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Tips for Choosing the Right Cryptocurrency Exchange Platform

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3 years ago

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Tips for Choosing the Right Cryptocurrency Exchange Platform

One of many largest tendencies of 2022 has been investing in cryptocurrencies. Cryptocurrencies are nothing however digitally held currencies that haven’t any bodily existence. Ever since individuals realized the advantages of blockchain for the reason that debut of Bitcoin, cryptocurrencies have been on the rise. Therefore, we have now seen many new traders on this subject. The largest platforms the place traders are buying and selling these cryptos are crypto trade platforms. Ever since there was a surge within the variety of traders we discover that there has additionally been a surge within the variety of crypto trade platforms. For extra details about a good buying and selling platform, you possibly can go to bitiq.

A cryptocurrency trade platform is the place merchants or traders use a third-party app to begin commerce or put money into completely different cryptocurrencies in opposition to the worth of a greenback or different fiat currencies. These are fairly common and the commonest technique the place individuals commerce such currencies. Nevertheless, the surge in such platforms has created immense confusion amongst new traders. To ease their minds we’re offering some ideas right here that they will comply with to decide on the very best platform. 

  1. Safety

One of many causes for main issues for crypto traders has been the safety of their belongings. Safety measures will be taken in some ways.

  • Since all such trade platforms rely closely on the web it may well trigger many assaults on them. Just lately a Singapore-based trade platform confronted an assault that led to it shedding 200$ million value of belongings. Subsequently, you must put safety as your high precedence when deciding which platform to decide on. So, attempt to discover an genuine platform that has a superb evaluate available in the market.
  • You will need to resolve how a lot of the belongings you’ll retailer on exhausting drives and the way a lot you’ll retailer on-line. Whereas such platforms will need to have a sure share of their currencies on-line for lively buying and selling, you must look if the vast majority of your holdings are secured in a {hardware} pockets or not. 
  • One other factor is the safety of the app itself. Many trade platforms provide insurance coverage insurance policies that save from any exterior assaults that the platform could face. 
  • Some additionally depend on two-factor authentication safety. Right here, after including the fundamental login credentials, you’ll obtain a one-time password in your registered cell quantity which you must put in to log in. This provides additional safety to your wallets. 

Subsequently, you need to select your trade platform properly retaining in thoughts the completely different safety measures they’ve to supply. They give you a spot to make secure and safe transactions. 

  1. Accessibility and tips

Many international locations have introduced ahead laws concerning cryptocurrency trade platforms. Buying and selling on trade platforms that aren’t per your nation’s tips may cause the entire transaction to be unlawful and will end in a lack of belongings and cash for you. Subsequently, retaining a verify that you just solely select platforms that adjust to laws in your nation can be crucial. 

  1. Charges 

Along with safety and accessibility, one other vital side of selecting the very best platform is the charges they demand. Cryptocurrency trade platforms are principally regulated by third-party, in order that they demand some quantity of transaction charges and regulatory charges. Nevertheless, a number of monetary analysts have repeatedly talked about how excessive charges on a platform ought to put you off. They imagine that the upper the charges the higher capital the platform has to manage its capabilities. However, this doesn’t imply that you’d be able to pay an exorbitant quantity of charges. You may seek for a platform the place the charges shouldn’t be astronomically excessive, and neither ought to they be very low.  In case you are somebody who is just not prepared to pay excessive costs only for conversion you must take a look at completely different choices out there. You may select a peer-to-peer trade platform. 

  1. Liquidity 

One other vital a part of selecting an trade platform is trying on the liquidity possibility they’ve to supply. For those who can convert your cryptocurrency to money and vice versa simply and with none delay, it ought to do the trick. Such liquidity is vital particularly when you’re making every day earnings by way of buying and selling. 

Conclusion:

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Subsequently, as you possibly can see these are a number of the vital elements that you must think about to just be sure you have chosen the very best cryptocurrency trade platform.

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Crypto

Sen. Bernie Moreno supports loosening regulations on some cryptocurrency assets

Published

6 hours ago

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January 8, 2025

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Sen. Bernie Moreno supports loosening regulations on some cryptocurrency assets

WASHINGTON, D.C. — Bernie Moreno’s victory in the Ohio Senate race was a big win for the cryptocurrency industry, which spent more than $40 million supporting his candidacy. Now in office, Moreno said he would support legislation the industry is seeking that would govern how it is regulated.

What You Need To Know

  • Sen. Bernie Moreno said he would support new legislation to govern how the cryptocurrency industry is regulated

  • The crypto industry spent tens of millions of dollars to support Moreno in the Ohio Senate race

  • Moreno’s support of laws sought by crypto interests is a stark contrast from his Democrat predecessor, former Sen. Sherrod Brown

Moreno has long been involved with the crypto industry. He has a background in blockchain, the same technology used to for cryptocurrency. He previously founded Champ Titles, a digital car titling company that was among the first to use blockchain for digital titles.

The cryptocurrency industry also helped fuel his Senate win. Super PAC Defend American Jobs spent $40.1 million on the race, more than any other outside group. The super PAC is affiliated with Fairshake, another super PAC that is funded by Coinbase, Ripple and other crypto companies.

Moreno’s support of laws sought by crypto interests is a stark contrast from his Democrat predecessor, former Sen. Sherrod Brown.

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As Chairman of the Senate Banking Committee, Brown blocked advancing a bill to loosen the regulation of some crypto assets, known as the Financial Innovation and Technology for the 21st Century Act, or FIT 21. The bill would reclassify many kinds of crypto as commodities rather than securities. Rules for commodities, examples of which include oil, wheat or electricity, are generally looser than those for financial securities like stocks or bonds. The bill passed the House last Congress, but remained stalled in the Senate Banking Committee.

Moreno now sits on the Banking Committee, as well as the Senate Committees for Homeland Security and Governmental Affairs; Commerce, Science and Transportation; Budget; and Banking, Housing and Urban Affairs.

“I got the committee assignments I wanted,” Moreno said. “Senator Thune was kind enough to get me on Banking.”

Moreno disagreed with the stance Brown had taken against legislation like FIT 21, countering that the rapidly growing cryptocurrency industry needs better clarification on regulations.

“Crypto is not looking to be deregulated. Crypto is looking to be treated fairly, to have transparent, consistent regulations that treat everybody equally and fairly. That’s what we want,” he said. “Look, at the end of they day, I understand how the technology works and I understand the industry. My opponent had no idea.”

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With a new Congress, the House would have to re-introduce and pass another cryptocurrency regulation bill. FIT 21 previously received bipartisan support, with nearly all Republicans and about a third of Democrats voting for it.

Similar legislation would likely move more quickly this Congress, in which Republicans control the House, Senate and White House.

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Crypto

Cryptocurrency options in 401(k) plans: Here's what to know to make the most of your workplace retirement plan

Published

14 hours ago

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January 8, 2025

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Cryptocurrency options in 401(k) plans: Here's what to know to make the most of your workplace retirement plan

The rally in bitcoin and other cryptocurrency prices has generated excitement among some investors, but investment advisors are largely still skeptical that those volatile assets belong in a 401(k) plan or other qualified retirement savings plans.  

Crypto was one of the fastest-growing categories of exchange-traded funds in 2024. The most popular of these funds, the iShares Bitcoin Trust ETF (IBIT), has ballooned to over $50 billion in total assets.

Although crypto is a small part of the 401(k) plan market, it could grow substantially in 2025.

President-elect Donald Trump has suggested he will create a strategic reserve of bitcoin for the U.S. and has nominated Paul Atkins, a cryptocurrency advocate, to chair the Securities and Exchange Commission. The SEC’s approval of spot bitcoin and ethereum exchange-traded funds in 2024 was a key change for the industry. 

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Here’s a look at more stories on how to manage, grow and protect your money for the years ahead.

The law covering 401(k) plans requires plan sponsors to act as fiduciaries, or in investors’ best interest, by considering the risk of loss and potential gains of investments. The Labor Department has cautioned fiduciaries to exercise “extreme care” before adding crypto options to a 401(k) plan’s core investments. 

Labor Department officials, however, haven’t required fiduciaries to select and monitor all investment options, like those offered through self-directed brokerage windows, according to the Government Accountability Office. Nearly 40% of plans now offer brokerage windows in their 401(k) accounts, according to a 2023 survey by the Plan Sponsor Council of America. 

Pros and cons of crypto in a 401(k) plan

Fernando Gutierrez-Juarez | Picture Alliance | Getty Images

Views are mixed about how much crypto to add to retirement savings or if it’s wise to allocate any at all. 

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Some financial advisors say crypto can work for a 401(k) plan because its movements are unconnected to the stock market and it functions even if a fiat currency is devalued.

“Crypto should be a part of a 401(k) plan because it’s a non-correlated alternative asset class,” said Ivory Johnson, a certified financial planner and founder of Delancey Wealth Management in Washington, D.C.

“With that said, investors need to ensure that they take their risk tolerance and time horizon into account which will define the target allocation,” said Johnson, who is also a member of the CNBC Financial Advisor Council. “The more volatile an asset class is, the less you need of it in the portfolio because you presumably get more bang for your buck.”

Johnson recommends cryptocurrencies range from 2% to 8% of an investor’s portfolio.  

Other experts point to volatility and risk as reasons to be conservative.

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“People saving for retirement should probably be even more conservative, because adding crypto to a 401(k) plan would significantly increase the risk that your retirement nest egg could suffer a large loss at the wrong time,” said Amy Arnott, a chartered financial analyst and portfolio strategist with Morningstar Research Services.

Morningstar found that since September 2015, bitcoin has been nearly five times as volatile as U.S. stocks, and ether nearly 10 times as volatile. That type of volatility adds a large risk to a portfolio even with a small amount invested.

401(k) contribution limits for 2025 

Regardless of what assets are in a 401(k) plan, there are limits to how much you can contribute. For 2025, an employee can contribute up to $23,500 in a 401(k) and other employer-sponsored plans — that’s $500 more than in 2024.

People age 50 or older can make a “catch-up contribution” of up to $7,500. And those age 60 to 63 years old can supersize that, with a catch-up contribution of up to $11,250 for 2025.

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Prospects for Improved Relations Between the Cryptocurrency Industry and Banks Under the Trump Administration

Published

22 hours ago

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January 8, 2025

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Prospects for Improved Relations Between the Cryptocurrency Industry and Banks Under the Trump Administration

With just over two weeks left until Donald Trump takes office, there are prospects that the relationship between the cryptocurrency industry and the banking sector, which has been at odds, could change positively.

According to The Block, a cryptocurrency-focused media outlet, TD Cowen predicts that under the Trump administration, banks may see an improvement in their relationship with the cryptocurrency industry.

Jaret Seiberg and the Washington Research Group stated in a report, “Banks have the responsibility to comply with Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) regulations and manage risks such as liquidity and concentration,” adding, “If the Trump administration takes power, it is inevitable that the relationship between traditional finance and the cryptocurrency industry will change positively.”

However, they also mentioned that some banks may still take a cautious stance. They said, “Some banks may still see risks in increasing relationships with cryptocurrencies,” and “this could be targeted by new banks.” Additionally, stablecoins (assets linked to the value of fiat currency) were highlighted as the cryptocurrency sector that banks would be most interested in, as banks hold cash, making them advantageous for issuing stablecoins.

In the U.S., there has been ongoing conflict between the cryptocurrency industry and the traditional financial sector, particularly banks. There have been conspiracy theories suggesting that banks have implicitly enforced cryptocurrency-related sanctions, known as Operation Chokepoint 2.0. Some cryptocurrency figures have claimed that banks have tried to restrict access to traditional financial services for the cryptocurrency industry.

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Brian Armstrong, the founder of Coinbase, commented on Operation Chokepoint 2.0, saying, “It actually happened. Unethical and un-American actions occurred under the Biden administration,” and “We are currently gathering evidence from victims through the Freedom of Information Act (FOIA).”

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