Cryptocurrencies have made their way to the multi-billion dollar online casino scene. There are many websites active in this space that cover traditional games like blackjack, roulette, and even sports betting.

You also have crypto dice games that operate on a decentralized network via Provably Fair. If this is something that you’re keen to learn more about, this guide explores everything there is to know about crypto betting.

In this article, I discuss the ins and outs of how crypto betting sites differ from traditional gambling platforms – and which providers dominate this sector in 2021.

Before we go into the discussion, here’s a quick list of my favorite crypto betting sites:

• 1xBit
• Betchain
• Betflip
• Bitstarz
• Cloudbet
• Primedice

What is Crypto Betting?

As the name suggests, crypto betting refers to the process of gambling online. However, instead of betting with traditional payment methods like a debit/credit card or e-wallet, you’ll be gambling with a cryptocurrency like Bitcoin, Ethereum, or Ripple.

In many ways, crypto betting sites operate like any other online gambling platform. This is because you will have access to popular games like:

• Roulette
• Blackjack
• Baccarat
• Slots
• Video Poker

In many cases, the above games will be backed by the same regulated software providers that you find in the traditional gambling scene. This includes the likes of Evolution, NetEnt, Microgaming, and Playtech.

Read more: The best crypto trading apps in 2021

As such, by playing a crypto betting game that has been produced by one of these providers, you know that a prolonged testing phase has been implemented to ensure the game is 100% true and fair.  On some crypto betting sites, you can also access sportsbook markets and live poker.

[Read more…]

2020 was an incredibly good year for the alternative financial market of cryptocurrencies. This trend does not look like it will end any time soon – with the total market value of all digital assets since pushing past the $2 trillion mark for the first time. 

Naturally, ever-growing interest in the digital currency trading scene has resulted in a number of crypto-centric derivative platforms opening up.

In this article, I review FTX – a crypto derivatives exchange built for traders. 

I walk you through the different features of the platform and cover how you can use FTX to embark on your cryptocurrency trading journey in a more sophisticated and flexible manner. 

[Read more…]

There seems to be a new cryptocurrency exchange opening its doors up every other month these days. In effect, it is becoming increasingly challenging to find a provider that delivers on its promises.

What you want is the right set of functionalities, user-friendliness, and safety – which presents a compelling case for you to trust a cryptocurrency platform with your capital.

The positive reputation that CEX.IO has built over the years is a true indication of how well the platform serves its customers’ needs.

In this review, I look into what this popular cryptocurrency exchange has to offer, and how it stacks up against other key players in the market.

What is CEX.IO?

CEX.IO is a leading cryptocurrency exchange. It was established in 2013 and subsequently was one of the first platforms to support fiat-to-crypto transactions using debit cards and bank transfers.

Initially, CEX.IO was designed to offer cloud-mining services as part of the GHash.IO mining pool. Later in 2014, the provider abandoned the cloud-based mining business and focused on making Bitcoin trading more accessible using everyday bank cards.

During the course of the preceding years, the platform has continued to add more cryptocurrencies to its list of supported digital assets, along with other crypto-based services.

Today, it has evolved into a multi-faceted platform that offers a wide range of services, from spot trading to crypto loans.

Features of CEX.IO

Although CEX.IO is primarily a crypto exchange, the platform offers several other notable features that make it a one-stop-shop for digital currency enthusiasts.

Instant Buy

The ‘Instant Buy’ feature is aimed at simplifying the buying and selling of cryptocurrencies. It is based on a Fill-or-Kill order type – meaning that orders are executed immediately and in their entirety or not carried out at all.  In order to make this happen, CEX.IO computes the price and holds it for 120 seconds.

The exchange rate is adjusted accordingly – to mitigate any risks that will arise from short-term price fluctuations. As such, at any point, you can enter the amount you wish to invest, and CEX.IO will give you a clear indication of how much cryptocurrency you will receive – or vice versa.

As long as the respective coin’s price action over the next couple of minutes falls in line with the terms you specified or better, your order will be executed. If the price goes in the opposite direction, it will not be carried out.

If there is a sudden change in the exchange rate that makes it impossible to execute the order under the predetermined conditions, you will be alerted.  You can look at this as a version of a classic market order. The critical difference is that the exchange rate can be the same, or better than what you agreed on, but never worse.

However, it is important to note that in order to facilitate the Instant Buy option, CEX.IO charges you a 7% percent fee calculated against the size of your investment. It goes without saying that this is astronomical.

Staking

The process of staking cryptocurrencies is quite simple on CEX.IO.  All you need to do is to keep your coins in your trading account – and you will receive interest in return. This allows you to earn passive income on your crypto assets, which would otherwise be sat idle in your wallet.

To benefit from this, all you need to do is buy a crypto that is supported for staking – and deposit it to your CEX.IO account. Your reward will be calculated automatically every hour and will be deposited into your account on a monthly basis.

The best part is that your digital assets will no longer be locked in. The crypto funds in your account will be used to participate in the maintenance of the Proof-of-Stake-based blockchain mechanism.

As such, you can trade your PoS coins freely. You will receive the rewards as long as these coins sit in your CEX.IO account. When the order is filled and the coin is moved, your rewards will change accordingly.

CEX.IO Crypto Loans

The cryptocurrency platform also allows you to use your digital assets as collateral in order to obtain a loan in a fiat currency. At the moment, loans are offered only against Bitcoin and Ethereum.  The minimum loan amount you can get is $500, and the maximum is set at $100,000.

The LTC (Loan-to-Value) ratio is currently fixed at 50% – with an interest rate that varies from 9.8% to 14% annually. To get access to crypto loans, all you need is a verified account on the platform. After that, you can transfer your digital coins to the wallet, calculate how much loan you can obtain, and agree to the terms.

The loan amount will be available for you to withdraw to your personal account using one of the payment methods available – such as a debit card, bank account, or e-wallet.

Note: If you miss a repayment date, you can extend it for seven days which will be considered as one extended period. However, this will cost you an additional overdue interest of 0.25% of the total loan amount. 

You are allowed to repeat these 7-day extended periods as long as you wish. But remember that your debt will increase with each extension, and CEX.IO holds the right to change the terms of overdue interest and extended periods at its discretion.

In case your collateral value drops significantly, you would need to add more to reduce the LTV. If there is a scenario that demands liquidation, you will also be charged a fee. The amount from the proceeds will be used to repay the loan amount and any accrued interests and fees.

CEX.IO Aggregator

The Aggregator feature is developed for institutional traders who wish to execute large-scale cryptocurrency orders on behalf of their clients. CEX.IO will connect you to multiple liquidity providers to optimize the process.

You can not only execute orders in the shortest time but can also carry them out at competitive prices. The CEX.IO platform facilitates this through three API channels, guaranteeing both safety and convenience.

CEX.IO Types of Accounts

CEX.IO offers a system of accounts based on four different access levels. The deposit, withdrawal, and trade limits, as well as the available payment methods, will depend on the level of your account.

• Identity: Daily deposits of up to $3,000 and withdrawals up to $10,000. 

• Address: Daily deposits up to $10,000 and withdrawals up to $10,000. Plus, access to bank transfers. 

• Enhanced: Unlimited deposits and withdrawals. Plus, priority support.

• Corporate: Business accounts best suited for enterprises and access to custom conditions. 

CEX.IO Fee Schedule

Here’s a breakdown of the main fees you will incur when using CEX.IO.

Trading Fees

CEX.IO implements a trading fee schedule based on your 30-day trading volume. It starts at 0.25% in taker fees and 0.16% in maker fees. This can be further reduced to 0.10% on taker fees and zero on maker fees as your trading volume increases.

Deposits

A fee of 2.99% is charged on all debit card deposits. This is about industry-standard – with the likes of Coinbase charging 3.99% and Coinmama at 5%.

With that said, eToro charges just 0.5% on all deposit methods – including Paypal – and nothing if you’re a US citizen. Nevertheless, all bank transfer deposits on CEX.IO are free, which is great.

Withdrawals

Withdrawal fees vary depending on the payment method. Bank cards are charged at up to 3% + $1.20 on all transactions.

Bank wire withdrawals cost you a 0.3% service charge, with an additional $25 for SWIFT payments.

Other payment options such as SEPA or ACH are free.

CEX.IO Trading Platform and Broker

CEX.IO also has a CySEC-regulated online brokerage platform – backed by the cryptocurrency exchange that facilitates both spot trading as well as margin trading.

Currently, the broker supports nearly 50 crypto trading markets, in the form of crypto-fiat and crypto-cross pairs. Additionally, there is also support for a selection of stocks, forex pairs, and metals.

Margin Trading

As a regulated platform, CEX.IO also gives you access to leveraged CFDs. For those unaware, CFDs or Contracts for Differences, allow you to trade an asset without taking ownership. This allows you to go both long and short on your chosen crypto market.

Here are some features of margin trading facilities offered on CEX.IO:

• Set up multi-currency trading accounts with USDT, BTC, and ETH.
• Create up to 10 different sub-accounts and set different trading parameters for each.
• Maintain trading flexibility using strategic orders
• Gain access to technical analysis instruments using in-built trading indicators and charts.
• Use multiple leverage levels from 2x to 100x, and assign them to different sub-accounts.
• Practice trading using a demo account for free and with no need to register.
• Automated trading using bots.
• Minimum trade size set at only $20.

Trading Fees and Commissions

As the CEX.IO broker division works as a different entity, the platform has a different fee schedule. The commissions differ for each asset class and trading pair.

Take a look at what you will be liable to pay at CEX.IO in order to place trades:

• Cryptocurrencies – 0.05% commission, and 0.01% Rollover fee. 
• Forex – 0.0164% to 0.0680% commission, and 0.01220% to 0.02720% Rollover fee.
• Stocks – 0.030% commission and up to 0.0328% Rollover fee. 
• Gold – 0.0025% commission and 0.003% Rollover fee. 
• Silver – 0.0075% commission and 0.004% Rollover fee. 

There are no other deposit or withdrawal fees charged for processing your transactions.

Note: Although the cryptocurrency exchange is registered as a financial service in the US, the brokerage is not accessible for US residents. After all, CFDs are prohibited in the US.  

CEX.IO Safety

The general consensus is that CEX.IO has a great reputation in this space. Crucially, the platform has never been a victim of security breaches – that I know of. The platform enjoys global coverage and regulatory compliance that reinforces its popularity among cryptocurrency traders.

In addition, the exchange platform works with both hot and cold wallets – with private keys safeguarded separately. Users are also encouraged to employ 2FA and a WPC pin to authenticate any withdrawals,

In addition, CEX.IO also uses custodial storage to protect your funds and is supported with insurance coverage of up to $250,000 on USD balances under the FDIC program (US citizens only).

CEX.IO Mobile app

Following other cryptocurrency platforms, CEX.IO has also launched a mobile app that comes with most of the features found on the main website. You can trade assets as well as watch real-time price movements right from within the app. In addition, CEX.IO has also introduced the option to set price alerts.

This means, if the price of an asset moves significantly in a 24-hour duration, you will be instantly notified. You can set the parameters as to what price points you want to receive the alerts on. Currently, this option is available only for BTC, ETH, Bitcoin Cash, and Litecoin.

CEX.IO Customer Care

CEX.IO has a prompt customer care service that you can contact through Live Chat or email. Additionally, it also offers a Knowledge Base that provides guidance on the ins and outs of using the platform.

CEX.IO Pros and Cons

Here’s a breakdown of the main pros and cons of CEX.IO that I identified.

Pros

• The platform is user-friendly and easy to navigate. Although some of its features are advanced, the interface is still clean – making it easier for traders of all levels to buy, sell, and trade digital currencies.
• CEX.IO gives you access to several marketplaces and diverse trading pairs
• Instant Buy offers a hassle-free way to invest in cryptocurrencies.
• The support section is extensive and offers step-by-step instructions on how to use the platform.
• Access to margin trading and leverage of up to 100x.
• Most importantly, the platform is registered and regulated by FinCEN in the US and CySEC of Cyprus. CEX.IO also holds a level 2 DSS certificate.

Cons

• A limited number of tradable assets that is especially thin compared to other exchanges in the market.
• 7% fee on Instant Buy tool

CEX.IO Review – The Verdict?

CEX.IO is a well-established cryptocurrency platform that has built a solid reputation over the past eight years. It has proved its commitment to safety and security with stellar customer service.

The trading platform itself comes with a sizable range of tools that can be extremely useful for both novice and advanced traders alike. The demo account is one of the most beneficial features – allowing you to hone your trading skills before taking the plunge with real money.

Although the cryptocurrency exchange might not give you access to the widest range of digital coins, the platform is still expanding. There are additional tools being lined up that will introduce new functionalities to the platform such as crypto-savings and custody accounts.

Perhaps the biggest drawback is that you will be charged a 7% to use the Instant Buy feature. As I mentioned earlier – there are much cheaper options in the market – should you wish to buy cryptocurrency quickly via a debit card or e-wallet.

Visit CEX.io

Blockchain, cryptocurrencies, and decentralized finance have gained traction over the past few years and so have lending platforms. Satoshi’s dream of a decentralized economy has morphed into solutions for healthcare, supply chains, agriculture, and many other industries.

Of course, finance remains at the very top with different blockchain-based solutions being developed every day. One such solution is blockchain lending platforms. This article provides a brief comparative analysis of three top crypto lending platforms: YouHodler, BlockFi, and Crypto.com.

Overview and General Features

Crypto lending services provide three essential services:

• Supplying crypto assets to earn interest– commonly referred to as annual percentage yield (APY).
• Providing loans.
• Extras, as you will see below.

This segment delves into the three platforms, citing their key features and extra services.

1. YouHodler

YouHodler is an E.U. and Swiss-based FinTech platform (think crypto bank) that allows you to borrow and multiply funds by leveraging financial tools in a relatively secure way. The two-year-old company has followed the yellow brick road right from inception, transforming from a simple lending platform to a top APY provider while accruing support from mainstream cryptocurrency institutions such as Ledger, Elliptic, and Ciphertrace.

Here are the key features:

Savings

Instead of hodling your assets in dormant wallets, you can deposit them into your Youhodler savings account and earn interest from the get-go. Users can deposit a minimum of $100 (in crypto equivalent) and withdraw at any time, including the profit earned.

At the time of writing, up to 22 coins are supported on the platform, including BTC, ETH, UNI, BNB, and stablecoins like USDT, USDC, TUSD, HUSD, PAX, and DAI.

APRs on stablecoins are as high as 12%, while yields on BTC, ETH, and UNI are 4.8%, 5.5%, and 7%, respectively.

Yields are remitted into your account weekly once you deposit your coin. YouHodler compounds your earnings: new gains are compounded on the previous week’s earnings plus capital, making it possible to achieve even more than the APR.

It is important to note that you can only earn these yields if you withdraw at the end of the week. Additional funds deposited within the week will generate interest in the next week.

Loans

You can borrow fiat currency such as USD, EUR, GBP, and CHF against your crypto assets. The loan-to-value (LTV) ratio is 90%, and you really cannot get that anywhere else. You can also use lower LTV ratios. They support over 20 coins as collateral, and you can borrow fiat currency or stablecoins (as mentioned earlier).

They have unique exit strategies based on the price down limit (PDL)—a “Stop Loss-Esque” feature used to curtail losses and close positions. If your collateral falls to a certain point below the PDL, they hold the right to sell the collateral to close the loan.

You will be notified via email if your PDL drops below 70% of your collateral.

Read more: My in-depth review of YouHodler

If your collateral price rises, you can choose to take profit at a price level. When that happens, YouHodler can sell your collateral, repay the loan and send the remaining amount to your wallet automatically. Interest rates range between 2.5% and 12.5% depending on the loan duration.

Turbocharge

This unique feature enables you to set off a cascade of loans. You can use borrowed fiat to buy crypto assets which can then be used as collateral to secure another loan. Crypto assets available for this feature include BTC, ETH, LINK, BNB, and XRP.

MultiHodl

The Multihodl feature allows experienced traders to multiply funds through a series of processes that mostly involve predicting selected currency pairs’ likely trajectories.

Universal currency conversion

Tying all the previous features together is YouHodler’s universal conversion feature. This allows clients to convert any currency on the platform to any other currency pair without limitations. Fees are reasonable and as low as 0.5% per conversion.

2. BlockFi

BlockFi is a US-based crypto bank that provides a cryptocurrency interest account. With over $150 million funding from mainstream crypto moguls like Coinbase Ventures, SoFi, and ConsenSys Ventures, BlockFi is an ideal tool to grow your crypto assets or secure loans.

Currently, their average customer deposits around $50,000 in his account.

How they generate APYs

BlockFi lends your holdings to corporate organizations at an interest, which is used to pay users’ APYs.

Key features include:

Loans

You can secure a minimum of $5000 against your Bitcoin, altcoins, and stablecoins with a 50% LTV ratio. If the collateral value goes below 50% from the time of loan collection, you will be asked to increase your collateral or repay the loan amount.

Savings

BlockFi offers a crypto-funded interest account as well. They provide up to 8.6% APY on stablecoins; 6% on over 2.5 BTC; 3% on <2.5 BTC; and 5% on ETH. Unlike Youhodler, BlockFi has no minimum deposit. You can deposit as little as $10 and start earning interest. The interest is paid in your deposited asset on the 1st day of every month.

Read more: My in-depth review of BlockFi

Exchange

BlockFi provides an exchange platform where you can buy and sell crypto assets with some commission fee. If you want to avoid this fee, you can buy your assets on other exchange platforms and deposit them directly into your BlockFi wallet.

Visit BlockFi

3. Crypto.com

Crypto.com is on a mission to fast-track mainstream adoption of cryptocurrencies. So far, they have done an excellent job: catering to the crypto-initiated, newcomers and merchants using a variety of financial protocols in their full-grown ecosystem.

There are two native tokens, namely MCO and CRO.

• MCO- utility token; used to improve stakes and investment yields.
• CRO- a cross-asset intermediary currency used to settle asset swaps on the chain. You can stake it to earn as well.

Crypto.com’s key features include:

Credit

Like other lending platforms, you can get up to 50% of stablecoins such as USDT, TUSD, and Paxos by supplying BTC, ETH, LTC, MCO, XRP, CRO as collateral. You can also cut your annual interest rate by staking more than 500 MCO tokens. here are the details.

Crypto Earn

With Crypto Earn, you can supply numerous coins and stablecoins to earn interest.

APYs at the time of writing

• On supported stablecoins: up to 12%
• On BTC: 6.5%
• On Eth: 5.5%
• On Crypto.com Coin: 6%
• Other altcoins: 3%

What’s more, you can calculate your credit and earnings with an in-built APY calculator.

Web and mobile wallet support for trading

Crypto.com provides a non-custodial wallet for both android and iOS users to manage their crypto assets. The app contains an in-built Binance-Esque market analysis function that supports more than 200 coins. This enables swift analysis and management of your coins.

You can exchange assets in the spot, margin, and derivatives markets.

Crypto.com’s tentacles extend to DeFi as well. You can set up your wallet, and stake your coins in several DeFi protocols.

Visa cards

By acquiring Crypto.com’s Visa card, you can spend your coins in shops that accept crypto as payment. These cards come in colors, and they are—in ascending order of luxury– Blue, Ruby, Green, Gold, and Obsidian. One that stands out in terms of affordability and juicy features is the Ruby card.

MCO Ruby card

By staking only 50 MCO tokens to get this metal card, you can enjoy the following benefits:

• 2% Cashback on all purchases
• Free monthly Spotify subscription.
• Up to $400 monthly in ATM withdrawals at zero cost.
• $4000 monthly interbank exchange rate.
• Note that you can withdraw your stake at any time, but your cashback benefit will fall to 1%, and there will be no monthly Spotify sub.
• 1 MCO = $3.23 at the time of writing

Security

Each lending platform has different measures put in place to minimize the risk of thefts, employee frauds, and other security breaches.

YouHodler

• YouHodler partners with Elliptic and CipherTrace to monitor transactions, prevent laundering, fraud schemes, terrorism, etc., and LedgerVault insurance protocol to ensure all crypto assets in a $150 million insurance pool.
• Anyone can request 3FA which locks withdrawals unless verified manually by the client.
• YouHodler is a member of the Blockchain Association, ensuring that customers can opt for dispute resolution with an extra-YouHodler body.
• YouHodler users a mixture of hot and cold storage wallets to ensure funds are never kept 100% online.

BlockFi

• Your assets are secured by Gemini—a New York trust company; with 95% in cold storage. 5% of assets in hot wallets are insured by Aon.
• It is worth mentioning that they got breached in 2020, and although no funds were lost, some user data were compromised.

Crypto.com

• They secure 100% of cryptocurrencies in cold storage.
• They are partners with Ledger—a global authority in security solutions for blockchain and cryptocurrencies.
• Like others, crypto assets are insured with a $100 million policy via Arch’s Underwriting at Lloyd’s syndicate.
• They use 2-factor authentication.
• They are verified with several standard information and security management protocols.

Pros and Cons

YouHodler Pros

• They support crypto-crypto and crypto-fiat currency conversions.
• No utility tokens.
• They offer up to 12% APY on stablecoins.
• Weekly compound interest.
• Highly safe and monitored.
• Flexible loan repayment options.
• Immediate withdrawal.
• No credit checks.
• Dispute resolution via the Blockchain Association and the Financial Commission.
• Insurance using Ledger Vault $150 million of insurance
• iOS and Android app
• More transparent than most competitors
• 24/7 customer support

YouHodler Cons

• $100 minimum savings deposit.
• Relatively short track record
• Not available to USA or China clients right now

BlockFi Pros

• Compound interest on savings.
• No early withdrawal penalty.
• No minimum deposit for savings.
• Referral incentives
• Monthly statements and transaction history.
• Signing bonus.
• No utility tokens.
• Mobile access.
• Gemini custodian service.

BlockFi Cons

• Suboptimal exchange service with high commissions.
• Custodial wallet.
• Limited crypto-asset option.
• Broken record of security.
• Withdrawal can take up to 7 days.

Crypto.com Pros

• Interest on Crypto Earn is paid daily.
• They support a wider range of supported fiat and cryptocurrencies.
• User-friendly app with market analysis.
• Compound interest on savings.
• Composite metal card with juicy features.
• Low trading fees

Crypto.com Cons

• A minimum deposit of $200
• Unavailable in Switzerland, Malta, and North Korea
• Stablecoin USDT is not supported for US users.
• Significant stablecoin restrictions for Singapore users.

Bottom line

While these crypto-lending platforms keep offering mouthwatering deals, it is important to assess your needs clearly to choose the ideal platform. Recall: individual wallets are not FDIC-insured on none of these platforms; as such, it would be prudent to invest what you can afford to lose.

My current view is that:

YouHodler is best suited for those looking to invest more than $100 to earn APYs weekly, borrow cheap loans for projects, and multiply capital by actively trading using the multi-hodl feature and Turbocharge features.

BlockFi is best suited for users and institutions looking for long-term investment plans on select cryptocurrencies, considering the substantial compound interest on capital. It is not as ideal for trading and taking out loans.

Crypto.com is best suited for experienced crypto traders looking for diverse investment opportunities all in one place.