KuCoin, a cryptocurrency exchange backed by IDG Capital, has brought on support for buying cryptocurrencies with over 17 fiat assets, according to a press release from the group. The release notes that KuCoin will provide support for the following fiat assets:
- Indian rupee (INR)
- Argentine peso (ARS)
- Philippine peso (PHP)
- United Arab Emirates dirham (AED)
- Azerbaijani manat (AZN)
- Chilean peso (CLP)
- Colombian peso (COP)
- Costa Rican colon (CRC)
- Dominican peso (DOP)
- Georgian lari (GEL)
- Kazakhstani tenge (KZT)
- Moldovan leu (MDL)
- Namibian dollar (NAD)
- Peruvian sol (PEN)
- Qatari riyal (QAR)
- Uruguay Peso (UYU)
- Uzbekistan Som (UZS)
Essentially, this is making cryptocurrency much more accessible by allowing more users around the world to purchase it with their fiat cards. On top of this, the group has been supporting fiat currencies for some time, with USD, EUR, and the AUD being the long-time standings.
Speaking on the matter is Johnny Lyu the CEO of KuCoin Global, who had said:
“KuCoin has been committed to promoting the mass adoption of blockchain and cryptocurrencies, and an easy channel to transact from fiat to crypto will largely contribute to this. KuCoin is one of the earliest mainstream exchanges to support Simplex. Also, in addition to fiat gateways like Simplex and Banxa, we are investing a lot to develop our OTC Trading Desk service. Through continuous efforts on fiat channels, KuCoin welcomes more newcomers to embrace and make contributions to the crypto world.”
U.S. crypto exchanges have a plan for the travel rule. Now they just have to get along
- A working group of 25 U.S.-based exchanges released a white paper this week outlining their platform to comply with FATF’s travel rule.
- The group includes some of the most prominent exchanges stateside, suggesting that the plan has legs.
- Now, the group has to develop a governance structure.
CoinZoom Review: A Wide Range of Financial Services for Fiat & Crypto Users
Whether you are a novice trader or an FX veteran, you want to trade with an intuitive, secured, legal, and globally adopted digital banking platform. CoinZoom has one of the best platforms out there and is worth a look for anyone who wants to access top-tier trading services. CoinZoom is a traditional B2C and B2B […]
The post CoinZoom Review: A Wide Range of Financial Services for Fiat & Crypto Users appeared first on Blockonomi.
Whether you are a novice trader or an FX veteran, you want to trade with an intuitive, secured, legal, and globally adopted digital banking platform. CoinZoom has one of the best platforms out there and is worth a look for anyone who wants to access top-tier trading services.
CoinZoom is a traditional B2C and B2B brokerage firm with a focus on streamlining the use of digital assets through its extremely talented team and institutional-grade platform.
In addition to delivering institutional-grade trading assets, it also provides all the tools needed for a novice to learn how to trade global markets. Furthermore, with great security and deep liquidity, it is also a wonderful option for institutional investors that want to enter the crypto trading space.
CoinZoom was founded in 2018, by CEO Todd Crosland, a veteran in the FX industry. He has vast experience working as a registered Future Commission Merchant and Retail Foreign Exchange Dealer and was certified by the US Commodities Future Trading Commission.
Crosland knew how to build a team, and everyone at CoinZoom has extensive experience in global markets. The team was built from employees at global financial services firms who know how markets work.
The ZOOM token
The platform comes with its native token called ZOOM. It is a certified ERC20 utility token that could be used and trade freely throughout any Ethereum based crypto network and is inflation-proof through its designated cap of 600 million of the token into the total supply.
By using ZOOM on the exchange, users could enjoy up to 50% discount on trading fees and a 5% guarantee cashback on all CoinZoom Visa card purchases. The ZOOM token is how you get the most out of the CoinZoom exchange.
Unlike other exchanges that are still in limbo with the US legal system on crypto, CoinZoom is a certified provider.
It is also the first exchange in the US to be able to issue its own Visa debit card and wallet, packed with crypto and fiat payment on any Visa designated locations.
Trust is an important aspect of all businesses and is likely a “make it or break it” factor for consumers during their decision-making process.
Therefore, qualification and certification are extremely important. But worry not, CoinZoom is a certified MSB ( Money Services Business) and is able to provide its services across all 50 states and territories across the US.
Additionally, CoinZoom is also registered as a Money Transmitter and at the time of writing, it is available across 48 states, and Hawaii and New York are up next.
CoinZoom also has an extensive global expansion plan, consumers in Australia are already enjoying its services after being certified as a Digital Currency Exchange and its next target is the E-Money License in the European Union.
Obtaining a legal status in the US market is a hard and arduous process which most exchanges fail to get. This speaks volumes about the accountability and reliability of the exchange.
Using CoinZoom is not only intuitive for trading the crypto market, but the platform also allows you to spend your holdings in the real economy via the CoinZoom Visa card. This physical card allows CoinZoom users to spend their fiat and crypto at 53 million merchants around the world.
By having only 1000 ZOOM (roughly $5 at the time of writing) tokens in your account, you are eligible for the Select card which enjoys a full set of security features, added virtual card, 24/7 tech support and it could be used at any Visa eligible payment locations including ATMs.
The next card level, Preferred, will allow you to gain VIP status with CoinZoom. By having 3000 ZOOM tokens, you can enjoy up to a 10% discount in trading fees, 2% in reward back, and a much larger referral reward limit at $2,500.
The rewards will get larger every subsequent level Gold at a 35% trading fee discount, Platinum at a 35% until you get to the Black card where you will reap the most beneficial offers there are on the platform.
Owning the Black card will give you an enormous 50% discount on trading fees, up to 5% card reward back and fiat transfer through ZoomMe will cap at $10,000 per day and as a bonus, show off your affluence with a metal card that will be issued free of charge.
The Crypto Toolbox
CoinZoom has a crypto toolbox that supports investors in a number of areas and can be used by both new traders and advanced professionals that need high-end tools.
With Direct Access, traders will be given the capability to conduct trades with any device, anywhere at any time of the day. Providing traders with 100% control of their portfolio without any downtime.
For novice investors, the task of managing your portfolio may seem daunting, unlike the stock market, the crypto market is always on and things could change at any time, therefore choosing the right moment to buy or sell may seem difficult.
With Algorithmic Trading, through the available API on CoinZoom, users could easily employ a pre-set strategy, allowing their portfolio to autonomously conduct trades on their behalf.
For advanced traders who want to use statistics, technical, and fundamental analysis, the Advanced Charting Package provides over 100 kinds of charts and indicators to assist the decision-making process for meaning and profitable results.
CoinZoom Trading Tools
In a highly dynamic and volatile environment such as the crypto market, being out of the loop on recent market trends can be a massive handicap.
You can be missing out on the next hottest token or cutting your losses after an underperforming token tumbles its price out of existence.
By using CoinZoom, the ambiguity of market trends is lifted through Live Order Flow Information.
The movement of every user in the network can be observed to constantly keep you in the loop and from there, so you can make more educated decisions.
Furthermore, not every user, especially novice ones, are experts at doing effective profit and loss analysis and might be dependent on an “overall” result which could harbor long-term trouble.
Realtime Profit and Loss Information will be proactively provided in real-time to solve this issue and sometimes, even professionals need help.
Realtime Depth of Market (DoM) caters to institutional investors.
With DoM, investors will know whether their $50,000 buy order on a token may cause price fluctuation to subtly make large amounts of investments without repercussions.
Unlike other exchanges, many of which provide the bare minimum for consumers to conduct their trades with basic features, CoinZoom goes above and beyond by providing clients with extra tools such as ZoomMe, where users could send fiat and crypto to each other instantly.
Just like Venmo for crypto!
For any investors that are looking for a way to create a passive income, CoinZoom has them covered as well.
Any VIP users are qualified for staking, starting from the Prefered tier. Remember, it only takes roughly $15 worth of ZOOM token to be eligible for the lowest tier of VIP status.
Receiving a staking reward is as easy.
Investing crypto assets into CoinZoom and earning a 7% to 13% annual yield on your investments is simple. No more dealing with your bank just to get 1% or less from your capital.
Just put your digital assets in, sit back and watch as your money grows. Much like a traditional financial institution, but way more profitable and convenient.
Currently, CoinZoom is supporting DASH and ALGO tokens for their staking feature.
An exchange is only as strong as its security. so, in addition to profitability and ease of use, CoinZoom uses outstanding countermeasures to ensure the client’s digital safety and financial security.
Assets are securely held in institutional-grade cold storage in partnership with various qualified custodians and every investor will be insured up to +$100 million if a loss occurs due to a security breach.
The exchange is packed with security features, such as multi-layer security protection, multi-signature wallets, and multi-factor authentication.
Users can also take control of their security and privacy through the control center and any changes to their settings will trigger an immediate notification.
To top it off, USD will be held in an account insured by the Federal Deposit Insurance Corporation. It is of utmost importance to bring customers peace of mind conducting their trades.
Cryptos have come into their own as an asset class and means of payment, and CoinZoom gives its clients the ability to trade tokens as well as spend them fiat currency.
With its Visa debit card and ZoomMe, the platform makes it easier than ever for consumers to be active with their digital assets.
No longer will your crypto be locked in an account with no returns, it can now be used as a means of payment or passively generate income through the CoinZoom staking features.
With its intuitive toolsets and legal certifications, there is no doubt the CoinZoom will be one of the next platforms to play a major role in the mass adoption of digital assets via its trust, accountability, and security.
Crypto Derivatives September’s Recap: Binance Futures Leading As BitMEX Down 30%
This week, Belgium’s Financial Services and Markets Authority made a startling revelation. Cryptocurrency fraud victims have lost at least €10 million between May 2019 and September 2020, the financial regulator said.
Belgians Have Lost €10 Million In Cryptocurrency Fraud
Belgian citizens have lost almost 10 million euros to fraudulent crypto investment schemes. Belgium’s apex financial authority, the Financial Services and Markets Authority, said on Monday. According to the watchdog, this data is from May 2019 to September 2020. Speaking about the modus operandi adopted by the scammers and crypto robbers, the FSMA said:
These platforms often use very aggressive methods to try to persuade you to invest ever larger sums. They will also try to persuade you to let them take control of your computer remotely so as to be able to make certain payments.
Adding to its statement, the regulator pointed out ‘fake advertisements that typically use images of celebrities.’ Potential victims get beguiled by platforms displaying these adverts circulating on social media. When interested folks click on them, cryptocurrency shysters call them to ‘to discuss an investment offer.’
Apart from bitcoin and other cryptocurrencies, online robbers offer investment schemes in foreign exchange products and contracts for differences (CFDs) that can be traded in markets with commodities and shares.
The FSMA had already apprised users about potential cryptocurrency frauds and scam-filled activities in 2018. Since then, it has added fake credit letters to its list of unscrupulous investment offerings. These the regulator said claim ‘to offer loans on favorable terms but intend to steal money.’ Also, investors need to stay away from fraudulent wealth management and alternative investment scams, FSMA mentioned.
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Is This Why The UK FCA Banned Crypto Derivatives For Retail Customers?
As per the latest update from the cryptocurrency scene in the UK, the country’s top financial watchdog, the Financial Conduct Authority (FCA), has banned the sale, marketing, and distribution of cryptocurrency derivatives and ETNs to retail customers effective January 6th, 2021.
The FCA enumerated several reasons to justify it’s latest banning move. Volatility in crypto prices, the so-called ‘lack of inherent value,’ and inadequate understanding of cryptocurrency systems are others. But the financial regulator also specified that ‘prevalence of market abuse and financial crime in the secondary market’ is why retail players should stay away from crypto derivatives.
Also, there is no legitimate need for retail customers to invest in these products, the FCA added. The most crucial question now is: Will these measures actually block the propagation of crypto fraud and scams? Will such a ban actually protect users?
In a world where fiat and traditional market scams are dominant and much more widespread than digital currency fraud, an outright ban on different crypto investment opportunities will only do so much. What is required is tightening law enforcement on scammers and the bad actors, which will eventually make crypto investment safe for users.
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