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CryptoLocally Delivers to its Customer Base by Adding Credit Payments for Cryptocurrency Transactions

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Cryptocurrency organizations now have a new goal of rope more customers: to make the entire transaction process more seamless and attractive. This mantra has led to a number of innovations and developments that would otherwise have been unseen to the industry. Keeping this shift in sentiment in mind, popular cryptocurrency exchange platform CryptoLocally has introduced credit card payments for ease of cryptocurrency transactions. Using the latest feature, customers will be able to make the transition from Fiat to crypto in a matter of minutes.

The cryptocurrency exchange platform CryptoLocally announced that customers will be able to buy Bitcoin, Binance Coin, Tron, EOS and ETH instantly using a credit card. Safety and security are also a high priority for the organization with the automatic implementation of KYC for credit card users. The credit card launch comes on the back of several partnerships conducted by CryptoLocally, mainly with organizations like Skrill, Western Union, Paytm and Google Pay.

Over the past couple of weeks, The cryptocurrency exchange platform CryptoLocally has been busy with adding additional players to its roster. Towards the end of July, CryptoLocally listed its first Ethereum based digital assets on the platform. These included Ethereum [ETH], Tether [USDT] and DAI. The additions were part of the organization’s efforts to give customers the best trading experience while balancing the cost of functioning.

With the new Instant Buy feature,  The cryptocurrency exchange platform CryptoLocally aims to traverse the rapidly growing industry of quick crypto payments. Instant Buy is also set to enable users to conduct more transactions on the platform and take the cryptoverse into the mainstream realm. CryptoLocally also released a blog post to make it easier for users to understand the workings of the credit card linkup. According to the company’s release, the first step includes:

” …click “Buy” on the navigation bar at the top left. Then, click the “Instant Buy” button to purchase crypto with your Credit card. If you want to see offers only for credit card transactions, the Select Payment Methodfilter can help.”

Customers will be presented with the multiple cryptocurrency option on the next page with the drop-down menu displaying BTC, ETH, TRX, BNB and EOS. The company has set the minimum amount for the transaction at $60. Once a customer decides the required amount of purchase, all they need to do is type in their credit card details.

After processing, the customer will be asked to provide his/her wallet address to which they ant the funds to be transferred to. The KYC process becomes imperative here with CryptoLocally conducting the process by taking a photo of the customer’s face and an official document confirming the same. , The cryptocurrency exchange platform CryptoLocally has assured users that they will do everything in their power to maintain a high standard while allowing them to carry out safe and quick transactions.

Decentralized Exchanges Caught on the Radar of Volume Manipulation by Wash Trading

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A 2019 blockchain report by Bitwise concluded that most of the reported crypto trading volumes by centralized exchanges were fake. This was after analyzing data and trading patterns across different crypto exchanges and finding that the true market value of a major company’s bitcoin traded was only $273.A rather big difference compared to the daily volumes reported was usually hitting an ostensible $6 billion.

While this report had only been limited to centralized exchanges, analysts found out that decentralized exchanges were as well not immune to volume inflation. Whereas the latter are widely loved for their openness, lack of a central authority and lack of custody; all features that reduce the need for trust in their operations; instances of manipulation are also possible.

Fake Volume Manipulation through Wash Trading

Wash trading is one of the methods by which exchanges inflate their volumes. This is an instance where an individual trader acts both as the maker and taker of a trade order (simply trading him / herself). The method is popular among exchanges attempting to manipulate and inflate their reported data. Nonetheless, several exchanges have been noted for implementing reward schemes for wash trading such transaction fee mining incentives.

Self-custody services of decentralized exchanges remain one of their big winning factors. This is because it ensures transparency in the operation of the exchange. Usually, with the self custody ledger, all transactions are recorded on a public database. Hence, making it easier to detect misbehaviors as they take place across the exchange. It is therefore impossible that Decentralized exchanges have not noticed instances of wash trading on their platforms.

Binance DEX Wash Trading

For instance, wash trading has been taking place in DEXs such as Loopring and Binance DEX. Specifically the token Travala (AVA), a project backed by Binance is one of the tokens posting record volumes with Binance’s BNB pair. What signals wash trading on this pair, is its volume chart.

A normal volume curve can have astronomical volumes during high or low volatility periods. Peaks will appear only at times the market prices are moving in a specific direction. It is typically the metric that Bitwise uses to detect fake volume. In this pair therefore, the chart shows a uniform high even though the market is facing low volatility and during spikes, the volume plummets instead of surging.

Even while there are instances of wash trading on these platforms; it is not clear if the perpetrators will reap any benefits from the action. A Binance spokesman for instance denounced having a hand in wash trading and stressed exchange admins neither had the ability to control order flow on the platform.

Binance Supports GBP and AUD by Partnering with Banxa Fiat to-crypto gateway solution

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The largest crypto exchange Binance recently announced that it now offers three fiat-on-ramp solutions for three more currencies. Binance emphasized its new partnership with global fiat on-ramp solution Banxa which enabled its audience to buy cryptocurrencies directly on Binance.com using Australian Dollar (AUD), Euro (EUR) and British Pound (GBP).

Binance Adds More Fiat

Announced on January 08, 2019, Binanciers can now access “Binance buy crypto page and process near-instantaneous low-fee GBP bank transfers directly on Binance.com via Faster Payments (FPS)”.

Noticeably, Banxa claims itself as “an internationally compliant fiat-to-crypto gateway solution for crypto market players including exchanges, wallets and other crypto-related firms”. The exchange asserts that the partnership with Banxa is an efficient way to serve Binanciers located in Australia, the United Kingdom, and other European countries. More so, users can purchase cryptocurrencies on Binance via several local payment methods including bank transfers, bill payments, and retail payments.

As Binance exchange recently announced the integration of Visa cards to user’s Binance account, crypto traders and users in Australia and other countries can use credit and debit cards to buy cryptocurrencies on Binance.com.

It’s worth noting that the new partnership and addition of more fiat comes in a wake of exchange’s “New year Eve” detail report. In a personalized letter via the Binance blog, Binance Boss CZ stated that the exchange is currently supporting 19 fiat currencies and will be adding three more next week. Today’s announcement is certainly the result of the exchange’s earlier commitment. Henceforth, Binance currently supports 21 fiat currencies and the list goes like this USD, GBP, SEK, CAD, EUR, CNY, RUB, TRY, NGN, UAH, KZT, VND, COH, PLN, INR, BRL, ARS, MXN & IDR – newly added “AUD, GBP, and EUR.

Binance Partners with Banxa

Nonetheless, Binance CEO Changpeng Zhao (CZ) believes that the new partner Banxa resembles Binance’s vision of “making cryptocurrency accessible to people around the world”. He went on to add that;

“We believe fiat will co-exist with crypto for a long time to come. More than 99.9% of the global money supply is still in fiat and we need to continue building bridges to enable easier flow into crypto. In 2020, we aim to add support for all 180 fiat currencies.”

On the other hand, Holger Arians, Banxa CEO equally expressed his excitement of partnering with Binance. He says that the exchanges can rest on Banxa for both local and global payment options as it oversees regulations, compliance, and chargebacks.

We are very delighted to welcome Binance into our growing ecosystem of partners and look forward to working closely with the team at Binance,” added Holger Arians, Banxa CEO.

Though both parties initially announced the support of three fiat currencies of respective countries, they also state their vision of adding more “currencies and countries” over the coming months to serve a global market”.

Stay tuned with Tron Weekly Journal to know more about Binance’s upcoming announcement.

Binance 2.0 sees official launch: Margin trading now available to exchange’s users

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One of the world’s largest crypto exchanges, Binance, continues to expand its ecosystem by introducing its new Margin Trading platform. Binance is already well-known for a massive expansion that it saw in 2019 so far, including multiple arms that serve clients on various continents.

The exchange’s CEO, Changpeng Zhao (CZ) commented by saying that this is an extra step. CZ believes that it will help Binance move forward on its way of becoming an inclusive platform that will see to the need of retail and institutional traders alike. The exchange will provide a new platform in the crypto and financial services markets, and help improve trading results.

How does margin trading work?

Margin trading has a significantly higher potential to bring profit if we compare with traditional trading. This is because it offers leveraged positions, which can bring a much higher reward if the trader makes a good trading decision. Of course, the risks are also significantly higher, particularly when it comes to cryptocurrencies, which are infamous for their volatility.

As many might already know, margin trading in crypto space allows opening short and long positions. Traders would open long positions when they expect the asset’s price to rise, and short positions if they expect the price of assets to drop. Binance itself seems to be including one aspect of the financial industry after another in its ecosystem, simultaneously educating its users, informing them, and raising awareness of various options available to its community.

Binance 2.0 to bring forth new possibilities

According to Yi He, Binance’s co-founder, margin trading of cryptocurrencies poses significant risks, even now when the prices are rising. However, for those who get it right, it can bring substantial benefits. The exchange’s goal is to bring additional knowledge on risk management, as well as the option to perform margin trading. Coupled together, the Exchange believes that this move might bring significant long-lasting benefits.

Yi He added that margin trading used to be among the utmost demanded services in Binance’s community. Both institutional and retail traders demanded it, and now that it is finally here, it promises all kinds of opportunities in the near future.

The new Margin Trading platform is introduced under a new interface that allows traders to access the Margin function and the exchange itself. According to Binance, this was done just to serve better for fast-evolving crypto traders. They will have a familiar UI and only need one account. Binance 2.0 platform bring better order matching with the help of an advanced trading engine. For margin level calculations it also provides press indexes, which is expected to bring lower liquidations.

Users can quickly move their funds from their Binance wallet to their Margin Wallet, and back — all at zero cost. The new platform even allows users to choose collaterals from quite a long list of cryptocurrencies. Meanwhile, margin trading fees can be paid with Binance Coin, which brings yet another use case to BNB.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Binance Starts Margin Trading and Sticks to its ‘Build’ Philosophy

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Binance now allows margin trading on its exchange, and it is still going through the testing phase. In a Twitter announcement, CEO of the leading cryptocurrency exchange, Changpeng Zhao said that the world’s largest exchange was finally bringing the long-promised feature to its customers.

In the announcement, CZ mentioned that while Bitcoin was “on a tear on price”, Binance 2.0 is being released for everyone and it will be bringing margin trading.

Two days and the first liquidation

It has only been two days since the margin trading was announced and there was already one high profile liquidation on the exchange. In another Twitter missive, the CEO affectionately known as CZ in the cryptocurrency world said very plainly – don’t bet against Bitcoin.

The world’s first cryptocurrency margin liquidation was not a surprise to anyone. Margin trading is extremely dangerous in volatile markets. It was in fact meant for traders to get larger gains from slower moving markets such as forex, where the changes are not as large.

The reason many have been clamoring for margin trading in crypto is due to the massive gains that can be made with margin trading – which comes at a huge cost. If the bet is wrong, then the amount lost can be multiple times more than those seen on traditional trading platforms.

Margins a new trend in crypto

Bitfinex is preparing to offer its customers 100x leverage (something that BitMEX already offers) and there is speculation among the general crypto community that many more exchanges will follow this trend. The question many are asking – is it worth it? Does crypto really need margin trading when the price is so volatile that giant profits can be amassed without the need to inflated them?

Bitfinex CEO Paolo Ardoino says that there will be appropriate measures in place to safeguard customers. One such measure is the “steep margin requirement”. In simple terms, this means that anyone looking to go big with that kind of leverage will need to put in a vast amount of money in the first place.

He also adds that this will be another instrument for customers, and will not replace the current 3.3X leverage that BitFinex offers. However, there are many in the industry that are wary of Bitfinex. The company is still in the crosshairs of the New York State Attorney’s Office.

Subsequently, none of that is a problem for Binance, they just keep growing. The world’s largest exchange will keep getting bigger so long as they take risks, but there must be caution. The quick liquidation on its exchange is proof perfect of this and how much Binance does to mitigate the actions of new traders is going to be a key component of Binance’s continued rise.

The currency based on the Binance blockchain is also growing steadily and has come close to breaking the $40 barrier. Their DEX has also seen more and more support from a wide swathe of the industry. All in all, it seems as if Binance is simply becoming unstoppable.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Binance coin BNB price analysis June 3, 2019: High investment risk right now

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Binance’s cryptocurrency (BNB) has had a not so good week as the coin went down by 5.6% in the last seven days, and today hasn’t been different either as it’s trading in red numbers at the tune of 3.46%.

BNB trades at USD 31.95 as we write this. It started around the 34,24 level and then, from 5:42 UTC on it went down to reach 32 USD which is quite a dip.

The trading volumes have been substantial both for the bulls and for the bears, but the bears have had the day so far, and every technical analysis scenario is for the bears as well.

The token has been trapped in sideways trading for several hours as we write this and it’s currently going down slowly but steadily. It’s at USD 31,95 as we write this.

24-hour technical analysis

In the daily period, we are below the 33,891 pivot point, and every moving average is for the bears as are six out of eight technical indicators. The resistance levels are at 34,0773, 34,2093, and 34,2975. These are not very far from the current spot price and, on top of that, we saw each of those broken on the weekend, so there’s no reason for BNB not to break them again during the next few days even though the current trend is slightly bearish.

BNB price analysis
Source: CoinMarketCap.com

Monthly technical analysis

The monthly scenario is decidedly bullish. According to it, we’re above the first and second resistance levels (26,25 and 30,4571) so the coin has already found a way to break through upwards, and it should now be gathering momentum to test the third resistance level at 35,4243. This is precisely what we saw last Saturday at 13:45 UTC and at 10:15 UTC. We would expect to see it again and, if the USD 35 barrier can be overcome, then anything could happen.

However, enthusiasms should be curbed by the knowledge of BNB being at the highest points in its history. That is good news, but if the price rises only a little more, then we’re all in uncharted territory, and even technical analysis will fail in seeing further gains on the horizon or a substantial market correction that brings the price back down.

BNB has shown it has a way of doing well when everybody else is in the dull drums. When most of the market was soaring not too long ago, BNB kept on rising even higher. Nobody remembers (or acts on) the news about the Binance hack. It’s all peachy for BNB.

So yes, the long-term trend is upwards, and the outlook is good, but entering a market when it’s at its historical highs, it’s usually the opposite of what you want. The rule for profits is to buy cheap and sell high. This is the moment at which you can only buy at the highest possible prices. Which doesn’t mean it won’t go further up, just that the risk is higher.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

BNB, TRX, ETH, all altcoins take a hit as crypto market tumbles by over $25 billion

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The crypto market has been on quite a great run recently with bitcoin price breaking resistance levels and setting new highs. In fact, a sharp rejection resistance above $9,000 was very much expected throughout this week.

Finally, the expected happened, unfortunately, when bitcoin did reach $9k, an immediate fake out followed, and now the crypto prices have tumbled almost $30 billion in less than a day.

Crypto Market Cap Feeling the Heat

Fairly to say, the crypto market has been on a good run this year with several coins gaining and hitting new highs. As a result, the total market cap followed suit and reached a new high for 2019 of about $285 billion after the giant crypto bitcoin made its way above $9,000 (just yesterday).

However, the smiling faces of crypto enthusiasts were short-lived as the market cap was smashed almost 10% a few hours later plunging back to below $260 billion.

The sudden move means that it sent almost $30 billion out of the crypto assets back into fiat, giving way for fears of a massive correction.

Altcoins on the Receiving End

As ‘always’ the altcoins are the ones being walloped the most. Agreeably, most of the altcoins are still hopeless and coupled to bitcoin, in a manner that when the giant crypto goes down, they sink too (even further).

Ethereum dropped to around $250 in the 10% slide, and Bitcoin Cash also fell back to $420 losing a similar amount. Furthermore, EOS fell sharply to below $7.80 even breaking the $7.50 support level and hence currently down by 6.39%.

Tron (TRX) was not left behind as it also trimmed its gains declining below $0.0350. Sun-led crypto’s price is down by 10% and currently trading around $0.0315 with the next support level at about $0.0300.

Subsequently, Binance couldn’t stay above $34.00 as it also declined by 7.13% trading below $32.20 level with a further downtrend expected towards $30.50 level.

The Bigger Picture

Looking beyond the current drop, still, at around $260 billion, the market capitalization is up 7% for the week, 54% for the month and over 100% since the year began. For instance, May has been a standout month for the crypto sphere hence looking at the bigger picture; the movement could be termed minor.

But, Will Bitcoin Dump?

The big question now is whether bitcoin will go down by 25% or even more. Not too long ago, there have been calls across the crypto sphere for a pullback of such magnitude. But has it not happened over the last uptrend? In fact, eight times.

But if this is just the beginning, then bitcoin will get back to $6000 and stabilize. Currently, BTC has stabilized above $8,300 but a fall below $8k will set things into a rapid motion to below $7,400 zone, and beyond that point will be in the territory of 30% which could set an action for a mass accumulation at $6,000.

Perhaps, the current situation is a natural one that shouldn’t cause some significant concerns. As we write this, the crypto giant, Bitcoin, has started to recover a bit now though – so as the whole crypto market. But whether bitcoin holds above $8,000 level or the 30% correction is inevitable, only time will tell.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

BNB and CoinFlip alliance would bring astonishing results on the table

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The mainstream media pays attention to the cryptocurrency market only when it’s booming or when it’s sinking. It’s a significant factor in bringing new investors in. As Bitcoin is dancing around the USD 8.000,00 level, otherwise dormant investors are waking up and getting excited. As those traders have a fresh look into their portfolios, they’ll soon find they need to decide when is the right time to invest in altcoins, not to mention choosing the right coin or coins.

Altcoins can be much riskier than Bitcoin, mother and father of all cryptocurrencies, which is already not the safest bet in the world unless, perhaps, you’re playing for the very long term. But more risk is not necessarily a bad thing. The most basic rule in the investing game is that higher risks pay higher returns.

One of the altcoins that seem to be doing everything right is Binance Coin (BNB) which is the Binance cryptocurrency exchange platform’s native currency.

While news of a Binance hack affected the currency’s price negatively for a while, it bounced back and recovered. Other than the hack, Binance has been reporting a steady stream of good news, and that’s helped market performance for the token. Among that good news, perhaps the CoinFlip partnership, announced the last March, is the one that’s helped the most.

BNB Recent Performance

During 2018 the BNB token was the only one that was rising in value (or at least keeping it) while the rest of the market was plummeting. In April, it was the first currency to take advantage of Bitcoin’s surge, and it’s kept going up. So why is BNB rising? We can think of several reasons:

  • BNB holders get significant discounts when trading at Binance.
  • Coin burns. When a project burns some coins, the total number of tokens in circulation diminishes, thus creating a deflationary pressure that can often lead to an increase in value for the remaining tokens. And Binance will be burning BNB tokens at the rate equivalent of 20% its quarterly earnings until only 100 million coins remain.
  • IEOs or Initial Exchange Offerings are launches of new cryptocurrencies or any other project that needs fundraising. Crypto exchanges manage them, and Binance was the first one to offer that service. Participating in such an event requires BNB tokens, and the initial raising of new funds is done in BNB as well (at least partially). That creates demand and trade volume for the currency.

The PR arena is also essential and Chagpeng Zhao, Binance’s CEO, has turned into something of a crypto celebrity. Also, he’s very competent, as shown by his decision to partner up with CoinFlip.

The CoinFlip Partnership

CoinFlip has more than 200 ATM distributed all over the US. They’re the premier crypto-ATM service provider in the country. The company aims to give its consumers the best possible fiat-to-crypto gateway. The machines are easy to use, intuitive, and state-of-the-art, and allow users to buy and sell cryptocurrencies.

So how is it that CoinFlip’s ATMs generate additional demand for BNB, I hear you ask? It facilitates access to the coin to a lot more people for a start. Users who are not so geeky or crypto-inclined can buy digital cash using the ATMs instead of learning the crypto ropes.

ATMs are a lot more familiar to lots of people, after all. Privacy is another reason. Many exchanges ask of users to go through know-your-costumer procedures or other awkward identity verifications procedures. It’s tedious for some users, and a threat for privacy for others and they both can avoid it by just using the ATMs.

The procedures for deposits and withdrawals under USD 900,00 are safe and straightforward.

Conclusion

It’s not only how well the BNB token has performed during the last few months. The future of crypto is in mainstream adoption, and CoinFlip’s ATMs have the potential to facilitate that process considerably. And now, BNB is in that mix thanks to its partnership.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

XRP, LTC, every coin glints: The altcoin market leaves behind the $107 billion mark

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Bitcoin’s market behavior has left even the most optimistic market analysts with their mouths wide open. The uptrend looks unstoppable as of today. So how are altcoins reacting?

In the past, we’ve seen how a rally on Bitcoin drags the whole market along, so when BTC does well, the market’s altcoins improve their market performance too. And that’s the thing that we haven’t seen this time around, or at least not as clearly as before. Some currencies are indeed following Bitcoin’s trend and gaining value while some others are taking their time and keep trading sideways.

In this article, we will have a look at the market state of a few of the market’s most exciting alternative coins.

Ripple’s XRP

XRP was among those tokens that didn’t react very quickly to Bitcoin’s behavior. It kept trading sideways as BTC went up for a while. It was only yesterday when Ripple’s token started to go up, but it went up in style. It soared by increasing 20% in price and hitting the USD 0.40 level, which is as much a resistance level as a psychological barrier for the market.

Maybe the trigger was Coinbase. The exchange and trading platform announced that NYC residents would enjoy of support for XRP so that they will now be able to “buy, sell, convert, send, receive or store XRP on Coinbase.com or using Coinbase iOS and Android apps.” This is not the same as XRP’s inclusion in Pro Coinbase, which happened a few weeks ago.

Litecoin (LTC)

Litecoin is among the coins that follow Bitcoin more closely. So BTC’s bullish market was never going to leave LTC behind, and it hasn’t. LTC’s price has gone over USD 100,00 for the first time in eleven months and reaching its highest point for the current year.

So now expectations are high, and LTC could go even higher if BTC continues to lead the way in the path of the green number.

Binance (BNB)

Binance’s native cryptocurrency was the only one in the cryptosphere that managed to achieve a high point during the catastrophic 2018 bear market. As every asset in the market was plummeting (Bitcoin included) BNB went from trading around the USD 6,00 level to USD 25,00.

Its upwards trend was stable for months until it was broken, most probably by the news of the Binance hack last week. The coin lost 22.6% of its value in just a few days.

As Binance’s trade flow went back to usual, BNB recovered and reached a price of USD 26,86. Also, Binance’s damage control regarding the hack has been very competent.

Cardano’s ADA

Cardano’s founder and leader, Charles Hoskinson, announced a new strategic partnership with Polymath. They will join forces to develop Polymesh (Polymath’s own blockchain) so it can deploy new cryptocurrencies that are fully compliant with security.

Cardano’s high reputation, academic bent, and non-profit philosophy have been appealing to many cryptonauts who believe in Cardano’s project’s future and in ADA, its native cryptocurrency.

As we write this, ADA is trading at USD 0.088032, and it’s gained 11.54% in 24 hours. So it keeps the tenth spot by market capitalization. The project’s robust roadmap, policies, and strategic partnerships could propel the coin’s price to USD 1,00 by year’s end.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.