How to Choose a Crypto Exchange — VAULT Cryptocurrency Blockchain News #23
Many people, especially those new to crypto, might be wondering how to choose a crypto exchange. It is almost impossible to tell you how many cryptocurrency exchanges there are currently. Many of these exchanges appear and disappear regularly. Currently, there are around 312 centralized exchanges listed on Coingecko.com with a daily volume >$1. They also list another 89 exchanges classified as decentralized exchanges.
Over the past 11 years, we have seen many exchanges fail. The most famous early exchange failure was Mt. Gox. This exchange was based in Tokyo, established by Jed McCaleb in July 2010 and sold to Mark Karpeles on March 6, 2011. It was originally founded not to trade Bitcoin but rather as an online exchange for Magic: The Gathering playing cards. During its peak, Mt. Gox handled approximately 70% of all Bitcoin transactions. Problems began to develop and became obvious in February 2014 when the company suspended trading and filed for bankruptcy protection. During this process, 850,000 Bitcoins disappeared, valued at more than $450 million at the time ($38.8 billion today). CEO Mark Karpeles was arrested and sentenced to 30 months in jail by a Tokyo court, but his sentence was suspended for 4 years. The majority of the recovered funds are still waiting to be distributed to users.
There are many reasons why exchanges fail. The most common reasons are basic mismanagement, outright founder criminality, mass government shutdown orders, and hacking attacks from criminal entities.
Mt Gox was not an anomaly. Over the last 11 years, there have been numerous high-profile exchange failures. The chart below lists only the most famous.
You would think exchanges would get better as they learn how to better comply with regulations, but crypto regulations aren’t always clear and are being developed, and even the biggest exchanges are having issues.
It is important to evaluate and monitor your exchange closely. If the exchange fails, then your funds could disappear with it. Always try to keep at least most of your funds in a wallet you control the keys to and can recover your funds if possible.
VAULT Crypto News This Week
Important Update on Crex24 Developments
We have been observing and closely monitoring the recent developments at Crex24. It is never a good idea to close the door on some of your biggest spending customers without good reason.
Crex24 website states:
The service operates in all countries except the USA, UK, Canada, Israel, and the European Union.
We know unofficially that even though the EU is listed as an excluded area, apparently only a small number of countries have actually been excluded but that can change at any time and the list is growing.
Yesterday we learned that users in France have been added to the list and given the notice to remove their funds by September 16th.
After lengthy discussions by the team, a decision has been taken that we see no current reason to delist from Crex24, however, we have decided to scale down the funds we hold on the exchange in our buy orders, as we anticipate more users being forced to use other methods to buy and trade VAULT coin.
Full buying support levels will be maintained on SouthXchange where we have been noticing more activity over the past 7 days and we expect this to rise further.
SouthXchange is a global, CoinMarketCap listed, award-winning NON-KYC “entry-level exchange” with an almost 6-year track record, and offers low fees and Bitcoin Lightning Network Payments.
Sign up here: https://main.southxchange.com/Account/Register
BNJ, DOGEC, KYDC Delisting Notice
After a review and evaluation of our current listings, BNJ, DOGEC, and KYDC will be delisted from the VAULT Platform on September 17th, 2021. This is purely a business decision using a number of factors based on efficiency and benefits provided to investors and VAULT platform customers. Could all holders of these 3 coins please withdraw them from the VAULT platform as soon as possible? We will take note of any remaining holdings and they can possibly be retrieved in the future by submitting a support ticket.
We would like to wish BNJ, DOGEC, and KYDC success in the future.
VAULT Investments provides a service to clients and is not responsible for projects listed or featured in its platform or ecosystem. Users should always DYOR.
VAULT Coin’s Market Performance This Week
VAULT cryptocurrency has been fairly stable this week. We saw a high today of $5.42 and a low on Friday of $4.82. We finished out the week at $5.42 for an impressive 2.8% increase from $5.25 this time last week.
We saw an average of $1,821.80 traded daily. This maintains us above the $1,000 daily level and is significantly above last week’s number of $1,479.66.
The Minimum Guaranteed Price https://vaultility.vault.investments/ buy wall of 1000 VAULT at 10,500 Satoshi was maintained with 135 VAULT above the wall on SouthXchange. There is still a smaller buy wall of 200 VAULT on CREX24 with 16.04 VAULT above the Minimum Guaranteed Price (MGP) of 10,500 satoshis.
Cryptocurrency investors might consider buying the VAULT dip and taking advantage of VAULT’s current 20% CRYO bonus VAULT coins special by placing a bid or market order soon and letting Ian | VAULT.Investments#4786 on VAULT Investments Discord https://discord.gg/BEDSGCs know by September 15th, 2021 that you want to freeze coins for the bonus.
The current price is 12,946 Satoshi (0.00012946 BTC) on Crex 24 and 11,535 Satoshi (0.00011535 BTC) on SouthXchange, both well above last week’s closing price of 10,500 Satoshi (0.00010500 BTC).
In addition to the platform, products, use, and demand, VAULT continues to benefit greatly from being tied to Bitcoin. This week we saw BTC have a moderate correction of 8.0%.
Bitcoin (BTC) Update
With over 380 cryptocurrency exchanges out there, how do you choose a good crypto exchange for trading your funds? You can earn nice interest in your cryptocurrencies by staking your funds on many exchanges. The key thing to remember when staking on an exchange or platform is that you do not control the private keys while the funds are on the exchange. This means that if the funds disappear they cannot be recovered. There are several key things to remember when choosing an exchange. I have listed the most critical things to consider below:
- Be Cautious — Make sure that your exchange has a physical address and a defined country of origin. If there is no address listed, you should avoid the exchange. If you don’t know where the exchange is located then you don’t know what regulatory issues govern it. Secondly, if issues arise you want to know where to address the issues.
- Do Your Research — Make sure you check the reputation of the exchange you are considering. Do people complain about fees, inability to withdraw funds, or problems exchanging coins? What does the exchange say about itself? Have there been issues with hacks, poor customer service or long withdraw times?
- Go with Higher Security — Generally speaking, the harder it is to create an account on an exchange, the better. If you can secure your funds with 2FA, e-mail verification and phone verification, make sure you are utilizing these. You want to secure your funds as tightly as you can. Look for exchanges that secure a majority of their funds offline in a cold storage wallet.
- Beware of Fees and Pairs — The two major things that separate one exchange from another are what trading pairs they offer and what fees they charge to trade these pairs. Exchanges usually charge some type of fee for transactions carried out on their platform. These fees can be based on the size of the transactions, the level of your activity, whether you are acting as a maker or taker in the transaction, and sometimes if you are using the preferred coin on the platform to pay your fees. Make sure the fees correspond to your pattern of investing. For ERC 20 tokens, make sure you know what gas fees you will be charged.
If you choose to keep your coins on an exchange to earn interest, make sure you know how long your coins must be locked and how often your interest is paid and if it can be compounded.
Cryptocurrency News This Week
Bitcoin Making News This Week
More Fraud Found
People Still Paying Millions for Jpegs
Grayscale Expands the Coins it Covers
El Salvador Goes Full Crypto
Ukraine Looking at Crypto
Ethereum Has Issues
VAULT Crypto Portfolio Tracker
I wanted to give you a running tally of what you could potentially be earning with VAULT. The example I’m using is holding 1 CRYO VAULT masternode (CRYO VAULT is available here with 20% bonus VAULT until September 15th) with 0.1 BTC invested in the BTC% program (check it out here).
I wanted to show you what kind of returns you could be earning weekly and cumulatively.
One VAULT masternode of 1,000 VAULT with current ~25% ROI generated 4.76 VAULT blockchain rewards this week for a total of 1121.91 VAULT over the past 24 weeks if you compounded your daily rewards with 100% reinvest on the VAULT platform. Total is now 1,121.91 VAULT. The total dollar value earned was $660.75 at VAULT’s current price of $5.42. The total BTC value at VAULT’s current price (0.0001224 BTC) is 0.014922.
Investing 0.1 BTC in the BTC% program earns you 11% APR, giving you a weekly return of 0.00021089 BTC. Over the last 24 weeks, this would be worth 0.00506136 BTC with a current value of $231.19.
The current total value of your potential returns over the past 24 weeks would be $891.94 or 0.019983 BTC.
We Are Here to Help You DYOR (Do Your Own Research)
I hope this week’s update on how to choose a crypto exchange has been helpful.
If you have any questions please feel free to post or contact me Bobtilladhun (firstname.lastname@example.org) or any team member on VAULT Investments Discord server:
VAULT Global Ambassadors
We want to again invite people to become a VAULT Ambassador. It is a great way for us to spread the great news of VAULT investments to everyone around the world. If you would like to join our growing international community, please click here for more information.
kikiriki#9227 — Greece
CryptoEva[Own CS Team]#3733 — Bangladesh
bevan honas#7388 — South Africa
Farting Rocket#0302 — France
wltjnes1#1227 — Nigeria
Long Miguel#6762 — Vietnam
This is not financial advice. VAULT Investments provides a service to its clients and is not responsible for projects listed or featured in its platform or ecosystem. Users should always DYOR. Invest at your own risk.