The International Monetary Fund finally opens up on its concerns regarding El Salvador’s step to accept bitcoins as legal tender. There is not much swept under the carpet here. El Salvador’s decision was appreciated by the crypto community all across the globe. This announcement from El Salvador is the most significant one in the history of the crypto market. But it was obvious that it could not go unnoticed.
In a recent announcement International Monetary Fund, a global development bank closely working with the world’s richest countries, quickly reacted that this move raised eyebrows of “multiple macroeconomic, financial and legal regulatory authorities.” This statement by IMF is concealed threat for El Salvador because El Salvador is holding discussions with IMF authorities over the $1 billion loan. However, it can be deemed that this loan grant might be delayed or canceled by the IMF authorities. IMF authorities showed their concerns and explained that it is difficult for them to ignore all the concerns raised by other countries over El Salvador’s recent step.
IMF hinted that they need to look at the broader picture before maturing its loan deal. IMF posted a recent blog titled “Crypto-assets as National Currency? A Step Too Far.” IMF cited the concerns of other countries as their primary concern. Accepting crypto assets as the national currency posed serious threats to the world’s financial regulations.
In reasonableness, it was a casual blog entry implied for a wide crowd. However, the absence of nuance from an element that has gigantic influence over the prosperity of a considerable lot of the world’s most weak individuals is frustrating, if not through and through terrifying. Apparently to support the feeling that the IMF’s issue with Bitcoinization is less about the strength of economies setting out to advance than about keeping up with the IMF’s own situation of control over them.
On the other hand, experts said that this blog post was not a threat, but it pointed out El Salvador’s decision. However, IMF touched on certain points as a matter of concern. One of the biggest concerns is the volatile nature of crypto assets which makes them unfit for long-term monetary policymaking and debt-related operations. A volatile currency cannot be accepted as a national currency for trade. The decision takes by El Salvador can isolate the country from the rest of the world. Even for a shorter period of time cryptocurrency will massively disrupt economic activities.
The blog raised the point crypto can be deemed as a trading entity that can be protected by regulatory authorities. But using it as a national currency will disturb the paradigm of how countries economically coexist with each other. This will also have a catastrophic impact on the world’s banking system. The whole argument seemed pretty rational to all.
Mike McGlone is a well-known commodity strategist who has been associated with Bloomberg for many years. McGlone recently expressed his expert opinion on the direction of the Bitcoin market. According to him, Bitcoin has a better chance of resetting at $60K rather than reverting to dark days. He was referring to the probable price movement for the flagship cryptocurrency in the near term.
McGlone was speaking with Eric Balchunas, who is a senior ETF analyst at Bloomberg. The section was also published by Balchunas. McGlone has recently published a report where he compared the current bull run with 2018. McGlone believes that the $4K evaluation for 2018 is quite similar to ascend above the $30K in the current year.
Impact of China’s Mining Ban on Crypto Growth
As per McGlone, the current crackdown of China on cryptocurrencies is a great growth opportunity for both USD and Bitcoin. He claimed in a recent tweet that the exodus of open-sourced financial software in China could be the start of a massive economic decline. He further added that the recent impact would create a better development environment for the top crypto coin.
McGlone also claimed that Bitcoin is in a state of maturing and generating more long-term support. The notion that Bitcoin’s ascending days are over is not a very plausible definition for the firstborn cryptocurrency. As per Daily Hodl, if Bitcoin keeps moving above $30K, it could be a direct result of new accumulation. The service also claimed that Bitcoin volatility would keep declining.
McGlone shed light on many aspects of cryptocurrency progress that directly result from the crypto mining ban in China. He pointed out that stablecoins like USDC, USDT, and BUSD stand to increase accumulation and trading during the expected Bitcoin surge. McGlone believes that both Gold and Bitcoin markets will undergo a refreshed bull run. It is worth noting that he was among the crypto analysts who were able to predict the new ATH records for Bitcoin correctly. For now, McGlone is hoping for a $100,000 BTC price point before the end of the current year. He pointed out in a tweet that the major retracement cause for Bitcoin was excessive energy and carbon footprint. He uses the same numbers for gauging the volume of the decentralized finance industry.
from CryptocyNews.com https://www.cryptocynews.com/bloomberg-trading-strategist-predicts-that-bitcoin-will-surge-to-60000/
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As per the latest reports, another basketball team has joined the much-adopted blockchain-based platform known as Socios. Socios has gained tremendous growth and adoption in the sports sector for creating and launching tokenized coins. These tokens are for the fans and enthusiasts of particular sports teams and their favorite stars.
Ever since the launch of the Socios platform, it has formed partnerships with several sports teams. It has been constantly increasing its portfolio for the number of sports teams it has been supporting. So far, Socios has added several sports franchises from all over the world under its flag.
Even the sports teams partnering with Socios are very glad that they were approached by the blockchain-based platform. They have all revealed that they had been aiming to explore the cryptocurrency and blockchain industry. Therefore, they find it to be very promising when a platform such as Socios approaches them for collaboration.
Just recently, reports have started emerging that Socios has successfully signed up Cleveland Cavaliers. Cleveland Cavaliers is one of the most prominent and highly praised basketball teams. The particular team is currently part of the National Basketball Association (NBA).
The announcement in regards to the collaboration between the Cleveland Cavaliers and Socios was made on Monday, July 26, 2021. The announcement in regards to the collaboration between the firms was made by Chiliz, which is the tokenization platform powered by Socios.
Following the collaboration announcement between the two entities, it has been revealed that the practicing jerseys of the basketball team would have Socios logo.
According to Socios, the fans of the Cleveland Cavaliers basketball team would be seeing the logos of the platform on their practice jerseys by the end of 2021.
Apart from the above, Socios is also making the necessary arrangements for the review of a new phase that involves fans. Once decided, the development phase for the particular phase would be initiated that would focus on fan engagement elements.
For now, the fan engagement elements are being referred to as the digital collectibles and tokens that the fans would have access to.
Alexandre Dreyfus, the CEO of Chiliz and Socios has also talked about the latest partnership the company has formed with the Cleveland Cavaliers. He stated that as always, they are really excited about the deal-making it through between the two firms.
They are glad that with this, they would be able to expand their services more in the sports sector. They are extremely excited about the new partnership and are confident that with this, they would be able to target more fans and teams.
With the latest move, Socios has formed yet another very critical partnership, which is going to go a long way in further expanding the platform’s services.
from CryptocyNews.com https://www.cryptocynews.com/another-basketball-team-gets-onboard-with-the-socios-platform/
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A decent broker is difficult to get nowadays, but it’s not that difficult as soon as you find InvestingState. This broker is displaying a level of dedication and commitment that is uncommon. If you want to discover more about this excellent broker, read my InvestingState review. InvestingState is an offshore company that claims to be a worldwide online broker that offers successful trading opportunities, cutting-edge trading platforms, and quick and secure withdrawals.
As soon as the internet became widely available, it significantly influenced how people went about their everyday activities. Furthermore, it brought a considerable influence on lowering people’s stress levels in everyday life; it also has an impact on the global sectors. Previously trading traders had to abandon their communities and move to distant regions.
They may now work from the convenience of their homes. Even sitting on their couches can also work. No one could have foreseen the development at the time. And now that it’s in place, why don’t you use and generate income from your efforts? The capacity to generate money was never so simple in the old days.
To benefit from the market for internet trading, all you have to do is put your investment in it and expect it to increase in value. It’s as easy as that. Most of the traders have built their riches using this approach. They invest in a product and expect the value to raise rebound again when the market falls. Whenever the worth has grown, they trade them and collect the profits.
With so many changes in the financial markets, a growing number of people are flocking to this sector to benefit. Online trading is unquestionably handy, but only if you work with a reputable and trustworthy broker. There are hundreds of these services available online, but keep in mind that not all of them provide the same services.
Why should you choose to InvestingState?
Their asset indexes, trading platforms, trading tools, and other aspects readily differentiate them. That is where this InvestingState review comes in handy since it explains all you need to learn about them. Finding a brokerage that can supply all of the services you want is crucial. You won’t be able to investigate the financial markets the way you desire if you don’t do so.
This review is prepared with the intention of informing new traders about the most OK online broker currently accessible. I’ve worked with this broker before, and I’m happy with the results. And that’s why I would like to share this with others not to fall prey to any other mediocre brokers.
Wooko Global LTD is a Marshall Islands-based firm that created InvestingState to provide trading services to individuals worldwide. Although it hasn’t been there as long as the other brokers in the industry, it has become well-known for its services.
You may learn all you need to know about this broker by reading the article below:
Education at InvestingState
In the finance market, the saying “knowledge is power” isn’t entirely true. Knowledge, rather than power, comes from being well-informed. Every trader requires up-to-date information to crush large commissions in the market. All of this will be provided through InvestingState.
Do you spend a lot of money on courses to keep your expertise fully updated? Or do you waste a lot of money and data reading crypto blogs and viewing videos? It’s beautiful to desire to improve your knowledge, but it’s unfortunate that the people you depend on for new information maybe just like you. You’ve figured it out now.
You should save that time working with InvestingState and put it towards other productive tasks. InvestingState will serve you the most up-to-date market tactics, approaches, requirements, and discoveries. You can depend on InvestingState to be the first to know when a commodity’s price climbs or decreases.
The education section will introduce you to the most fundamental trading ideas and terminologies. These words or meanings are organized alphabetically to make it simpler for users to discover the information they require.
Trading Products
The range of trading instruments offered by InvestingState is one of the main reasons for anyone to consider opening an account with them. You want to maximize your earnings, which are highly influenced by the instruments you trade. Not all brokers provide the same choices.
When you are ready to join up with a broker, the most crucial point to remember is what you can trade on their platform. Because they provide a wide selection of trading goods, you’ll find InvestingState to be a good choice in this respect.
They offer their clients access to some of the world’s most influential financial markets, such as FX, equities, indexes, commodities, and the cryptocurrency market. You can build a diverse investment strategy with assets from such markets at your fingertips, allowing you to optimize your profits while controlling your risks.
The Platform for Trading
After you’ve reviewed the trading goods and determined that they’re suitable, you’ll want to think about the trading platform, which will allow you access to the market. InvestingState has done an excellent job in this area as they provide their customers with a choice of six trading platforms.
Brokers often communicate their offers orally, but now they offer online services, requiring a platform to do so. In this aspect, InvestingState has done a fantastic job by creating an engaging and adaptable website interface. InvestingState utilizes Metatrader4 as an efficient and trustworthy terminal to access global markets.
The online trading platform for their customers doesn’t require downloading, has powerful features, and allows one-click trading. But that’s not all. InvestingState also offers the industry-leading MT4 platform, which is accessible in all versions. You have the option of using a desktop client or downloading the mobile trading application.
Because it is a transparent broker, it shows the difference between the market’s real-time pricing and the maximum execution cost in advance.
The InvestingState website’s dashboard is organized logically and logically. Trading instruments and investments are divided into categories.
It is accessible on iOS and Android, allowing individuals who choose to trade on the go. Regardless of the version you choose, you can expect rapid implementation and top-notch trading tools, resulting in a fantastic trading experience.
Options for Your Account
You must first open an account for using a broker’s services, which entails reviewing the various alternatives and selecting one. Because InvestingState caters to all sorts of traders, they have created three account choices to accommodate them. Accounts in the Silver, Gold, and Platinum categories are available.
Your first deposit decides the account you choose, and each one offers different benefits. Some things are universal, such as instructional materials, speedy execution, and narrow spreads—the leverage changes depending on the account.
A professional account manager, news feeds, hedges, video and webinars, free VPS, and customer assistance are just a few of the services that InvestingState offers. For Muslim traders’ convenience, an Islamic account option is also available. Aside from it, you can have the opportunity of establishing demo accounts if you prefer to test out the broker first or practice before starting up.
Protocols of Security
A competent broker must guarantee that the platform is secure for its clients by ensuring that the personal information of those who use it is rarely compromised in any way.
Attackers and scammers attack all money-related accounts, but InvestingState follows specific regulations by regulatory organizations to deal with them. Regulatory authorities have mandated that all legitimate brokerage platforms adhere to this regulation. As a result, InvestingState adheres to the protocols of the letter.
All platforms that handle online transactions must have a secure website, which is one of the main reasons why all sites today strive to have a working SSL. A good broker secures more than simply an SSL for their platform.
Others have spent a lot of effort over the years finding less detectable ways to con people. This is why reputable brokers cannot take security lightly. Anti-money laundering and knowing your customers’ terms and conditions have helped a number of businesses keep scammers off their sites across the world. That’s why the majority of brokers have these policies in place on their platforms.
This policy is referred to as KYC (Know Your Customer). Traders must submit personal information as well as evidence of ID card or driver’s license under this regulation. This strategy aids the platform in weeding out scammers and allowing only legitimate traders to participate in this potentially lucrative industry.
As a result, you would be asked to upload your verification documents’ front and back pages while registering an account on InvestingState. This will assist InvestingState in verifying and storing all of the information provided.
Trading Fees at InvestingState
Make sure that deadlines do not bind them, and therefore additional or third-party charges would be deducted from deposits or withdrawals before they are processed.
ePayments are 25.00 USD/GBP/EURO; wire transfers are 50.00 US Dollars/ Pounds/euros; credit cards are 20.00 to 25.USD. Additionally, a service charge of $12 USD/; and ePayments are $20. Any withdrawals from accounts that have not completed more than 250 procedures in rotation or that have not been authenticated will be subject to a 10% tax on the withdrawal amount. Wire transactions have a withdrawal limit amount of 250.00 US$. The minimum withdrawal amount is 110.00 US$. It’s important to note that these prices are not the processing charge. Fees are liable to fluctuate based on InvestingState’s processing system and bank, among other things.
Withdrawals and Deposits
After finishing the registration procedure and selecting an investment package, you will deposit the funds. The deposit process on the InvestingState platform is straightforward, with no issues for consumers. The deposit commission rates are pretty reasonable, and this trading platform has the lowest costs. Furthermore, you may deposit as much money as you like because the firm does not impose any restrictions.
Withdrawals are also primarily performed, allowing traders and investors to save valuable time. On the other side, some well-known businesses take a long time to process withdrawal requests.
Before investing in any kind of business option with profitability, InvestingState investors should deposit money into their accounts online. You got the option to take out your earnings at any time from your online portal. The withdrawals and deposits performed by the client are governed by the WD policy and the standard terms and conditions.
There are three distinct trading accounts listed on the company’s website: Platinum, Gold, and Silver. The minimum initial deposit, on the other hand, is unknown. Based on the Terms and Conditions, the withdrawal limit total is $55 by card. There really are no costs for withdrawals.
It may take about three working days to complete a withdrawal request. Like other non-experienced brokers, this broker offers incentives with the condition that to withdraw the bonus money and the trader must perform a trading activity split by four equals the bonus money. Such circumstances will be tough to overcome, even the most powerful.
Traders can conduct transactions via a number of payment channels supplied by InvestingState. Bank transfers, credit and debit cards, and other payment methods like Neteller, Skrill, Perfect Money, and others may all be used to trade on the site.
Authentication/verification
In comparison to several other sites, confirmation on this site is simple, appealing to clients. It looks like a straightforward registration process in reality.
On this platform, Know Your Client is used to verify the validity of the account. Via its compliance framework, KYC tries to detect and avoid identity fraud.
KYC relies on the use of a legitimate identity document as its base. Previously, falsified documents or false identification evidence could be used to create bank accounts. The system keeps track of each account owner and only contacts those who actually are qualified for services.
These qualifications would be necessary when making a deposit.
Interface of InvestingState
Consumers need an accessible layout to have the most outstanding trading experience possible. This must not be jeopardized in any manner. The user interface of any trading platform should be basic and feasible. This one element, if mismanaged, has the ability to force the traders to leave the market. The elevated interface must be straightforward to use and provide the required trade-tool capabilities. The InvestingState site is straightforward to use and is very beneficial for experienced traders.
When designing the interface, one of the essential factors to consider was how easy it would be to move around it. The platform is simple to use, and it also gives experienced traders admittance to a wide variety of trading tools.
Customer Service
InvestingState is specialized in forex and CFD trading. For many traders, They’ve made a name for themselves as a superior pick. This aim is achieved by providing top-notch trading services and unmatched customer service to all of their clients.
The InvestingState portal is accessible to all customers and available at all times; it provides customer assistance 365 days a year, 24 hours a day, seven days a week.
It’s worth noting that InvestingState doesn’t offer mobile support; instead, the platform is entirely web-based.
Conclusion
Numerous improvements have occurred in the field of internet trade throughout the years. Thousands of people have been drawn to this market, and it continues to do so. The variety of trading systems available, on the other hand, has grown. You must, therefore, be sure that you select the most suitable trading platform for your requirements and objectives.
Every trader has different demands and expectations from a trading platform. Many of them are seasoned traders looking to put their abilities to the trial on a more complex trading platform. Several traders are seeking a more straightforward and more consumer-friendly trading platform. You must, therefore, always use the trading site that is finest and the most suitable to your requirements. You may trade online on the InvestingState platform, and you’ll have the right to contact the customer support experts who can assist you with all your activities.
The solutions to these problems show that InvestingState understands what it is doing has included everything you might want for a successful trading session. Traders have their wants and expectations, which they anticipate the brokerage service to provide. Some people want sophisticated functionality, while others prefer a plain trading interface. Both sorts of traders are happy on the InvestingState platform, which is why you should choose it as your broker. They offer excellent customer service, instructional help, competitive trade conditions, and rapid registrations to finish up their offering.
As per the latest reports, MicroStrategy has made a vow that it is going to continue with its activities of purchasing Bitcoin (BTC). The mobile software and business intelligence firm has announced that it is going to continue buying more and more Bitcoin no matter the problems it faces.
The concerns and questions in regards to the firm’s investment in Bitcoin came in following the impairment losses were reported by MicroStrategy. In the second quarter of 2021, the company reported that it incurred tremendous impairment losses that were for $424.8 million.
The firm has reported that it is the only paper loss it has incurred so far, which is due to the Bitcoin that was observed towards the end of Q2 2021. The firm has also reported that the particular loss cannot be considered a realized loss.
The data from the company shows that it has generated way much more profits than it has invested in Bitcoin. According to figures, the company has managed to generate almost $1 billion in profit compared to the money it spent to acquire them.
Despite the recent hiccup, the firm is determined to stick with Bitcoin no matter the situation or the consequence. The resolve of sticking with Bitcoin despite the downfall comes from the CEO of MicroStrategy, Michael J. Saylor.
Michael J. Saylor has proven to be one of the top proponents of Bitcoin as he has continued investing in Bitcoin no matter the market situation. He is the one who managed to convince the entire board of directors at MicroStrategy to invest in Bitcoin.
Since then, MicroStrategy has become one of the major mainstream players when it comes to Bitcoin. The firm has even pitched Bitcoin to several other companies from around the world. It was back in the first quarter of 2021 when MicroStrategy had exposed 14,000 mainstream institutions to Bitcoin.
The company has recently announced that it has no plans of going slow or not invest in Bitcoin. The company would go on to invest and acquire more Bitcoin for as long as it can acquire them.
Michael J. Saylor, the CEO at MicroStrategy also talked about the significance of the company investing in Bitcoin. He stated that they are pleased that they made the decision of investing in Bitcoin and acquiring them at the right time.
The digital asset strategy and its adoption have proven to be very beneficial for their company. Business intelligence recently raised its capital for investing in the digital assets industry.
For now, MicroStrategy has over 105,000 Bitcoins under its possession. The firm has made it clear that in the upcoming months and years, it would continue allocating capital to invest in Bitcoin.
from CryptocyNews.com https://www.cryptocynews.com/microstrategy-has-reportedly-pledged-to-purchase-more-bitcoin/
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As per the latest reports, a new decentralized exchange (DEX) platform has been launched by Karura. Karura is reportedly the network that was launched by the Acala protocol. According to sources, the name of the new platform is Karura Swap.
As per reports, the announcement in regards to the launch of the DEX platform was made on Friday, July 23, 2021. On Friday, it was announced that the new decentralized exchange platform was already live. At that time, the Karura platform also announced that the new platform would start trading with a single pair. The particular pair selected by the firm for trading was reportedly the KSM/KAR one.
Apart from announcing the launch of the exchange, more details for also revealed by the firm around it. The team also announced the total value locked (TVL) with which the platform had been launched in the decentralized space.
The data from the Karura Swap exchange shows that $3.4 million were stored at the exchange in the form of total value locked. Furthermore, there were over 1,000 unique users that were acting as the liquidity providers (LP).
In addition to providing details around the launch and the TVL of the exchange, the benefits of sticking with the exchange were also highlighted by the team. The team at the Karura network specifically talked about the “Bootstrap Feature” that was going to prove really beneficial for the users.
The team revealed that the Bootstrap feature would be for the benefit of the liquidity providers. It would offer a sandbox version to the liquidity providers for the trading pairs. The sandbox version for the trading would act like an environment that would be walled.
The team has revealed that with the help of the new feature, the platform would be able to restrict and prevent several negative factors. A couple of the major problems highlighted by the team were market manipulation and front-running. The team revealed that this feature would come in handy prior to the launch of any trading pair.
Instead of launching the trading pair in the open market and bearing the losses as a result of the glitches or policy updates, it would be run through the sandbox version.
This way, all the flaws and problems related to the trading pair would be discovered and fixed prior to the public launch of the pairs. This way, the platform would be able to cancel out any possibilities of the company suffering from a loss. This would also protect the platform from any misuse or exploits.
The development team for the Kurara Swap has revealed that the decentralized exchange is functional on two major networks are Kusama and Polkadot.
Uniswap has managed to become a popular DEX (decentralized exchange) in the crypto industry, despite its flaws and shortcomings. The development firm which is largely responsible for its success, Uniswap Labs, recently announced this past Friday that it should be cutting off all access to a few tokens that exist on the protocol that is supported via its own interface.
As to why this has happened, Uniswap Labs has explained that the ever-evolving landscape of regulations’ is the main cause. This makes sense, too, as there have been countless hacks that have impacted protocols and exchanges alike, Uniswap included. In fact, just last year, more than $25 million had been stolen from Uniswap as well as Lendf.Me. The argument for stricter regulations is thus quite sound.
Uniswap and the appearance of tokens that imitate offerings
As far as being able to actually access the protocol itself, Uniswap Labs has often been considered to be the best choice. However, it is far from being the only one that does this, as various aggregators in the world of decentralized finance tend to support this kind of access to Uniswap as well.
The aforementioned development comes around the time when there has been a spike in scrutinizing tokens that have been imitating offerings. These are normally regulated, especially by the SEC and CFTC. Furthermore, Uniswap had published a list that provided details on over 100 such tokens. These tokens ranged from mirror stocks to tokenized stocks to derivatives and options. Among these examples included Tether Gold, stocks such as ‘mirror Tesla’ and ‘mirror Amazon’, and even tokenized versions of Mini Mario Cash and Zelda.
New regulatory landscape
Gary Gensler, the SEC Chair, had recently warned the cryptocurrency industry regarding various securities offerings that have taken tokenized form. Gary had stated that it really does not matter if it is a stable value token that may be backed by securities, a stock token, or even any other kind of digital product which offers synthetic exposure towards the underlying securities. The most important thing right now, Gary added, will be to remain vigilant and exercise extreme caution.
But the abovementioned announcement had highlighted that only the official interface is being discussed with regards to the issue at hand and that the actual protocol itself shall remain unchanged. Unlike that of the interface, the Uniswap Protocol is largely a set of decentralized, immutable, and autonomous smart contracts. As such, anyone with a stable and reliable Internet connection is offered unrestricted access.
from CryptocyNews.com https://www.cryptocynews.com/uniswap-labs-is-cutting-off-access-to-some-tokens-it-supports-via-its-interface/
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The government of South Korea has proposed an amendment to its tax code for allowing the tax authority in the country to seize and sell crypto that belongs to delinquent taxpayers. A government official said that the revision will enable direct seizing, which means the court wouldn’t have to approve a change in ownership records. Tax dodgers who hold assets in the form of digital coins would no longer be able to evade forfeiture and seizure. The 2021 Tax Law Amendment Bill was announced by the finance ministry on Monday, which is part of the country’s annual review of its tax system.
A proposal of empowering the tax authority in the country i.e. the National Tax Service (NTS) is part of the bill, which includes allowing it to seize and sell the crypto that belongs to tax delinquents, beginning from January 1st, 2022. It was elaborated by the government that there is an increase in the number of cases where cryptocurrencies are used by tax delinquents for concealing their assets. The aim of the bill is to take a hard stance against crypto owners who are indulging in tax evasion. If the proposed law is implemented, it would require crypto exchanges to cooperate with the authorities.
They will be required to transfer cryptocurrencies immediately upon request to the government. The authorities will have the freedom of searching properties and confiscating assets, as deemed necessary, in the event of non-compliance. The state coffer will benefit from the proceeds generated by the sale of the digital assets. South Korean officials have expressed their concerns about the difficulties they have had to face under the current regulations when it comes to confiscating crypto assets because they have to be done under the bond seizing regulations that exist.
According to the publication, it is possible for people to dispute the process and it is also not possible to apply for a change in ownership records by the court to crypto assets because they don’t have a physical presence. A ministry official said it is not possible to apply property seizure procedures because the assets that the government has to claim are maintained in electronic wallets. If the revision is made, the officials will be able to seize directly and not have to apply for a court-approved change when it comes to ownership records. Hence, the assets tax dodgers hold in the form of digital coins will be eligible for forfeiture and seizure.
Targeting tax evaders is part of South Korea’s probe for increasing their oversight into the crypto space for rooting out money laundering as well as other financial crimes that involve the use of cryptocurrencies. This is because President Moon Jae-in wants to expand the tax base for funding the increase in welfare spending. According to the finance ministry, the revisions made to the 16 tax codes will be submitted by September 3rd. Lawmakers have to approve the proposal for making it enforceable.
from CryptocyNews.com https://www.cryptocynews.com/south-korea-proposes-law-for-direct-seizure-and-sale-of-crypto-assets/
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This week is a big one for the tech industry, with some prominent companies to post their earnings report for the second quarter of 2021. The list includes Tesla, which is scheduled to do so after market hours on Monday. Investors are eagerly awaiting it because it will finally shed some light on the bitcoin holdings of the company. In the first quarter of the year, the company held around $1.5 billion in the pioneer cryptocurrency and reported only making just a single sale for testing the liquidity of the market. This was stated by Elon Musk, the chief executive of Tesla.
The entire crypto community has been waiting in anticipation to see the disclosures that will be made in the earnings call of the company. A lot of expectations have been generated in the overall bitcoin community regarding the earnings call of the leading electric car manufacturer because of the large stash of bitcoins that is present on its balance sheet. Elon Musk, the CEO of the firm, had decided to jump on the Bitcoin bandwagon in the previous quarter when he announced the purchase worth $1.5 billion. However, no one is aware of the current status of this stash and the earnings call will disclose if they held tightly, sold, or bought the dip in the second quarter.
Only one sale of Tesla’s bitcoin holdings has been recorded publicly. Last quarter, the company had sold off $272 million in bitcoin for testing the market’s liquidity. This news had resulted in a slump in the cryptocurrency’s price at that time. However, Musk didn’t take long to state that this had only been a test for ensuring that such sales could be handled by the market. But, soon after, Musk had had a change of heart regarding bitcoin and its effects on the environment, which had resulted in a schism between the crypto community and the entrepreneur.
Citing environmental concerns, Tesla decided to halt its support for bitcoin payments for electric cars. This fact began recommendations for a more greener and effective cryptocurrency for payments. Back then, Musk had also shared his preference for dogecoin (DOGE) and announced that this role could be fulfilled by the crypto if the Dogecoin network made certain changes. The developers at Dogecoin have been prepping it so it can offer people cheaper transaction costs. This week, a cryptocurrency conference occurred, which is known as the B Word event.
Speaking at the event, Musk said that he wanted to see bitcoin succeed, even after he had criticized the cryptocurrency harshly. He did hint that Tesla’s bitcoin holdings were still intact when he said that he only pumped and did not dump. Of course, considering how he is known for sending mixed signals, the only way to determine the authenticity of his statement is through the earnings call on Monday. It is not just the tech investors and sector that will be keeping an eye out, as the crypto community also has a vested interest.
from CryptocyNews.com https://www.cryptocynews.com/tesla-earnings-report-to-shed-light-on-its-bitcoin-holdings/
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Convenience store chain Circle K in a press release announced to install multiple bitcoin ATMs in the stores. The statement was made after an agreement has been signed between both parties. The installation of new ATMs will be an addition to already installed 700 bitcoin ATM machines. As per the new agreement, the company is looking to expand its operations across the U.S and Canada.
The Bitcoin Depot CEO Brandon Mintz said that “This strategic partnership will help us in expanding our global presence working with one the giants of convenience and fuel retail sector will strengthen our global position. We are enthralled by signing this strategic agreement.” One of Circle K’s representatives said that company is aware of the popularity of bitcoins and cryptocurrency will be an integral part of the future’s economy and payment systems.
The addition of bitcoin ATMs and acceptance of bitcoins as a payment method will provide Circle K with new customers and further expand the company’s market reach. However, this will set Circle K apart from the market competition as well. This partnership will allow customers to use bitcoin for daily routine transactions. Circle K intended to use bitcoin as a payment method. Apart from that, customers will also be able to purchase bitcoin from any nearby Circle K store.
Both stakeholders ensured that the current strategic partnership would play an integral part in making the bitcoin trade more accessible to the local community. Usually, bitcoin ATMs charge substantial fees for the services they offer. However, Bitcoin Depot, a large-scale network with more than 3,000 bitcoin ATMs machines across the globe has not said anything about its fee charges, finalized in the recent contract. The company’s website has not shared anything about the fee charges both parties agreed on in their contract.
However, Reddit users and other netizens hinted that the company could charge up to 20% as the service fee on every bitcoin purchase, via Bitcoin depot’s ATMs. Bitcoin Depot CEO Brandon Mintz also said “another fruitful outcome of this strategic agreement is simplifying customer verification process.” The company revealed that on any bitcoin purchase of less than $250 from Circle K’s store’s customers only need to verify their phone numbers. In case of any bigger transaction, the Bitcoin Depo will ask for proof of ids such as a driving license or ID card. Removing the complications from bitcoin trading and sales and purchase will help more people entering the bitcoin space.
Bitcoin Depo and Circle K store chains both are working on a common goal to provide an easily accessible bitcoin trade solution that involves only cash, phone number, and one proof of ID. This new strategic partnership will eliminate the role of bitcoin exchanges which adds extra complexity to trade.
Bitcoin surged 12% earlier on Monday, recording another high at $39,230. For now, the leading crypto attempts to break from a price zone that held it for about two months. Keep in mind that Bitcoin has traded in the $30,000 to $40,000 range since the May market crash. The current positivity in the financial space had the asset breaking past the critical resistance at $38,300, aiming at $40,000 for now.
Market players trust that today’s price pump comes from rumors that Amazon plans to accept BTC. Insider’s report suggests that the online marketplace might accept BTC payments by December of 2021. Moreover, the commerce giant may launch its native token by next year. It is undeniable that such news pulled BTC out of its price slumber that existed for over a month. For now, the asset appears to be on bullish momentum. Some analysts think that Amazon’s BTC adoption will overturn Tesla’s BTC FUD.
Tesla BTC FUD Fading
Bitcoin saw substantial price pumps earlier this year when Tesla declared accepting BTC payments for the first time. However, a few months later, Musk suspended Bitcoin deals citing environmental worries. Such news coupled with China’s crackdown had BTC value losing over 50%. Nevertheless, if Amazon accepts BTC by December 2021, market players may forget about Tesla’s BTC FUD.
Amazon is a renowned online market, reporting more than two hundred million followers as Prime subscribers as of Q1 2021. Also, its platform boasts over 197 million visits per month and a growing customer market share. As much as PayPal’s BTC adoption allowed millions to access the coin’s payments, Amazon’s move will mean any individual can buy anything using their Bitcoin.
Musk’s impact seems to have faded over the last few months. At the start of the year, the executive could move crypto prices with his comments. However, with the B-Word conference, where the CEO made multiple positive statements about BTC, the coin didn’t rise as it would some months ago. Elon Musk declared that his firms still hold the leading crypto coin. He also said that Tesla might consider Bitcoin payments in some time to come.
Amazon adding BTC payment will undeniably make Tesla’s FUB inappropriate.
The new Bitcoin tender law introduced by the regime of one Nayib Bukele may be appreciated by some Salvadorians located near the Playa El Zonte beach, but a number of other citizens don’t feel the same way about it. As per the regional reports of the previous week, citizens from El Salvador have decided to take to the streets to protest against the new bitcoin tender law. If you take a look at the fluffy reports from various crypto magazines, you may believe things are all good in El Salvador as it pertains to the new law.
But, a survey conducted in the first week of July by Disruptive took responses from 1,233 people living in El Salvador and most of them said that they were highly skeptical of the pioneer crypto as a currency. After the new bitcoin tender law was implemented, there were leaked reports claiming that Nayib Bukele’s government is planning to launch a stablecoin. Now, it appears that Salvadorans are protesting the Bitcoin law. They have gathered together to speak out against the law because they said that the crypto is just ‘too volatile’. A resistance group by the name of the ‘Popular Resistance and Rebellion Block’ has also written a letter to Bukele’s regime.
They have stated in the letter that they consider the law to be unconstitutional. According to the group, the citizenry was not first consulted by the bureaucrats under Bukele’s control and they stressed that the move by the president was similar to playing ‘the lottery’. Regarded as an authoritarian leader, Nayib Bukele recently mandated that citizens have to take vaccines for COVID-19, even though there has been significant pushback against experimental drugs. The term ‘dictator’ has been used by a number of publications for El Salvador’s president.
The New Ideas Party of the president fired the attorney general as well as a number of other Supreme Court members last May. In fact, Bukele himself tweeted about it and used the term ‘dismissed’ for the representatives. Many people believe that these members were fired as the Supreme Court had ruled that Bukele had made unconstitutional mistakes a couple of times. Several of the ministers of Bukele’s regime were being investigated by the Salvadoran attorney general. On 4th May, Kamala Harris, the vice president of the United States, talked about the Salvadoran nation in her speech.
She said that they had learned over the weekend that the Salvadoran parliament had attempted to undermine the country’s highest court. She went on to say that a healthy democracy, as well as a strong economy, could only be maintained through an independent judiciary, so a response was necessary. Those who are protesting against the new Bitcoin law also believe that the New Ideas Party is not right. According to the Popular Resistance and Rebellion Block group, Bitcoin is only beneficial for a few large businessmen, particularly those who are connected to the government, for laundering money. While the law has been passed in Salvador, Bitcoin will not be recognized officially until September 7th, 2021.
from CryptocyNews.com https://www.cryptocynews.com/group-of-salvadorans-take-to-streets-for-protesting-new-bitcoin-law/
via Bitcoin News
via Bitcoin News Today
The reporter allegedly claimed that Virgil Griffith is likely to spend two months in jail, as his case will be put forward to court for hearing in September. The Ethereum developer is accused of violating the security protocols of his bail and accessed his Coinbase account. The remand order was provided by U.S. District Judge P. Kevin Castel after Griffith is caught redhandedly accessing his Coinbase account in May.
The Ethereum founder is sent to jail for his offense. Griffith was accused of breaching sanctions with North Korea.
According to Law360, Judge Castel said that the main concern for regulatory authorities was a flight risk since Griffith’s digital assets risen to the $1millon range. The judge further added that this could be the reason he tried to check into his crypto account. His bail terms strictly prohibited the use of the internet of any form at any cost. The prosecutor on 9th July announced that Griffith is caught accessing his account. Griffith accessed his account and contacted Coinbase and asked them to remove the security protocols attached with his account. He said to exchange that they need to remove the two factors authentication associated with his account.
Since his device was kept by the FBI there was no way for him to fulfill the two factors authentication security protocol. However, in response to these accusations, the defense lawyer pleads that the attempt to access his account was made after having a detailed consultation with his counsel. The defense lawyer also added that it was not his client who tried to access his account. But the attempts were made by his family based in Alabama.
Griffith was initially arrested in November 2019. He got convicted by the court on January 7, 2020. The court stated in its detailed decision that Mr. Griffith’s involvement in violating the International Emergency Economic Powers Act is proven with clear-cut evidence. The court further rejected his bail initially. However, later on, bale was granted to him against submitting the bond order for $1 million.
The U.S federal agencies are convinced that he helped North Korea to launder the money using his cryptocurrency circle and expertise to avoid the sanctions. He discussed this with a North Korean representative during a conference in Pyongyang. The defense lawyer labeled these accusations as a conspiracy theory against his client. Griffith further moved a petition against these allegations. Griffith argued that all the information about that conference and his traveling activities are easily accessible by the public, therefore there were no secret discussions, and neither was he providing any services to any country. The claims against him are fabricated his Layer said. However, hearings will resume in the coming month of September.
from CryptocyNews.com https://www.cryptocynews.com/virgil-griffith-sentenced-to-jail-on-checking-coinbase-account/
via Bitcoin News
via Bitcoin News Today
The number of online brokers offering their services to traders has increased twofold in the last few years and it is not surprising. The financial markets offer a ton of opportunities for people to make money and a greater number of people are now interested in taking advantage of them. Of course, this doesn’t mean that you can expect the same set and standard of services from every company, which means you have to do your homework. Finding a broker that’s the right fit for you is imperative for a seamless trading experience. Go over this Currenxro review to see if it is what you are looking for.
You will come to know that Currenxro is not as old as some of the other brokers in the market, given that it was launched in 2021. Yet, it has managed to become a well-known name in the financial markets rather quickly. Nonetheless, this doesn’t mean that you follow the hype and sign up. You have to do your homework and this review can give some insight:
Currenxro’s Trading Instruments
To find a brokerage that’s the right fit for you, it is a good idea to start with the trading instruments. Trading these is how you generate profits in the financial markets, which means you want the most profitable options, but they should also be in accordance with your risk tolerance. As all brokers don’t offer the same instruments, you need to take a look at Currenxro appears to be very impressive in this regard. They have given their clients access to the world’s top markets via a single platform.
This can help you in maximizing your profits and minimizing trading risks because you can easily diversify your portfolio when you choose Currenxro for your trading needs. They give you access to the renowned crypto and forex markets, as well as the more traditional markets like stock, commodities and indices. You can find some of the most popular instruments from each market available.
Currenxro’s Trading Platforms
The trading platform should also be factored in your decision because if the software is lacking in any way, or too complex, you will not be able to enjoy your trading experience. Every broker doesn’t offer the same platforms, which means doing your homework is important. Where Currenxro is concerned, you will find multiple trading platforms to choose from, which means you will most likely find a solution you are comfortable with.
Given that Currenxro has added the market leading MT4 and MT5 trading platforms, no trader will have any cause for complaint. These are known for their advanced technology and superior trading tools. Along with these options, you will also have a web trading platform and mobile trading apps available. This ensures that you can trade from anywhere and anytime, without any problems.
Currenxro’s Security Infrastructure
One of the primary concerns of online traders is the security of their funds and their personal information. You don’t want cybercriminals to steal your data, or your money, but trading online means that you have to trust a broker to keep you safe. You will not be disappointed with Currenxro in this regard because they have created a robust security infrastructure. They use SSL (Secure Socket Layer) technology and digital encryption for protecting your information.
They have also chosen to maintain segregated customer accounts for storing all deposits and these are kept with the best banks for preventing any misappropriation and theft. In addition, you will find that Currenxro is also compliant with the KYC (Know-Your-Customer) and AML (Anti-Money Laundering) policies that require the broker to verify all trading accounts with proof of identity and residence. This can reduce the chances of money laundering, financial fraud and identity theft.
What is the Verdict?
Take into account their 24/5 customer support, thorough educational resources, variety of account options, quick and simple registration process and transparent trading conditions and you will find Currenxro to be the right fit for your trading needs.
Di Lorio of the co-founders of Eethereum made headlines. His comments spread like fire and created chaos. In his recent interview, he told Bloomberg about his plans to exit the crypto market for good. This news came hard on the heels of other bad news. Previously, Jackson Palmer, Dogecoin co-founder explained why he left the industry. He said that industry is controlled by the world’s wealthiest mafias. It is nothing more than a “get rich quick,” scheme.
This news quickly followed by another devastated news of Ethereum co-founder leaving the industry for good, shocked the crypto community. As Jackson Palmer revealed that he is leaving the industry for some ethical reasons. However, Di Lorio told Bloomberg that he is leaving the crypto industry behind for personal reasons. He metaphorically hinted that there were some concerns regarding his personal security, so he decided to quit the industry for good.
He added that he now feels irrelevant, least secure, and isolated in the massive industry. Di Lorio was the earliest admirer and investor of Bitcoins. This cemented him as one of the pioneers of cryptocurrency. He also remained the critical figure while investing in the new ventures to launch the new cryptocurrencies. Di Lorio made headlines back in 2018 when used cryptocurrency to buy the biggest and most expensive condominiums in Canada. He later invested his stakes in the formation of Ethereum. Forb confirmed that his net worth was over $1Bn.
The founder during a phone conversation with CoinDesk revealed that in the past couple of years he was too busy investing his time and money in crypto that he had nearly forgotten his passion for philanthropy. He further added that he wants to give more time to philanthropy now. He shared his aim to start a philanthropic foundation in the coming years. Di Lorio also stressed that he will cut his ties with all the upcoming crypto startups funded by him. Which included Ethereum and his personal crypto exchange Decentral.
The co-founder seems to have discussions going on with the potential buyers regarding the sale of his crypto companies and assets. His company Decentral has valued at around a few hundred million dollars. The CEO is also exploring his options whether he needs fiat money in return or a stake in some other companies. He said that he is evaluating his options and will reveal his decision soon.
When asked about how he will be honored for his services to the crypto market. He said that he has no desire whatsoever to be known as a crypto pioneer. He rather would love to be memorized as a “problem solver.” However, the crypto community said that they are heartbroken to hear that one of the pioneers is departing from the industry.
from CryptocyNews.com https://www.cryptocynews.com/ethereum-founder-follows-dogecoin-founder-in-leaving-crypto-industry-behind/
via Bitcoin News
via Bitcoin News Today
A common similarity between the more traditional markets and that of crypto is that of the ‘extreme fear’ which seems to show itself every now and then. Most recently, this level of fear has been exhibited by numerous investors regarding Bitcoin (BTC)’s recent dip to beneath $30,000.
The flagship crypto had failed to once again reach the $30,000 mark following the loss of support earlier today, which had led to the Fear & Greed indices rapidly racing one another to see who will get to the bottom first. As a result of the price dip for Bitcoin, most of the altcoins are also currently deep in the red.
$30,000 seemingly out of reach
The BTC/USD pair was observed to have been trading somewhere along the lines of $20,000 to $30,000 earlier today. Bitcoin experienced a massive decrease in price lately, and the most recent price action only made matters worse for the biggest crypto by market cap.
The price action had added to the pre-existing losses in order to guarantee a daily negative in returns by -6%.
Furthermore, the aforementioned Fear & Greed Index for the more traditional markets utilize a wide variety of different characteristics to successfully ascertain the current sentiment of the investors. According to this index, the sentiment has now fallen to the ‘extreme fear’ level earlier today, with a measurement of 17/100.
The cryptocurrency Fear & Greed Index was around the same area when it had dipped to 19/100, which is also considered to be a level of ‘extreme fear’.
What to expect
Understandably, traders were expectedly very cautious and continue to be as of now. Some believe that Bitcoin shall test at $24,000 before all is said and done. Rekt Capital managed to summarize the current situation on the spot markets, and it had been concluded that the downside would most likely prevail. Bitcoin has not succeeded in maintaining its bullish momentum, and sell-side pressure could mount further on the largest crypto.
In related news, the altcoins had compounded pre-existing weaknesses during the fall of BTC, and a majority of the alternative coins recorded weekly losses of 20% and more. Ethereum (ETH) continues to trade beneath the $1,800 mark as of this time.
Nevertheless, bulls are hopeful that BTC shall break through $30,000 soon and that the bear market will eventually end sooner rather than later in order for not only Bitcoin but the rest of the altcoins to be in the green once more.
Although BTC (Bitcoin) is generally considered to be a stock of value by many people, a portion of the customers around the world may be thinking differently. It has been shown by the recent data that up to 46M people intend to utilize BTC in payments against the things like real estate or groceries. Recently in July, Visa (a payment managing firm) disclosed that it has seen more than $1B crypto-enabled cards (issued by the company) were used for spending through the initial half of the year.
The bold decision of the beauty industry regarding Bitcoin
The founder and CEO of Glamnetic (a beauty brand for magnetic eyelashes), Ann McFerran reported that the firm has initiated accepting DOGE (Dogecoin), ETH (Ethereum), and BTC (Bitcoin) following a recent collaboration with BitPay (a payment provider of Bitcoin). In this respect, the brand becomes one among the initials to support payments in crypto.
While transferring payments through the utilization of BTC as well as the rest of the cryptocurrencies may inspire women to take interest in crypto, this only represents one side of the coin. The chief executive officer of Utrust (a system of banking regarding crypto payments) suggested that it is greatly dependent on the capability of a brand to access the customer through a proper educational tool if it wants to educate women about crypto. She claimed that Utrust was playing an active role in the movement of spreading crypto awareness.
McFerran added that drive adoption of Bitcoin would be assisted by Glamnetic as it would allocate the raisings of Dogecoin earned through the selling of magnetic eyelashes, to be spent on drive adoption. She suggested that people would feel more comfortable accepting crypto if the whole beauty industry embraces it.
The sustenance of BTC in the beauty industry
The records show that the prominent products related to females like appliances, furniture, leisure, and travel, are generally being paid in cryptocurrency nowadays. However, it may be the case that the process of crypto adoption would take a certain time to gradually span over the beauty industry as most of the brands have not adhered to it until recently.
Kon believes that general perception is changing about crypto as more brands are considering it as a great benefit. She encouraged the brands by revealing that it is an opportunity for them to eradicate the fraud and chargebacks usually confronted in the traditional method of payment.
from CryptocyNews.com https://www.cryptocynews.com/female-focused-brands-in-us-are-increasingly-accepting-cryptocurrency-payments/
via Bitcoin News
via Bitcoin News Today
Russian thinktanks over the crypto policies are already in talks with the various crypto mining groups including some of China’s largest crypto mining companies. One of Russia’s biggest blockchain brands is soon launching a global-scale project. This project will help Russia to bring the world’s largest crypto mining companies to the country. Amid the Chinses crackdown against the mining of the coin, Russia seems the perfect option. This timely decision will allow Russia to overtake China as the world’s leading crypto mining country.
The recent statement made by The Russian Association of Crypto Economics, Artificial Intelligence, and Blockchain, or RACIB said that authorities are working on a detailed plan to bring global computing and mining resources to the Russian Federation. This will not only boost crypto mining but also made Russia the world’s top crypto mining country. The spokesperson for RACIB told Cointelegraph that further details regarding the plan will be shared soon.
RACIB is working with the Russian authorities about the successful implementation of the plan. Crypto experts believe that this plan will further diversify the Russian economy. Give a boost to the Russian economy. It is expected that the Russian government will provide funds to RACIB to develop a local framework for the mining purpose. Apart from that, State will also help RACIB in building mining farms and powerhouses backed by renewable electricity sources.
It has been revealed that RACIB is not only communicating with the Russian Government, but the association is also having talks with foreign players, Including the largest crypto mining group of China. The reports claim that the Chinse group control world’s 25% hash rate of the main cryptocurrencies.” NS Energy a global-oriented publisher reported that Russian is the world’s fourth-largest country in terms of electricity production. So, this move by Russian authorities will be a chance for worldwide crypto mining companies to move to Russia and restart their operations.
The Cambridge Data Center revealed that China’s crypto mining share dropped down 46% before even before the start of the crackdown. However, Russia’s global share increased by 8%. On the other hand, Russian is not the only country that has encouraged crypto miners to come to Russia. Miami mayor Francis Suarez back in the month of June publicly invited the world’s crypto mining companies to come to Miami. And establish crypto mining parks there.
But Russia seems to be in the commanding position to convince these mining companies to come to Russia. Russia has rapidly developed its energy sector over the past 9 to 10 months. Recently, authorities have set up a renewable energy plant. The plant is capable of generating 1,100 terawatts of electricity per year. The Russian government is taking this project very seriously.
from CryptocyNews.com https://www.cryptocynews.com/russias-new-plan-might-attract-the-attention-of-global-crypto-miners/
via Bitcoin News
via Bitcoin News Today
Every trader starts with some skeptical thoughts in mind. When you start trading, you will also be wondering about a lot of things. You have many questions that you need answers to. At the end of the day, every trader is looking to trade without any hassles. Is that really possible? How can you make sure that you trade without hassle and inconvenience? How can you be sure that your trading journey will be profitable for you? That’s where it becomes imperative that you choose the right trading platform. It might not be the most important thing for new traders, but it soon becomes one.
The trading platform you choose has an effect on a lot of things. You can’t just trade without any risks. Yes, you will always have to take risks when you trade, but the main idea is to minimize those risks no matter how you manage that. At the same time, you don’t want to fall for things that can prove to be regretful at the end. For example, it can hurt you big time if you end up with a company that is not there to allow you to trade at all, but it only serves the purpose of making money from you.
Don’t be under the impression that this cannot happen. Many people become prey to online scammers. I don’t want that to happen to you and that’s why I am telling you about Go4Rex. This is a trading platform that has been liked by millions of traders from around the world. Why? You will know in this review.
For me, I personally hate it when I am told about things at the eleventh hour. You will be surprised to know that a lot of online companies will do that to you. When you sign up with them, there is nothing other than the deposit you make in your account. However, as soon as you start trading and withdrawing money from your account, you have to face a lot of different fees and service charges. Okay, so it still makes sense to me when they charge me service charges on other things. But why would you charge unnecessary commissions on my deposits.
I am just putting money in my own account. Why would you take money from me for that. I loved when I signed up with Go4Rex and for the first time, I did not have to spend my money on these commissions and unnecessary fees. I signed up with a small amount of just $250. That’s the amount you require to sign up with the basic account with this company. In other words, you will have access to all the things that this broker has to offer with just that small amount. Now, more importantly, I did not have to pay any unknown fees and commissions.
Everything that was going out of my pocket, I already knew about it. There were not unpleasant surprises or shocks. The best thing is that I was able to use the method that I like the most. I am modern person who likes to do things in the modern way. So, I choose to use my mobile phone to make payments through the internet payment systems. I use a couple of them, including but not limited to Neteller, Skrill, etc. I was able to use these methods and you can use them too. In addition to that, you can use your credit card for funding your account in addition to the bank wire transfer.
Pick an Account from Five
You will not be forced to sign up with something you don’t want to sign up with when you are on Go4Rex trading platform. At this moment, you might think that this is not a huge point, but I can tell you that it is much bigger than you think. Some online companies will ask you to make a small deposit of some money and tell you that you will get access to all their features with that amount. They will even promise that you will not lose any trade, which is a huge lie. In most cases, they are not even providing you with any trading services.
In the case of other companies, they will give you only a couple of account types to choose from. I don’t think that’s a good strategy either. When you have only a couple of accounts and you don’t like the features with the basic account, you are forced to sign up with something that does not fit your budget. That’s not going to happen when you sign up with Go4Rex. The company has made sure to give you a lot of option, five to be precise. You can pick the option that you think you can afford easily. You can always go with features that you will serve some value to you.
You don’t have to sign up with something that offers features you will not use. That usually happens when you have to pick an account for advanced traders even when you are just a basic trader. The basic trading account with Go4Rex will cost you only $250. You will have access to all the regular assets with this account. If you think you are not getting what you want, I would recommend that you go with the bronze account. This account requires no more than $1000 from you to sign up and start trading your favorite assets.
You then have the silver, gold, and platinum accounts. The amounts for these accounts are higher but you are going to love the additional features and perks that come with these account. You should pick them only when you are an advanced trader though
Learn Trading before You Start
Don’t trade unless you are sure what you are doing. You can’t just trade because you understand the basic concepts of the assets and the financial markets. These basic concepts are not going to help you much. There is a lot that you will have to learn before you can start trading. I have to tell you that there are many other sources from which you can get all the learning material about trading that you want. However, they are going to charge you fees for those courses. Not to mention, you can’t really trust their education because you never know how much they understand trading.
On the other hand, you have your online trading platform. These are the people and teams who really understand trading from the inside out. When they teach you something, you know it is valuable. You are going to love the fact that this broker has arranged for a lot of training material for you. You can use this training material to get some basic knowledge about trading. The trading glossary is also there on the website so you can know all the terms you will encounter when you become a trader.
Furthermore, you have some really in-depth courses that contain ebooks and videos for you to learn from. These videos can teach you even the most complicated and intricate concepts in trading with ease. They contain everything in the form of visuals and animations so you can understand them without any issues. That’s what I like about the best online trading platforms. These teams provide you with all the training material in the format that you can easily grasp. You can see that there are some courses that are entirely based on videos only for your convenience.
However, there is something you will like even more when you sign up with this team. You have the webinars available as well. Webinars are there for you to learn from the best experts in the industry. These people conduct what you call a seminar in the digital world (hence the name webinar) for you to ask your questions and get clarification. They discuss the latest trends in the trading world and tell you all the tips and tricks to help you trade successfully. Webinars have proven to be one of the most effective ways for online traders to learn trading. You will get access to them for free once you join this trading platform with one of the paid trading accounts.
Trade Assets and Diversify Your Trading Portfolio
One of the biggest issues you will face when you start trading is of trading many assets at the same time. I have to tell you here that based on my experience, I have found some online platforms that do not allow you to open multiple trades at the same time. You have to open one trade, let it close, and only then you can open another one. However, there are many platforms that will let you open many trades or orders at the same time. This feature, however, only makes sense when you have many assets in your access.
What if you have only a few handful assets in your access for trading? It will kill the purpose of trading and diversifying your trading portfolio. For you to diversify that, you will have to have access to a variety of assets, not from one but many financial markets. So, when you sign up with Go4Rex, you will love the fact that you can trade many assets at the same time. Firstly, you will be able to trade multiple assets at the same time. Secondly, you will have access to a variety of assets so you can pick and choose the ones that you prefer.
You will not be stuck in a particular trading market. If you like forex currency pairs, I am sure you will love the many options you will have in just this market. With other online platforms, you are only allowed to trade in a particular market. For example, some will allow you access to only the forex currency pairs. In addition to that, they will let you trade only the major currency pairs because they are stable and they offer these platforms some safety as well. But with Go4Rex, you will be able to access the most exotic and minor currency pairs that you don’t have access to with other companies.
I have to tell you that you are not limited to trading only the conventional CFDs with this broker. You will also have access to ETFs if you want. However, you will have to go with the right type of account if you want to trade those assets. Other than that, you can trade stocks from the biggest companies of the world and indices from many countries. This will allow you to diversify your portfolio like you have always wanted.
Before I close this particular passage, I have to bring this to your notice that you can trade digital currency pairs as well if you want with Go4Rex. You will have access to a variety of them on the same trading platform with some great leverages and spreads.
Spreads and Leverages
Spreads and leverages create what you call the trading conditions. The trading conditions that you have with online trading services providers indicate how long you will be able to trade with them. If the trading conditions are not good, you cannot really make much no matter how many years you trade for. You have to look at the opportunities that the broker creates for you on its trading platform and within its trading system. When you sign up with Go4Rex, you will notice that there are many opportunities for you to trade and make a lot of money.
Before I proceed, I have to tell you that you can’t just make money without any efforts. No matter how many opportunities you have, you will still have to put in your trading efforts to make any money on your trades. Profits are not generated automatically. You have to keep an eye on the market, speculate a lot, and make the right decisions to make the money that you have been aiming for. However, even when you put in your best efforts, you can’t really make much difference if your trading platform does not allow you to make money.
Small leverages and loose spreads can easily bit away from your trading profits. When you have loose spreads, you lose a lot of money in your trades. When you have small leverages, you can’t really make huge profits on your trades. However, I am pretty sure that you can avoid both these situations when you sign up with Go4Rex. The company has given you some of the tightest spreads on your trades. Not to mention the fact that you will get some really amazing discounts on your commissions as well. These are the commissions that you have to pay when you trade, but with Go4Rex, you will get up to 85% discount on those commissions if you go with the right account.
Now, I have to tell you that with the basic account, you will have leverages of up to 1:200. That’s already huge if you ask me. This leverage allows you to enter trades with only $1 while the $200 come from the broker that you have signed up with. You can imagine how big the trade would be if you are willing to invest $200 in a trade and the trading platform matches every dollar you invest with $200. What makes things even better is the fact that you can have even bigger leverages when you sign up with higher accounts. For example, if you go with the platinum account, you will have leverages of 1:400.
KYC and AML Policies
Yes, these policies are in place when you sign up with Go4Rex. The company has provided you with plenty of information about these policies right on the website for your peace of mind. How can these policies offer you peace of mind? Well, you will know that the trading service provider that you have signed up with is not letting any illegal activities take place on its platform. When you have a platform that does not have the AML policies in place, you can be sure that people who are laundering money will be able to sign up on it.
There are no checks in place that would stop such people from signing up with the company. They can provide the details of any bank account and credit or debit card. This debit or credit card might not even belong to them, but how would the broker know? The only way for the company to know is to have the AML policies in place. Through this policy, the online trading platform will require the customer to provide with the pictures of the account details, debit card, credit card, and/or the banks statement. In addition to that, the trader can only withdraw money or deposit it if they have their own name on the account.
As for the KYC policy, you can’t even think about signing up with the company if you don’t provide your personal information. You will have to provide the picture of the card on which you have your personal identification number. This allows for the online platform to recognize every single trader when they sign up with it. It also prevents any illegal entities from signing up because they know they will have to disclose their identity.
Regulation from a Regulatory Authority
You can’t really sign up with a company and feel safe unless they have proper regulation in place. This is something that many new traders can oversee when they sign up with online companies. The issue here is that they don’t think it is an important point to consider. If you are thinking about trading, I have to inform you here that regulation is probably the most important thing that you have to pay attention to when you sign up with an online trading service provider. This is the same advice you will get from expert traders when you ask them about signing up with online companies.
The problem here is that anyone can pretend to be a company with trading services. However, when you sign up with these companies, you have to give them your money. You have to be sure that the money is going in safe hands. In addition to that, you have to provide the online company with your personal details. You can’t really do that unless you are sure that your information will be protected thoroughly. That’s where brokers like Go4Rex come in. They provide you with the peace of mind that you are seeking with online trading.
You can rest assured while trading with this company because you will always know that it is regulated. Financial Services Authority is a well known regulatory body that you will hear the name of often. I can say that because when I was researching online trading platforms for my trading career, I usually found this name on the websites that were regulated broker. FSA regulates Go4Rex as well and that information is given right on the website. With this peace of mind, you can always trade with Go4Rex without any inconvenience and worries.
Final Thoughts
I have not even talked about the type of customer support you will get when you sign up with Go4Rex. I have not seen many companies that provide you with 10 different contact numbers for 10 different countries. However, that’s what happens on this website. You can always call the number that will make the call most affordable for you. In addition to that, you can send an email when you are not in a hurry to get a response. With all the great training, an amazing platform, and an expansive asset index, I am sure you will love your trading experience with Go4Rex.
Are you looking for a reliable brokerage firm? One very popular one goes by the name MarketSpots, and it has already got some excellent reviews. Now you might wonder what makes MarketSpots a reliable broker, and it’s good you are thinking like that because being cautious and questioning platforms, etc., is a great way to be an extra sage. And in this MarketSpots review, you will get the chance to find out a lot about this platform. But you will also learn what features you should be looking for in a broker before signing up with it.
Now you must realize that trading is not an easy job if you do not have a reliable and experienced broker to help you. Without a helpful broker, it becomes increasingly complex, and this is because not every trader is experienced. Some are very new to the field, and they do not know much about trading, and they are also unfamiliar with the trading market. So the best thing to do is choose a broker who has excellent features and would help make trading convenient and fun for you.
The problem is that both the good and the bad brokers all resemble each other, and this has made it very difficult for traders to choose a broker who would be good. And you will realize this when you start searching for a broker, that all of them seem the same in one way or another. And there are so many options that a trader also gets overwhelmed and struggles to choose just one.
Many brokerage firms only exist because after bitcoin was introduced in the market, many traders had joined the market, and the number was way too much. And like you already know, traders cannot operate in the trading market without a broker, so to accommodate them, many new brokers joined the market. And now you will discover that there are so many of these firms that it has become almost impossible to tell which is trustworthy. Most brokers sell fake promises to users in hopes of getting them to sign up and invest, but when some time goes on, you will realize that they had just lied to you. And the last thing a trader needs is to work with a broker who cannot provide proper services because it will restrict you from having a good trading experience.
This is why it is essential to adequately research the broker you are interested in before choosing it because it will save you from having a bad experience, and this way, you will get the chance to make lots of profits. Now when you look for a broker, there are many types, some are not good at all because of security issues, or they do not understand the audience’s needs, but whatever it is, these types of brokers will never be able to help you. And what you need is a broker that will aid you in becoming a successful trader. Otherwise, there is no need for a broker.
So, where can you find such a good broker? Well, you see there are many options in the market you have to look very carefully. And that can only be done when you are patient and do not get overwhelmed or frustrated by the number of brokers that would come up. And if you want to make your job easier, I can help by recommending MarketSpots because this is a broker with a fantastic reputation and I have experienced. Finding a broker like MarketSpots is difficult in today’s times because nearly every brokerage firm has become business-oriented, and they are all just interested in making money. That is why it is best to choose a broker who would be interested in serving you and making sure all your requirements are being fulfilled.
With MarketSpots, you will never have to worry since this brokerage firm has created its services so that customers are always satisfied. If you have any doubts about this, you can read the MarketSpots review yourself and reassure yourself. Because remember, it is essential to choose a broker who has excellent services that would assist you in the modern era. So continue reading if you are interested.
Trading Platform Of MarketSpots
If a trader wants to have a smooth trading experience, then the one thing they should be searching for is a broker with a good trading platform. If you are confused about what a trading platform is, then let me explain it to you. It’s a software that is used so that traders can trade. It allows them to execute their trades, check up on the market, see if there are any fluctuations, etc., but if you think that you can skip on having a good trading platform, you are mistaken. Because if your trading platform is not up to a certain standard, you will not be able to accomplish your trading goals, and what do you think that means? Yes, it means you won’t be able to make the amount of profits you thought you would want. So it’s just better if you look around for a good broker which invests in a proper trading platform too.
For those of you who do not understand why the trading platform is so significant need to know that it’s one of the main features on which the trader’s experience and career are so dependent. Let’s say that there is a broker that does not provide its customers with such an advanced trading platform. Do you think you will be able to trade smoothly? No, because the platform will lag, and it will restrict your trading experience. But on the other hand, if you had a broker who provided access to an advanced trading platform, it would help traders achieve all their goals.
Many features make a trading platform suitable. One of them is speed. The slower the trading platform, the fewer opportunities you will have, which will mean that you get left behind. A good trading platform is rapid and allows traders to access every trading opportunity immediately. This way, you can avoid missing out on trades, and whatever trade you execute happens quickly too, which essentially means you can make more money in less time. So try to avoid using a trading platform that is slow or lags because it will affect your trading experience and make you frustrated too.
The next thing you should check for is if the trading platform is visually appealing or not. And I know this is a feature that most traders generally forget to be attentive towards since they do not understand its importance in the beginning. But if you think of a trading platform as your virtual office, you would understand why it’s essential to have a nice one. Just like in regular jobs people prefer having comfortable offices, which are neat, clean and organized. So it should be the same for online trading, too, because the platform is something you will be using every time you want to trade, which can be daily, weekly, etc., depending on your preference. But if it is disorganized and messy, then it will only make trading frustrating to you.
Next up, you must have a broker which provides a versatile trading platform because eerie traders are different, and each one wants their needs to be fulfilled. But this can only happen when the trading platform is versatile and able to accommodate multiple traders. That is one of the issues traders face when looking for brokers because most prefer not to be versatile, which affects a trader. But with MarketSpots, you have nothing to worry about, and the trading platform has so many different tools. And the trading platform can accommodate all the traders no matter what their needs are.
You will find tools like live charts at MarketSpots, and these help you make wise trading decisions by informing you of predictions and helping you be aware of how the assets are performing. You will also have access to an economic calendar that will allow you to personalize your schedule while keeping investment opportunities in mind. You will also get the chance to use the one-click trading feature, which is a great way to improve your trading experience. One-click trading helps to execute your trades quickly, and what does this mean? Your profits will increase, too, because the more trades you are executing, the more chances you can make money. And by choosing MarketSpots, you will be able to experience many other trading features, which will allow you to become a successful trader or investor.
Trading Account Options
One thing which every trader needs to trade is a trading account. This is also the reason they sign up with a broker so they could have their trading account. A trading account is also the most crucial thing if you want to access the market because you would not trade without it. This is why you must choose a broker which provides traders with some good account options. We have also addressed that every trader is different. This means that two traders are bound to have different trading requirements, goals, and needs. Those can only be fulfilled when they come across an account that provides them with the proper services.
So let’s say there are two traders. Now both of these would be interested in trading different assets. They would also have different budgets since not everyone can invest a considerable amount to trade. A trader would also want features that would allow them to trade efficiently. But most brokers these days do not understand this dilemma, and they continue to provide one or two trading accounts. But how can traders with varying needs etc., adjust to one or two types of trading account? It would not allow them to have a good trading experience. This is why it helps a lot when you choose a broker that provides multiple options because it understands what the audience is demanding.
And a broker which does this is MarketSpots, and it is great at providing the traders with the proper options. This is why MarketSpots has chosen a total of five trading accounts. Such a variety, right? Yes, and this will help you to find an account that will accommodate you. So the options which you have are Standard account, Silver account, Gold account, VIP account, and lastly PRO account. Each of these accounts varies in one way or another.
The first trading account, which is Standard, is mainly for beginners who have just joined the market. It’s good that MarketSpots has kept the newbies in mind because beginners usually have no experience or knowledge in trading, so they need to get accustomed to the ways. And this account provides them the help they need, so in the standard account, you have to deposit at least $10,000 to start. You will have a leverage of 1:200 and a margin loan of up to 25%. Other than that, you will get the daily news, and this will help you stay informed. You will also have access to the trading academy, which will help you to learn more quickly. Traders of this account will get weekly reviews of the market, an account manager, and a weekly progress report of the portfolio.
Next up, we have the Silver account, and this is also for beginners who have a little more knowledge about trading. To sign up for this account, you have to deposit $50,000 in total. Then you get the benefits and tools from the previous accounts. But other than those, you will also get the chance to discuss things with a portfolio manager, a 35% margin loan, and private sessions with an accountant every month. You will also get a 25% discount on any commissions, and all of these features are great.
Then there is the Gold account, and this is for intermediate traders who are familiar with trading. For this account, you have to deposit $10,000, and your margin loan gets increased to 50%. This account will also provide you with access to the previous features, but some things will be additional, like the portfolio progress report being sent to you daily. You will also have a personal manager for your portfolio. Then there are many other features like weekly webinars, sessions with an analyst, sessions with an accountant, and a 35% discount on your commissions.
Then comes the VIP account, and this is best for experienced traders, who can afford to invest $250,000. The leverage for this account increases to 1:300 and the margin loan to 75%. But there are some additional features like customized education, which is the best way to improve your trading game. Traders will also get the chance to use trading signals and have invites to VIP events. Then lastly, we have the PRO account, which is for expert traders. The deposit required is $1,000,000, and the leverage is also raised to 1:400, and you will have many more benefits such as high payouts. So this has shown that MarketSpots wants its traders to diversify and find the most comfortable account for them.
Trading Assets At MarketSpots
The main reason traders join the market is to trade, which means that the more trading options they have, the better it is. So brokers who provide multiple trading assets are the best. This is because traders need as many options as possible since not every trader is the same. For example, some might be interested in trading cryptocurrencies while others would not be. But brokers fail to understand this, and they continue to limit traders by only choosing some trading assets to present.
But this can make traders suffer and not have a good trading experience. Because every asset is different, and when traders have the options available, they can choose to trade the asset with which they are most comfortable. So if you are searching for a broker that would help you trade the assets you are interested in, then go for MarketSpots. Because this broker has many options available and you can choose any of the trading assets to trade from. Whether they are famous or not.
One of the reasons it is good to have a lot of trading options is that the market constantly fluctuates, and the prices of these assets go up and down. So to keep your investments safe and prevent yourself from experiencing any significant loss, the best thing to do is diversify your investment. And by diversifying, it is meant that you invest in multiple trading assets. This way, even if one market were to crash, the rest of your investments would remain safe. So the options you have are cryptocurrencies, indices, commodities, stocks, and forex. Each of these has potential and trading benefits, so it is up to you to choose the trading asset that interests you.
Conclusion
So, in conclusion, this review has shown why MarketSpots is one of the best brokers. It has all the necessary features a trader would need to have a smooth trading experience. So if you want to have a good time too, then choose MarketSpots; it has the best options in trading assets, which would ensure that you never get tired of trading the same asset. You will also have access to one of the best trading platforms, and because of that, you will be able to experience some cool features.
