, it’s crucial that you minimize your risk exposure. While prices of Bitcoin may be on the rise, the volatile market has many investors worried.

What appears to be a savvy investment now, could be worthless in just a matter of days. To reduce your risk exposure, it’s crucial that hedge against cryptocurrency volatility.

Before we get started however, let’s take a look at what hedging means. Hedging is a finance term that describes the various strategies used to minimize risk from a volatile market. As you may have read through Bitcoin news, volatile nature of digital currency means that your holdings may suddenly fall in value.

With the value of your investment falling below its original price, you stand to make massive loss. By hedging, you can reduce or entirely avoid risks associated with a volatile market. To get your started, we’ve put together a list of 3 effective hedging strategies.

1. Short selling

Investors and speculators live by the ethos of “buying low and selling high” thus earning a profit on the difference. However, short selling is the direct opposite of this and is often used by traders looking to protect themselves from a decline in prices.

Here’s how a typical short-selling transaction looks like

1. You “borrow” 1 unit of BTC at USD 8,000 from a broker.

ii Anticipating a fall in BTC prices, you sell this Bitcoin at USD 8,000 to an exchange.

iii. Fortunately, prices of BTC fall to USD 6,000 and you purchase 1 BTC to “repay” the broker.

1. Despite a fall in prices, you’ve managed to make a cool USD 2,000 from the sale of BTC.

As can be seen, short selling allows an investor to protect him/herself from price fluctuations. However, short selling is not without its share of problems. A sudden rise in prices may result in you losing much more than your initial investment.

Not to be forgotten, exchanges and brokers often charge additional fees for such services. Before you start short selling, you need to find the right balance between a hedging or holding position.

2. Cash out

While short selling can be an effective method of short-term hedging, it doesn’t always work out. In some situations, the simplest solutions may be the best. Cutting your losses and cashing out allows you to walk away with your original investment and some profit.

By cashing out early, you’ll be able to avoid the crash and have something to show for it. However, liquidating your crypto holdings entirely also should be considered to be a last-ditch option. Should the price of cryptocurrencies improve, you’ll end up losing out on a bull market.

Before cashing out, conduct an analysis into existing market conditions to ensure that your decision is an informed one.

3. Making use of derivatives

Derivatives are financial instruments typically used in traditional stock markets. These instruments are essential for hedging against market volatility. From futures to contracts and forwards, derivatives are valued on the fluctuating prices of their underlying assets.

Simply, this means that the more volatile the price of an associated asset, the more expensive the derivative. For centuries, derivatives have played an important role in the marketplace.

Derivatives may be in their infancy on the crypto market, but several exchanges have already begun adopting them. A futures contract is a derivative which allows you to buy or sell an asset at a fixed price in the future. Hence, should you predict a fall in crypto prices, a futures contract allows you to sell your cryptocurrencies at a predetermined price.

With some skill and foresight, derivatives will allow you to effectively hedge against any price fluctuations. While they may still be in their infancy, derivatives are sure to make their impact felt in the years to come.

Just like sports betting, investing in cryptocurrency can be a risky proposition for the unprepared. However, with some preparation, you should have no issue riding out the storm and betting on a winning horse.

temtum, the next generation payments network designed to solve inherent problems with existing cryptocurrencies

2019, London, UK – Following the completion of its Temporal Blockchain and mainnet solution, temtum (TEM) will see the next generation cryptocurrency deliver feeless, instant transactions, backed by a highly scalable, sustainable and quantum secure network.

As leading cryptocurrencies such as Bitcoin, Tron and Ether scramble to develop second layer technology, temtum has been created as a solution to all existing limitations. Using the latest in cryptography and custom designed for mainstream payment adoption, temtum represents a step-change for the industry and a genuine alternative to traditional fiat currency.

Running on a combination of Temporal Blockchain and temtum’s own innovative, patented Consensus Algorithm – of which have been successfully built, deployed and 3^rd party security tested – the temtum cryptocurrency (TEM) can be easily integrated into existing payment infrastructures and applications via their developed and released crypto API.

The temtum network surpasses even market leading technology, including the likes of VISA, Bitcoin and Nano. temtum is currently delivering sustained, provable transaction speeds of 1800 tps on a live network across hours, days and weeks, with block times of just 12 seconds – prior to the release of their sharding and delegation technology. The first currency to utilise a quantum source of randomness, temtum is quantum secure and future proofed against the growing threat of quantum computing. Through its patented technology, temtum can run its entire network on a fraction of the energy required to power Bitcoin.

temtum was founded in 2014 by Dragon Infosec CTO Richard Dennis, the world’s youngest cryptography lecturer, and current CISO Dr Gareth Owenson – both world renowned cryptographers in their own right. With a team boasting more than 25 years of cryptography experience, multiple Silicon Valley C-Suite executives and holding the only blockchain PhD worldwide.

Five years of research, 12 peer reviewed published papers and four years of blockchain development has led to the creation of the Temporal Blockchain, the perfect platform for the temtum network.the ground-breaking temtum is not only environmentally friendly but is a technology that has already surpassed the industries latest next layer technology.

Founder and CEO, Richard Dennis MSc, said: “Bitcoin will always have value and the first mover advantage but it’s not fit for purpose.  We’ve seen Bitcoin and many other leading currencies fail to deliver on the promises and expectations. The ambition and ideas are there but with limitations including outdated cryptography, cryptocurrencies have not yet become a utilised payments solution. We’ve purpose built temtum as a network to solve these inherent limitations in speed, security, scalability and sustainability, and completed our network ready for launch.’’

Telegram

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**ENDS**

 More information can be found on the temtum website https://temtum.com, the Introducing temtum blog & in the temtum white paper

For any additional details, or if you would like to speak with Richard Dennis please email press@temtum.com or call 0207 100 0850.

iExec, the company known for bringing exciting new developments to decentralised cloud-computing on the blockchain, have given their fans another reason to wax lyrical about their platform. V3, their major new release, introduces the Data Wallet, a feature that now makes secure data renting possible.

When it comes to upgrades, this is a huge leap for the company, and it brings lots of advantages. iExec’s decentralised cloud marketplace is now faster, more flexible and more secure than ever. Plus it now gives both individuals and enterprises the chance to earn money by either offering a share of their computing power to the platform or their datasets. Their Enterprise Edition in particular will help corporations looking to do business on the blockchain.

With data renting, all data providers are able to list their valuable datasets or AI models, and use them with an application that combines remote computing power through iExec. Whether you’re providing datasets, applications or computing power, every entity has the opportunity to be rewarded on iExec’s decentralised marketplace, and it’s the blockchain that makes this grand vision possible.

Coveted datasets likely to find a home on the platform are trained neural networks, which can be monetised and rented through the Data Wallet. Because of the huge amount of data, coupled with the time it takes to train and optimise these networks, they are extremely valuable, with a wide range of industries looking to pay a considerable amount to have access to them, from those in healthcare, to fintech and cybersecurity.

The old way of acquiring these datasets relied on companies paying subscription fees which meant the dataset creator lost ownership of their data. That’s the great thing about iExec – it creates businesses relationships where enterprises can execute code on a remote machine which is never able to inspect, copy or meddle with the data, with providers able to revoke all access whenever they choose.

iExec’s marketplace offers other advantages too, with V3 providing an array of new technical features to enhance speed and security. Upgrading their distributed computing middleware, the newly named ‘iExec Core’ enables integration with the iExec Trusted Execution Environment solution (TEE), ensuring data is protected when it’s running on remote, untrusted machines. Plus, a dedicated bridge, compatible with sidechains and decentralised brokering, has increased the overall efficiency of their marketplace. Now decentralised oracles can be constructed and provide access to real-world data for blockchain apps.

With V3 introducing iExec Enterprise aimed at businesses, it proposes custom offers to address the distinct needs of different corporations, doing so with paid support and consulting services. They can adapt their package by selecting which sections of it their partners or clients have access to, giving them only the specific resources they need. This is what iExec is doing with France’s biggest utility provider, EDF. Combining distributed computing with blockchain consensus and trusted execution environments, iExec are seen to be a safe pair of hands that gives consortiums exactly what they need to conduct effective business on the blockchain.

Upfiring, FOAM and AirSwap have won the latest ETHFinex community vote and will shortly be listed on the trading platform.

The community backed ERC20 trading platform, ETHFinex announced the winning projects via Twitter and are expected to be listed this month.

The majority of projects listed on ETHFinex also go on to be included in the main Bitfinex exchange.

Projects that unfortunately did not secure enough community votes were: Loom Network, Tolar, Tripio, Hydro, IoTeX, aXpire, Wisbon, Fetch and Ink.

Congratulations to @airswap @foamspace and @UpfiringHQ for winning round 15 of the #EthfinexTokenVote.

See the full leaderboard here: https://t.co/djdnIVnQUi

All EVT has now expired and the winning tokens will be listed on Ethfinex in the coming days ? pic.twitter.com/ZOKVz1DHRa

— Ethfinex (@ethfinex) May 14, 2019

Mostly surprisingly of all, Upfiring a P2P file-sharing dApp running on the Ethereum Blockchain secured 26.6 million votes beating major VC backed projects. The team and community behind the dApp celebrated the win on Telegram, with the mostly unknown project set to be exposed to millions of traders, investors and new users.

Unlike competitors such as Tron’s tokenization of BitTorrent, the project stuck to it’s roadmap and has long had a fully working dApp.

Peer-to-peer trading network, AirSwap came as the first winner, with 44.8 million votes.

Coming in at second place with 35.5 million votes, FOAM the ‘Proof of Location’ protocol for geospatial data markets” allows users to build a consensus driven, trusted map of the world by securing physical space on the blockchain.

As history often repeats, all three projects will most likely be listed on the BitFinex exchange in the near future.

MediaSmart, the company known for helping mobile advertisers run successful campaigns with the aid of data-driven metrics, have teamed up with the advertising technology company NEXD, this month announcing a new partnership. Integrating a range of new rich media tools within MediaSmart’s demand-side platform dashboard, the two companies will streamline the rich media creation process for all of MediaSmart’s customers.

With the new features rolling out to select partners from this month onwards before full access for all customers in the coming weeks, the integration of NEXD’s Campaign Manager and rich media ad creator with MediaSmart’s DSP console will enable customers to rapidly create engaging, elegant, interactive adverts that are lightweight and easy to build using simple drag-and-drop methods.

The partnership comes at an ideal time, as all the data from market research company Statista points to a consistent increase in demand for rich media year-on-year, with the growth set to continue for the foreseeable future. The reason is largely due to the rapid growth of the mobile sector, an area both Mediasmart and NEXD are already well established in.

When it comes to rich media solutions, most use HTML5 to create ad campaigns, with considerable downsides such as slow-loading pages and a limited range of creative options which end up with more of the audience using ad blockers. To combat this, NEXD have created a proprietary, rich media-focused ad framework. Four years in the making, their NEXD Engine overcomes problems associated with HTML5, with solutions that enable faster, lighter media.

MediaSmart’s CEO, Noella Amoedo, is thrilled about the potential this new partnership offers: “MediaSmart has always been very clear about its position within the mobile advertising ecosystem: full focus on advertisers and the buying process…with NEXD’s technology, Mediasmart can focus on delivering our advertisers the best the industry has to offer without compromising the advertiser experience.”

 

 

Erik Tammenurm, NEXD’s CEO, is also enthusiastic about how this partnership will increase the range of companies who’ll have access to cutting edge tools: “It’s been NEXD’s goal from the start to give much broader access to the kind of rich media creativity previously only accessible to a handful of agencies…we have taken a huge leap towards achieving our goal of accessible rich media ad production for all.’

 

With NEXD’s broad network of offices around the world from London to Singapore and Paris to Tokyo, and MediaSmart’s experts backed by well-known investors such as KOMM Investment and Kibo Ventures, they have the means and the broad client base to make a huge impact.

Many in the cryptocurrency community are mistaken in believing that bitcoin is anonymous – there is, however, a way to fix it

Let’s get one thing clear from the start – bitcoin is not anonymous. When you use it, even though your name is not attached to your wallet address, your entire transaction history is plainly visible to anyone that cares to look. Furthermore, because of advances in blockchain analysis, it’s become possible to figure out your IP address, name, and physical address – all from your blockchain activity.

BestMixer.io fixes that worrisome situation in its entirety. That’s because BestMixer.io is what is known as a bitcoin mixer – it’s an engine that literally blends your bitcoin with the coins of others for the purpose of creating anonymous BTC that is untraceable by even the best that blockchain analysis has to offer.

Why on Earth would anyone need anonymous bitcoin? Well, the reasons are many, but we’ll highlight the two most important ones.

Your Wallet Addresses Are Being Watched

First and foremost, your wallet address is under surveillance. Government agencies, tax watchdogs, scammers, hackers, blockchain analysts – the list of people and organizations interested in your wallet goes on. They want to know how much you have in your wallet and who you’re connected with. Additionally, thieves are looking for vulnerable wallets to target and empty.

So, what can you do about it? Use a bitcoin mixer.

BestMixer.io takes your bitcoin and, after passing it through their powerful mixing engine, makes it impossible to connect your old sending address with your new receiving wallet. In this way, the lineage from your past to your present is completely broken, giving you a fresh start on the blockchain. No one will be able to know who you’ve sent to, who you’ve received from, and where your bitcoin went after you use a blender.

Blockchain Analysis Can Figure Out Who You Are

Blockchain analysis is a really controversial topic in crypto these days, but that isn’t stopping it from advancing on a daily basis. Firms like Chainalysis are closing record amounts of funding and have become some of the hottest properties in blockchain. That means that more firms are going to pop up on the horizon, and that the competition for advancing the tech is going to increase without pause.

Why is that a problem for you? Well, first and foremost, blockchain analysis can figure out who you are in real life. Yes, in real life. So, if you want to make sure that no one ever figures out who you really are and what your connection to your crypto wallet truly is, then you’d better start using a bitcoin mixer right away.

Moreover, the only blender we can recommend is BestMixer.io. They’ve run tests on other leading blenders and have concluded that no one else is able to provide the blockchain analysis-conquering coverage that they can.

So, before you go sending your next BTC transaction, head over to the BestMixer.io bitcoin blender and get yourself covered with head-to-toe in blockchain-based anonymity. This video manual will help you to understand in detail how to mix bitcoin properly.

Media Contact Information:

BitMix.Biz
Website: Bitcoin Mixer
Tor: Bitcoin Mixer (Tor)
Email: bitmixbiz@protonmail.com
Bitcointalk thread: https://bitcointalk.org/index.php?topic=2099519

Litecoin into Gambling Industry

The introduction of Litecoin into the gambling industry was a natural course of actions, taking into account the upward-trending of this cryptocurrency on the market. The gambling industry, particularly cryptocurrency-oriented platforms keep an eye on the newly released digital money that has the potential to grow in terms of volume and value. It’s difficult to imagine any top rated online casino that doesn’t include Litecoin among other blockchain cryptocurrency options. The trend of Litecoin inclusion into the gambling industry got its wings in 2019, and it appears that the newcomer is in for the long run.

The success of Litecoin in Online Gambling

As one of the most impactful aspects of Litecoin’s success in the online gambling industry, it’s important to mention that this particular cryptocurrency mines faster than most of its competitors. The rewards for each block grants 25 Litecoins, however the reward amount declines by half every four years, due to the mining mechanisms. Since the transaction period is shorter than it is with Bitcoin, many players rather choose Litecoin because it takes less for their withdrawal to take place. Furthermore, the fact that it’s accepted payment method in some of the most reliable online casinos, like FortuneJack and other popular online venues deepens the trust of the community towards the popular blockchain money.

Why Gamblers choose Litecoin Gambling

Since online gambling is prohibited in many countries, the anonymity and the information security that blockchain technology provides allows players to enjoy their favorite pastime. Since cryptocurrency-based casinos give you the chance to deposit, gamble and withdraw Litecoin directly from and into your wallet, there is no need to submit any sensitive information that might become a legal liability. Moreover, as opposed to fiat currency, Litecoin transaction fees are the lowest of the low, which keeps the player’s losses to a bare minimum.

What else you should know about litecoin casinos

It’s important to understand that not all of the Litecoin online gambling venues provide the same type of experience. The credibility of the venue is your top priority because you want to know your coins are safe once you deposit the funds. Furthermore, it’s smart to play in online casinos that provide provably fair games so you can rest assured that there is no infringement by any third party.

With each new cryptocurrency, there is a potential for a new addition in the gambling industry. Litecoin is a fast-growing digital currency with a scaling trade volume. It’s safe to say that this latest crypto option is here to stay, at the pleasure of players everywhere in the world.

SWARM, an infrastructure provider for the issuance and trading of digital assets, has selected award-winning Copper as its preferred digital custodian. The integration of Copper’s solution will provide the institutional grade security fundamental to the mass market trading of digital securities.

Copper’s technology will secure assets held or managed as well as delivering settlement services through APIs, which trigger subsequent processes for the SWARM (SWM) that are wrapped to be invested into for investment opportunities on the SWARM platform.

Copper already provides custody for multiple crypto funds and investors operating a full range of investment strategies. The company also plans on providing custody for fiat in the future.

Copper has recently improved the security protocols of its custodial service further by adding military grade optical air-gapping. This enhancement ensures the complete security of an offline repository of asset owners’ sharded keys during the transaction signing process.

Philipp Pieper, Co-Founder of SWARM, has commented: “The integration between Copper and SWARM is a great fit due to the compatibility of our technologies as well as our teams.

“Copper provides the level of institutional grade security and convenience that is absolutely essential for the adoption of digital securities by institutional investors and the retail market.

“Philosophically, we have found in Copper a team who are committed to the growth of a broad ecosystem for digital securities, who share our innovative spirit, and who know that we will all get further, faster when we build together.”

Dmitry Tokarev, CEO and Founder of Copper, has commented: “SWARM is at the forefront of the emerging security token investment industry and we are excited to enable its vision.

“Although the crypto industry is evolving rapidly, it still needs large institutional involvement before the space can fully-mature.

“This cannot be achieved without proper custody solutions ensuring assets are secure alongside solutions that help institutions easily navigate the industry. The partnership between SWARM and Copper puts us at the forefront of developing the infrastructure for financial services 2.0”.

Operating from Hong Kong, BitMex was founded in 2014 by web application expert Samuel Reed, ex banker Arthur Hayes and Ben Delo whose background spans across building high frequency trading systems. This dynamic trio brought over 40 years worth of financial experience to the project to provide investors and traders with access to the global market using only Bitcoin. BitMex incorporated in Seychelles and is unregulated in any jurisdiction at present.

BitMEX, short for Bitcoin Mercantile Exchange, takes inspiration from the CME group which is also known as the Chicago Mercantile Exchange.

At the time of writing BitMEX has surpassed all competitor exchanges with its daily trading volume exceeding $1.2 billion dollars (~200,000 BTC).

The majority of cryptocurrency exchanges accept a wide range of digital assets for making deposits into the hot wallet however BitMEX currently only allows Bitcoin. However this has little impact on its user base as it is targeted more at professional traders with financial experience. The products BitMEX offers are based around derivative trading, more specifically Bitcoin futures, perpetual contracts and BitMEX UP and BitMEX down contracts.

In short derivative trading is an agreement between two separate parties that requires one party to purchase the underlying asset (Bitcoin) and the other to sell that asset on a date in the future. This doesn’t have to be tied to a physical products but for the example below it is to make understanding the concept easier.

The best way to explain Bitcoin futures is using common day to day grocery shopping. If I gave you $20 dollars for 100 eggs ( Yup! I love eggs 🙂 ) the transaction is immediately settled, but with a futures contract the settlement is agreed at a specific time in the future for a set amount meaning two elements are the price and date of delivery.

For example a humble egg farmer may be worried that the egg consumption could drop or rise in the future for any reason and thus could take advantage of this by locking the price with the buyer which means a more financially stable company. The other party would agree to this price as they may think the egg price could change in their favour determined on the type of bet. Fast forward to the future, let’s say the consumer demand for eggs rocketed due to a health trend, this might mean the price of eggs drops as sellers try to shift as many eggs as possible, the farmer is not affected by this as he locked in the price with a futures contract.

The above example of a futures contract works exactly the same but for Bitcoin, it could be based on rumour, hearsay, demand, news, regulation or anything that affects the price of Bitcoin. It essentially opens an arena for various parties to bet on the outcome based on speculation.

How to Sign Up to BitMEX

To setup an account with BitMEX, users need to register on the website by providing an email address, password, country of residence and full name. Once you have activated the account through email you can proceed with trading as no KYC or AML checks are required to deposit or withdraw funds.

BitMEX currently does not allow traders from the United States to register as it does not function within the legal framework. This is not necessarily a bad thing but could be down to a number of factors such as over zealous regulations by the SEC. It has been noted on social media that people in the US are bypassing the IP checks with a VPN.

How to Use BitMEX

Users can trade a wide variety of digital assets including Bitcoin, Cardano, Tron, Bitcoin Cash, Ethereum, Litecoin and Ripple cryptocurrencies against fiat currencies such as Chinese Yuan, US Dollar and Japanese Yen.

Unfortunately if you are new to financial trading then BitMEX will feel overwhelming but for those who have dabbled with financial instruments before it is easy to get to grips with. We do not recommend using BitMEX as a beginner unless you are very well versed in leverage trading.

All trading instruments can be found by clicking the trade tab once logged in.

To open an orderbook click as specific asset such as Bitcoin from the top pane, this will display the most recent trades in the right hand side tab followed by the trading chart and orderbook to the left. The charts can be used to analyse historical trading data.

You will also notice in the top right a customise button which allows the user to choose their viewing preferences with full control of the orderbook widget, depth chart, price chart, recent trades and positions & open orders. The trading chart data is fed directly from TradingView which is a recognised and trusted 3rd party data platform.

When a user places a trade on the BitMex platform it can be viewed in the trading interface with the option to view active and filled orders including the stops which are in place. All active orders can be canceled by the user at any point with the analysis of whether it is in red or black

Futures and Swaps

As previously explained a Bitcoin futures contract will enable a user to sell or buy Bitcoin in the future at a predetermined price. Users can leverage up to 100x on these contracts.

Perpetual swaps are not dissimilar to bitcoin futures other than that they have no settlement or expiry date but they trade along with the underlying reference Index Price whereas futures diverge from the Index price.

Prediction based Binary contracts can be also traded but they settle at 0 or 100 and designed for making a bet on any given event. Binary contracts are traded with zero leverage, a 0.25% taker fee, a, 0% maker fee and 0.25% settlement fee.

Leverage

BitMEX also enables traders to margin trade where positions can be leveraged by placing orders larger than the users current balance which could lead to a higher profit.

However margin trading can be extremely dangerous for inexperienced traders as all profits can be quickly liquidated, meaning the amount of money in their wallet will be taken.

The maximum leverage a user can take out is 1:100 which is much greater than other exchanges who sit at 1:20

BitMEX Fees

For Perpetual contrats BitMex has a 00x leverage, -0.00250% maker fee, 0.0750% taker fee, 0.0100% long funding, short funding fee of -0.0100% with a funding interval of every 8 hours.

The traditional futures fees for all tradable assets have a similar maker fee from -0.0250% – -0.0500%, although the leverage varies from 20x for example with Tron right up to 100x with Ethereum.

Deposits and Withdrawals

At present BitMex does not charge fees on withdrawals or deposits. When a user withdraws Bitcoin, the minimum network fee is set automatically based on the blockchain load which is currently low.

Users can withdraw and deposit Bitcoin at their leisure with no limits although the minimal deposit is 0.001 BTC.

To withdraw or deposit, a QR coded address is displayed when clicking the “account” tab along the top pane.

Although a user can withdraw Bitcoin at anytime, BitMEX has implemented a cut off time set at 13:00 UTC which means if you process a withdrawal after that it will be completed the next working day. This has been designed to stop automated deposits and withdrawals by bots or hackers on the hot wallet and provides the staff with sufficient time to cancel any fraudulent withdrawals.

Is BitMEX Safe?

BitMEX states on its website that it does not compromise security for convenience with their ethos based on rigorous and well tested security measures to make the platform bullet proof.

The deposit and withdrawal system is multisignature which means each time this processes is initiated its then checked by the majority of BitMex partners to ensures its legitimacy. By using multisignature it prevents users funds from being accessed by a hacker if they manage to compromise the hosting server or database.

The BitMEX trading engines uses kdb+ which is a database and toolset used by major banks and other high speed financial trading platforms.

PGP encryption is used for all communication across the board

BitMEX Customer Support

BitMEX runs a mixture of support and contact methods including IRC, Reddit, Twitter, support tickets and email contact for dealing with customer enquiries 24/7 which has often been praised as responsive on reddit.

Customers can also access an extensive frequently asked questions section for basic enquiries they may have.

Conclusion

BitMEX has an established following among traditional Wall Street traders who are familiar with margin trading. The platform is not designed or marketed towards beginners who simply want to purchase Bitcoin. In fact this is not even possible at the moment as you must own/ deposit Bitcoin before using the platform. So if you are looking to trade with futures and take advantage of the 100x margin, BitMEX is for you!

We advise everyone to start with a small trade due to the high potential losses which can occur with the type of trading on offer.

Users with no prior trading experience whom are simply looking to buy Bitcoin or other cryptocurrencies we recommend stepping away from BitMEX, you may want to read our review on the Binance exchange which is more user friendly for beginners.

Pro’s

• Great for experienced traders
• Can leverage 100x
• Fast trading engine

Con’s

• Hard to use for new traders
• Can loose funds quite easily if not familiar with leverage trading
• Controls a large portion of the market

Thanks for reading our BitMEX review, if you would like to visit the website for more information please visit: https://www.bitmex.com or check out the Reddit for any community support queries here: https://www.reddit.com/r/BitMEX/