CZ And SBF: A Detailed Teardown Of FTT And FTX Takeover
CZ and SBF have been on the spotlight for the week following the bankruptcy of the FTX exchange. Even though we may never know how close Sam Bankman-(SBF) Fried’s crypto empire came to falling apart or how much damage it would have caused to the industry as a whole, we do know what the main threats are right now. And they are the main reasons why Bitcoin was made more than a decade ago were financial self-dealing, human pride, and unclear markets.
FTT And SBF Relation To The Crypto Market Contagion
The cryptocurrency market saw heavy selling pressure yesterday as the FTT token suffered one of the worst crashes in crypto history. The FTT token, launched by FTX group, has been touted as the next big blockchain innovation after bitcoin.
So why did this token crash? And more importantly, what does this crypto contagion mean for the future of crypto investing? To answer these questions and more, let’s look at some key factors that led to the crash of FTT and the crypto contagion.
It seems like hardly a week goes by without another crypto-currency crashing. And while it’s true that the anonymity provided by cryptocurrencies makes them appealing to criminals, those same features make them popular with legitimate investors as well. This popularity led to rapid price gains, but now these coins and tokens are falling prey to their own popularity—and the crypto contagion has made its way to every corner of the crypto-verse.
Binance Strike Deal To Buy FTX
Binance, which is the biggest cryptocurrency exchange by volume, recently reached a deal to buy FTX, a competitor that it had first supported but then let almost fail. Binance CEO Changpeng “CZ” Zhao made the announcement on Twitter. He said that the two companies had signed a non-binding letter of intent. The agreement doesn’t actually compel either sides of the deal.
This purchase is a stopgap measure to keep SBF’s cryptocurrency exchange from going out of business until the due diligence processes are done. It could help calm markets that were shook by the public fight between two crypto giants CZ and SBF.
Just a few months ago, SBF was called the “J.P. Morgan” of crypto for his work saving failing blockchain companies like BlockFi. SBF put his face and the name of his exchange on billboards and magazine covers with so much enthusiasm. SBF’s decline has been dramatic and one of the worst fall from grace this year. SBFraud (as he is now called on Twitter) was worth an estimated $15.6B on Nov 8, according to Bloomberg, and today is worth an estimated $1B, leading to the “biggest one-day collapse ever among billionaires tracked by Bloomberg.” Both FTX and Alameda research are speculatively valued around $1, a far cry from the $6.2B and $7.4B the companies were speculatively valued at yesterday.
On Tuesday, Bankman-Fried wrote on Twitter, “Things have come full circle, and FTX.com’s first and last investors are the same: we have reached an agreement with Binance on a strategic transaction for FTX.com (pending DD, etc.)” “DD” in the tweet stands for “due diligence.”
SBF Mindset Of Squeezing Money From FTT And Crypto
Coming back to the idea of circular reasoning, it’s important to note that SBF has never seen blockchain as a goal in and of itself, but rather as a way to get somewhere else. He worked as a quant on Wall Street for a few years, and then he moved into the cryptocurrency industry to get as much money and power as possible. This is a perfectly valid way of thinking in the field of cryptography, as long as SBF did it because he was interested in the applications and processes that helped him make money.
SBF Rise To Success With FTT And Alameda
SBF has used the fact that he gave $50 million to the last American election cycle to push for regulations that have upset both his customers and his competitors. He was very much against the privacy of financial data and pushed for the DCCPA bill, which would set up a licensing system for decentralized finance similar to that of a brokerage.
He said this out loud in front of everyone. The private conversation that happened was what CZ was most worried about.
We can’t rule out the possibility that the deal falls through for whatever reason (consider the fact that binance might not know how bad the debt they’ll have to cover is yet), and in the case that it does, FTX users could be in deep trouble trying to withdraw the rest of their funds.
They could end up in a green jumper alongside SBFraud and UnstableKwon.
Over the weekend, Binance’s CEO tweeted, “We won’t back people who try to hurt other players in the industry behind their backs.” He said that CZ’s move to send more than 500 million FTT tokens to Binance the day before was an attempt to be “open.” He said that the deal went through.
He told everyone that it was shocking that Binance was going to put these tokens on the open market and made a scary comparison to LUNA, another project that Binance was early to support but which failed because of a bank run. After Alameda Research’s financials were made public to CoinDesk, CZ took full advantage of the chance that the volatile market gave them.
SBF And Alameda On Bankruptcy And The Contagion
Aside from the fact that both FTX and its sister business, the hedge fund Alameda, were started by SBF, it has never been clear what their history is. A leaked financial report said that most of Alameda’s assets were either locked or were cryptocurrencies that were hard to sell. SBF had put money into a lot of these other cryptocurrencies including Solana and the token from the Serum decentralized exchange (Bankman-Fried co-founded).
People who follow crypto industries very well have said that SBF has been too secretive about the exchange’s reserves and have asked him to prove that he owns shares in FTX and Alameda. In a column for Fortune, Jeff John Roberts says, “It’s not much to ask, critics say, given that SBF has been making a big deal about the need for tighter regulations and better governance in crypto.”
Binance made it clear yesterday that it will turn down SBF’s requests to sell its FTT tokens directly to investors. This is to keep the total number of tokens sold low. Instead, it would keep these assets, which came from what CZ called a “divorce,” as a Damocles sword. After trading in a narrow range yesterday, Bitcoin and Ethereum started going down during the overnight session.
SBF Secrecy And Push For Governance
It was clear that the epidemic would have far-reaching effects if SBF’s empire fell. The bitcoin market is a complex web of connections, and the fall of a single node, like the hedge fund Three Arrows Capital, could throw the whole ecosystem into chaos. Magic Internet Money (MIM), a stable coin that was originally funded by the sale of FTT, has stopped being tied to the dollar.
When there were clear financial mechanisms like MIM, investors at least knew how much their shares would be worth when they sold them. Because FTX is a “black box,” the public can only see the information that SBF makes public. Many people thought that Bankman was in trouble because he kept retweeting Fried’s unproven claims of airdrops for FTX clients who left their money on the exchange.
Jeff Dorman, chief investment officer at crypto hedge fund Arca, thinks this is bad for the industry and financial institutions in general because there isn’t enough voluntary transparency. However, he thinks it’s good for blockchain data and researchers who are trained to find, read, and understand this data. Dorman said, “No matter how it ends, it’s another blow to the industry.” Another bad thing for the business (and the banking sector)
The Contagion And New Bear Market
The FTT crash had a ripple effect on the crypto world that is still being felt today. The crash, which occurred yesterday was caused by a number of factors, including a sudden sell-off of FTT tokens, and a general lack of confidence in the FTT project. The crash led to the loss of millions of dollars worth of crypto, and many people were left feeling burned by the experience. The crash also had a knock-on effect on other projects in the space, as confidence in crypto as a whole was shaken. Many people will once again become hesitant to get involved in crypto, and the FTT crash will be cited as one of the reasons why.
The latest crypto contagion has taught us a few important lessons. First, don’t put all your eggs in one basket. Diversify your portfolio across different asset classes to reduce your risk. Second, don’t blindly trust anyone, even if they claim to be an expert. Do your own research and due diligence before investing. Third, be prepared for the worst. Have a plan B in case things go south. Stay calm and rational during times of market volatility.
The dip in cryptocurrency which was caused by the contagion may likely spend some time, so it may be in best option to DCA when investing in this season
So, we’re right back where we started. The supposed deal between SBF and CZ is not a reason to feel better. Just another deal that was made behind the scenes.
Trading Bot: Components, Advantages, and Implementation Strategies
With the growing popularity of cryptocurrencies, trading bots have become increasingly popular among investors looking to maximize their profits and minimize their risks. In this fast-paced and volatile market, trading bots can help traders stay ahead of the curve and make informed decisions in real-time.
- What are trading bot
- Why should you consider trading with bot
- Bot trading Strategies
- Some components of Trading bot
- Advantages Of Trading Bots
- Parameters to consider when choosing a trading bot
- Why should you consider trading with bot
What are trading bot
A trading bot is a software program that is designed to to buy or sell or make trade on behalf of a human. The trading bots are programmed by a set of data and they make decisions involving various market trends from these data. They use statistical model and machine learning to analyze market data and provide trading signals from previous trends.
Trading with bots has continued to gain more attention due to their usefulness in the market they can make transaction at a faster rate and without emotional bias.
They can pretty much can execute transaction at a slated price. The bots can make transaction at a faster rate and without emotional bias compared to humans who allow their emotions to make the best of them mostly during trade analysis.
Why should you consider trading with bot
Automation of trades has gotten more important because the cryptocurrencies market is it 24 hours 7 Days market that has no shutting down or weekend break. It is very difficult for a human being to be monitoring the market all through this period. The bots can analyze the market for a longer period of time and make decisions from this analysis compared to humans who have a very short span of concentration and focus for the market and the trading bot make decisions based on analysis and with emotional bias, since a computer program has no sense of emotion.
Bot trading Strategies
Trading with bot can be programmed to work on various marketing strategies. Some trading bots are designed to just buy and hold while some are designed to work in various scrapping modes (small trading time frames) and different time frames why some are designed to work on various market positions. ie, the market conditions can make the bots to adjust leverage or adjust positions to reduce losses or increase profits.
How crypto trading bots work
The Way Trading bots work is just to analyze market data and market statistics to make future predictions of the direction of movement of the coin or cryptocurrency. When the bot executes such predictions and the predictions turns out to be true, the owner makes profit but if such predictions fail and the trade goes against the bots then the trader will lose a substantial amount of money depending on how much he or she invested in that trade.
The data and parameter that the trading bot assess or make use of in making market analysis are includes technical analysis tools such as MACD and RSI and liquidity, support and resistance level.
Some trading bot also analyse financial, market and economic data to assess the value of a crypto assets and the potential or future value of such assets.
There are also bots which are designed to do copy trading. These bots just copy the trades of a specific experienced trader or a selected trader and use this to execute the same positions for it’s own trades.
Some components of Trading bot
A trading bot is made to work like an artificial intelligence machine that makes decision in place of a human Factor.
Trading bots it has several components, about six of them which are listed below;
The first components of a trading both is a data feed, the data field is where the bot gets all it’s market data to analyse and make decision from or structure it and make a future trading signal or future predictions from. The market that are usually scrapped for trading data of any token analysis includes, tradingview, mt4 and mt5.
The next one is the trading algorithm the trading algorithm is like the Api itself that makes mathematical calculation based on the inference from the market data to predict the future trading signal of the market or the future movement of the market.
The risk management factor involves the features that allow the trading bots to determine how much it should use to place a trade, the leverage, the margin the stop-loss, your entry points and your time frame and targeted profits.
An execution platform is also needed, the execution platform is the place in which you deployed the trading bot. It can be a crypto exchange app, a trading platform like meta4 or meta5 or any of the stock exchange or brokerage market.
Monitoring and optimization
Before the trading both can be deployed into a real market, it has to back tested and optimise and this process is called back testing and optimisation. It is the process in which you use a demo funds or demon funded account on the trading bot to see how well it performs or it will perform in the real market.
The monitoring and reporting dashboard gives helps you track the performance of the trading bot overtime and make the necessary adjustments which you have to do further profits.
Advantages Of Trading Bots
Accurate for analysis
Trading bots are accurate for analyzing market data, and has faster speed for such analysis, market data are quite cumbersome to get around with, but it is not so for a trading bot which can simplify the trades into maths and provide you with the numbers next to come in form of trading signals.
Zero emotion in predicting crypto signals
Most of the time, the crypto market do get the most of traders because they get at the top of their emotions to make profits and make huge gains from a particular trade but this is an impossible scenario with trading bots. As a robot it lacks the ability to feel or be controlled by emotions. Trading can be quite manipulative, and most often, humans do fall for this manipulations and that differentiate bots from them since they don’t base their analysis on emotions.
Market analysis requires constant monitoring especially for scrap trading or trading at a smaller time frames and it is improbable for a human being to monitor his trade for 24hours, 7days a week, but that is not the problem for a trading bot which can constantly and consistently monitor your trade for you even when you are asleep and place the trade on your behalf when it sees a good entry or exit points.
Optimization and fine tuning
Trading Bots can also be optimised for fast or slow profit and the timeframe for which you want the trade to run can be optimised. Your risk management also can easily be optimised from the trading boots so it is easily optimizable for the trader to suits whichever pattern or form of trade you want to place.
Disadvantages of a trading bot
Trading with boots also had some disadvantages some of which are;
Over-reliance on historical data
over-reliance on historical data and assumptions. Crypto currencies are very volatile and in some cases they form patterns which do not conform to anynof the previous pattern or trend of the cryptocurrencies. Cryptocurrency repeat history but most of the time it does not follow any pattern of history it’s just create a new pattern.
When such a volatility or unpredictable events formed, the bots loses focus because it is being faced with a problem which it is not trained on. The bot can therefore make decisions that will lead to loss of money.
Dependence on mathematical model and technology
Another one of the disadvantage of trading boots is the over dependence on technology and mathematical models or machine learning when such technology or models fails, it lead to loss of money.
Parameters to consider when choosing a trading bot
One of the most important factors to consider when choosing a trading bot is the ability of the trading bot to be paired with you trading platform. When you chose a trading bot that cannot work on your trading platform you can easily get stranded of what to do next with it.
Another important factor to consider when choosing a trading bot is the ability for you to fine-tune it to your own taste. Most trading bot have limited parameters to reconfigure for your own specific trading so you have to be sure of the parameters in the bots that can be reconfigured.
Several crypto exchange platforms have taken a step forward to create their own trading bot for Traders, all you just have to do is buy the bot and you be able to access the trading bots for a limited amount of time depending on your subscription plan.
We can now see that while trading bot are very good for trading they also have their downside and they are not good enough to beat the expertise of a human being behind a good trading strategy.
Trading bots are awesome for analyzing chat and market trends but for making decisions especially when the trade can be manipulated by external factors it is best that a human being be behind to control the bot.
Cryptocurrency Mining in Nigeria: An Emerging Industry with Major Growth Potential
Cryptocurrency mining in Nigeria has become a popular way to get passive income, as Nigeria is quickly becoming a hub for the industry’s growth. This is as results of the low cost of energy, a growing adoption of cryptocurrencies, and a young population that is knowledgeable about technology, Nigeria is in the best position to benefit from the possible long-term expansion of digital currencies.
- Why Cryptocurrency Mining In Nigeria Is The Go
Why Cryptocurrency Mining In Nigeria Is The Go
In this piece, we’ll go over some of the probable upsides to cryptocurrency mining in Nigeria, including the chance to broaden one’s income streams, hone one’s technical skills, and get in on the ground floor of a rapidly evolving sector.
If you’re interested in cryptocurrency mining or just want to understand more about this emerging industry, reading on will tell you why Nigeria is quickly becoming a significant participant in the world of cryptocurrencies.
During the past decade, mining cryptocurrency has exploded in popularity due to the ease with which people can earn passive income. Nigerians are no exception to the global trend toward investing in Bitcoin, Ethereum and some other altcoins meteoric growth in popularity. In this article, we’ll look at some of the possible motivations for considering cryptocurrency mining in Nigeria.
Low Cost Electricity
One of the main benefits of locating cryptocurrency mining operations in Nigeria is the relatively low cost of power. Mining equipment in Nigeria is significantly cheaper to run than in other countries because the average cost of power in Nigeria is one of the lowest in the world. As a result, miner profits rise, making this a desirable option for anyone considering a career in mining.
Aside from that, alternative fuel used to power up most rigs such as biofuel and diesel are cheap in the country.
Growing Adoption Of Cryptocurrencies
There are few countries as advanced as Nigeria when it comes to the number of people exposed to the use of cryptocurrency. Increasing numbers of Nigerians, a country with a large and growing youth population and a high percentage of technological literate youths, are considering using virtual currencies as a means of online investment and commerce.
Many economist predict that Bitcoin transactions will become increasingly prevalent in Nigeria over the next few years. By starting to mine bitcoin now, Nigerians will be in the advantageous position of being early adopters, putting them in a better position to benefit from any future appreciation in the value of digital currency.
Multiple streams of income
Nigeria is a country that has, throughout its existence, had to fight to overcome economic challenges. Many people in Nigeria are trying to find new ways to make money because of the country’s high unemployment rate and unstable economy. Bitcoin miners can diversify their income streams by earning a passive income while also generating new income. As the price of electricity continues to drop and more and more people begin using cryptocurrencies, crypto mining has become an attractive option for those in need of a supplementary income.
Economic growth can be maintained
Despite the fact that the value of cryptocurrencies can be extremely volatile, many experts in the financial sector believe that digital currencies will play an increasingly important role in the future of finance. Nigerians who start mining cryptocurrencies now may be able to benefit in the long run if the value of these currencies increases. Growth opportunities will also be enhanced by the rising demand for mining services as more businesses and individuals adopt bitcoin.
Developments in technology
Cryptocurrency mining requires a high level of technical competence; as such, it offers a chance for individuals to expand their technical knowledge. With the rising demand for technological abilities in Nigeria and throughout the world, it is crucial to think about how mining can provide individuals with a wonderful opportunity to build substantial skills that can be applied in other areas of their professional careers.
To sum up, there are a number of compelling reasons for Nigerians to think about cryptocurrency mining. Cryptocurrency Mining allows people to make money while they sleep and to diversify their sources of income. Elecricity is cheap, cryptocurrency is gaining popularity, and there is room for expansion in the future. These advantages of mining help to explain why this industry is so competitive. As an added bonus, working in the mining business is a great way to pick up valuable technical skills that can be applied in a wide variety of contexts. The practice of cryptocurrency mining is growing in popularity in Nigeria, and it’s a good bet for people who want to secure their financial future by investing now.
Some Cons Of Cryptocurrency Mining in Nigeria
Although cryptocurrency mining in Nigeria has the potential to bring about a number of advantages, there are also a number of unanticipated disadvantages that must be considered.
Here are a few things to consider:
Nigerians pay some of the world’s lowest rates for electricity, but the country routinely experiences blackouts and voltage fluctuations. This could lead to unplanned downtime of mining equipment and a loss of revenue.
Availability of hardware
Mining cryptocurrencies like Bitcoin and Ethereum requires specialist hardware like ASIC miners, which may be difficult to come by in Nigeria. This might make mining in the country challenging. Thus, it might be a more challenging and costly task to enter the mining industry.
Miners and investors may face regulatory ambiguity in Nigeria due to the country’s lack of an established regulatory framework for cryptocurrencies. The lack of oversight could make it challenging for mining companies to secure financing and insurance.
Greenhouse emissions problems
Cryptocurrency mining consumes a great deal of power, which could have negative effects on the natural world. Since a large amount of Nigeria’s electrical infrastructure is driven by fossil fuels, mining may contribute to greenhouse gas emissions and other environmental problems in the country.
While there are undeniably benefits to bitcoin mining in Nigeria, it is important to consider the aforementioned potential negatives before getting started. Long-term success in mining may be possible for people who take the time to learn about the hazards they confront and implement measures to lessen those effects.
Top 5 Exchanges For Crypto Traders
As more and more people get to learn more about cryptography, people also unravel some of the secrets behind some Ponzi schemes flagging themselves as crypto exchanges. The recent bear market has caused a massive cexodus in the crypto economy.
In case you don’t know what a cexodus is, it is just one crypto jagon used to denote how people are moving thier funds and crypto away from centralized exchanges into decentralized exchanges or hardware wallets. It is more like the bible book of Exodus where the Israelites left Egypt but now it is referring to crypto enthusiast leaving an exchange center.
- Cexodus Bring Down Top Exchanges For Crypto Trading
Cexodus Bring Down Top Exchanges For Crypto Trading
A cexodus is a term fabricated from centralized exchange and Exodus. It means when people are taking their stuffs from centralized exchanges. As the cexodus continues, newbies confused of where to put their money and trade crypto, to that end, this piece will explore some of the best cryptocurrency trading apps in Nigeria and beyond.
There seems to be no shortage of young Nigerians eager to discuss crypto trading, but are they actually following the proper procedures? Lovers of cryptocurrencies who desire the freedom to trade whenever, where ever, and however they like will find trading apps for mobile devices an absolute necessity.
This brings us to the topic of trust between users and the owners of exchanges. To avoid falling prey you need to do thorough research into some of the backbones behind these exchanges and their scheme of operations.
It is worth noting that we have earlier covered this topic in our beginners guide to crypto trading
The CBN Rule Against Crypto Trading
The Central Bank of Nigeria has outlawed any cryptocurrency transactions within the country due to the high risk associated with such investments and the negative impacts it has had on the country’s exchange rate against the dollar. However, due to the 24-hour nature of the markets, you must always be prepared to either cash in on advantageous opportunities or liquidate some of your holdings in order to limit your losses. The top 5 exchanges for crypto traders in Nigeria are: Binance Coinbase/Coinbase Pro Kucoin Huobi BYBIT
Binance is a cryptocurrency exchange and storage platform all in one. The cryptocurrency trading app market is thriving in Nigeria. It’s no secret that Binance is a major player in the cryptocurrency market. It’s perfect for first-time users because it’s straightforward and simple to operate. Since Binance facilitates the trading of so many different cryptocurrencies, it is often regarded as one of the greatest venues for doing so in Nigeria. The Binance app for iOS and Android allows you to buy, sell, and view transaction history for bitcoin. You’ll also have the means to monitor and control all of your active trades and portfolio holdings.
Advantages Of Using Binance
As a trader, you can choose among limit orders, market orders, and stop orders and OCO. Even the least popular cryptocurrencies can be traded using the Binance app, as it supports more than 380 different currency pairs. Credit cards are another option for making cryptocurrency purchases using fiat currency. It’s compatible with both Google’s Android and Apple’s iOS.
Coinbase is also marketplace for buying and selling Bitcoin and other cryptocurrencies. Nigerians have the option of buying and selling cryptocurrencies on this exchange. Coinbase is simple to navigate and ideal for newcomers. The upgraded mobile application, now known as Coinbase Pro, is available at no cost and offers more advanced trading features compared to Coinbase. It’s available for download from both the App Store and the Google Play store. Just as easy to put into practice. Coinbase Pro is designed for more advanced traders who value mobility and the convenience of always having all the resources they need at their fingertips, regardless of where they happen to be. There is an order book, several orders, a market depth chart, and a candle chart.
KuCoin is less “safe” than other exchanges because it is smaller and less well-known. However, it has a rather straightforward application. The platform facilitates an extremely large volume of trades. In spite of the fact that the software was designed with novice traders in mind, seasoned pros will also feel at home within its user interface. New design principles were used in the app’s user interface, making it more streamlined, intuitive, and user-friendly. It enables users to do fundamental monetary operations including adding and removing funds from an account, as well as buying and selling cryptocurrencies. It fits in well with the design of the site and looks fantastic. Getting in touch with support is as simple as tapping a button within the app. Trading is simplified by candlestick chart that shows price fluctuations over time. You can sign up for price notifications to get notified as soon as a lucrative chance arises. The program’s apparent ability to manage several accounts is also promising, since it will be especially helpful to the most busy bitcoin traders.
Huobi: All-in-one platform like Binance. Huobi is a professional digital asset exchange platform that has its headquarters based in Singapore. More importantly, Huobi is one of the few crypto exchanges from Seychelles. From the information on their website, Huobi has millions of users from over 130 countries worldwide. Additionally, the platform supports both cryptocurrencies and ICO tokens. The tech gurus behind this platform believe that the advancements in blockchain will soon lead to the appearance of digital assets. The company was founded back in 2013 in Beijing.
Key Features of Huobi
Huobi offers high liquidity to its customers; hence you can make a profit from every swing in the market.
just like Binance, Huobi also uses its funds to create an insurance policy for its traders against hacks or even theft.
Huobi features institutional accounts that have attracted significant investors from all over the world.
additionally, Huobi also supports C2C lending and margin trading.
Unique Selling Point
Huobi is pretty much focused on their home town. On this platform, Chinese traders get zero deposit fees and also several other benefits. Additionally, Huobi is designed to cater to all types of traders: both advanced and beginner traders.
The platform offers a 0.2% fee on trading and below. The fee will vary on the particular pair. You also have access to discounts when you are trading with the Huobi token.
There’s a wide selection of cryptocurrencies on the platform. Huobi offers high liquidity. 24/7 customer support system. They also have top-notch security systems.
The platform is not available to US citizens. And that is all for now guys, up next we will be discussing how to tap into this 21 century stream of wealth and have your money working for you even when the market is in a downtrend.
ByBit: The biggest derivatives exchange in the world.
ByBit is a derivatives exchange from the British Virgin Islands, but currently, their offices are in Singapore. Their services were officially launched at the end of 2018. This exchange typically allows its traders to access leverage of about 100:1. Within the past few years, ByBit has managed to build up a sizeable amount of liquidity. The company operates under the ByBit Fintech organization, and it’s registered in the British Virgin Islands.
Key Features of ByBit
ByBit always has a new user promotion to get some nice bonuses.
the daily volume is always within the top 5 crypto derivatives platforms.
Insurance Fund: to manage the risks posed by shortfalls, ByBit uses insurance funds to protect their clients. Typically, this fund can be used in case the trader is liquidated below their bankruptcy price.
when it comes to security, ByBit comes with an extra 2-step authentication process that protects every trader against hackers.
Unique Selling Point
Aside from the continuous improvements of the safety and reliability of ByBit, traders also have access to a 100X leverage that lets you make the maximum profit from every trade. The company also introduced the spot price index as well as the mark price system. All these factors reduce the chances of traders getting manipulated by the market on the platform.
On this platform, takers get a 0.075% fee charge per order. On the other hand, the makers get a -0.025% fee charge on their trades. When you withdraw on ByBit, you have to pay a 0.0005 BTC charge. Unfortunately, ByBit doesn’t accept fiat currency. Therefore, it means you will have to find another way to convert your investment to cryptocurrencies.
It has a lot of extra tools and trading pairs in comparison to BitMEX.
ByBit has one of the best security systems in the business.
The platform allows you to access a 100X leverage.
- Derivatives trading is very risky and should only be used by experienced traders. Conclusion Here we conclude our platform-agnostic, Android and iOS-compatible list of the top bitcoin trading apps in Nigeria. These cryptocurrency trading apps for mobile were hand-picked, and they offer functionality that many investors seek. The following apps allow you to exchange Bitcoin, Ethereum, Bitcoin Cash, Dogecoins, and Litecoins quickly, conveniently, and securely.
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