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What is BitMEX?
BitMEX Cryptocurrency Exchange is one of the leading platforms in terms of daily trading volume. Every day more than 3 billion dollars are traded here. The main audience of the founders of the exchange sees professional traders. It will be difficult for a newcomer to the cryptocurrency world to understand here. But after all, nothing is impossible! In this review, we will look at the advantages and disadvantages of BitMEX, and also describe how to go through all the stages of work on the stock exchange.
The website of the exchange contains not only information about the team, but also many other useful information. There are instructions on margin trading, a guide to contracts, a section with frequently asked questions, a comparison of Bitmex with competitors. The OKCoin and Bitfinex platforms are listed as competitors. You can learn more about BitMEX and other news of the crypto world in this blog. Almost every day there are fresh recordings of various subjects. Pretty informative!
Supported Coins on BitMEX
Listing of this exchange is not the widest. Here you can sell and buy a total of 12 varieties of digital coins. The exchange does not support any fiat currency. For many traders, this is a significant drawback. Trading on the stock exchange is possible for a number of pairs, one of which you can choose in the top menu of the page. The relevant fields indicate the leverage and data on the contract. The user also sees the analytical and reference information, with a schedule of changes in price movements and a list of user orders. All settings are quite flexible and easy to change.
Transactions are carried out through smart contracts when trading is carried out not by the coins themselves, but by their derivatives. As mentioned above, BitMEX supports margin trading, but caution should be exercised with leverage…
Commission Fees on BitMEX
It is important to note that the input and output of funds to the Bitmex crypto-exchange is carried out only through one Bitcoin cryptocurrency. The term of transfer of funds to your balance depends on the degree of congestion of the PTS network, but usually, the funds arrive within 20-30 minutes. As for commissions, for each operation on the Bitmex exchange, certain commission fees are provided. Moreover, these payments differ depending on whether a participant is considered to be a baker or market maker. Another commission depends on the specific digital coins, which are traded. The exchange offers a completely unique instrument called “fair price”. As a result, when marking contracts, the last price is replaced by a fair price. This avoids unnecessary liquidations at high volatility of the course, not depending on the value of the index.
Security Measures
The preservation of currency on the account is the minimum that BitMEX can guarantee. Here, MultiSig cold wallet is used to store the crypt. This is a bitcoin wallet that stores coins offline and requires signatures of several individuals to access. Bitmex allows you to withdraw money from the deposit only after confirmation of this operation by two of the three partners. This is a guarantee that the account is not hacked and the money is not scammers. The resource also uses multi-deposits, Amazon Web Services to protect text messaging servers. For additional security, you can enable two-factor authentication using YubiKey or Google Authenticator.
ICO law 101
Are you planning to launch your own ICO business? If so, there are so many things that you need to consider – from creating the product, hiring the right team, and marketing it. It can be quite overwhelming and frustrating at the same time.
At the same time, there are some regulations that you have to follow. You have to take note that laws vary per location so it would be better for you to do your own research beforehand. Here are some of the basics that you need to know before you launch your ICO business.
Look for lawyers who specialize on ICO
Hiring an attorney who specializes in ICO law is a foolproof way to keep you within the legal limits. In the United States, there are three law firms that specialize in ICO laws which you can look into.
These are:
• Perkins COIE
• K and L Gates
• Cooley Law Firm
Setting up your ICO business
The first thing that you should consider when creating your ICO business is the type of operations that you will have. Most companies would often times create two businesses, one is for operations of the business itself and the second one is for selling tokens.
Deciding Which Jurisdiction to Choose
Remember that cryptocurrency is still quite a new concept and countries have different regulations regarding that. It is important to do prior research where your company can reap the most advantage. Choosing the best one would definitely give a positive impact so choose wisely.
Regulations for the Security of Your Token
The type of tokens you offer will also affect the laws you have to follow. You can check the SEC for regulations for security tokens but as mentioned before, laws vary by country. One way for you to check if your token is classified or not is to subject it to the Howey test.
Know Your Customer Law (KYC) and Anti-Money Laundering Law (AML)
ICO is a risky business. It requires you to ask people to invest in currencies that currently do not have values. Before launching your own ICO, it is best that you check the AML and KYC laws in your country. This financial surveillance laws usually vary from one country to another.
The AML and KYC laws usually ask customers for their IDs and proof of address to verify their identities. You are also required to keep this information confidential unless the authorities ask for these important details.
Laws on Crowdfunding
Although ICO is a new concept, crowdfunding is a common funding route for many businesses. It is important that you check the laws with regards to crowdfunding in your country. It is also possible that it varies from one state
Tax Laws
Business models are usually taxed depending on the jurisdiction of the tax laws of the country it is operating in. Depending on the country’s jurisdiction, your ICO business will be taxed in accordance with its tax regulations.
Laws on Advertising
Another law that you need to know about is on how you can advertise your ICO. There are certain laws in terms of language and delivery of what your ICO token is. It is very important that you take note of this law. This regulation will guide you on how to promote your ICO product without any problems.
Patent Your ICO
Since ICO is a competitive and revolutionary product, it is very important to patent yours. This is to stop other blockchain companies to use your product for their own gains. Legal experts consider your white paper as an Intellectual Property Disclosure.
Conclusion
Laws are indeed important. They do not only protect your business but your customers as well. It is very important that you research and review these relevant laws for better understanding. In this way, you will be able to understand the legalities of your ICO Company.
To ensure a successful ICO campaign, one needs to prepare an informative white paper that clearly and concisely presents important information pertaining to the project. However, many people believe that preparing one is a difficult undertaking.
Although it definitely takes a lot of research and study to create a successful white paper, you can actually do it yourself. So, how do we really write one?
White paper – what is it?
A white paper is the main document of your project. It presents an outline of the problem that your project can solve. The solution is written and presented in a detailed manner. This includes a detailed product description, its system, and how it interacts with the users.
The white paper also includes the structure of the company and the members of the ICO team. It also presents the goal of the company and its plans for the future.
A successful white paper is made up of three different parts
• Technical Aspect
• Marketing Aspect
• Legal Aspect
Why should you write one?
Your white paper will either bring your ICO Company up or down. The white paper will act as a business proposal to your potential investors. They will judge whether your ICO Company is worth their investment or not.
It is very important that you present your ICO very well. The white paper should be simple and concise. Your white paper should present the structures and other technical details. Also, it should be both written in an informative way that would convince people to invest in your business.
Benefits of having an ICO white paper
Your ICO white paper is an integral part of your ICO. It will convince your possible investors to invest in your project. It is the document that your prospective investors would want to read to have a better understanding of your proposed venture. Your white paper will:
- Define the problem that you want to address
- Present the solution/s that will solve the problem
- Build rapport and trust with the potential investors
- Establish your professionalism and expertise
- Generate investor interest in your undertaking
Things to be included in your ICO white paper
The white paper is usually written in a technical manner. However, it is very important that you also simplify it. In this way, it would be easier for potential investors to understand your white paper.
Some ICOs usually write different white papers for the legal, technical, and marketing aspects of the business. Your main goal in writing a white paper is to discuss the technology you will be using in the business. It should also contain your marketing strategy and your competitors.
To create a good white paper, here are some of the details that you should include.
- Introduction of your ICO
- Table of contents
- Description of the problem
- Describe how your ICO can solve the problem
- An in-depth description of the platform and its system
- Discuss the digital token and how it will work
- Discuss how the funds raised from tokens will benefit the business
- Introduce your advisory board and ICO team
- Give an outline of your business roadmap
- Mention the terms and conditions of the business
What are the characteristics of a good white paper
Your white paper is an integral part of your campaign. Make sure that:
• It is concise and clearly-written
• It attracts your target audience
• Your research and proof to support your claims
• The layout and design of your white paper is attractive but professional-looking
Can you use an ICO white paper template?
You can make your own white paper for your ICO. However, there are some who are unsure about how to proceed. You can look for ICO white paper templates on the internet. It does not actually matter if you use a template or create one, what is important is that you present the key information pertaining to your ICO.
If you are still unsure, however, you can hire the services of professionals to write your ICO white paper. Make sure, though, that you screen them before you hire them.
ICO White Paper Writing Service
Due to the popularity of ICOs, many writing companies offer white paper writing services. A white paper specialist can help you put your business plans into words. Hiring a white paper specialist is worth your money. It is best that you include this in your budget. In this way, you can easily hire one when the need arises.
Your white paper contains the essence of your project. Write it well and put your heart into it. It will help you attain the goals of your ICO that you have been dreaming of!
How To Buy Litecoin
Litecoin is not the most expensive and popular cryptocurrency, but despite this, it is considered one of the most promising and investment attractive. Along with the top-end bitcoin, litecoin was especially popular in 2017, and it does not seem that the creators of this digital currency plan to slow down. For quite a long time, it confidently holds in the top ten of the most successful cryptocurrency projects and is currently ranked 6th. It is noteworthy that the “silver cryptocurrency”, as Litecoin is often called, is of particular interest to representatives of the millennial generation, who now constitute the most active core of the population. On the question of which cryptocurrency they would invest in, the majority of Millennial investors preferred three coins: BTC, ETH, and LTC.
Buying Litecoin on exchange
Chinese Binance Exchange, which was launched just over a year ago, is now considered one of the leaders of the cryptocurrency world: the daily trading volume on the platform is $ 1.6 billion. Here we will buy litecoin. However, it is worth considering that you can buy Litecoin on this exchange exclusively for cryptocurrency, and if you only have a fiat currency, then you need to exchange it for bitcoins first and buy litecoin on exchange already for BTC coins. This information may scare you, especially if you are new to the field, but believe that there is nothing difficult in this scheme. On the contrary, having done these simple manipulations, you will save your money, thereby earning even more on cryptocurrency.
“Pitfalls” when buying Litecoins
Knowing how to buy Litecoin, a newbie will be able to avoid problems and accidental loss of money. But we must not forget that such transactions involve certain risks, which must be remembered:
When conducting transactions, it is important to cooperate only with trusted sites (exchanges, exchange points). The network employs thousands of scammers who are tasked with stealing funds from cryptocurrency users. This condition applies to individuals who offer a direct exchange. When choosing a candidate for such a transaction, it is important to be attentive and read reviews. In the case of fraud to make claims will not work. You should not “be” on the first advantageous offer.
When buying Litecoins, you can come across a restriction of the exchange office. In this way, they fight against intruders. For example, on the first day, the exchange is available for up to $ 100, and with increasing trust in the client, the limit increases.
When trading Litecoin on the stock exchange, you should not rush into selling or buying a virtual coin at the first rate change. It is worth waiting for the right moment, after which the operation.
The number of exchanges that work with Litecoin is limited, but their number is growing every year. The disadvantage is that the choice of available destinations is also small.
When working on the stock exchange much depends on the location of the client. For example, the British have the right to purchase Litecoin from the BitBargain exchange directly, but in other countries, there is no such option. An Australian resident can carry out exchange operations from dollars to Litecoin and back with the help of CoinSpot.
Conclusion
In conclusion, we note that to buy Litecoins you should start by creating your wallet and exploring options for conducting such transactions. In this case, it is not necessary to buy 1 Litecoin – for a start, you can purchase an available number of losses (for a sample). The best way to buy Litecoin for newbies is the exchange office or direct transfer, and for more experienced investors, the preferred exchange.