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Dominant Trading Platforms Charge Traders up to 13 Times more than CPH Crypto 

Bitcoin Press Release: Recent calculations clearly document that the dominant crypto trading platforms are up to 13 times more expensive for active crypto traders to use than the new Scandinavian exchange CPH Crypto.  

 

16th December 2020, Copenhagen, Denmark – Every swing trader, day trader and scalper in the crypto market knows the importance of trading fees and how those fees often make it extremely difficult to pursue trading strategies based on high-frequency trading. It’s commonly known among traders that cost simply kills profit. 

 

Lack of competition and transparency prevents traders to profit. The problem is simple: Up until now, the competition on fees in the crypto trading market has been virtually absent, and the dominant trading platforms have been able to charge exorbitant transaction fees and get away with opaque pricing structures, which has made it extremely difficult for customers to figure out what they are actually paying in total for the services they are using.  

 

The reason for the problem is immaturity in the crypto market. Going back twenty years, the traditional stock, bond and FX market was on the same stage of development as the crypto market is today, and similar to the crypto market, the traditional market was dominated by few very big players that were able to charge very high prices because of lack of competition and transparency.  

 

Immediate Disruption of Fee Structures 

“Eventually new players entered the market and started to disrupt the dominant players’ pricing models and drive down prices. And today, trading fees on traditional products are only fractions of the level we see in the current crypto market,”

 

says CEO Jan Andersen, CPH Crypto, who continues:

 

“Our team knows this because we have our roots in the old trading world. And our declared mission is to disrupt the dominant crypto players by offering our clients fees that are way below the fees of these players. The history evidently repeats itself, only this time traders should not have to wait twenty years before the fees are down to a reasonable level. CPH Crypto has decided to drive down the fees immediately.” 

 

Watch out for Hidden Fees 

To obtain a complete view of a particular broker’s or exchange’s trading fees, you need to take both commissions and spread into consideration. Traders tend to forget the impact of the spread on the total costs, even though the spread is often where the most significant part of the total fees is hidden, especially when trading on so-called commission-free brokers or exchanges.  

Typically these brokers/exchanges tend to compensate for the lack of fee on commission by heavily increasing the spread – the difference between the bid price and the sales price – which enables them to earn their margin on the spread instead. On top of this, traders should not forget that high fees on money management – like deposits and withdrawal – is also added to the total costs.  

 

Extreme Price Differences up to 1,249% 

In order to prove the extreme differences in fees between CPH Crypto and four globally dominant trading platforms, CPH Crypto has conducted a line of price comparison based on concrete examples. Four major platforms are Binance, Kraken, Coinbase Pro and eToro, and the examples are based on one month of crypto trading volume of respectively 1,000 USD, 10,000 USD, 200,000 USD and 500,000 USD. In summary the results of the comparisons are:  

 

By 1,000 USD Per Month  

  • Cheapest platform: CPH Crypto with fees in total: 0.6 USD 
  • Most expensive platform: Coinbase Pro with fees in total: 5.0 USD 
  • Difference 4.4 USD / 733% 

 

By 10,000 USD Per Month 

  • Cheapest platform: CPH Crypto with fees in total: 6 USD 
  • Most expensive platform: eToro with fees in total: 37.5 USD 
  • Difference: 31.5 USD / 525% 

 

By 200,000 USD Per Month

  • Cheapest platform: CPH Crypto with fees in total: 79 USD 
  • Most expensive platform: eToro with fees in total: 750 USD 
  • Difference: 671 USD / 849% 

 

By 500,000 USD Per Month

  • Cheapest platform: CPH Crypto with fees in total: 139 USD 
  • Most expensive platform: eToro with fees in total: 1,875 USD 
  • Difference 1,736 USD / 1,249% 

(Numbers collected in Q2, 2020. Please see this page for more information)

 

“All-in-one” Fixed Fee. Unlimited Trading for 39 USD/Month 

According to CPH Crypto’s philosophy, traders should only have to focus on their strategy and not on the costs when they trade. That is why CPH Crypto goes against the trend of high trading fees on the crypto market and offers a deep-discount fixed “all-in-one” fee of only 39 USD/month for unlimited trading or a commission of only 0.04 pct. per transaction for single trading.   

 

To learn more, visit the CPH Crypto website: https://cphcrypto.com/

 

Media Contact Details

Contact Name: Jan Andersen

Contact Number: +45 4060 3239

Contact Email: [email protected]

 

CPH Crypto is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. 

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hodl hodl, open source

Hodl Hodl Exchange to Become Open Source to Circumvent Future Regulatory Crackdowns

hodl hodl, open source

Hodl Hodl is a unique cryptocurrency exchange since it does not collect customer identification information and does not hold any customer’s funds. Instead, Hodl Hodl creates a multi-sig Bitcoin transaction, where the buyer holds one key, the seller holds one key, and Hodl Hodl holds one of the keys. It takes two of three keys to unlock a transaction, and this acts as a cryptographically secure escrow for peer to peer deals. Hodl Hodl steps in and uses their key in case of disputes.

So far Hodl Hodl has not faced any regulatory pressure since zero funds are actually held by Hodl Hodl. However, Hodl Hodl foresees that regulars may become more desperate to stop Bitcoin exchange activity in the future, and in such a scenario the domain for Hodl Hodl could get blocked.

In order to prevent this Hodl Hodl plans on becoming open source within the next year. Once Hodl Hodl is open source, even if the domain is shutdown by regulators, any developer could then go to GitHub and fork Hodl Hodl’s code. Essentially, this move will make Hodl Hodl more decentralized, and prevent regulators from destroying the peer to peer exchange technology that Hodl Hodl has developed.

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Kraken Closes $13.5 Million Financing for New Investment Platform

Crypto exchange Kraken has secured USD 13.5 million in a financing round for its proposed online investment platform called Bnk To The Future (BF).

According to the exchange, it was its most successful funding round by individual donors, with over 2,200 participants recorded. BF co-founder Simon Dixon said that this was part of its efforts to achieve a valuation over USD 4 billion to fund new acquisitions.

Its last acquisitions were US market data and trading company CryptoWatch, and London-based derivatives and futures trading platform Crypto Facilities, and it now boasts over USD 85 billion in annual trading volume (2018) from over 4 million customers across the world, making it one of the busiest exchanges of its kind.

Its ambitions are now to expand to provide additional financial services and products for the crypto sector, primarily through BF’s creation of a Special Purpose Vehicle for Kraken to receive illiquid investment in the form of investor equity. This pools all individuals to represent them as a single investor, bypassing SEC’s requirement that would otherwise have required they register under the 1934 Securities and Exchange Act as a public company.

Effectively, this means none of them is a shareholder in Kraken and will only see returns if the exchange lists through an IPO, or is bought over, or has its management bought out. BF spokespersons noted: “This is a high risk high returns platform – please understand this before investing.”

An investor email also stated::

“CryptoWatch Premium membership, the ability to leverage shares for margin collateral, priority service from our client support team, invitation to Kraken’s exclusive investor chat room, subscription to Kraken’s Daily Hash newsletter and OTC Daily report, bi-annual Kraken investor update, beta access to new Kraken products and features, limited edition Kraken swag, [and] 5% investment rebate in KFEE.”

Kraken originally looked for USD 10.2 million but market interest prompted them to increase that figure. Dixon did say that some 250 bank wires were pending and would take the total to USD 14 million.

 

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FATF to Enforce Time Restriction on Exchanges’ Customer Information

FATF To Enforce Time Restriction on Exchanges' Customer Information

The Financial Action Task Force (FATF), who met last week for another round of talks to decide on new AML steps, is to bring in a time restriction for crypto exchanges on data sharing.

The FATF has set a time limit of 12 months during which time exchanges must share user and sender information with “beneficiary institutions”.

The new data sharing guidelines, which are not actually set in law as yet, have further angered those in the industry who already feel that the rights and anonymity of both crypto senders and recipients are being eradicated by over-regulation. crypto exchanges Countries that do not comply with the FATF’s latest rules could face being blacklisted. Exchanges under the ATM guidelines must now:

“… obtain and hold required and accurate originator [sender] information and required beneficiary [recipient] information and submit the information to beneficiary institutions … if any. Further, countries should ensure that beneficiary institutions … obtain and hold required (not necessarily accurate) originator information and required and accurate beneficiary information …”

As one London-based digital finance group explained in a letter to the FATF most codes sent along with transactions already contains much of the information that the new rules require despite the fact that cryptocurrency transactions were originally intended to carry a high degree of anonymity for all participants.

This was pointed out to FATF by another company Chainalysis earlier this year who commented that “Virtual Assets are designed to provide a way to move value without the need to identify the participants in a transaction”. The fear is now that this requirement may drive some exchanges and wallet provider to the wall if it is enforced, a point clearly of little concern to U.S. Secretary of the Treasury Steven Mnuchin who commented:

“By adopting the standards and guidelines agreed to this week, the FATF will make sure that virtual asset service providers do not operate in the dark shadows.”

 

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Line’s Crypto Exchange Nears Japan Approval

Line's Crypto Exchange Nears Japan Approval

Japan’s most popular communication app, Line, is heading towards the country’s approval to roll out its crypto exchange in the home nation. As reported by Bloomberg on 20 June 2019, the license is expected to be issued by Japan’s Financial Services Agency (FSA) within this month. If so, the operations are lined up to kick off a few weeks post the regulatory authorization.

The platform, dubbed as BitMax, will extend trading facilities to about 80 million users in Japan. This will enable trading of major cryptocurrencies such as Bitcoin including Line’s own token, Link, the report claimed. Line’s shares spiked up by 4.6% post the report.

About a year ago, Line launched the crypto exchange, BitBox. The platform, however, was denied approval by Japan and the US which rendered its services unavailable to the countries. BitMax has been designed to use the same back-end technology as BitBox.

The report stated that Line has another banking license on halt in Japan which is unlikely to be issued anytime until next year. The issuance of the above said license will bring forth a tight amalgamation between cryptocurrencies and services such as online shopping.

In March 2019, the FSA granted a license to tech giant Rakuten’s crypto exchange, which replaced Everybody’s Bitcoin Inc, acquired by the company for USD 2.4 million. Yahoo Japan’s crypto exchange Taotao was launched on 30 May 2019 after receiving approval from the FSA.

However, the FSA has been tightening its anti-money laundering regime to inspect crypto exchanges in accordance with the FATF inspection in a bid to up its financial security framework. This has been Japan’s top priority to avoid criticism from the intergovernmental watchdog as the country chairs this year’s G-20 summit to be held on 28 and 29 June. This is clearly reflected in the fact that as of March 2019, only 19 crypto exchanges had received a license from the FSA as opposed to the 190 applications received by the agency in 2018.

 

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EY: QuadrigaX Owner Traded on Fake Accounts with User Deposits

EY_ QuadrigaX Owner Traded on Fake Accounts with User Deposits

Big Four audit firm Ernst & Young (EY) have found what seems to be solid evidence that the late owner of defunct crypto exchange QuadrigaX had been transferring user funds off the platform and using them to trade with fake accounts on other platforms.

The fifth report from EY, who was appointed court monitor in ongoing litigation, was filed with the Supreme Court of Nova Scotia yesterday. In it, EY has provided damning evidence that the exchange was “significantly flawed from a financial reporting and operational control perspective”.

Gerald Cotten, the deceased owner, is thought to have been the single individual in charge of most of the activites. There was also a shocking lack of segregation between job tasks and basic internal controls. Assets were also not kept separately from Quadriga itself or its users.

EY says that because of this, the exchange could not possibly know if it was profitable, since user funds were mixed together with the exchange’s wallets. In addition:

“Significant volumes of Cryptocurrency were transferred off Platform outside Quadriga to competitor exchanges into personal accounts controlled by Mr Cotten. It appears that User Cryptocurrency was traded on these exchanges and in some circumstances used as security for a margin trading account established by Mr Cotten.”

Falsified accounts were also detected on Quadriga under aliases, supporting the theory that unbacked deposits were used to trade on the platform, leading to inflated revenues, artificial trade volumes and user numbers, and the withdrawal of user deposits. The fees and commission, as well as trading losses on external platforms further impacted QuadrigaX’s crypto reserves.

Finally, EY could not confirm the identity of wallet holders where huge sums of Quadriga crypto was transferred to. Quadriga owes some 76,000 users an aggregated value of funds worth CAD 214.6 million (USD 162.2 million).

 

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Bitfinex Buy Back Will Be “Super-Transparent”

Bitfinex Buy Back Will Be _Super-Transparent_

One of the world’s most famous — some would say infamous — crypto exchanges, Bitfinex, has now announced that it plans to buy back its own native token, LEO, for gradual burning. What’s more, it will be “super-transparent”.

Buy back and burns are generally what a centralized token project will do to reduce the circulating supply, and therefore, add to the token’s scarcity. This is expected to improve the valuation of the token.

Bitfinex’s UNUS SED LEO Transparency Initiative, it claims, will show users iFinex (the parent company of Bitfinex) and all its LEO purchases at current markets rates. Statistics will be updated every hour to show that buy backs would happen with a minimum of 27% of the consolidated revenues of iFinex.

Users on social media have naturally questioned this move, wondering if the transparency can really be as forthcoming as all that. However, Bitfinex CTO Paolo Ardoino was not afraid to address this burning question, saying on Twitter:

1/3 🦁
Just got this question: how Unus Sed $LEO holders and wanna-be holders can check if @bitfinex will use really 27% of its revenues to buy back LEO.
To play the devil advocate imagine we could:

— Paolo Ardoino (@paoloardoino) June 19, 2019

Ardoino suggests in the next series of Tweets that if Bitfinex were malicious, it could choose to report a lower volume, so that they would need to buy back fewer LEO tokens. But this would need them to explain to traders why their activities are not reported in a public feed. He also said that they could go the opposite direction and report fake volumes, but this would then commit more funds from their reserves to buy back LEO, leading to an unsustainable future.

He ends the personal reflection by saying:

“So in my opinion our buy back mechanisms is super-transparent and protective of LEO holders. That is why I claimed we made an unprecedented move among exchanges. Now our revenues are under everyone’s eyes.”

Does this mean Bitfinex would be the first exchange to make good on its promise to be “super-transparent”? It would be unprecedented for sure, but is super transparency possible for any centralized exchange? Time will tell.

 

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Android Phishing Malware Impersonates Turkish Crypto Exchange

Android Phishing Malware Impersonates Turkish Crypto Exchange

If you thought that the two-factor authentication (2FA) method was foolproof against any hacking attacks, think again! ESET, a cybersecurity company and creator of the antivirus software NOD32, reported on 17 June that a new Android phishing virus is apparently on the loose. It overrules Google’s SMS permissions restrictions and peeks into your text message inbox to get hold of 2FA codes.

The report also added that these malicious apps could easily circumvent the permissions settings and restrictions implemented by Google and gain access to not only the one-time-passwords sent via text messages but also email-based codes.

The malicious apps are known to mask themselves as the Turkish cryptocurrency exchange BtcTurk and try to phish for login details for the website. The report states:

“[the malware] …instead of intercepting SMS messages to bypass 2FA protection on users’ accounts and transactions, these malicious apps take the OTP from notifications appearing on the compromised device’s display.”

The app also ensures that the user doesn’t notice the ongoing attack in the background, and “besides reading the 2FA notifications, the apps can also dismiss them to prevent victims from noticing fraudulent transactions happening”.

The virus-laden app was first uploaded onto Google Play Store on 7 June with the name of BTCTurk Pro Beta by an account called BTCTurk Pro Beta. Around 50 users installed the app before ESET reported it to Google leading to instant removal.  After this ordeal, two more versions of the fraudulent app were uploaded in quick succession and subsequently removed from the store.

Recently there has been a surge in cyber attacks and fraudulent activities in peer-to-peer (P2P) cryptocurrency exchange in an attempt to phish for user account credentials, highlighting the need for proper security measures.

 

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Binance on the Move with “No FUD” $81 Million BTC Transfer

Binance on the Move with _No FUD_  Million BTC Transfer

Malta-based cryptocurrency exchange Binance raised a few eyebrows this week when it announced that a USD 81 million Bitcoin transaction was soon to be en route.

The world’s biggest exchange assured users that there was “no need to FUD”, but it took some criticism from market analysts at its boast. David Tawil, president of crypto hedge fund ProChain Capital, said this was not the way exchanges normal conduct business and the Twitter announcement probably wouldn’t go down too well with the SEC. Of Binance’s “atypical” big transfer announcement, Tawil suggested that with SEC approval still awaited by the exchange giant, “it’s best if crypto industry players conform to already established norms”. He detailed:

“Within long-established Wall Street norms, its Twitter announcement is unusual, exchanges, such as the NYSE or the CBOE, don’t typically broadcast future block trades and don’t announce them via Twitter.”

Binance is clearly on the move, putting their travails behind them, such as last months USD 40 million hack, recently introducing its own blockchain. It also has plans to raise a reserve of 9,001 Bitcoin to cover a Bitcoin-pegged coin backed by a native coin which will trade on its platform. On the new tokens, the company commented that sales would experience a boost, commenting, “With the increase in the selection of tokens available on Binance DEX, there should be an increase in trading volume and liquidity.”

In the past, Bitcoin-derived assets have been faked, or tokens produced with a similar ticker, but the exchange claims that Binance Chain will take care of such issues to make sure such problems don’t occur. Binance also recently announced the launch of a trading platform, Binance US, specifically for US customers. This platform comes as a comfort to facilitate fiat-to-crypto exchange to serve full-fledged trading abiding by the market regulations.

 

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