INTRODUCTION
There have been constant changes and so many innovations in the technological space. Most of these changes have had a direct impact on systems and also have changed the narratives while exposing the limitations of several traditional systems. Without any doubt, cryptocurrency and the blockchain technology, undoubtedly remain the biggest innovations of the 21st century and without mincing words, an ingenious development of a lifetime. It is safe to call the technology a ‘game-changer’ as it continues to prove doubting minds wrong with measured progress and breakthrough achievements within just a decade. To state facts clearly, the world witnessed its first-ever cryptocurrency in the form of Bitcoin in 2009. The blockchain was developed alongside this asset and provides a framework for its existence (cryptocurrency). Ever since then, many crypto projects continue to be developed with varying or similar consensus mechanisms to Bitcoin or each other.
Regarding opportunities, there are so many opportunities that the blockchain has presented to individuals and organizations. One that has resulted in the development of amazing projects that have seamlessly solved challenges in several sectors. The interesting thing about the blockchain technology is its wide and exclusive application to almost all sectors, which includes but is not limited to education, finance, gaming, aviation, health, agriculture, and transportation. So many traditional and deeply centralized systems continue to wallop in fear over the substitution and threat the blockchain technology pose to their organizations. I do not think this fear should exist because the blockchain came to heal and not to destroy. But of course, it will destroy anomalies and corruption.
With more people adopting cryptocurrency and accepting it as a superior financial mechanism, the progress made so far does not look like its stopping soon. There are several interesting features of the blockchain but of great importance to this article is the asset housing, distribution, and exchange feature known as ‘CRYPTOCURRENCY EXCHANGES’. Cryptocurrency exchanges remain an integral part of the blockchain development. These exchanges are dynamic and make it possible to trade cryptocurrencies, transfer assets, store value and create wealth. Concerning its dynamic nature, exchanges have evolved from just the exchange of assets to bigger projects that include market predictions, analysis and extended user experience. While there is no absolute peace, there exist some challenges with some cryptocurrency exchanges.
Cryptocurrency exchanges – Current Challenges
Exorbitant network fees
Certain exchanges charge exorbitant fees on transactions done by its users. This is unacceptable to the future of crypto exchanges and adoption. This, as a result, reduces the profit margin of traders. Even though these fees are important to the efficient running of the exchange, it becomes a problem when they are unnecessarily high.
Scalability
One of the biggest challenges of crypto exchanges is scalability. Most exchanges cannot process transactions in unit time. The blockchain was designed to handle large volumes of transactions without any downtime and with the increasing adoption of the blockchain technology, most exchanges have been exposed as they are not able to process the large volumes of transactions. Since growth is inevitable, scalability will remain a serious attack on exchanges that do not evolve.
Insecurity and Attacks
A huge amount of assets has been lost from unsecured exchanges in the past. This has reduced the trust of traders on certain exchanges. Attacks on exchanges that were first recorded in 2011 have ever since, progressively resulted in the loss of millions of dollars and the big question is ‘can exchanges be trusted?’. The answer to this is right in this article.
Market Manipulations and Liquidity Issues
With the volatile nature of crypto assets, sufficient liquidity remains a problem for most exchanges. They find it difficult to easily liquidate coins and this can cause frustration for traders. More so, some exchanges are easily influenced by market manipulators who make a profit off the loss of others, thereby defeating the fair and equal treatment most exchanges uphold. This feature is heavily seen in exchanges lacking regulation and framework.
The Solution - BTSE Exchange.
BTSE is a virtual exchange platform that offers a variety of cryptocurrency trading services. The BTSE exchange supports two main trading features known as the spot and futures trading and is rapidly evolving with innovative features that have enabled it to solve many of the challenges ravaging cryptocurrency exchanges. The technological buildup of the exchange brings stability and is highly scalable, efficiently processing transactions in real-time. It does this by running purely on a memory that enables transactions to occur in sub-millisecond, which in the long run reduces trading and system overloads. The BTSE exchangE has an array of currencies that enables traders to make choices of most suited trading pair and guarantees exceptional security of assets with the ‘self-hosting feature.’
BTSE Spot Trading
Spot trading is simply the exchange of assets in exchange. Spot trading like the name implies is settled or transacted quickly and usually at the current market price. In BTSE spot trading, there is a designated wallet where several crypto assets can be deposited or withdrawn. Spot trading is one of the simplest forms of trading on the BTSE exchange site.
There is an ease in navigation as even beginners can easily complete trades on the BTSE Trading site.
BTSE Futures Trading
In futures trading, a trader agrees to buy an asset at a future agreed date and price. The BTSE futures trading is characteristically different from the conventional futures trading seen in other exchange sites. It is an upgrade of the futures trading and is known as ‘Futures 2.0’.
With the increasing popularity and use of futures trading, there is a need for increased user experience, hence the integrated and upgraded feature of the BTSE Futures trading. The futures trading of the BTSE has seamlessly solved the following challenges
Inefficient UI
Forcing users to trade in crypto only
Platforms are often unreliable (downtime & overload)
To learn more about how to trade futures and spot trading, visit the BTSE academy using the link below
Learn all about cryptocurrency trading on BTSE Academy
Getting Started on BTSE Exchange
- Click on register and input your username, email address, desired password, and a captcha code verification
Note: Make sure you select a strong password using alphanumeric
Read and check the terms of use
At this point, a mail is sent to your email address for you to confirm and proceed to the next stage. Click and confirm the link sent to your mailbox. You can check your spam if you cannot find the message in your inbox
- Proceed and login to the website and get ready to enjoy an enhanced trading experience.
Navigating your way on the BTSE exchange
Deposits
Upon logging on the BTSE exchange, you can see your account name displayed on the right depending on your browser.
Click on 'wallet' to deposit funds to your BTSE account, deposits have been made easy and user friendly as you can deposit multiple assets.
Deposits for spot trading and futures trading can be done differently, all you need to do is to click on each one you desire to deposit. There is a limit for deposits and this can be upgraded by doing a simple verification
BTSE also offers you several ways to deposit and withdraw funds via unlimited SWIFT bank transfers and a global P2P marketplace with verified merchants in your country.
Verification
Go to your accounts and click on deposits, this opens a page that allows you to select the desired account type. You can either select the individual or corporate account. A passport or ID is needed here.
Verification allows you to deposit, trade and withdraw a high amount of assets. You can start trading without limits as soon as you sign up; your ID verification will give you additional access to BTSE’s multiple fiats on- and off-ramps. This impacts transparency and removes every form of fraud unlike in certain exchanges.
Security
The BTSE exchange is highly secured and on clicking on security in your account profile, you either select the 2FA authentication or IP whitelisting. This guarantees the safety and security of your digital assets. Always back up your keys and save them away from hackers and fraudsters.
API Feature.
The API feature allows you to automate your trades or share details of your trades with a third party. It is safe and secured and does not grant fund access to the third party. Automation is key when using the API feature.
Bonus
Users can earn a bonus by completing and depositing a specified amount of assets as can be seen in the image. This is a form of incentivizing users and encouraging trading on the BTSE exchange.
Referrals
BTSE exchange has a referral program for its users and allows them to earn commissions by introducing people on the platform. Not only that, but you can also earn when your friends introduce another person and this goes on progressively. How amazing it is!!
Benefits of BTSE to Retail Crypto Traders
Every trader desires a fast and efficient exchange that is not at risk of overloads or downtimes, having secured an algorithm for their assets. Given these needs and more, the BTSE exchange is the perfect solution and answer. The BTSE exchange has a high-speed matching engine that processes over a million orders in a second.
When compared to other exchanges, there is clear scalability of orders and transactions, which is systematically powered through horizontal scaling technologies.
Redundancy and security breach does not exist on the BTSE exchange. This is because the server is fully hosted which brings about flexibility and improved performance.
Retail traders can trade cryptocurrency spot and futures with up to 100x leverage and freely pick and combine their favorite trading pairs from a variety of fiat and top cryptocurrencies.
Benefits of BTSE exchange to Institutional Traders
BTSE exchange has incorporated several features that give stability to the exchange site. With experienced blockchain experts carefully studying the blockchain space over two years, they have been able to develop the site from scratch, incorporating features like scalability, cluster management, real-time risk management calculation, network communication protocol, replication mechanism, scalable matching engine. These features made the exchange a standard of the institutional trading platform of the cryptocurrency space.
Benefits of BTSE exchange to Non-Crypto/Beginner Traders
BTSE exchange has made the exchange even very accessible to beginners, with a very easy to use interface. The team carefully understudied the needs of exchanges and incorporated it alongside other features.
Currently, the exchange supports trading of 6 cryptocurrencies in 8 different fiat currencies, which you can freely combine in your trades. People can easily use their native currency for trading if they do not have an asset on their spot or futures wallet.
Introducing the BTSE Token – All You Need to Know
The BTSE token is the native crypto token of the BTSE exchange. It is a utility token and would be used across the platform for trading, purchases and so many other services. The Liquid Network powered token was sold on March 5, 2020, and surprisingly, all tokens were sold out in 4 hours.
A total of one million tokens were made available during the token sale, which was placed for $2. One of the core reasons for the development of the BTSE token is for the promotion of global adoption of cryptocurrency, while also serving as a fast track for transactions.
Other Key Uses of the BTSE token
Interest Bearing Token Account
With this feature, users can earn interest by depositing their tokens into the designated interest-bearing account.
Purchase of Advanced Trading Services
Users who have the BTSE token can purchase more advanced trading services which include, premium data feeds, algorithmic trading systems and backtesting platforms.
Debit Card Benefits
More services like an increase in ATM withdrawal and deposit thresholds are afforded users who have the BTSE tokens in their wallets and this is proportional to the value of the token being held.
Token Listings
For projects requiring listing on the exchange site, a BTSE token fee is charged before this is done. This obviously will increase adoption and use for the token. These BTSE tokens can be purchased via fiat or any crypto asset.
Use as Collateral
The BTSE tokens can serve as collateral for futures traders. But this is not confined to just the BTSE token but other assets as well.
Reduction and Payment for Trading Fees
One of the major uses of the BTSE token is in trading fees. Each user having the BTSE token is entitled to a reduction in taker fees for both spot and futures trading.
ʽSpot market taker fees will be reduced by an additional amount for traders with a daily average balance of specified USD in BTSE tokens held in their account during the previous trading month. Derivative market taker fees may also be reduced by an additional amount for dependent on their USD value of BTSE tokens held in their account during the previous trading month.‘Source
The longer a trader holds their BTSE tokens, the longer they will be able to realize reduced trading fees. Fee reductions are subject to change in BTSE’s discretion due to changes in fee schedules or otherwise.
Spot Trading Fees
Spot Trading Limits
Futures Trading Fees
Futures Trading Limits
Fiat Currency Deposit and Withdrawal Fees
Digital Currency Deposit and Withdrawal Fees
Meet the Team/Founders
Final Thoughts
The BTSE exchange and token are arguably one of the best projects in the blockchain space. I like the fact that the team worked on limitations of exchanges, innovating and improving on them, thereby producing a masterpiece. The exchange obviously will increase the mass adoption of cryptocurrency which was a core area of their token development. The ease in navigation makes it a blockchain for all and beginners would not have a hard time finding their way around it. The BTSE incorporated academy is another masterpiece that makes the project unique, and with base automation of transactions, scalability and security features, I see the exchange climbing the ranks. ‘Simplicity is indeed a priceless virtue’, this is an important concept I saw on the exchange site where the user interface is simple and friendly as compared to sophisticated but user-unfriendly exchanges. BTSE has come to stay and only but a matter of time until it becomes the best.
All images were sourced from the website and white paper during my review and research unless otherwise indicated. Also not that only royalty free images were used.
Reference For More Information and Resources
BTSE Website
BTSE Whitepaper
BTSE Blog
BTSE Linkedin
BTSE Facebook
BTSE Twitter
BTSE Reddit
BTSE Telegram