Home Blog Page 4

IOTA Coin – Future and Predictions

Introduction to IOTA Coin

IOTA is a dispersed ledger structured to record and implement transactions between machines and devices on the Internet of Things (IoT) network system. The IOTA’s ledger has its cryptocurrency named MIOTA, and it utilizes the said token for checking the transactions in its network. The IOTA Foundation, which is a non-profit organization that is responsible for the IOTA’s dispersed ledger. This foundation has legible contracts and arrangements with renowned companies, such as Bosch and Volkswagen, for extending the IOTA platform’s usage and effectiveness amongst the connected devices on the network. Founders of IOTA define the said ledger as open consent-less support for the Internet of Things that will facilitate interoperability between numerous devices.

IOTA’s key objective is to solve scalability and performance with Bitcoin by substituting its blockchain technology with the Tangle network. This Tangle technology or network is nothing but a system of nodes wherein each new transaction will confirm the preceding two transactions in the network. IOTA also aims to become the common medium of conducting transactions on devices. The IOTA’s system works differently. If anybody wishes to use the system for fund transfer, they have to also contribute to the network’s working process by verifying other people’s transactions.

Pros & Cons of IOTA Coin:

Pros:-

  • Free of charge transactions.
  • Instant and quick transactions are possible in due course.
  • Infinite and unrestricted scalability.
  • Its system can process any data, including financial transactions.
  • IOTA is not mined. Instead, it is contributed to the network by everyone.
  • It is Quantum resilient.

Cons:-

  • IOTA is not yet a complete finished product.
  • The project has till now depicted a lot of technical shortcomings and problems
  • Uncertainty and no clarity regarding completion of the project.
  • IOTA network is said to have a lack of security problem
  • A centralized coordinator is required at this current stage of the project.

History of IOTA Coin

IOTA was created in 2015 by four experts: David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov. IOTA Coin was founded in Berlin, Germany. Ivancheglo, Schiener, and Popov contributed to completing the mathematical, statistical, and programming section of the unique Tangle system, and David Sønstebø led the whole project as a Leader and Mentor. IOTA originally was formed as a hardware project whose goal was to design, structure, and create general-purpose processors at a meager cost. Initially, at the time of its creation, 2,779,530,283,277,761 IOTA coins were issued and circulated in the market. However, no more IOTA coins can be produced, and mining is also not possible in IOTA coins. Hence, there will be no more circulation of new IOTA coins in the market. Instead, the original quantity of coins will only keep on rolling and circulating. Further, some months after the token launch, the IOTA foundation transformed its platform into an accessible and uncluttered distributed system for possibly processing more IOTA coins in due course.

IOTA Price Prediction and Future Growth

Since the IOTA token is volatile, therefore there are a lot of price fluctuations of the token. Like other digital currencies, the IOTA price is also affected by factors such as media attention, corporate partnerships, market situation, political governance, and so on. The price of the token has been steadily growing since it was created. However, in 2017, with the market’s downfall, IOTA’s market capitalization had also substantially gone down, which continued till 2019. However, in 2020, the IOTA currency again picked up in the market. At the beginning of the year 2020, IOTA started with a market capitalization of USD 446 million. By the end of 2020, it had reached above USD 900 million. The industry experts speculate the price of IOTA to reach USD 122 by 2022 -2023, which is the top of the bell curve. Then it might start slacking down to a bearish approach of USD 25 in 2024 – 2025 as per the concept of the product life cycle. Click here to learn more about detailed IOTA price prediction by CryptoNewsZ.

The medium to long-term future growth of IOTA depends on the future growth and success of the Internet of Things (IoT) concept’s full-fledged materialization. In the future, if the IoT devices continue to grow and capture more market, the IOTA Coin will be an extremely successful crypto token, which will then be able to serve the purpose efficiently of facilitating machine-to-machine easy and straightforward transactions.

As per the industry experts, IOTA is a relatively new, somewhat experimental portion of technology – Internet of Things (IoT). Therefore, it should not be surprising to see some unexpected and volatile twists and turns in the future. However, the experts have been outspoken about the opportunities and the new technology tied up with this IOTA cryptocurrency that may seek huge demand for currency shortly.

Conclusion

To summarize, IOTA is a protocol based on the proof of work consensus method and has its blockchain network named Tangle, which is used for mining the MIOTA digital tokens. The aim of IOTA, in simple terms, is to enable transactions between connected devices and to make it easily accessible to anyone. IOTA has its own set of problems regarding scaling, some aspects susceptible to hacking, and so on. The tangled network provides IOTA Coin with few main advantages against the conventional blockchain technology. First, IOTA eradicates the requirement for miners, then secondly, it permits relatively infinite scaling to its users, and thirdly, it is Quantum proof. IOTA also has a lot of potential to be utilized on a worldwide dimension. In all, it can be said that IOTA digital currency has its plus and minus points, but still, it can be considered as one of the potential investment options in the market as of date.

Super Lottery: NordFX Gives Away 100,000 USD to Traders

0

The $100,000 Super Lottery was launched by the brokerage company NordFX among its clients on April 1. The name speaks for itself: 100 cash prizes of $500, $1,000, $2,500, and a super prize of $ 20,000 will be drawn by the year-end.

It is quite easy to take part in the lottery and get a chance to win one or even several of these prizes. It is enough to have a Pro account in NordFX (and for those who do not have it – register and open a new one), top it up with $200, and… just trade.

Having made a trading turnover of only two lots in Forex currency pairs or gold (or four lots in silver), the trader will automatically receive a virtual lottery ticket. The number of lottery tickets for one participant is not limited. The more deposits and the greater the turnover, the more lottery tickets the participant will have, and the greater their chances of becoming a winner of the prize money.

Unlike trader contests, there is no need for a lottery participant to show exceptional trading results. In this case, both experienced professionals and beginners have equal chances of winning. And they can either use the received prize money in further trading or take it out without any restrictions.

70 prizes of $500 each, 20 prizes of $1,000 each, 10 prizes of $2,500, and 1 super prize of $20,000 will be drawn. The draws will be held on July 1, October 1, 2021, and January 3, 2022. For more details, visit the NordFX website.

Is Zcash Still a Better Option Than Monero and Dash?

Transaction data of most cryptocurrencies like Bitcoin are distributed on a public ledger that anyone can view. It is the rising concern over the privacy of most cryptos that paved the way for privacy-protecting cryptocurrencies. Zcash, Monero, and Dash are examples of such privacy-focused cryptocurrencies.

When it comes to choosing a privacy-protecting cryptocurrency, the major concern lies in determining the best. Is Zcash a better option than Monero and Dash? This is one such question that plagues the minds of most crypto users. In this article, we have compared Zcash with Monero and Dash to determine the better option.  

Understanding Zcash and Its Privacy Features

Zcash is a private virtual currency that enables people to transact more securely and efficiently with low transaction fees. It was created and launched in 2016. The development of Zcash was based on intensive research of some of the best cryptographers from MIT, Johns Hopkins, Tel Aviv University, Technion, etc.

Zcash supports multiple transaction types, of which the shielded Zcash transactions ensure the utmost confidentiality. So, what makes Zcash one of the privacy-focused cryptos? Zcash transactions, particularly the shielded transactions, allow people to share addresses and transaction information selectively. Thus, users can selectively share the transaction details for regulatory compliance or auditing when required.

Development of Zcash

Zcash was a fork of Bitcoin. Although Bitcoin was the first cryptocurrency that gained popularity for its user anonymity, it did not offer much privacy. It was for this reason; Bitcoin was forked, leading to the launch of Zcash.

Zcash, alongside user anonymity, brings in the privacy element that is lacking in Bitcoin. The transactions are processed and verified much faster. Compared to Bitcoin’s 10 minutes transaction verification time, it takes only 2.5 minutes in the case of Zcash.

The Technology That Powers Zcash

Zcash algorithm also differs from that of Bitcoin’s proof-of-work hashing algorithm, which is SHA-256. That said, Zcash uses the zk-SNARK algorithm. Abbreviated as zk-SNARK, Zero-knowledge Succinct Non-interactive Argument of Knowledge is the technology that enables Zcash’s privacy protection feature.

Unlike Bitcoin, Zcash allows the users to choose between two different address options where they opt for either the public or the fully private address. The latter shields important information from the public, ensuring confidentiality. Nevertheless, there are other privacy-focused or privacy-protecting cryptocurrencies that were launched before Zcash. So, let’s compare Zcash with these major privacy-focused digital coins.

Comparing Zcash With Monero

Monero was launched in 2014 and is based on the CryptoNote protocol or algorithm, unlike Zcash, a fork of Bitcoin. Based on the type of algorithms used, Monero is trustless crypto compared to Zcash, which uses the zk-SNARK protocol. However, Monero is a privacy cryptocurrency by default, unlike Zcash, which allows users to either go public or private. 

At the time of writing this article, the value of Monero (XMR) was $386, while Zcash (ZEC) was priced at $239. Apart from CryptoNote, Monero uses an obfuscated public ledger that enables anyone to broadcast Monero transactions. However, the viewers cannot find the source, amount, or destination of the transaction. Needless to say, as a fork of Bitcoin, Zcash is a more trusted private crypto coin.

Comparing Zcash With Dash

While Zcash is a fork of Bitcoin, Dash is a fork of Litecoin, which yet again is a fork of Bitcoin. Unlike Zcash, the Dash coin uses the X11 proof-of-work algorithm for hashing, which is believed to be the most effective and safe algorithm. At the time of writing this article, the value of Dash was noted at $239.

In terms of anonymity, Zcash is considered more anonymous as non-private transactions and using Dash can be traced. Also, Zcash is a direct fork of Bitcoin as opposed to Dash. Most importantly, Dash is not truly decentralized crypto.

Zcash Monero Dash
   Pros 2.5 minutes block time Private crypto by default Private crypto
Trust and reliability 2 minutes block time  2.5 minutes block time
Safer transactions Safer transactions
ASIC-resistant
Privacy and anonymity
Fixed supply cap of a total of 21 million only
Can be exchanged against many currencies
Cons Can be mined using only CPU Unlimited supply Not a decentralized currency
Can be exchanged against limited currencies

Is Zcash Still the Best Privacy Coin in 2021?

Zcash is a privacy-protecting digital currency owing to its zk-SNARK protocol. Zcash also provides its users the option to go either public or private. Dash and Monero are also privacy-focused digital coins that work on a different protocol, as explained in the article. In terms of efficiency, privacy, and user anonymity, Zcash is a better alternative as it is untraceable if the user opts for a shielded transaction. Click here to know more zcash price predictions for 2021.

Coinbase App vs. Coinbase Wallet App – A Comparative Study

Coinbase is one of the leading cryptocurrency exchanges globally and is a decentralized exchange platform for Bitcoin and various other top cryptocurrencies. Some has still question like, is Coinbase legit? The answer is yes. Coinbase offers its services through two applications, the basic Coinbase app, and the Coinbase Wallet app. However, you can check detail information about this by visiting Coinbase reviews here.

Coinbase app is a mobile application of the Coinbase website. It is called Coinbase Consumer and serves more like a web application of the decentralized exchange. Coinbase app is equipped with all features of the website. It is easy to store and buy Bitcoin from the app through mobile devices such as smartphones and tablets.

Coinbase Wallet app is a multi-coin digital wallet application. It primarily runs like an Ethereum wallet. The app helps users in browsing through Ethereum charts and market movements. Besides, it lets users store Ethereum-based tokens as well as Bitcoin and other cryptocurrencies. Coinbase Wallet app supports several decentralized applications (dApps) running on the Ethereum ecosystem.

Coinbase App vs. Coinbase Wallet App

Coinbase app is a mobile-friendly version of the cryptocurrency brokerage website. It is primarily responsible for helping users buy or sell their cryptocurrency in exchange for real money (fiat currency). Unlike the Coinbase Wallet app, the Coinbase app lets users store their cryptocurrency after purchasing it from the exchange.

Coinbase Wallet app is purely a cryptocurrency wallet application. Users are not required to have a Coinbase Consumer account to run the Coinbase Wallet app. The wallet app is protected by private keys. It represents the ownership of cryptocurrencies stored by the users. All crypto coins are stored directly on the device used by the Coinbase Wallet app. It is not linked to the decentralized exchange of Coinbase. Unlike the Coinbase app, Coinbase Wallet lets users exchange cryptocurrency for cryptocurrency. It also facilitates the transfer of cryptocurrency from one wallet to another. The Coinbase Wallet app also enables the transfer of crypto money into fiat currency on other cash wallets.

Is Coinbase Wallet safe?

According to the reviews, the Coinbase Wallet app is an easy and secure application to store and exchange cryptocurrencies. It is not used for the direct purchase of cryptocurrencies. The Coinbase Wallet app always uses reliable exchange platforms to add or unload crypto assets from the user accounts. It is regulated with on-ramp protocols and protected by blockchain encryption. Users get access to private keys for securing their crypto money. Coinbase Wallet is safe enough to be available and running successfully in over 100 countries around the world.

Is Coinbase App Safe?

The Coinbase Consumer app is dubbed to be 100% safe. However, due to the app’s digital nature, Coinbase online exchange has encountered some attacks on the Coinbase app users. The Coinbase app promises 99% security of these digital financial assets. It is completely safe when the user selects the cold storage (offline) option for storing cryptocurrencies on the Coinbase app. Here, the app cannot be hacked.

Why Should I Use Coinbase Wallet?

Coinbase Wallet is a standalone software product, whereas the Coinbase app is a mobile platform that gives access to the Coinbase decentralized exchange. From purchasing Bitcoins to collecting rare digital assets such as non-fungible tokens (NFTs), Coinbase Wallet is a multi-purpose application in the crypto space. It is the safest app to store digital currencies.

Conclusion

At the end of the day, both these apps are used for storing crypto wealth. The Coinbase Consumer app is more suitable for traders involving crypto trading, while the Coinbase Wallet app is designed for long-term investors. Overall, the uptake for the Coinbase Wallet app is higher than that of the Coinbase app.

Litecoin Mining: Know About How to Guide

Introduction: How to mine Litecoin

Litecoin (LTC) is one of the earliest digital currencies designed by former Google engineer Charlie Lee in October 2011. Litecoin is essentially a bitcoin fork, i.e., the BTC version was devised to overcome bitcoin’s complexities. Charlie envisioned seizing the crypto market that remained untapped by bitcoin by offering lower fees, lower turnaround time (TAT), and by limiting the existence of mining pools on its ecosystem. As a result, the Litecoin ecosystem processes the transactions four times faster than the bitcoin network, charges lower transaction fees, and can mine 84 million LTC, which is four times more than bitcoin’s capacity. Litecoin price prediction indicates bullish growth for LTC, which is currently priced at 200.51 USD to fluctuate between $311 to $319 by the end of the second quarter this year and further jump to $513 by this year-end. Crypto analysts suggest that LTC will touch 1200 USD in 2025.

How Does Litecoin Mining Work?

Considering the bullish market trend of LTC, many miners are looking forward to capitalizing on the opportunity LTC mining offers. LTC is based on blockchain technology that miners support. With computing devices such as an application-specific integrated circuit (ASIC), these miners solve complex computational problems and get LTC as an incentive. Incase of LTC mining, miners can choose from three different mining processes viz. solo mining, pool mining, and cloud mining.

Solo Mining

  1. Firstly, a crypto wallet is downloaded and installed to store the LTC received as an incentive after the mining process.
  2. The hardware devices required for mining are allocated and assembled accordingly. Depending on the budget, a rig of Graphics Processing Units (GPUs) or ASIC would be determined. After that, the cost of power and devices is estimated before assembling.
  3. After the hardware assembly, the necessary software compatible with the hardware setup is selected. The GPU hardware will be compatible with most of the accessible versions of mining software available online. Besides, the ASIC set has pre-installed mining software and hence will be highly compatible.
  4. The selected software will have a set of instructions that will guide through the process of mining. After mining, litecoin is stored in the crypto wallet. Users must keep track of the mining process at regular intervals to access the revenue generated.

Pool Mining

  1. The mining pool is a group of miners sharing infrastructure and resources to mine cryptocurrencies. Both solo and pool mining may share a few similarities, the significant difference being that in solo mining, the users will mine the block rewards alone. In pool mining, they will mine the block rewards together with other people.
  2. The first two steps (1 and 2) are repeated in pool mining as well.
  3. It is advised to be cautious of the free versions of software available to mine the cryptos meant for the GPUs. ASIC devices will have pre-installed versions, which minimize the compatibility issues in the mining process.
  4. The most crucial step is selecting the right pool that will offer appropriate incentives, lower fees, and transparency. Comparing pools through these parameters will lead to efficient and profitable pools. Before starting the full-fledged mining process, the users must try a few mining pools, which will help in the shortlisting process.
  5. The LTC mined through this process is stored in the crypto wallet. The users are advised to monitor the mining process regularly to ensure profitable mining.

Cloud Mining

Cloud mining uses the cloud provider’s services, with infrastructure designed explicitly to mine cryptos.

  1. The user should choose the most popular and trusted Cloud provider to avoid any security breaches. Secondly, the benefits these cloud providers offer must be weighed for LTC mining before the selection process.
  2. The services offered by these providers are contractual. So the packages are to be selected after scrutinizing the following parameters:
  • Fees
  • Duration of these services
  • The efficiency of the devices applied
  • Range of mining rewards
  • How flexible and personalized are the packages
  1. The mining pool should be shortlisted based on the cost and rewards the mining pool offers.
  2. The provider’s instructions must be followed before mining the LTCs. The LTCs are transferred to the crypto wallet, and the mining process is monitored to track revenue generated against the cost.
Conclusion

With Litecoin price prediction aiming at the Litecoin price, reaching the 1200 USD mark by 2025, currently $200, mining would prove to be a profitable option to generate incredible revenues. However, the mining process involves many risks. Hence, it is advisable to be cautious during the setup process, and it is crucial to measure it against the cost to ensure it is profitable. Extensive research while selecting a mining pool and cloud service provider will protect from malicious entities and security breaches.

Understanding Crypto Trading: A Guide for Newbies

With 24 hours trading volumes that average around $50 billion or even more and cross over $100 billion, the cryptocurrency market has grown significantly over the last few years. The participants of the crypto markets entail a mix of institutional and retail traders. Digital assets are considered as an alternative class of investment now. Crypto trading is an act of gambling on crypto price moves through CFD trading accounts or buying/ selling an underlying coin through an exchange.

How Does Crypto Trading Work?

You can trade cryptos using a CFD account. CFDs are derivative products that let you gamble on whether your selected crypto will fall or rise in value. The prices are available in traditional currencies like the US dollar. You can never take ownership of a cryptocurrency itself. A CFD is a leveraged product. It means that you can easily open positions for a fraction of the whole worth of the trade. Though leveraged products can amplify your profit, they can also amplify your losses when the market goes against you.

What Are the Types of Crypto Trading?

Crypto Trading is of two types. Let’s discuss each of them individually:

Fiat to Crypto Trading: In this type of trading, the base currency is fiat (INR, USD, SGD, GBP), and you can trade it against different cryptocurrencies like Ethereum, Bitcoin, and more. The aim is to increase your fiat money and regularly book your profits.

Crypto to Crypto Trading: By far, this is the most profitable type of crypto trading. The base here is the crypto, and it can be traded against other cryptos to increase the base. It is also called altcoin trading. During a bullish market, crypto to crypto trading is the best way to boost your Bitcoin holdings.

What Are the Benefits of Crypto Trading?

When you trade cryptos, you speculate on whether a selected market will fall or rise in value. You do not even have to own the digital assets to trade them. This can be done by using certain derivative products like CFDs. The main benefits of crypto trading include:

  • Crypto Volatility: Though the crypto market is pretty new, it has already experienced noteworthy volatility because of the large amount of short-time speculative interest. The crypto volatility is what makes the cryptocurrency market very exciting. Fast intraday price moves can offer investors many opportunities to go short and long but come with risk.
  • Enhanced Liquidity: Liquidity measures how easily and promptly crypto can be turned into cash without even impacting the price of the market. Liquidity plays a vital role as it gets better pricing, increased precision, and quicker transactions—Trade cryptos with a broker who gets prices from many venues to execute faster trades at a lower price.
  • Market Hours: The crypto market is open to trade 24/7 since no centralized governance exists. Crypto transactions occur between individuals directly on various crypto exchanges around the world.
  • Go Short or Long: If you purchase crypto, you are buying the asset upfront, believing it will increase its value. However, if you trade on a crypto’s price, you can benefit from the markets that are rising or falling in price.

Is Crypto Trading Profitable? 

Traders have been using altcoins and bitcoins for a long time now. Big thanks to its high volatility, platforms like Stormgain offer margin trading to the traders, so that they can make profits faster than other more stable markets. But don’t anticipate earning millions within a month or become rich quickly. Investors should follow strict trading strategies with proper risk management limitations. Also, ensure that you do not risk over 1 percent of the capital you have. Though it will limit your profit, it will still collect overtime for the persistent traders.

Is Crypto Trading Legit? 

Yes, cryptocurrency trading is completely legal. Crypto is legal in the US; however, China has banned its use. Ultimately, whether or not they are legal depends on every individual country.

Conclusion

Take this as a guide to trading cryptocurrencies, and you will avoid the most hurdles that many investors fall. Also, ensure that you stay aware of the differences in taxes and rules associated with crypto trading in different regions. You would not like to lose your profits to unforeseen regulations.

Views of Chamath Palihapitiya on Bitcoin

A lot of factors drive the world of cryptocurrency and blockchain technology, and one of the most sophisticated factors that we are going to face over the period of time is that there are a lot of rumors that go around when it comes to the space. It is believed that almost 42% of the people who invested in Bitcoin panic in false rumors and ended up withdrawing all the assets that they have on the network. This leads to an immense value drop of Bitcoin, and this means that it will lose more value when more people look forward to withdrawing their assets from the network. 

It is a known fact that the value of Bitcoin is dependent on the various attributes of the users in the network, it is always essential to have a resource that can clear the facts behind all the operations of Bitcoin and Chamath Palihapitiya is one of the most influential faces that can be seen in the network. A lot of people know for a fact that it is always important to know the facts before you proceed with the chances when it comes to digital assets like Bitcoin and the Blockchain technology.

Chamath Palihapitiya on Bitcoin:

Chamath Palihapitiya has always been able to make one thing clear, the man has a perfect understanding of the Bitcoin network and is completely sure of all the proceedings that one needs to take care of before trading with Bitcoin and any other cryptocurrencies. The biggest highlight is that he has been influential on the way the whole Bitcoin community perceives the trading aspects with the coin, and he has always made it a point to clear the skies when it comes to any discrepancies with regard to bitcoin and its network.

Chamath Palihapitiya on Bitcoin’s price prediction:

He believes that Bitcoin is a digital asset that will turn valuable for people who are willing to invest on a longer scale. He means to say that it is highly likely for people not to get profited in the small-term investment, especially with escalating price ranges of coins like Bitcoin.

Chamath Palihapitiya says that every member on the network must own a minimum of 1% of their assets with Bitcoin as it is going to increase further on. 

He says that within a short span of time, there will be a significant increase in the value of Bitcoin after the world pandemic is resorted to. He also recently made a statement regarding Warren Buffet’s statement that the statement from Mr. Buffet was not true and had an outdated point of view regarding the pricings. From what we hear, it is evident that the pricings of Bitcoin are going to turn around profitable. 

Trading in Bitcoin can definitely help you gain huge profits if done properly. But before one starts trading, it is always necessary to select a trading platform that can serve you in the best possible way, ensuring you get the best returns from your investments. One such trading platform is Bitcoin Pro.

What is Bitcoin Pro?

Well, if you are looking forward to investing in Bitcoin and trading with the same, it is very important to know when and where to invest, and that is where trading platforms like Bitcoin Pro come into play. It is one of the most sophisticated trading platforms where you can invest and trade with cryptocurrencies like Bitcoin.

There are a lot of factors that are into play with regard to choosing platforms like Bitcoin Pro and one of the top three compelling reasons to choose Bitcoin Pro include;

  1. The network of Bitcoin Pro is highly sophisticated:

There are a lot of methods that are required for a trading platform, and one of the most important key points is that they must be equipped with the latest technologies and algorithms, and that is what exactly you will find with Bitcoin Pro. Bitcoin Pro has one of the most sophisticated algorithms that will make sure that the traders are benefitted from their investments in a very short span of time. 

  1. Bitcoin Pro is safe:

Safety is a major point of concern for many people, and this means that you must have the latest security protocols within to get a hold of your assets in a safe and controlled location. 

  1. Bitcoin Pro is fast:

 In a market that fluctuates heavily, it is important to know that we are providing the best and fastest software possible. This will make sure that all the tradings you do are done on the point, and there is no delay in the trading aspects that might inflict possible losses. 

To know furthermore about this innovative platform – Bitcoin Pro, You must check out the Bitcoin Pro Reviews.

Everything You Need to Know About Forex Scams

0

Foreign trading or forex trading is the trading of different foreign currencies listed in a pair known as forex pairs. The parties involved in trading could be individual investors or multinational corporations. Trading of currencies takes place in the foreign exchange market and the parties make a profit through fluctuations in the exchange rates of currency. This constant price movement of currencies is the reason why forex traders find forex trading lucrative to gain profits in the short-term.

Though the foreign exchange market is the biggest financial market in the world, it is also highly unregulated. That means it has slowly become a haven for many forex brokers that lure forex traders with fraudulent investment schemes.

Is Your Forex Broker a Scam?

Forex scammers take advantage of the forex traders’ lack of knowledge about forex trading and try to defraud them with unbelievable investment opportunities. They keep evolving with the forex market and coming up with schemes that are nothing but a scam. Therefore, before putting your feet into forex trading, it is essential for you to fully understand different types of forex scams.

1. Robot Scams

This is the most common form of a forex scam. Forex robots rely on the past performances of currencies to place the trade in the forex trader’s absence. Forex scammers use this fact to persuade new forex traders that they can make maximum profits using their bot-based platforms. Ideally, forex traders should avoid falling victim to this scam as most of such platforms have never been tested.

2. Signal-Seller Scams

This is another popular scam where forex fraudsters promise potential forex traders with accurate information about favorable times to trade in exchange for a hefty commission. Forex signal selling is a practice where forex brokers predict the price movement of currencies based on market trend and their trading expertise. Forex traders use these cues to make a trade. But most of the cues are inaccurate and traders end up incurring heavy losses as their forex broker fails to authenticate its information.

3. Shady Forex Trading Scams

There are so many forex brokers that approach new forex traders through impractical advertisements. Most of these brokers are unregulated, but they try to convince forex traders to make investments in forex investment funds and assure them of higher returns. Anticipating maximum profits while not trading themselves, forex traders end up losing their investments just to find they have fallen victim to another trading scam.

How to Spot a Forex Broker Scam?

It is quite common among aspiring forex traders to become successful at forex trading. Even so, they should avoid being misguided by unrealistic expectations promised by the forex broker.

More common hints that your forex broker is a scam include misleading forex trading schemes, unregulated by any financial authority, and overstatement of 100 percent guaranteed returns. Apart from them, here are a few more tips to spot a forex scammer.

  • Promises of little or no financial risks
  • Claims of guaranteed and overnight success
  • False records of success at forex trading
  • Unresponsive to trading complains (poor customer service)
  • Bad reputation for not allowing forex traders to withdraw funds
  • Unable to provide any proof of their trading claims
  • Ask you for your personal details (email, contact number, home address)

If you found your forex broker ticking any of the above, it is a sign that you are dealing with a scammer. Besides, you should consider taking some precautionary steps to avoid a forex scammer such as:

  • Finding a regulated forex broker
  • Doing internet research about the forex broker
  • Reading customer reviews and testimonials
  • Going through all the fine print of the contract
  • Starting trade with a small deposit
  • Understanding trading on margin
  • Asking for the forex broker’s trading history
  • Ensure you can trade when the market is volatile
  • Inquiring forex brokers about their policies for placing trades

Conclusion

Forex trading is a legal financial activity across the globe. It allows forex traders to make huge profits in the short-term. However, a slight oversight of forex trading fundamentals can put new forex traders at risk. It is not that the forex market is full of scammers, but you must be better prepared to spot the scam and avoid being a victim of it.

The best way to do that is knowing how forex trading works and conducting due diligence on the forex broker. Remember, you are into forex trading to make money, do not waste this opportunity because of some unscrupulous forex broker. To avoid all the scams and frauds, you should check the list of Top Forex Brokers and choose one from it. Also, you can click here to compare the top Forex brokers in UK.

Following The Success Of Covesting’s First Five-Star Trader

0

Weeks ago, a challenge was put out amongst the trading community: try to become the first five-star Covesting trader. At the time, the feat hadn’t yet been accomplished, but after some of the best the world has to offer began to learn of the challenge, there are now not just one, but two of these five-star traders.

Interestingly, neither have made it into the top ten by total profit, but when you dig into the success and risk metrics, and come to understand what the fully transparent five-star system truly means, the achievement becomes that much more impressive. And it also puts a spotlight on why the strategies that earn the accolades are among the safest follows on the platform.

Learn all about this one ultra-successful strategy manager’s road to glory that also brought riches to their followers.

What Is Covesting? A Quick Recap On The Copy Trading Platform On PrimeXBT

Covesting is an innovative copy trading platform that connects traders turned strategy managers with followers looking to take the worry out and time investment out of trading and let the professionals do it for them.

Followers copy the trades of strategy managers who are doing what they do best: building positions, managing risk, and trying to book profits consistently. But by becoming a strategy manager on Covesting, success fees are earned from follower equity in addition to the profits from trading, resulting in the ultimate income-generating solution.

For that reason, as well as making a name for oneself on the global leaderboards that so many traders have registered and are sharing their PnL screenshots from within the platform online.

The Copy Trading Platform On PrimeXBT

After months on PrimeXBT, Covesting has amassed a substantial user base of strategy managers and followers. Single strategy managers are now trading with as much as 100 BTC in follower equity and using it to generate over 2,000% ROI.

But as you can see in the list of top ten Covesting traders by total profit, there’s a notable lack of five-star traders. If even some of the greatest and most profitable traders can’t reach the stars both literally and figuratively, then how challenging is it?

Reaching For The Stars: How One Strategy Manager Built Steady Success On Covesting

It is achievable, as two traders have now done so. However, for months the full five stars were left unfilled until a challenge went out calling out all top traders and pushing them to give the then never-before-done feat a try.

Traders lined up to give it a chance, but strategy manager Joao Strategy was the first to get the job done.

Reaching For The Stars

To become a five-star trader, certain conditions must be met and maintained. To start, the easiest achievable star requires at least 0.5 BTC in equity. The equity can be deposited or built up from a low starting deposit and proves the strategy manager is serious about trading.

Next, a trader must be active more than 30 out of 60 trading days in a rolling period. If the trader falls under 30 at any point within the current 60-day timeframe, the star will be removed. The reason for this star is to ensure any traders are active enough to warrant the follow.

The third star starts to foray into safety and strict risk management. This star is awarded for keeping margin allocation at 60% or above. Traders that consistently fall below these levels are risking more capital than they should be. Any trader that has this star is a safer bet than others.

Notice how Joao Strategy’s margin allocation barely ever fell below 60%. Only one spike down broke the streak of safety, but this also shows that even the safest and most consistently successful traders still are taken by surprise by unexpected moves.

Joao Strategy

The fourth star requires traders to maintain a win:loss ratio of 70:30 within the last 30 trading days, which is an extremely difficult number to achieve, as almost any trader will attest to. Only the most successful of all are able to earn this star and maintain it.

Joao Strategy is one of those traders. By sticking to proper risk management, only taking trades when confident, and clearly having natural technical analysis talent, they consistently grew their capital and profitability.

Other profitability indicators and success metrics show how successful the strategy manager is, with full transparency. Followers can use this intel to choose the best trader to suit their needs.

the best trader to suit

The fifth and final star is given to those with over 50 BTC in trading turnover over the last 30 trading days. This is no problem at all for Joao Strategy, who is now trading with over 40 BTC in capital.

Notice that as soon as Joao Strategy reached the five-star rating system, their follower equity went more parabolic than Bitcoin has recently.

Joao Strategy the first trader to achieve five-stars

Not only is Joao Strategy the first trader to achieve five-stars and enjoy all the fame and followers that come along with it, but they are also a great example of a community within a community brewing and the network effect and power of a peer-to-peer copy trading platform.

Joao Strategy on Covesting even hosts its own Telegram channel, with more than 300 members currently. These members make up his follower base, who follows not only the trader on Covesting but also his every chart and call.

Trader With Covesting On PrimeXBT

By always sharing details of their trades with their followers, followers can be more comfortable in their equity in the hands of others. And when combined with the transparency of the COvesting leaderboard and the success and safety of the five-star rating system, sleeping at night gets a lot easier than compared to HODLing alone.

Can You Become A Five-Star Trader With Covesting On PrimeXBT?

Covesting is available on PrimeXBT, an award-winning margin trading platform where users can long and short Bitcoin-based CFDs on index trading, gold, silver, crypto, forex, and more.

The platform’s professional yet easy to use trading tools are provided to Covesting strategy managers to increase profitability and minimize risk.

After seeing such success unfold before your very eyes, do you have what it takes to become the next five-star trader on Covesting?

THINK OF AD WORLD: THINK OF GLADIO.COM

From how to look, what to wear, what to eat, what to drive, almost everything in our lives is taken care of. That is the power of advertising. A good advertisement offers us a look into the ideal life. So advertising is the mainstay of Marketing, which is the backbone and bread earner of any enterprise, causing sustenance.

What is Affiliate Marketing?

However, not all companies independently can support and garner substantial revenue based on their marketing efforts. They need help. This is where the Affiliate Marketing comes to aid. The word “Affiliate” refers to “Associate” or “Partner.” Hence, the selling or retailing company solicits other companies’ help acting as online agents or mediators to help them click the deal. This is enabled by Affiliate Marketing tools put in use by these Affiliates. Affiliates get paid either on a “Pay per click,” “Pay per deal,” or “Pay per Lead” basis.

Affiliate Marketing & Gladio – Are They Synonyms?

One such reputed Mediator or Agent is Gladio.com. Gladio affiliates offer one-stop solutions to all marketing & advertising needs of the companies, and guess what? Not through conventional techniques of sending out brochures and flyers in print!! Rather Gladio.com has evolved to offer customized technology-based solutions to all advertisers and publishers.

What is the secret behind the roaring success of Gladio.com?

  • A well-structured professional team dedicated to facilitates modernized solutions 
  • A thorough research-oriented approach to customize offerings based on typical customer requirements
  • A synchronized and meticulous analysis to understand the nuances of the company’s business key areas
  • Astute implementation of technology tools to reach the target audience
  • A transparent and organized methodology with customers while formulating strategies
  • Assurance of a thorough bandwidth of confidentiality 
  • Real-time updates backed by AI and ML techniques

The Crypto world carves a path to success through Gladio.com 

Gladio.com has been an intense role player in the world dominated by Cryptocurrencies. With the booming potential of the digital world of currencies, the saga of the fiat currency system is losing its sheen. The Era of Digital is here and now! Hence, cryptocurrency companies are banking on Gladio.com for Affiliate Marketing. Gladio.com enables refurbishing of conventional approaches to bring the industry players to the fore, thereby increasing their visibility to prominence.

However, the payment channel varies in the case of Cryptocurrencies. While a few plans pay their affiliates in cryptocurrencies, others send the amount of their affiliates in fiat currency. It is a prerequisite that you join a cryptocurrency affiliate program signing up with the network accessing the referral links you require for promotion. If the potential client has done a crypto transaction (in terms of purchasing the cryptocurrency or patronizing the exchange), affiliates get the agreed commission.

Identification of role players in the transaction mainframe is of high significance as regards crypto deals. Under the cryptocurrency affiliate marketing program, the specific network assigns the affiliate marketer responsibility to advertise its products/services among the target customers. 

To enable this mechanism, the SWOT analysis and efficient planning are of paradigm importance. Gladio.com makes it all easy. There is a lot of emphasis on doing thorough market research, focusing on the target audience, and sound incredibly realistic and transparent. Any slippage on these accounts or ambiguous manipulations can result in chaos or jeopardy to client image. Gladio helps companies establish and retain their long-term associations with partners.

Expansion, too, is cited as equally pivotal. Else the company remains as the frog of the well or soon wipes out from the industry map entirely. Harnessing the Gladio Team would undoubtedly be a binding element here as they help build brands and new partners.

The Brownies on Platter

Nominal costs for entry and a massive possibility of growth make Affiliate Marketing highly favorable. Additionally, flexible payout methods facilitate ease for buyers and partners both. E-commerce has been the backbone of Affiliate Marketing channels as all parties have a resounding presence on the web, and hence it is naturally effortless to track them. While thorough research is already essential for a long-standing success rate and revenue potential, it is crucial to have affiliate marketers like Gladio with a robust and dedicated team of experts.

Gladio also specializes in implementing effective tools of posting pertinent links for their customers as they realize the value of these technical gears well when it comes to garnering revenue. They understand and appreciate that putting marketing campaigns alone will not help attain the goals.

Talk of the Town Affiliates

It would be worthwhile to quote illustrious role players here like, Amazon Associates, Shareasale, Wirecutter, Buzzfeed, E-Pay network, Gumroad, etc.

But as they say,

But as they say

So next time if a product or hobby or even a Cryptocurrency grabs your attention, you know on whom to rely on: Just: Gladio.com

Affiliates at your beck and call!