Bingbon Review: Cryptocurrency Derivatives Trading Platform

Founded in 2018, Bingbon has established itself as a leading crypto trading platform that empowers retail traders to use crypto derivative contracts. It was founded with the aim to become a pioneer and market leader – Bingbon covers not only digital assets but also other financial instruments, such as FOREX, indices, and commodities.

Simultaneously, with the integration of advanced features like copy trading and demo trading, Bingbon certainly simplifies the trading and investment experience for investors from all around the world.

Thanks to its efficient and cost-efficient trading mechanism, Bingbon has successfully raised a large user community along with a number of other achievements. So far, there are over 300,000 account members on Bingbon who create around $500,000 of trading volume per day.

Taiwan and Vietnam are among the latest emerged markets on Bingbon, and the platform is on the way to expand its service to other nations on the globe.

Now let’s go to descriptive details about Bingbon’s functionalities and how it supports traders to create returns – while limiting risk.

Bingbon Features

Bingbon sets itself apart from its competitors by adding more options and products in its list of offerings. Basically, Bingbon offers perpetual contracts with the selection of cross margin and isolated margin.

These should be familiar to most traders and will allow them to place orders confidently. Derivative options on Bingbon capture a wide range of instruments, from cryptocurrencies, FOREX, commodities, and indices, which all are available for traders and speculators to use in any way they want.

Cryptocurrencies. Bingbon presents the USDT-denominated contracts in with 12 other popular coins, including Bitcoin, Ethereum, ChainLink, Litecoin, Bitcoin Cash. For Bitcoin and Ethererum, Bingbon specifically provides inverse contracts, which allow users to choose BTC and ETH as the base coin in the contract. The platform is going to add more cryptos into the list to meet the demand of traders.

Non-cryptocurrencies. Aside from crypto derivatives trading as the main product, Bingbon offers contracts tied to several pairs of exchange currencies, as well as a variety of spot price speculation on a couple of major commodities, including gold, silver, and crude oil.

Bingbon also allows its clients to trade the price movements on many major equity indices. Bingbon members can choose to speculate on eight popular indices – like the S&P500, NASDAQ-100, Nikkei 225 or DJIA. USDT is the default base currency in Bingbon’s non-crypto contracts.

Bingbon has loads of products and is working to add more all the time. Unlike many exchanges, Bingbon works to give its clients crypto and non-crypto products, so they can trade in the macro-environment – without having to move into and out of the fiat financial system.

Going short cryptos can be a good way to play downside macro risk, but a position against major equity indices could be better. Instead of moving money from one exchange to another, Bingbon has all the products a serious trader needs in one place.

Leverage

Bingbon offers different levels of leverage depending on which contract is being traded.

Contracts on BTC/USDT can use 150x leverage, which ranks top among cryptocurrencies, followed by ETH/USDT contracts that can reach 100x. Leverage limits for other crypto trading pairs often range between 35x and 50x.

FOREX contracts can utilize leverages up to 300x, due to the nature of minor price fluctuation. Meanwhile, the highest leverages for commodities and market indices often hover around 100x. It is important to understand that using leverage must be taken seriously.

Leverage can make a good position pay out huge, but it can also be very damaging to your portfolios if you don’t know how to control risk. Bingbon offers great tools for risk management, and also has a good interface for both new and experienced traders.

Visual, Intuitive Interface

Instead of putting a lot of complexity into its User Interface (UI), Bingbon uses a simple graphic display. We think this will be more familiar to a majority of traders. The headline of the homepage specifies prominent features, including Trade, Copy Trade, Exchange, and Announcements.

For live and detailed market price charts, users can click on the Trade section.

Here they will find an Auto chart with real-time updated statistics and customization power. It is super easy to check on positions, trigger orders, or see the transaction history.

The left pane shows the list of crypto trading pairs available for USDT-based contracts, while the upper right lists a number of commands that allow users to pick their order settings prior to entering a position.

For both long and short positions, users can choose either a market order or a trigger limit order. At the same time, they can predetermine Take profit and Stop Loss levels. Relevant indicators, such as actual turnover or loss will be illustrated when the order is executed.

Bingbon’s Trading View chart is apparently much helpful as it allows traders to effortlessly and efficiently manage their portfolios. Moreover, users are free to create support and resistance graphs or insert comments so that it is easier to follow their investments.

When you use leverage, it is very important to use orders to keep your margin balance intact. Leverage of 10x means that if your position loses 10% of its value, the margin you are using to keep the trade open will be wiped out.

Traders can use limit orders to prevent this and choose to sell the position with smaller losses. It might seem painful to sell with losses, but selling with smaller losses is better than being wiped out.

Bingbon also offers instant spot trades
Automated Copy Trading

Copy trading is pretty new, and not many crypto exchanges allow their clients to use this great feature. With copy trading, Bingbon allows users to look up successful traders, follow them, and copy their trading strategies.

All statistics related to the lead traders, such as profit rate, trading record, and the number of followers can be viewed on their profile so that users can find and rely on credible guides.

In addition, Bingbon provides extra tools for users to effectively control their copy trades. They can predefine a limit for the daily value amount of copy trade, so as to reduce risks and better manage potential losses.

Demo Trading

This is another stunning feature offered by Bingbon. The platform stimulates a virtual coin called VST, with 1 VST equal to 1 USD. Upon a complete registration, a member will automatically get 100,000 VST, which is used to run demo trading on Bingbon.

With these VSTs, users can conduct stimulated transactions on Trading View. It is a fast and harmless way to get used to the exchange and trading derivatives. Leveraged trading in the crypto markets can be very profitable, but it is important to make sure and understand how it works before using real tokens.

Deposits: Coins & Fees

Bingbon supports deposits via 5 coins, which are BTC, ETH, USDT (ERC-20 and Omni), USD Coin. Regarding fee, a fixed rate of 0.075% is charged upon each position opening. Extra fees might be applied for keeping positions open, and a small withdrawal fee is charged, varied by each crypto.

Mobile Application

Bingbon has already created mobile versions for iOS and Android. That means users can easily download and install an app on their mobile, then enjoy crypto derivative trading anytime and anywhere.

Credit and Competition

Bingbon has targeted a niche crypto derivative segment with great tools for traders who don’t want to switch back and forth between cryptos and fiat.

It strengthens its reputation by coordinating with SlowMist, a cybersecurity firm, and has initiated a bug bounty program on its platform. Bingbon is working to keep users’ accounts protected and avoid any hacks that could lead to losses.

However, Bingbon still faces the battle against some other exchanges with high capacity and leverage, such as Binance Futures, bitMEX, Huobi or Bybit.

It is worth looking at all the features an exchange offers so that you trade with the best provider for your needs.

Conclusion

With multiple products, automated trading, amazing demo trading, Bingbon users can learn to trade and boost their skills. Despite being a relatively new player in the global derivatives market, Bingbon shows the potential to become a leader in crypto derivatives trading.

If you are looking for an exchange that allows you to trade in most of the major tokens, as well as a number of other macro markets.

Read More

CoinBene Review 2020

A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of CoinBene consists of four parts: general information, fees, deposit methods and security.

General Information

CoinBene is a cryptocurrency exchange based in Singapore. Singapore is one of Asia’s biggest birth givers to cryptocurrency exchanges. CoinBene, however, is one of the world’s leading trustworthy crypto assets platforms with users coming from more than 200 countries worldwide.

This exchange also has a mobile application. You can download it for free on AppStore or Google Play.

US-investors

US-investors may not trade here. The reason for excluding US-investors are primarily regulatory reasons. The US-legal regime imposes obligations on many companies accepting funds from US-investors. Don’t be too sad though, there are other venues that offer the type of trading this exchange does. Use our Exchange Finder to find out which alternatives you have.

Coinbene Trading View

The below is a picture of CoinBene’s trading view. It follows a format that most cryptocurrency investors are used to with the diagram in the middle, and buy/sell-boxes low far right. The trading view seems intuitive to us, but you should always decide what suits you best based on your own personal preferences.

CoinBene Fees

CoinBene Trading fees

There are a number of top crypto exchanges who don’t charge different fees between the takers and the makers. Usually, you say that such exchanges’ trading fees are “flat”. CoinBene is one of those exchanges. It offers a flat trading fee of 0.10%. The exchange does accordingly not distinguish between takers and makers. The flat fee of 0.10% is below the industry average. The industry average is arguably around 0.25%.

Users at this exchange can also pay an even lower trading fee. This is possible if they hold a sufficient amount of “Coni” (trading symbol CONI). Coni is CoinBene’s own cryptocurrency. This model is to incentivize people trading at the exchange to buy a large amount of Coni. If you exceed the ownership threshold required (we have not been able to find information on the number of Coni-tokens required), you receive a 50%  discount on all trading fees during year 1, 20% discount on all trading fees during year 2 and 10% discount on all trading fees during year 3 (no discount from year 4).

The fees at this exchange constitutes a competitive advantage against the majority of other top crypto exchanges in the market and maybe even makes this exchange the best cryptocurrency exchange site for you.

CoinBene Withdrawal fees

CoinBene only charges the network fee when you make a withdrawal and does not charge anything on top of the network fees. This withdrawal fee model is also far below the industry average. Good job, CoinBene!

Deposit Methods

CoinBene does not accept any other deposit method than cryptocurrencies, so new crypto investors are actually restricted from trading at this exchange. If you don’t have any crypto but want to start trading here, you will first have to purchase cryptocurrencies from another exchange and then, as a second step, deposit them at CoinBene.

To find another exchange accepting purchases with fiat currency (regular money), just use our Exchange Finder. The rest is easy!

CoinBene Security

This exchange’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges. However, it should be noted that in absolute numbers, F is the most common score among all cryptocurrency exchanges in our Cryptocurrency Exchange List. CoinBene also has a lot of other security features in place to the benefit of its users.

Read More

Should you switch to the Brave Web Browser?

“You fought in the Browsers Wars?” asked Microsoft Edge. “Yes. I was once a Web Browser, the same as your father, ” said Internet Explorer 6. OK, that doesn’t quite have the same dynamic as Luke’s and Obi Wan’s conversation in a New Hope. However, the browser wars were a thing at one point. I also (wrongly) thought they were over, except for a few skirmishes. But once in a while someone, somewhere says to themselves, “What we need is another web browser.” At that point I would normally groan and move on. However, things are a little different with the Brave browser.

Historically a “new web browser” meant some nerd wanted to write a better HTML/CSS rendering engine and a super-fast JavaScript engine and then wrap a UI around it. The “engine
” wars are basically over with the Chromium engine, called Blink, basically powering everything (Chrome, Opera, Edge, Vivaldi). The notable exceptions are Firefox and Apple’s Safari.

The Brave browser uses Blink, so it isn’t special in that regard. What makes it special is its emphasis on making privacy and safety front and center. Let’s take a look at what this browser brings to the table in this Brave browser review. 

The problem is Ad Tracking

Most browsers do a good job of keeping you secure while browser. There is universal support for secure HTTP connections, support for incognito tabs (useful when you are using a public computer and not your own), and various levels of sandboxing support that stops one tab stealing data from another. However, one area where privacy has been slowly eroded is advertising.

To be effective advertising needs to be targeted. It is pointless showing me ads about rock climbing equipment or baby strollers, but show me an advert for the latest bit of tech and maybe, just maybe I will click. To send the right ads to the right people advertisers build up virtual profiles about your web browsing activities and start to hone in on your likes and dislikes. That in itself sounds harmless enough, even useful. However, the tracking techniques that advertisers use are getting more and more invasive.

Online advertising is big money. Google has an annual revenue measured in the billions of dollars, $161 billion for 2019. Most of that money comes from advertising. Sure, it sells apps and movies, offers cloud services, and sells Pixel smartphones and Google Home smart speakers. But most of the money comes from advertising. That is a lot of dollars invested in selling ads based predominantly on a model where money changes hands if, and only if, an advert is clicked.

As with most business ventures, the lines between ethical behavior and the relentless pursuit of profit seem to blur the bigger the sums of money. For a long time the advertisers were winning. But consumers have started to rebel. While initiatives like “Do Not Track” and the EU’s GDPR have attempted to clip the wings of advertisers, they have generally been badly conceived and badly implemented. For most people, the GDPR just means they have to click an “I accept your cookies” message every time they visit a new website.

The most drastic option available to users is to completely block data-collecting trackers, which in turn, means blocking most adverts.

Take back control with Brave browser

There are lots of options available for those who wish to block trackers, but Brave browser makes it easy and it is the default behavior. Most advertising platforms use techniques to try to identify you and track you as you move across the web. Brave browser blocks all this, allowing you to browse freely. As well as the privacy advantages there is also a performance boost. According to Brave’s internal testing, the Brave web browser can load the major news site up to six times faster than Chrome, Safari and Firefox on mobile and desktop. Why? Because all the extra images, JavaScript, and tracking data is no longer needed.

But won’t that harm publishers who rely on advert income?

The simple answer is yes, and for me that is a huge downside. From the hobbyists who need to fund their websites or YouTube channels, to the independent websites free of corporate shackles  – like Android Authority – advertising income is essential. Until now I haven’t used an ad blocker because I know that good content isn’t free. Everyone needs to eat. But Brave has a surprising answer to this problem – Brave Rewards.

Rather than tempting you to click on adverts, Brave anonymously calculates the amount of attention you give the sites you visit. Once a month, the Brave Rewards program will compensate the sites you’ve visited. You can also tip creators directly and remove any sites you don’t want to support.

Brave has a surprising alternative to traditional advertising: Brave Rewards.

The twist is that the currency behind Brave Rewards isn’t the US dollar, or the Euro, or even the Chinese Yuan, but a cryptocurrency called BAT (Basic Attention Token), which itself uses the Ethereum blockchain. The idea is that blockchain digital advertising can offer a decentralized, transparent digital ad exchange.

Stage one in replacing the traditional advertising model is to bring the Brave browser to the mainstream along with its built-in use of BAT. Stage two is for users, publishers, and advertisers to use BAT as the means of funding advertising and attention-based services. As the name implies, the value of the token is derived from — or denominated by — user attention, the one commodity you have to spend while using the web.

BATs, Uphold, and tips

Like all crypto-currencies you need to keep your tokens in a wallet. Brave includes an anonymous wallet that is stored locally on your computer or mobile device. In a future update you will be able to sync the wallet across your devices using an online wallet service. As a side note, the syncing of bookmarks etc. is currently disabled in Brave browser because the current system is flawed. The developers are working on Sync V2, which will be compatible with Google’s official sync protocol.

You can earn tokens by viewing Brave Ads. Ads presented are based on your interests, as inferred from your browsing behavior. However this time, no personal data or browsing history ever leaves your browser. When you click on an ad you earn a part of a BAT.

When you see something you like online, you can support the content’s creator by sending a tip, as a thank you. Verified creators get paid their tips during the first week of each calendar month. You can also set a monthly recurring contribution.

If you want to turn traditional currency into BATs you can fund your wallet using Uphold.com. Uphold is a digital money platform with over 1 million users, covering over 50 currencies and four commodities. I am skeptical of “digital money platforms” in general, as buying the coins/tokens is easy, however converting them back into real cash has been – in my experience – a challenge.

To test Uphold, I linked my Brave wallet to an Uphold account. I went through the verification process, which included identity checks etc, and then funded my wallet to the grand sum of £10. This was then turned into 71.785044215959870653 BAT. You need to wait 1 day before you can withdraw the money. After 24 hours, I paid my 71.785044215959870653 BAT into a Euro account. In less than 4 hours the money was in my account! So it seems that real-world to crypto to real-world exchanges work!

I lost about €1 in the process. Uphold does promise 0% trading commissions, 0% fees on credit & debit card deposits and 0% bank and crypto withdrawal fees, but I guess I lost out in the exchange rates!

Uphold is going to release a debit card linked with your account. You’ll get a physical chip-and-PIN card and a virtual card to buy stuff online. It is a Mastercard, which means it will be accepted at millions of merchants and ATMs across the world. I have joined the waiting list and I am number 28,492 in the queue. Apparently I can skip the line by referring friends. The more people I refer, the earlier I get your card. So, for the sake of good consumer reporting, please consider taking a look for yourself, and then when I get the card I will be sure to make a video about it on Gary Explains.

But Chrome is a memory hog!

Even with revolutionary talk of overthrowing the advertising industry, Brave browser still needs to be a decent web browser to gain any traction. Thankfully, it is. I tested the JavaScript speed of Brave and it is faster than Chrome and Firefox but slower than Microsoft Edge. When it comes to memory use Brave uses less memory per tab than Chrome, Firefox, and Edge. These are good signs. Since it uses the same internals as Chrome and Edge the browsing experience is as expected and I couldn’t detect any difference or anomalies in rendering etc.

Brave combines better privacy and safety with a browsing experience that's faster Chrome — despite being Chromium-based.

Another advantage of Brave’s Chromium roots is that you get access to the Chrome Web Store. When you click on “extensions” you get taken directly to Google’s web store, not even a copy or cheap replica, but Google’s actual store. That means that migrating to Brave browser is very simple for Chrome or Edge users. You can also import your bookmarks from Edge, Chrome, Firefox or a HTML file. I didn’t spot a way to import saved passwords (which I guess is a good thing), but if you are using a password manager like LastPass or Dashlane then that won’t matter.

Read more: How to install web extensions with Brave browser

Will you switch?

Brave browser has quickly become part of my normal workflow. I have been using it for some sites/tasks every day and the reasons for not migrating to it fully are, well, non-existent. Brave is available for Windows, macOS, Linux, iOS and Android. I have tested it on all 5 and the experience is as consistent as any other browser across such a diverse set of platforms. Sadly there is no support for ARM processors either on Windows for ARM devices like the Surface Pro X, or for boards like the Raspberry Pi. However, that is forgivable at this stage in the browser’s development.

That’s it for this Brave browser review. If you want to give Brave a try, and I recommend that you do, then use the link below.

Read More