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Broker Launches ‘Trading Ideas’ Tool ​—​ Incentivizing Experts to Share Insights on Crypto

A broker aims to become the go-to destination for the new generation of mobile-first traders and to create a community where users can exchange insights and strategies.

A contract-for-difference (CFD) broker says its platform is one of the first to operate in both crypto and fiat currencies — with a simple interface that’s designed to appeal to new and advanced traders alike.

SimpleFX says that it already boasts more than 200,000 active traders around the world and aspires to become “the go-to app for the new generation of mobile-first traders.” In order to achieve this objective, the company has added social features that deliver a social element to its platform — giving experienced traders an opportunity to gain influence, mentor their followers and earn a reputation.

Known as Trading Ideas, the feature enables traders to share their insights on movements in the stock markets, forex and crypto worlds. They can take snapshots of customized charts, write a comment about the trends they have uncovered, and broadcast it far and wide on social media.

Each Trading Idea link is attached to Affiliate Software, a solution used by the SimpleFX referral program. Whenever somebody clicks it and signs up for the platform, the account will be connected to the Unilink account of the user who published the Trading Idea. This means that for any trade ever made from the account registered via a Trading Idea, its creator will receive up to 25 percent of the spread, the company says.

Live quotes and chart widgets

Another new feature for website owners and bloggers works in a similar way. With SimpleFX live quotes and chart widgets, they can generate “free quality content” in a matter of clicks. Widgets are fully customizable and provide real-time quotes, charts and currency converters of all the trading symbols available on SimpleFX. Putting them on their sites, publishers and bloggers can capitalize on the millions of Google searches related to cryptocurrencies and forex that take place on a monthly basis.

The company believes its widgets will help websites to boost traffic, improve search rankings, keep readers engaged for longer and unlock new revenue streams. The widgets are also linked to the Unilink platform, and every account registered after clicking on them will generate revenue for the publisher, the team adds.

Try SimpleFX platform here

Making multitasking manageable

SimpleFX says it acknowledges that a significant number of users continue to trade on their laptops and desktops. In order to appeal to this group, the broker has unveiled its Multicharts feature, which enables the community to adapt and organize the main screen around their individual requirements. The dashboard can be divided into as many as six sections, giving users the power to program each one to display the symbols, chart types and time periods they rely on the most.

A modern CFD trading broker

SimpleFX argues that many well-established CFD brokers provide “outdated online trading tools” that are not in keeping with what sophisticated users demand and expect in today’s marketplace.

SimpleFX infrastructure is complemented by an API manager that offers a fully automated experience, all while delivering “constant stability in order to prevent uncertain situations in the market.” To eliminate delays, offer low latency and pave the way for the “fastest possible execution time” for users from any part of the world, SimpleFX is using trading servers spread around Europe, the Americas and Asia.

The platform says that it is able to offer its users 1:500 leverage, opening opportunities to “less affluent traders.” This is coupled with an easy-to-understand stop loss feature and negative balance protection. That said, it is worth noting that margin trading is not without risk.

Experimentation and testing are often key to a trader’s success, and to this end, the company adds that it offers a “fully functional demo account” so users can put a strategy through their paces before executing it in the real world. Bolstering the sense of community on its platform, SimpleFX also provides a shoutbox where traders can enjoy engaging discussions and ask questions to other users — giving them access to insights and experiences they may not find anywhere else.

The team notes that SimpleFX WebTrader won the competition for the best trading platform during the Finance World Expo Summit that took place on March 6 and 7 in Zug, Switzerland. The jury panel rewarded the trading app for “great usability on mobile devices,” “remarkable speed and reliability,” “responding to the user needs with new features” as well as “the strong and growing community of users.”

Learn more about SimpleFX

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Central Banks Should Leave Crypto to Facebook and JPMorgan: PwC Partner

PwC France’s Pauline Adam Kalfon says central banks should stay away from crypto until it is “battle-tested” by corporations.

Central banks should leave issuance of digital currencies to corporations such as Facebook and JPMorgan, according to a blockchain and financial partner at PwC France, Forbes reports March 22.

According to PwC France’s Pauline Adam Kalfon, central banks should stay away from the issuance of central bank digital currencies (CBDCs) until large corporations test out the tokenization of fiat currencies themselves.

Only when cryptocurrencies are “battle-tested by corporations,” should central banks make a move towards the crypto space, Kalfon argued, adding that it will reduce the likelihood of potentially negative consequences on the economy arising from any central bank issuing a digital currency.

Kalfon elaborated that France’s central bank, Banque de France, may not be the best entity to launch a digital currency project, explaining that the bank will be operating under the European Central Bank (ECB). She said:

“It is clear that a European-level project would be very complex and challenging governance-wise, requiring alignment and the political consensus of all relevant stakeholders from each Member State.”

In mid-February, JPMorgan announced plans to launch its own crypto, JPM Coin, to increase settlement efficiency. Following the news, JPMorgan CEO Jamie Dimon stated that the company’s new cryptocurrency could have a consumer use one day.

Facebook was first rumored to develop its own crypto in December 2018, while The New York Times (NYT) released an article in late February alleging that the social media giant is developing a stablecoin that would incorporate Facebook’s three fully-owned apps — WhatsApp, Facebook Messenger, and Instagram.

In January, the Basel Committee on Banking Supervision (BCBS) reported that 70 percent of global central banks are exploring the benefits of CBDCs.

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Cryptocurrency Price Correlations in Bitcoin, Dollar Flipped in 2018, Binance Finds

Binance research found correlations among crypto assets in BTC terms have waned, while they have strengthened in USD since 2017.

Price correlations among major cryptocurrencies increased against the U.S. dollar (USD) but fell in Bitcoin (BTC) terms, a new report from cryptocurrency exchange Binance revealed on March 20.

Part of an investigation into price trends within crypto markets since 2017, Binance found that behavior among assets is diverging depending on whether returns are denominated in USD or BTC.

Specifically, USD returns from holdings were more correlated among cryptocurrencies within the three months of 2019 ending March 1 than in 2017.

BTC returns, by contrast, are less correlated in current conditions than they were eighteen months ago.

“Correlations in BTC returns are important as BTC remains one of the best price indicators of crypto markets for two key reasons,” Binance explained about the impetus behind its field of research.

Those reasons, the post said, are the liquidity and market dominance that Bitcoin continues to exhibit compared to other cryptocurrencies.

The results also point to more recent phenomena to occur within the market, notably stablecoins, which have taken over trading pairs which would once have been denominated in BTC.

Binance itself has adopted a highly bullish stance on stablecoin assets, choosing to add large numbers of them over the past six months.

The report concluded:

“While these changes in correlations coincided with the rise in stablecoin volume and stablecoin trading pair offerings across exchanges, the analysis reveals additional idiosyncratic factors that should be considered when constructing an optimal cryptoasset portfolio.”

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Circle CEO Jeremy Allaire: Stablecoins That Use Open Standards Will Prevail

Jeremy Allaire has said that stablecoins using open standards will prevail as the sector continues to see new market entrants.

Jeremy Allaire, co-founder and CEO of payments company Circle, has said that as the sector continues to see new market entrants, stablecoins using an open standards approach will prevail. Allaire made his remarks during an interview with Fortune’s crypto-focused segment The Ledger on March 19.

As reported, Circle launched its US dollar-backed, ERC-20 stablecoin USD Coin (USDC) last fall, via the consortium Centre, which counts crypto exchange Coinbase and mining firm Bitmain as members. Centre is also the name for the token’s open network and open source protocol, which provides interoperability in a bid to secure wide ecosystem support for the asset.

In his interview with The Ledger, Allaire welcomed recent, unconfirmed reports of Facebook’s still-secretive plans to launch its own stablecoin asset, which would reportedly be integrated for payments within a canopy messaging service for WhatsApp, Facebook Messenger and Instagram:

“[Facebook’s reported plans are] very, very positive in our view overall. The approach that we’ve taken is to create a consortium model. When we think about a standard for how fiat money works on the internet, it’s really critical that it’s an open standard that many companies can implement, that has an self-governance mechanism — [that provides] a technical standard as well as a membership framework.”

Using the metaphor of creating “an HTTP for money on the internet” that could support global, broad participation from multiple actors, Allaire said he believed such an approach is “ultimately going to be much more successful than a single company issuing a [crypto]currency themselves.”

As reported yesterday, the Winklevoss twins have echoed Allaire’s perspective in affirming the Facebook stablecoin development as a positive sign for the crypto industry as a whole, while underscoring the project’s prospective limitations.

This year, United States banking giant JPMorgan Chase revealed its own plans to launch a proprietary stablecoin, which has also drawn criticisms over its lack of interoperability.

When Circle closed its Bitmain-led $110 million fundraising round to raise capital for the USDC project last May, its private valuation hit $3 billion. More recent figures for the firm, in the aftermath of the protracted crypto bear market, have not been officially reported — although Allaire told the Ledger the company continued to see “very significant growth year last year.”

In summer 2018, Allaire pitched stablecoins as a vital component of the infrastructure for creating a tokenized global economy.

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Cryptocurrency Community Eyes Tether After Website Dilutes USD Backing Claims

A rephased description of the stablecoin’s backing appears to suggest it is not entirely backed by USD, undoing previous assurances.

Developers behind stablecoin Tether (USDT) have drawn scrutiny today, March 14, after social media users noticed they had removed previous claims that the altcoin was fully backed by United States dollars.

Tether, which has faced various publicity hurdles over the transparency of its holdings, had de facto guaranteed that each of its USDT tokens had an equivalent 1 USD in the bank.

Intended as the opposite to fractional reserve banking, as Cointelegraph reported in December last year, documents had further confirmed the validity of Tether’s backing claims.

Now, however, a new update, date unknown, to its website suggests USD holdings no longer cover the full supply of USDT.

“Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities,” it now reads [emphasis added by Cointelegraph].

One such affiliated entity is cryptocurrency exchange Bitfinex, which shares leadership with the stablecoin.

On Reddit, commentators immediately took issue with backing by anything other than USD, which they suggested compromises the entire coin’s legitimacy.

“I guess we’re back to trusting 3rd parties, running fractional reserves, to run the market,” user u/Toyake, who uploaded the topic, summarized.

A popular response even drew parallels between Tether and defunct alleged ponzi scheme BitConnect.

Tether had not issued official comment on the allegations at press time.

Earlier this month, officials reached an agreement with blockchain network TRON to use USDT as a native token on the platform by the end of Q2 2019.

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Binance CEO CZ Hints at Creation of Fiat-to-Crypto Exchange in Argentina

The CEO of cryptocurrency exchange Binance has alluded to a new fiat-to-crypto exchange in Argentina on Twitter.

CEO of cryptocurrency exchange Binance, Changpeng Zhao, has hinted at the creation of a new fiat-to-crypto exchange in Argentina in a tweet sent on March 9.

The tweet was in reply to a piece published by crypto news website CoinSpice. The article in question concerned the agreement between the government of Argentina with Binance Labs, the exchange’s investment and social impact arm, to co-invest in blockchain projects that are backed by the exchange.

Zhao’s comment contained in the tweet apparently suggested that Binance has plans to establish a fiat-to-cryptocurrency exchange in Argentina. More precisely, the tweet stated:

“Guess where we will have a new fiat-to-crypto exchange?”

As Cointelegraph reported in January, following reports that Binance planned to launch fiat-to-crypto exchanges in eight more countries — one of which was Argentina — a spokesperson of the exchange declined to confirm six of the alleged locations, only affirming plans for Singapore and Malta.

Also in January, the exchange had added support for credit card crypto purchases through its partnership with payment processor Simplex.

More recently, exchange and social network for investors and traders eToro launched its cryptocurrency trading services in the United States. The exchange, which reportedly has over 10 million users, will start facilitating the trade of 13 unspecified crypto assets and release a cryptocurrency multisignature wallet to customers in 32 U.S. states and territories.

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Bahamas Central Bank Announces Key Tech Providers for Upcoming Digital Currency Pilot

The Bahamas central bank will work with and Singapore-based Zynesis to develop the digital fiat currency project.

The Central Bank of the Bahamas has announced its key collaborators for the development of a digital fiat currency system in the island country, according to an official document released on March 1.

Called “Project Sand Dollar,” the new initiative intends to provide equal access to digital payments capabilities, reducing cash transactions and service delivery costs. The pilot also aims to improve operational efficiency and overall financial inclusion in communities across the Bahamas.

In order to implement the project, the Bahamas central bank will reportedly cooperate with transaction provider — bringing “together the collective know-how and expertise of IBM” — and Zynesis, a Singapore-based software development firm offering blockchain solutions. The Bahamas bank stated that it will soon start talks with NZIA in order to agree on the final terms and the scope of the collaboration.

In the announcement, the Bahamas central bank also noted that the upcoming digital fiat currency will comply with the local regulations, including the draft regulatory Central Bank of the Bahamas Bill, 2019. The regulatory framework is set to include policies against money laundering and terrorist financing, as well as specifications to ensure the digital currency’s complementary status to that of the traditionally adopted banking system.

The Central Bank of the Bahamas first reported its plans to release its own state-backed digital currency in June 2018. At the time, the Bahamas’ deputy prime minister and minister of finance claimed that a digital Bahamian currency will be particularly important for the many islands, as many commercial banks have downsized and left communities without banking services.

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Crypto-Fiat Payments Firm Wirex Launches Major Update, Adds 10 New Fiat Currencies

Digital payments firm Wirex released a major platform update offering new OTC and interbank rates for crypto and fiat.

Digital payments firm Wirex has released a major platform update, Wirex 3.0, adding ten new fiat currencies, according to an official press release on Feb. 27.

From now, Wirex users in the European Economic Area (EEA) can access “unconditional access” to over-the-counter rates for cryptocurrency exchanges, as well as interbank rates for traditional currency exchanges.

The press release clarifies that the update also brings these new features to residents of the Asia-Pacific region and Canada, letting said users operate their Wirex accounts in their local fiat currency for the first time.

According to the statement on Wirex’s “Money Management” page, the platform now supports 15 fiat currencies, including newly featured ones such as the Hong Kong dollar, the Singapore Dollar and the Australian Dollar (AUD).

Additionally, the recent update offers new ways to transfer money in and out of bank accounts, enabling support for the United Kingdom-based Faster Payments, SEPA and SWIFT.

According to the announcement, the new platform also features a transparent fee structure.

In August 2018, Wirex was granted the third e-money license issued by  U.K. regulator the Financial Conduct Authority to a crypto-related company.

Previously, management and technology consulting firm GreySpark reported that the United States dollar is the most actively traded fiat currency against cryptocurrencies.

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New Ecosystem Says It Allows Sending and Receiving Crypto or Fiat With No Fees

A new ecosystem is vowing to offer consumers the freedom to pay in fiat or crypto without middlemen — tackling the “miserable experience” they currently face.

An upcoming crypto ecosystem has bold ambitions to offer “a much smoother way of moving fiat and cryptocurrency over the internet,” enabling people to pay in the fiat or crypto of their choice — whatever the requested currency — without fees.

YPTOspace says it plans to develop a “first-of-its-kind platform that connects blockchain assets to real-world payment platforms,” all with the goal to become a one-stop-shop for payments and transactions for consumers and businesses.

The startup argues that the current landscape is a “miserable experience” for consumers and impractical for daily usage. Yet, at the same time, mainstream adoption of cryptocurrencies remains a long way off, as these digital assets need to become a viable alternative to cash. YPTOspace wants to create a unifying platform that eliminates middlemen and delays, which can see the public lose money because of the huge swings in volatility seen in the crypto market.

In illustrating the flexibility it ultimately wants to offer its community, the company’s white paper says: “Users can send Bitcoin and have them arrive as dollars or euros. Users can make payments in euros, and businesses can receive them as Ethers or the platform’s native cryptocurrency – YPTO Coins.”

Its team says it wants to combine the benefits of traditional payment systems with the transparency and speed of cryptocurrencies and blockchain, and claims that its platform will be “revolutionary in that it will be free of fees, with the lowest exchange commissions on the market.”

A growing number of applications

YPTOspace says that it has envisaged multiple applications for its ecosystem. While some are already functional, others are in development.

The first is a peer-to-peer trading service that enables users to buy and sell assets in real time through an “automated and trustless reconciliation and settlement system.” It is hoped that this global exchange will offer full transparency with exchange rates, inoculate users against rapid price changes, and make it easy for newcomers to the crypto market to make purchases with confidence.

YPTOspace is available here

In a bid to appeal to the e-commerce market, merchants are going to be offered “smart demand and supply management along with almost instantaneous remuneration,” eliminating the delays that small businesses all too often face when they are dealing with legacy payment processing companies. Back on the consumer side, the banking platform will aim to “give users the tools to manage every aspect of their financial life,”  and again, this is going to be geared toward casual audiences.

YPTOspace says its ultimate aspiration is to create a payment solution that allows customers “to pay swiftly and safely with any cryptocurrency,” as well as to make its offering as simple as a credit card transaction.

“Nurturing an online community”

In offering a service that’s geared toward those with little technical or financial knowledge about cryptocurrencies, YPTOspace says it is determined to ensure they are supported with resources to help them make informed decisions and avoid losing out because of asset volatility.

The platform says it plans to offer “accurate and up-to-date news” on blockchain, crypto assets and fintech trends in a variety of formats, empowering those who are short on time with an opportunity to learn more about trading and investing. This would be backed up by a social media element designed to “nurture an online community that can freely share, exchange, post and get rewarded for participation.”

YPTOspace has applied for banking licenses in the European Union so that users can benefit from a comprehensive service, including credit cards and multi-currency bank accounts.

The startup’s ICO is being conducted in four phases over four weeks, beginning on March 25 and concluding on April 26. YPTOspace’s platform is scheduled to launch in the second quarter of 2019 with a suite of four services, with additional features set to be added by the end of the year and beyond.

Learn more about YPTOspace

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Major American Magazine Time Column Reports About Bitcoin’s Liberating Potential

Mainstream newspaper Time published an article illustrating the liberating potential of Bitcoin, especially in countries with oppressive governments.

Bitcoin (BTC) has a substantial liberating potential, American mainstream newspaper Time reports on Dec. 28.

The aforementioned article claims that “speculation, fraud, and greed in the cryptocurrency and blockchain industry have overshadowed the real, liberating potential of Satoshi Nakamoto’s invention.”

According to the article’s author, Bitcoin “can be a valuable financial tool as a censorship-resistant medium of exchange.”

Alejandro Machado, a cryptocurrency researcher at the Open Money Initiative, reportedly said that the fee on a wire transfer from the United States to Venezuela can be as high as 56 percent.

To circumvent such conditions, Venezuelans have reportedly turned to cryptocurrency, receiving Bitcoin from their relatives abroad. The main alternative is to wire money to Colombia, withdraw and bring cash to Venezuela, which according to the article, “can take far longer, cost more, and be far more dangerous than the Bitcoin option.”

Times suggests that Bitcoin is a good way to protect oneself from fiat currency inflation. Venezuela is prime example of that, with the inflation of their native currency projected to top 1 million percent. But there are also other similar examples, like Zimbabwe, where former president Robert Mugabe “printed endless amounts of cash.” But the author points out:

“His successors can’t print more Bitcoin.”

Bitcoin is also, according to the article, a tool to evade mass surveillance in places like China. That being said, as Cointelegraph reported in March, according to U.S. whistleblower Edward Snowden, Bitcoin isn’t optimal for avoiding government coercion, and he believes that the world needs a better option.

Times also points out the advantage given by the inability of governments to censor transactions or freeze Bitcoin wallets. In fact, Cointelegraph reported in April that WikiLeaks’ Coinbase account has been suspended due to a term of service violation.

Still, nobody can prevent WikiLeaks from using cryptocurrency wallets where the organization controls the private keys. In fact, WikiLeaks is still accepting cryptocurrency donations and also added support for Snowden’s favorite crypto Zcash in August 2017.