Chinese cryptocurrency giant Huobi Global announced on Sunday that it would clean up existing Chinese users by December 31, 2021 to comply with local regulations. On Sunday, the price of Huobi token (HT) plunged by over 38%.
China’s crackdown on cryptocurrency is in its full swing. On Friday, the government banned overseas exchanges from providing services to mainland users, and posed tighter ban on crypto mining. Huobi was first established in China and later claimed to have moved out of China. But the majority of users are from mainland China. Many believe that Huobi will not be able to recover from this move and dwindle away.
As known, a large number of Chinese people are involved in cryptocurrency transactions. According to data, the number has reached several million, which is well enough to cause turbulence in the crypto market. It can be seen from every announcement of China’s regulatory policies on cryptocurrency that has caused a certain degree of market collapse. The recent news that many exchanges are preventing Chinese users from registering and trading will cool down the market for a certain period of time. It is believed that it will take more time for Bitcoin price to exceed $50,000 again.
In fact, banning users from a specific country from trading on certain platforms has happened many times. How can we avoid similar incidents? The answer is to choose an exchange that suits you.
Choosing an ideal exchange is a crucial step in investing in cryptocurrencies. A bad exchange doesn’t necessarily mean a scam, but the poor service and unreasonable fee structure could make you miss out on opportunities and pay a high cost. Hence, it is important to do thorough research and compare different features to find the one that suits you most.
If you choose an exchange without KYC, one advantage is that things like Huobi Exchange will not happen.
What to look for in an exchange?
Every country has different regulations on crypto trading. While some exchanges are allowed to operate in one country, some might not. American traders contribute a majority in global trading but many crypto exchanges are not open to them. So if you are from America, read carefully whether you are offered full access to an exchange.
A simulated trading engine serves as a sandbox for you to try out different strategies without worrying about losing money. It allows you to figure out the ins and outs of the trading engine so you will be more prepared for real-time trading. This function is especially useful to some beginners, who according to Bexplus Exchange, lose several times but still don’t have a clear idea of why they are losing and the rules of the exchange. Not every exchange offers a demo account, for instance, in Bybit you need to apply for one by contacting customer service. If you are a beginner, try Bexplus as they offer each user a demo account with 10 replenishable BTC.
Support Desktops and Mobiles
At least half of the exchanges in the market don’t support desktop trading and mobile trading at the same time. While mobile trading is not a must-have function, not having one might put a damper on user experience. Therefore, if you choose an exchange, it is best to find one with a desktop version and application.
If you are a short-term trader, the fee structure is an important factor in choosing a trading platform. For example, the average fee for most trading platforms in the market is about 0.1%-0.2%. As far as I know, some platforms even have a transaction fee of as high as 8%. If you trade on a platform with an unreasonable fee, you could lose big.
Bexplus – Recommended Crypto Exchange
Established in 2017, Bexplus is a leading crypto derivatives exchange offering 100x leverage futures trading on a variety of trading pairs – BTC, ETH, DOGE, ADA, XRP etc. The company is registered in Saint Vincent and the Grenadines. No spread, no KYC requirements, no deposit fee, Bexplus is trusted by 800k users worldwide, including the USA,UK,Spain, France and Korea.
Bexplus does not enforce KYC, which means that it will not collect any personal information from you. Only an email address is needed to make you register and trade. If you don’t want to expose your personal information while trading cryptocurrency, Bexplus is undoubtedly a good platform.
Interest wallet with up to 21% annualized interest
Bexplus wallet offers up to 21% annualized interest. With fast withdrawal and no penalties for early withdrawal, you can continue to grow your wealth while holding your bitcoin.
Personal account manager and 24/ customer support
Each user can access a personal account manager after registration. Account managers help users better understand how the platform works and share strategies on crypto trading. The customer service handles complaints and questions 24/7 via email and live chat.
Simple fee structure
Bexplus requires no deposit fee and has a relatively low service fee compared with many other platforms. For instance, while some platforms such as Bybit and Bitmex charge a funding fee every 8 hours, Bexplus only charges an overnight fee for 0.1% of the contract value if you hold a position over GMT 0:00. The trading fee of Bexplus is 0.075% for opening and closing BTC contracts. Bexplus doesn’t require any deposit fee.
Bexplus mobile app ranks in the Top 5 of keyword search results related to bitcoin trading in 56 countries in App Annie. This full-featured app provides you with the same experience when using a computer, only far more convenient. Bexplus mobile app has a 24/7 market notification to keep you updated with any huge market movement. All data and assets can be accessed through all kinds of devices including Windows, Macbook, Android phones, iPhones, and tablets.
Benefits and Giveaway
Every user can claim a 100% deposit bonus of up to 10 BTC for each deposit. If you deposit 1 BTC, 2 BTC will be credited to your account, and the profits gained with the bonus are withdrawable. Bonuses can be used as margin and bigger margin reduce the risks of forced liquidation.
In conclusion, Bexplus is a very simple and fully functional trading platform that is very friendly to traders.