Connect with us

Blockchain

Mexo Review: A New Cryptocurrency Exchange for Mexico & LATAM

Avatar

Published

on

Mexo, a newly launched cryptocurrency exchange platform, is now open to the public after its product launch on 20th of August, 2020. The launch is headed by Krypital Group, a blockchain-centric venture capital firm.

Mexo aims to encourage cryptocurrency trading in the Mexican and Latin American markets – a sector that has been at the forefront of the blockchain revolution.

Though the product will be accessible to the public only after the launch, its website is already functioning. As of now, signing up for Mexo is possible only with a VIP invitation code.

Mexo has been successful in catching our attention, and so here we explore what the platform offers and what to expect after its launch.

Visit Mexo

What is Mexo?

The Latin American market has been demonstrating significant growth in the blockchain economy. Mexo will facilitate the buying and selling of cryptocurrency pairs for those based in LATAM and Mexico, by providing ample opportunities to conduct secure digital currency trading.

With leading personalities in the industry behind the team, the product will offer true liquidity, diversification of products, and reliable customer service.

On Mexo, you can engage in trading of both BTC and stable coins. Currently, there are 21 stable coin pairs, and 9 bitcoin trading pairs accessible on the platform.

The Mexo homepage
The Mexo homepage

Additionally, several LATAM currencies are also available, including the Mexican peso, Uruguayan peso, Argentinian peso, Chilean peso, Colombian peso, Peruvian sol, and Belize dollar. Additionally, there will be support for the US dollar and the Chinese yuan.

As you can see, the platform focuses on making it easier for Latin American users to enter into the cryptocurrency markets from the comfort of their home.

How to Register on Mexo

You can create an account on Mexo with either your phone number or your email ID. However, after creating an account, you will be required to verify your identity by completing two out of the three verification processes.

  1. Provide a valid identity card
  2. Attach your photo holding a valid ID card.
  3. Attach a selfie with you holding a valid ID card.

It is evident that Mexo has taken all steps necessary to ensure that only verifiable accounts are created on the platform.

Fast Signup Process
Fast Signup Process

Features of Mexo

Mexo has managed to combine some essential features to attract cryptocurrency traders.

Currently, users can perform:

  • Spot Trading, and
  • Derivatives Trading

Furthermore, Mexo also allows users to trade via a fledged demo account. This allows you to practice your cryptocurrency trading skills without risking your own capital.

If you are new to the cryptocurrency exchange scene, it is best that you take advantage of this feature to familiarize yourself with the ins and outs of cryptocurrency trades.

How to Trade on Mexo

Mexo has a clean interface that makes it easy for both beginners and seasoned professionals to engage in trading.

Once you create an account on the exchange platform, you will see the following options under the “Exchange” tab on your homepage.

Select the Trading Pair List

Choose the pair you want to access, and you will be redirected to the respective exchange trading page.

For instance, if you’re looking to trade ETC with BTC, you can go to the BTC page, and look for ETC in the search bar.

Then proceed to select the ETC/BTC pair.

Market Status

Mexo displays a detailed overview of how its supported trading pairs have been performing over the last 24 hours.

In this section, you can also analyze data points such as the recent price action, trading volumes, and 24-hour highs and lows.

Keep in mind that this only offers a summary of the current market values.

The Trading screen
The Trading screen

Buy/Sell Orders

Mexo allows you to trade digital currencies through two order types – Limit trading and Market trading.

Limit Trading Order

A limit order lets you set the price and amount at which you are ready to buy or sell. Your trade will only be executed when the market meets your conditions. Hence, you might be able to buy or sell at a more favourable price than the current market value  – depending on your trading pair.

In essence, your orders will be considered as guidance to carry out that particular trade. Orders closer to the market price will take priority here. If there are multiple orders with the same price, then trades will be executed based on the time that the orders were placed.

Note: In Limit trading, if the market price does not match your order price, the transaction will not be completed. In this case, you will have to cancel the order or switch to a market trading order to carry out the trade immediately. Once these orders are executed, they cannot be revoked. Only pending orders can be modified or cancelled.

Market Trading Order

Market trading orders, on the other hand, are to be executed at the current market price. This approach is for those who want to carry out spot trading regardless of the market price.

Here, you don’t need to set the price or amount; instead, Mexo will match your order to the market price, until the set amount has been filled.

Place your orders
Place your orders

Chart Area

The Mexo chart area gives you a visual representation of the market depth and the K-line graph of cryptocurrency trends.

Apart from these, you will also be able to see any pending transactions, open orders, and your balance.

Perpetual Contracts

Mexo provides derivative trading opportunities through its perpetual contracts. Currently, you can settle perpetual contracts in USDT. These contracts allow you to go long or short while trading, with huge leverage limits of up to 100x.

Unlike futures trading, perpetual contracts do not have any specified delivery or expiration date. As long as your position is open, the contract will remain valid.

Presently, Mexo offers only cross margin mode, meaning all your trading positions are independent of others.

Auto-Deleverage Mechanism

With substantial leverage on offer, Mexo has also come up with an auto-deleverage mechanism, or ADL.

Instead of distributing the losses after settlement, this mechanism prioritizes users with high leverage and high profits. ADL will kick in if there are not enough orders outstanding, and if the insurance fund is insufficient to cover the subsequent losses.

Risk Limit

Users engaging with perpetual contracts can also limit their losses by installing a risk limit. If the position is higher than the risk limit, the order will no longer remain in play.

Insurance Fund

The insurance fund is there to ensure that you avoid your position being auto-leveraged. The fund is accumulated from any liquidations that are executed at a profit.

Mexo Fee Structure

Mexo has set up a tier system to define fees charged to each user. These tiers are determined by the monthly trading volume of users.

There are six levels, ranging from 0 to 5, with trading volumes up to 1,000 BTC. If your monthly trading volume exceeds 2,000 BTC, Mexo will offer you a bespoke plan.

Transaction Fees

Maker and Taker fees are different in spot trading and perpetual contract trading. A taker fee is charged when your trade order is matched immediately, and as such, all market orders are charged a taker fee.

  • Mexo’s taker fee vary from 0.070% to 0.095% when spot trading.
  • When trading perpetual contracts, you will be required to pay a slightly low fee of between 0.032% and 0.040%.
  • The Maker fee varies from 0.010% to 0.020%, and from 0.050% to 0.075% for perpetual contracts and spot trading, respectively.

Trading Fees

Spot Trading Perpetual Contract Trading
  30-day Trade

Volume (BTC)

  Maker Fee   Taker Fee   30-day Trade

Volume (BTC)

  Maker Fee   Taker Fee
   LV. 0 0.075% 0.095% 0.020% 0.040%
   LV. 1 20 0.070% 0.090% 100 0.018% 0.040%
   LV. 2 100 0.065% 0.085% 500 0.016% 0.038%
   LV. 3 250 0.060% 0.080% 1,250 0.014% 0.036%
   LV. 4 500 0.055% 0.075% 2,500 0.012% 0.034%
   LV. 5 1,000 0.050% 0.070% 5,000 0.010% 0.032%

Deposits and Withdrawals

All deposits are entirely free at Mexo. For withdrawals, Mexo employs a dynamic fee setting, which uses the calculation of miner fees, token prices, and asset withdrawal prices to improve the user experience.

With this technique, Mexo claims that the withdrawal fee is much lower than any fixed-rate fee schedules.

Another impressive feature is the option to set your withdrawal speed, which can allow you to lower the withdraw fee that you pay.

Withdrawal Fees

Token Ticker Deposit Fee Withdrawal Fee Minimum Deposit Minimum Withdrawal
     TetherUS      USDT      Free      Dynamic 1 10
     Bitcoin      BTC      Free      Dynamic 0.001 0.01
     Ethereum      ETH      Free      Dynamic 0.01 0.05
     XRP      XRP      Free      Dynamic 10 45
     BCH      BCH      Free      Dynamic 0.001 0.03
     Litecoin      LTC      Free      Dynamic 0.001 0.15
     EOS      EOS      Free      Dynamic 1 3
     TrueUSD      TUSD      Free      Dynamic 10 20
     Ethereum
Classic
     ETC      Free      Dynamic 0.1 0.5
     BSV      BSV      Free      Dynamic 0.01 0.05
     Dash      DASH      Free      Dynamic 0.005 0.1
     Tezos      XTZ      Free      Dynamic 0.1 4
     Cardano      ADA      Free      Dynamic 10 200
     ChainLink      LINK      Free      Dynamic 2 5
     Monero      XMR      Free      Dynamic 0.1 0.5
     Cosmos      ATOM      Free      Dynamic 1 3
     ZCASH      ZEC      Free      Dynamic 0.001 0.3
     Ontology      ONT      Free      Dynamic 1 15
     Basic Attention
Token
     BAT      Free      Dynamic 35 105
     Algorand      ALGO      Free      Dynamic 0.5 100
     OmiseGO      OMG      Free      Dynamic 6 10
     Decentraland      MANA      Free      Dynamic 200 600
     Golem      GNT      Free      Dynamic 20 50
     GRIN      GRIN      Free      Dynamic 0.1 10
     DOGE      DOGE      Free      Dynamic 500 5000
     TRON      TRX      Free      Dynamic 20 2000
     NEO      NEO      Free      Dynamic 1 1

*Mexo uses a dynamic fee setting, which combines dynamic calculation of miner fees, gas fee with

Mexo Security

Perhaps, one of the most significant concerns for any cryptocurrency trader is how secure your funds will be. Mexo ensures this through a multiple-dimension risk control protocol that protects the system from both front and back-end attacks.

Additionally, they also segregate development, deployment and authority systems.  According to the platform itself, over 90% of client funds will be stored in cold wallets, and the rest in an operation wallet with multi-signature addresses.

Moreover, Mexo also encourages users to set up 2FA, which you can do via Google Authentication. This will add an extra layer of security on your account.

Mexo Review – The Verdict?

All in all, Mexo appears to have found a gap in the cryptocurrency market – reliable trading services for those based in Mexico and Latin America. This is further amplified by its commitment to security and transparency, with promises of dependable customer service.

Visit Mexo

1,032

Source: https://blockonomi.com/mexo-review/

Blockchain

Australian Crypto Exchange Accidentally Exposes Over 270,000 Customer Emails

Avatar

Published

on

The Australian cryptocurrency exchange, BTC Markets, has inadvertently exposed more than 270,000 emails of its customers. The company apologized for the inconvenience and reassured that all other data, including users’ funds, is safe.

BTC Markets Exposes Customers’ Emails

A user going by the Twitter handle Stevosxrp.crypto took it to Jack Dorsey’s social media giant and Reddit to first complain about BTC Markets’ screw up. The Australian-based exchange later confirmed the breach on its official Twitter account.

The statement explained that BTC Markets “uses an external system to send client-wide emails.” Although the exchange has used this service for years “without an incident,” including sending test mails, this time, the testing “didn’t pick up that the sample email addresses in the batch were added to the same email, rather than sent individually.”

Consequently, the names and email addresses of account holders were exposed. BTC Markets claimed that this process was instant; therefore, “it was not possible to stop the batch send once the error was realized.”

The CEO of BTC Markets, Caroline Bowler, later revealed that all account holders were affected because the emails were sent in batches.

Funds Are SAFU, But The Damage Is Done

The exchange said that it will “self-report” to the Office of Australian Information Commissioner and “fully comply with the data breach reporting requirements.” Furthermore, the company plans to conduct an internal review.

Despite the data leak, BTC Markets reassured its users that the platform is still secure, no passwords were revealed, and all customers’ funds are safe.

Nevertheless, the exchange suggested that users’ should enable two-factor authentication (2FA) to enhance the security of their accounts.

None of those reassurances seemed to have an effect on the users, though. The Twitter thread explanation was met with numerous complaints from customers.

While most highlighted their disappointment with having their personal emails and names revealed, some took it a step further. One user claimed that the BTC Markets’ name is “now as good as dog s**t.”

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/australian-crypto-exchange-accidentally-exposes-over-270000-customer-emails/

Continue Reading

Blockchain

Former Goldman Sachs Chief and Trump Economic Advisor Says Bitcoin Lacks Integrity

Avatar

Published

on

Gary Cohn, a former chief economic advisor to President Donal Trump, who was also the ex-president and COO of investment bank Goldman Sachs, said that bitcoin could fail because it had integrity flaws.

Cohn Spells Potential Doom for Bitcoin

According to Bloomberg on Dec.1, Cohn stated that Bitcoin’s “integrity flaw” could lead to the failure of the largest cryptocurrency by market capitalization. The former Goldman Sachs chief made the statement during an interview on Bloomberg Television.

When asked his bullish stance on bitcoin and other cryptocurrencies and the effect of the nascent technology on the economy, Cohn responded by saying that he was not a bitcoin proponent. The ex-Trump economic adviser also described BTC as lacking transparency and some of the basic integrity of a real market.

Cohn further buttressed his point, stating:

“Part of the integrity of a system is knowing who owns it and knowing who has it and knowing why it’s being transferred. The Bitcoin system today has no transparency to it. So there are a lot of people that question, why would you need a system that does not have an audit trail.”

Meanwhile, Cohn’s statement was met with surprise by members of the crypto community on Twitter. Most commenters stated that Cohn’s remarks showed a lack of research and a basic understanding of how Bitcoin functioned.

Pierre Rochard, bitcoin maximalist and co-founder of the Satoshi Nakamoto Institute, replied via Twitter, saying:

“I formally challenge Gary Cohn to a televised debate on Bitcoin’s auditability. Bring him to me.”

Furthermore, Cohn’s statement comes amid BTC’s price rally. The number one cryptocurrency set a new all-time high (ATH) on Nov. 30, surging past the record set in December 2017.

Not a First Time Bitcoin Opponent

Cohn’s anti-bitcoin stance, however, is not surprising. In May 2018, the former Goldman Sachs president stated that there could be a global cryptocurrency, but it would not be bitcoin. Cohn also revealed that he favored blockchain over bitcoin.

Meanwhile, in a Financial Times article back in April, the one-time Goldman Sachs president wrote favorably about central bank digital currencies (CBDCs). According to Cohn, CBDCs would give individuals easy access to financial services.

Featured image courtesy of Fortune

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/former-goldman-sachs-chief-and-trump-economic-advisor-says-bitcoin-lacks-integrity/

Continue Reading

Blockchain

Visa Partners With Circle to Integrate USDC for Payments

Avatar

Published

on

Visa, a global financial services company and credit card giant, has partnered with Circle Internet Financial, a leading crypto fintech startup, to integrate the latter’s stablecoin.

Visa Taps USDC for Digital Payments

According to Forbes, on Dec. 2, Visa will be adopting Circle’s USD Coin (USDC) into its credit card platforms. The collaboration between both companies would see the use of the stablecoin to send and receive payments.

Although Visa will not be a custodian to the USDC, Circle will help the financial services giant choose credit that will integrate the USDC into their platforms. The report also noted that 25 crypto companies involved in Visa’s Fast Track program would also be included in the partnership.

Furthermore, Visa plans to roll a credit card in the near future, following Circle’s completion of the company’s Fast Track program. It would enable businesses to seamlessly carry out payments using USDC. Commenting on the proposition, Cuy Sheffield, Visa’s head of crypto, said:

“This will be the first, corporate card that will allow businesses to be able to spend a balance of USDC. And so we think that this will significantly increase the utility that USDC can have for Circle’s business clients.”

Digital Payments Adoption on the Agenda

According to a recent report by CryptoPotato, Visa, and BlockFi, a crypto wallet provider, announced a collaboration to launch a Bitcoin rewards credit card in 2021. The credit card would enable customers to get rewards for their purchases in BTC. BlockFi would use the USDC in Q1 2021.

Sheffield also spoke on the integration of Circle’s stablecoin, saying:

“We continue to think of Visa as a network of networks. Blockchain networks and stable coins, like USDC are just additional networks. So we think that there’s a significant value that Visa can provide to our clients, enabling them to access them and enabling them to spend at our merchants.”

The Visa – Circle partnership is the latest development in the expanding digital payments arena. Fellow payments giant PayPal recently boarded the crypto train, allowing its 346 million users to purchase cryptocurrencies on its platform.

Back in November, PayPal CEO Dan Schulman revealed that cryptos would be an accepted funding source for online payments on its 28 million merchants by 2021. During the ongoing Web Summit in Portugal, Schulman opined that the era of digital payments was imminent.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/visa-partners-with-circle-to-integrate-usdc-for-payments/

Continue Reading
Blockchain2 days ago

Greenheart Punt World Debut on DigiFinex

Blockchain4 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain4 days ago

Coinbase unwilling to participate in Spark’s airdrop

Blockchain4 days ago

EOS Finds Support above $2.80, Resumes Upside Momentum

Blockchain4 days ago

ECB Lays out ‘Reinvention of Money’ Strategy

Blockchain2 days ago

Mining City: A Blueprint for Success?

Blockchain20 hours ago

IlCOIN Launches Blockchain-Powered VR First on Steam

Blockchain4 days ago

Bitcoin Price Prediction: BTC/USD Resumes Upside Momentum, Struggles to Break Above $18,000 Price Level

Blockchain4 days ago

Litecoin Price Prediction: LTC/USD Ready to Revisit $80; Further Upside is Limited

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

Ripple price prediction: XRP to hit $0.67 next, analyst

Blockchain4 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain4 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain4 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

Ethereum Strengthens Polish City’s Emergency Services

Blockchain4 days ago

Bitcoin Price Prediction: BTC/USD Back Above $17,500 Level as the King Coin Recovers

Blockchain4 days ago

Guggenheim opens door to bitcoin exposure for $5 billion macro fund via Grayscale GBTC product

Blockchain4 days ago

Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

Blockchain4 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

Trading 212, PayPal Crypto User Ban, BTC and ETH Tank: Editor’s Pick

Blockchain4 days ago

Guggenheim Partners prepares to dip investment fund’s toes into Bitcoin

Blockchain4 days ago

Bitcoin (BTC) Surges 5% Above $18,000 As Guggenheim’s Entry Sparks Excitement

Blockchain4 days ago

Guggenheim Partners may be the next big player to bet on Bitcoin

Blockchain3 days ago

Yearn Finance Continues Growing with Latest DeFi Acquisitions

Blockchain4 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain4 days ago

Bitcoin Grows By 5%, $18K Level Holds The Key For More Upsides

Blockchain4 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain4 days ago

Weekend bull trap? Traders remain cautious as Bitcoin price rebounds to $18K

Trending