Tag: crypto

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Crypto News Swyftx

Swyftx Review

Swyftx Homepage

Verdict: Is Swyftx any good? 

Swyftx is one of the best options on the market for Australian cryptocurrency investors. The platform offers low trading fees (0.6%) and tight spreads, making it a cost-effective crypto exchange for buying, selling and trading digital currencies.  

The crypto exchange’s streamlined design, support for recurring buys and live chat make it a comfortable choice for complete cryptocurrency novices.  

More experienced users will enjoy a comprehensive earn hub, crypto bundles and a huge range of supported assets.  

Advanced derivatives traders may want to look for an alternative exchange, as Swyftx does not offer futures, options or perpetual contracts.   

Overview 

Website:  Swyftx.com/au/  
Headquartered:  Brisbane, Australia 
Listed cryptocurrencies:  310+ 
Trading fees:  0.6% 
Fiat currencies:  AUD, NZD and USD 
Deposit methods: Bank transfer, PayID, POLi, Credit/Debit Card 
Australian-based customer service:  Yes 
Mobile app Yes, iOS and Android 

What is Swyftx?  

Swyftx is an Australian cryptocurrency exchange headquartered in Milton, Brisbane. The platform was founded in 2017 by Alex Harper and Angus Goldman and has since expanded to service customers from New Zealand. The company also has plans to support customers from the UK and Canada.  

Users can buy, sell and trade over 310 crypto assets using the platform’s streamlined yet customisable user interface. The huge variety of digital assets on offer makes Swyftx an excellent choice for both beginner and more experienced investors.   

Australian crypto exchanges can be notorious for high, undisclosed spreads, but Swyftx is renowned for its fee transparency. The trading fee is a flat 0.6%, with the possibility of discounts based on high trading volume, and spreads are easily visible 

The platform supports a competitive earn hub, SMSF (Self-Managed Super Fund) support, advanced order options and a demo trading mode. 

In its relatively short life, Swyftx has established itself as a reliable, cost-effective and secure exchange. Beginners and intermediate investors alike will find themselves at home using the platform, although advanced users wishing to trade derivatives will want to look elsewhere.   

Pros and cons 

Pros Cons 
Competitive trading fees (0.6%) and transparent spreads, especially for an Australian exchange Fees are a bit high for day-traders, compared to international trading platforms (like FTX or Binance) 
Excellent reputation for security and trustworthiness No advanced trading options like derivatives 
Well-optimised and sleek mobile app No insurance fund 
Wide range of supported cryptocurrencies  
 
Helpful features like earning, SMSF support and tax report generation  
 

Is Swyftx safe?  

Swyftx has built a reputation among the Australian community for being a trustworthy and safe exchange. In its 3+ years of operation, the platform has never reported a hack or other compromising event. Swyftx is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and abides by all Anti-Money Laundering (AML), Know Your Customer (KYC) and Counter-Terrorism Financing (CTF) laws.   

The cryptocurrency exchange prioritises the safety of its customer’s assets and utilises a multi-tiered security approach. Swyftx uses industry-standard security measures such as Two-Factor Authentication (2FA), cold storage, penetration testing, data encryption and the least privilege principle. Swyftx also aims to become one of the very few Australian exchanges to receive ISO 27001 certification. This certification is regarded as the international benchmark for security management.   

Swyftx does not currently offer an insurance fund for crypto assets and fiat currency held on the platform. This does not necessarily make Swyftx any less safe than alternatives — particularly given its sparklingly clean track record — but it is still worth keeping in mind. 

Swyftx customer support 

Swyftx has one of the best customer support services for Australians wanting to buy and sell crypto. The platform hosts a comprehensive Help Centre, filled with 100+ helpful articles that  walk customers through depositing AUD, placing buy/sell orders or customising the dashboard.   

If the Help Centre doesn’t answer the question, Swyftx offers a 24/7 live chat. The support team is Australia-based and responsive, with wait times usually ten to fifteen minutes during work hours.   

Swyftx has a 4.7/5 star rating on TrustPilot (from 3,822 reviews) and a 4.6/5 star rating on ProductReview (from 3,686 reviews), demonstrating the team’s excellent customer service. 

Swyftx fees  

Australian crypto exchange platforms are generally a little costlier than international alternatives, but Swyftx’s competitive trading fees stack up well against its local and overseas competitors. 

Overall, Digital Surge is the only Australian exchange that currently has cheaper combined transaction fees and spreads than Swyftx. 

Trading fees  

Swyftx charges a flat trading fee of 0.6% on all transactions. This includes buying and selling cryptocurrencies with AUD or swapping one coin for another.   

Customers can expect around a 1% trading fee on average when using other Australian exchanges, making Swyftx quite cost-effective. 

Deposit & withdrawal fees 

Fiat  

Swyftx does not charge any fees on AUD deposits and withdrawals from an Australian bank account. Free and near-instant fiat transactions are a great feature of the exchange.   

The deposit and withdrawal limit for AUD is $50,000 per transaction, per day. However, both of these limits can be extended upon request. 

Credit/debit card deposits will incur a 3.6% third-party processing fee from Banxa. The maximum card deposit is $60,000 per month.  

Cryptocurrency  

Swyftx does not charge any fees for sending or receiving cryptocurrencies to a wallet. However, standard network (gas) fees will apply.  

Spreads  

Spreads are the difference in an asset’s price between the time an order is placed, and the time it is executed. Spreads are hidden fees that can make trades more expensive than they appear. Those new to trading may not know what spreads are and quickly become confused at the extra costs.  

Swyftx hangs its hat on providing some of the tightest spreads in Australia. The platform is transparent with the spreads for each trade, with fees starting as low as 0.45%. The overall average spread of 1.7% is extremely competitive in the Australian market. Some customers have reported Swyftx’s competitors charging very high spreads of over 4%.  

Swyftx features  

Trading on Swyftx  

Swyftx’s trading interface is clean and easy to navigate. Beginners can easily build their portfolio by setting up instant orders for buying or selling cryptocurrency. Finding coins to purchase is easy — users can simply type the coin’s name into the search bar and click “Buy”. Alternatively, customers can sort through the 310+ digital currencies based on recent price movements or market cap. 

More experienced traders can set up advanced orders that trigger when an asset hits a specific price (effectively a limit order). This can be used to potentially buy or sell cryptocurrencies at a preferred value, instead of at the current market rate. The Swyftx trading terminal also offers a customisable chart. 

It’s worth mentioning that Swyftx lacks several features advanced traders might desire, such as derivatives, market depth and an order book.  

Earn  

Swyftx supports earn wallets for 20 assets, where customers can lock up their tokens and passively earn returns of up to 65+%. Generally, the earning rates on offer are competitive for a centralized exchange. Although yields typically fluctuate, the APYs for assets like Kusama, Kava and Tron are above average. On the other hand, Ethereum and Solana have lower earning rates than if investors staked them on-chain.  

Each asset is divided into three tiers, where the more cryptocurrency a customer locks up, the lower their earning rate. For example, someone staking less than 3 ETH could earn an APY of 2.5%. However, if they are staking more than 6 ETH, that APY drops to just 1.5%.  

The Earn program works similarly to a high-interest savings account, where cryptocurrencies locked in an earn wallet are loaned to Swyftx without a minimum period. Swyftx then repays the “at-call” loan with interest.  

There are no fees for depositing or withdrawing cryptocurrency from the Earn wallet. Some major digital currencies supported include Solana, Cardano, Ethereum, Cosmos and Polkadot.   

In 2022, Swyftx removed four cryptocurrencies from their earn program — TrueAUD, USD Coin, USD Tether and Bitcoin — as a preventive method to ensure customer safety. Unfortunately, these cryptos are typically in high demand for passive earning, so some investors will need to find a suitable alternative.  

Demo mode  

Demo mode is a fantastic initiative by Swyftx that allows beginners to practice trading cryptocurrency without risking any capital. Swyftx is one of few exchanges that offer crypto demo trading accounts. 

Switching to demo mode will provide each account with $10,000 in “mock” currency, which can then be used to build a virtual portfolio. Demo mode is a great way for newcomers to get used to the Swyftx platform, and for experienced investors to test new trading strategies.  

Bundles  

Swyftx offers nine different crypto bundles for customers to invest in. Bundles are a bit like exchange-traded funds (ETFs), being a curated basket of multiple digital currencies. Bundles are a great way to diversify your portfolio, as they are less exposed to the price swings of a single cryptocurrency. 

Bundles range from the simple “Big Two”, which contains only Bitcoin and Ethereum, to the “Staking Coin”, which is filled with ten assets that can all be staked via Swyftx Earn.  

SMSF  

Swyftx allows eligible Australians to add cryptocurrency to their self-managed super fund (SMSF). This has become increasingly popular due to its tax benefits and the overall performance of cryptocurrency since its inception. Swyftx has partnered with crypto SMSF specialists New Brighton Capital to meet growing demand and address any regulatory risks.  

To comply with Australian policies, users must create a separate Swyftx account specifically for trading crypto within an SMSF. To be approved for this account, customers must supply supporting documentation including financial records. For a full list of SMSF requirements, refer to the ATO.  

Creating an SMSF can be a convoluted and confusing process, which is why Swyftx offers consultations with their experts.  

OTC  

High-volume traders, institutions and SMSF accounts can buy and sell over 280+ cryptocurrencies over the counter (OTC). Swyftx’s OTC desk supports trades of over $100,000 AUD and offers global liquidity and lower fees than other Australian competitors.  

Affiliate program  

Swyftx offers an affiliate program that more than 70,000 crypto investors have used. Customers with a valid Australian Business Number (ABN) will receive a commission for sharing promotional material and registering new users. Affiliates will receive 30% on all fees paid by new accounts that sign up with their unique referral link. Commissions are paid on the first week of every month.  

Recurring orders  

Swyftx allows its customers to automate investing through recurring orders, also known as dollar-cost averaging (DCA). DCA involves buying a certain amount of one — or multiple — cryptocurrency at regular intervals. This way, investors can ignore the short-term price fluctuations of an asset and continue accumulating.  

Recurring orders are a powerful way for beginners to build a long-term crypto portfolio while mitigating the risks of trying to time the market. Swyftx customers can set up DCA orders for all 310+ supported assets, as well as crypto bundles.    

Tax reports  

One of Swyftx’s most compelling features is the platform’s ability to integrate with useful tax software. The Australian Tax Office (ATO) has cracked down on tax reporting for crypto investors, so Swyftx can help its customers ensure they’re meeting all their obligations. 

Swyftx offers a free tax calculator. Using it is simple — customers just enter the value of disposed cryptocurrencies at the time of purchase and sale, as well as their taxable income. The calculator will then estimate the Capital Gains Tax owing come tax time.  

Alternatively, Swyftx can be easily integrated with the popular tax reporting software Koinly and Crypto tax Calculator. Users can export a CSV file of their Swyftx trades for a specific timeframe and feed it into the Koinly software. That’s all there is to it — Koinly will then generate a tax report. Koinly can also connect directly to the Swyftx platform via an API key.  

Business accounts  

Swyftx supports business and trust accounts for professional traders and other crypto-related service providers. Personal, SMSF and entity accounts can all be linked to a single login, making cycling through them quite convenient.  

Note: Users are required to create a personal account before they can open an entity account for their business or trust.  

Swyftx mobile app  

Swyftx offers a clean and responsive smartphone application for Android and iOS devices. The app supports most of the main features found on the desktop platform, including trading cryptocurrency on the go, receiving price notifications and transferring assets to an earn wallet.   

The Swyftx mobile app has been generally well-received, with a 4.6/5 star rating and hundreds of thousands of downloads. 
 

How to sign up to Swyftx  

As one would expect from a modern, reputable exchange, signing up for a new account on Swyftx is an incredibly simple process.  

Step 1  

To get started, navigate to the Swyftx platform’s home page. From here, customers can select either the white “Signup” button in the top-right corner, or the large orange “Sign Up Now” button in the middle of the page.  

Step 2  

Even if you wish to create an entity or SMSF account, you will need to start off by registering a personal account. Continue the signup process by entering your country of residence and email address. Once done, select “Next”.   

Step 3  

Swyftx will now send a 6-digit verification code to verify the email address entered in the previous step. Input the numbers to complete email verification. 

Step 4  

Next, enter your first and last name, a long with a mobile number. Swyftx will then require you to enter another 6-digit code, this time verifying the mobile number provided.   

Step 5  

Finally, new accounts must pass Know Your Customer (KYC) verification before they can start depositing AUD and trading cryptocurrency on the Swyftx platform. This is due to the Australian government’s AML and CTF policies.   

To pass this process, you must have access to some form of government-issued identification, such as a driver’s license, passport or identity card. Take a photo (using a smartphone to do this is advisable) and upload them to complete verification. Once verified, the account is registered and ready to begin trading cryptocurrencies! The verification process usually takes a couple of minutes.  

Although not a requirement, it is always recommended that new accounts enable Two-Factor Authentication (2FA) before doing anything else. 

Frequently asked questions  

Is Swyftx legitimate?  

Yes, Swyftx is a legitimate cryptocurrency exchange that was founded in 2017 and has been servicing customers since 2019. Swyftx is headquartered in Brisbane, Australia and licensed as an Australian business.   

Is Swyftx safe?  

Yes, Swyftx is one of the safest exchanges on the market. The platform is dedicated to protecting its user’s assets, employing industry-standard security measures such as hot/cold wallet storage, data encryption and 2FA. The exchange has never experienced a hack or other form of public attack.  

Is Swyftx a wallet?  

Swyftx itself is not a wallet, however, the exchange does support storing over 310 cryptocurrencies on the platform. Additionally, Swyftx supports 15+ Earn wallets for customers to passively earn income on assets like Tron, Cardano and Ethereum. Although Swyftx’s wallets are safe, it is typically recommended to withdraw cryptocurrencies from exchange wallets to a third-party hardware wallet.  

Can Swyftx be trusted?  

Yes, Swyftx is one of the more reputable exchanges available to Australian investors. The company has an Australian-based support and development team and is registered with the relevant government agencies. Additionally, Swyftx has garnered impressive ratings of 4.5+ on Australian review websites such as TrustPilot and ProductReview.  

Is Swyftx regulated?  

Yes, Swyftx is registered with and regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC). It is advised that crypto beginners stick to regulated exchanges, making Swyftx a solid option. 

Categories
Australia Banking Crypto News

Westpac Makes its Tentative First Steps Towards Crypto

After remaining silent on the topic for most of this year, major Australian bank Westpac has indicated its intent to enter the blockchain and crypto space.

This comes as it shared a job post this week advertising the need for a “principal architect” for digital assets and crypto. The successful candidate would aid Westpac in transforming emerging cryptocurrency and digital asset trends into opportunities for the bank and its customers.

Westpac’s Roadmap for Digital Assets

More specifically, the principal duty of the position will involve the development and maintenance of a strategic technology roadmap for digital assets. David Walker, chief technology officer at Westpac, has spoken regarding speculation about its future in crypto:

https://www.itnews.com.au/news/westpacs-new-cto-looks-beyond-mobile-banking-531811

We have been exploring blockchain technologies for some time, recognising the benefits it could have not only for customers, but for streamlining parts of the wider financial system as well … Ensuring the safety and security of our customers remains a critical consideration with the use of this technology.

David Walker, chief technology officer, Westpac

If Westpac continues down this path, it will fall into line with other ‘Big Four’ Aussie banks that have already started catering to crypto.

Other Aussie Banks Banking on Crypto

Australia’s most productive bank when it comes to delving into the crypto industry has so far been the Commonwealth Bank of Australia (CBA). However, CBA was forced to halt its crypto trading pilot in May amid market turmoil. Those who were trialling CBA’s upcoming in-app crypto trading facility were left with no word on when the app was likely to resume trading.

The goals of the Australia and New Zealand Banking Group (ANZ) are set to extend the usage of its cash-backed stablecoin, A$DC, over increased demand for access to it from its institutional customers. At the time (June 2022), ANZ was also looking to target additional use cases through a pilot program, thanks to aid from the federal government and regulators.

Categories
Market Analysis The Crypto Den Trading

TradeRoom: Our Weekly Crypto Trades Analysis – May 10, 2022

Welcome to this weekly series from the TradeRoom. My name is Dave and I’m the founder of The Crypto Den, an Australian-based crypto trading and education community aiming to give you the knowledge to take your trading game to the next level.

Crypto Market Outlook

Since last week, the crypto market has been hectic! We lost another US$200 billion from the TOTAL crypto cap since last week’s analysis article, which is approximately 50% of what we forecast.

There may be some temporary support and relief but I feel the bloodbath is not over.

TOTAL market cap

Bitcoin has hit target number 1 on the downside with absolute perfection! Take a bow! Now remember folks, I trade in both LONG and SHORT conditions so I’m allowed to be a little excited by this. Not only do we make profits on the way down but we also get to buy cheaper BTC! The bear flag is well and truly under way now. As I said above, we could see a bounce soon with a relief rally but I just don’t feel like the bloodbath is over yet. Nevertheless, I’m scaling in and buying more BTC just in case.

If this US$30,000 region of support breaks to the downside, things will get very scary for those who are yet to weather a crypto winter, with some price objectives seeking out US$23,000, US$20,000 and sub-US$20,000 targets.

If you’re in the red now, stay strong. I have 100% faith that BTC will again make ATH and exceed expectations. This may take some time but I’m confident it will happen if it follows my chart analysis.

Image from my April 25 article
Current BTC/USDT

Last Week’s Performance

Well, aside from nailing BTC short I’ll share two trades that played well last week. This is the reason we say, “Don’t buy big green candles in a bear market”. We wait for those relief rallies, then short, based on technical analysis alone.

ZIL/USDT

Managed to snag a cheeky short on ZIL in its recent pump. We identified that ZIL was moving against other ALTS, and BTC having seen its little rally, entering short on both daily resistance and 200/100EMAs. This position is still open and on a leverage of 10x, so sitting currently at 213% ROI with a target of 400%+.

ZIL/USDT

DOGE/USDT

One trade I keep going back to is DOGE. I’ve seen the short potential on this for weeks, if not months, and it’s STILL looking good. Last week I was lucky enough to short the “Elon Effect”, positioning me better than I anticipated (thanks Elon!). A 10x trade is currently sitting at 340% ROI.

I still expect further downside to US$0.04 if we don’t bounce here.

DOGE/USDT

This Week’s Trades

No new trades for me this week as my wife and I have just welcomed a beautiful baby girl into the world, but I will quickly share my thoughts on BTC for you.

IF BTC can rally here we could see some green over the next couple weeks, but that still wouldn’t mean the bear moon is over. It could just be yet another relief rally!

Breaking US$30,000 support before any rally occurs, there’s really not much stopping her going to US$20,000.

Possible BTC next moves

Introducing TCD’s New Social Platform

The Crypto Den now has a FREE purpose-built social platform to share investment ideas, trade chat, connect with like-minded people, share info and more, without the censorship of Facebook. The platform is designed for those more focused on the investment/profitable side of the crypto world.

Are You a Trader?

Invite to Join our TradeRoom

If you’d like to become a better trader, you’re invited to join our TradeRoom where we share daily charts and market analysis. In our community we strongly encourage and teach correct risk management strategies to keep our members safe in this new volatile crypto market.
Join our “Apprentice” plan now for your 7-day trial.

The Crypto Den was created in 2017 to help the rapidly growing crypto community learn and understand the fundamentals of digital currencies and how to trade them. 

Since then we have taught thousands of members the basics of technical analysis and trading strategies to further progress and perfect their trading abilities.

In the TradeRoom, you will be included in a supportive environment which encourages personal growth, education and community support.

It’s a place to share your trading ideas and follow other experienced traders’ feeds to help keep your finger on the pulse of such a volatile market!

Categories
Market Analysis The Crypto Den

TradeRoom: Our Weekly Crypto Trades Analysis – Apr 25, 2022

Welcome to this weekly series from the TradeRoom. My name is Dave and I’m the founder of The Crypto Den, an Australian-based crypto trading and education community aiming to give you the knowledge to take your trading game to the next level.

Crypto Market Outlook

Let’s dive straight into Bitcoin!

In my last article I outlined my thoughts around BTC painting a very large Bear Flag, and nothing has changed since then. BTC has in fact continued to drop as expected and is currently sitting on a very important price level at US$39,000. Breaking this support will confirm a lower high and bearish market structure. We have seen a fake out above US$40,000 and above the 200 EMA that was short-lived.

Image of BTC chart from my last article
BTC/USDT current chart

ALTs are bleeding out, BTC dominance is rising with BTC price action dropping, the SPX and gold are also down, and if momentum continues I see the crypto market losing up to US$500 billion.

TOTAL market cap

I hope for everyone’s sake that I’m wrong but we need to stay realistic. I’m not out to upset folks with any FUD or purposely sharing a pessimistic view, but I do think people should be prepared. Plan for the worst, aim for the best. The last thing I want to see is entire communities losing 90%+ of their investments like we saw in 2018.

This Week’s Trades

Keeping with my short bias, I’m looking for coins with large volume and market caps to paint some very large drops, two of which I’ve mentioned here on numerous occasions.

DOGE/USDT

I still see DOGE dropping up to 70%, which for me as a leveraged trader on 10x can produce a 700% trade. Two clear rejections on a daily equilibrium supports this. My target for DOGE is US$0.04.

DOGE/USDT

ADA/USDT

Just like DOGE, I can see a 70%+ drop for ADA coming. I’ve been talking about these two coins for some time and how they could be huge short trades when the time is right. I think we could be getting closer! This may upset some holders, but US$0.17 isn’t unrealistic.

ADA/USDT

TORN/USDT

TORN has seen some relatively bullish price action recently and held quite well while the rest of the market has struggled. That said, I think it’s time for a correction here and if the rest of the market does dump, TORN is one of those that will lose a high percentage. It’s possible to see a 60% loss with a US$18.00 target.

Introducing TCD’s New Social Platform

The Crypto Den now has a FREE purpose-built social platform to share investment ideas, trade chat, connect with like-minded people, share info and more, without the censorship of Facebook. The platform is designed for those more focused on the investment/profitable side of the crypto world.

Are You a Trader?

Invite to Join our TradeRoom

If you’d like to become a better trader, you’re invited to join our TradeRoom where we share daily charts and market analysis. In our community we strongly encourage and teach correct risk management strategies to keep our members safe in this new volatile crypto market.
Join our “Apprentice” plan now for your 7-day trial.

The Crypto Den was created in 2017 to help the rapidly growing crypto community learn and understand the fundamentals of digital currencies and how to trade them. 

Since then we have taught thousands of members the basics of technical analysis and trading strategies to further progress and perfect their trading abilities.

In the TradeRoom, you will be included in a supportive environment which encourages personal growth, education and community support.

It’s a place to share your trading ideas and follow other experienced traders’ feeds to help keep your finger on the pulse of such a volatile market!

Categories
Australia Cryptocurrency Law Queensland

QLD Construction Company Moves into Liquidation After Buying $3 Million of Qoin

Liquidator FTI Consulting has announced that a significant purchase of troubled token Qoin is behind Queensland construction company Privium’s collapse, leaving hundreds of homes across the state unfinished and their prospective occupants fuming:

According to this week’s FTI report, Privium took an A$3 million gamble on cryptocurrency Qoin, transferring another half a million dollars to a Christian charity.

FTI stated that Qoin sales were limited to a few hundred dollars each day, describing the token as an “extremely illiquid” asset. When commenting on the company’s collapse, Privium CEO and founder Rob Harder proved a master of understatement when it came to placating disgruntled clients:

I understand that this is not the news you wanted to hear and that this will create real difficulties.

Rob Harder, Privium chief executive and founder

Both Harder and his wife are members of Hillsong Church in Brisbane’s southern suburban Mt Gravatt. While sources claim Privium had no connections with the church, the FTI’s investigation is ongoing.

Qoin Has Form

This isn’t the first controversy Qoin has been embroiled in. In February 2021, Blockchain Australia terminated Qoin’s membership via a notice of member disciplinary resolution, with locals at the time calling the token a scam.

In November, Salerno – an Australian crypto dispute specialist law firm – began preparations for a class action suit against Qoin for A$100 million. The firm was investigating Qoin’s potential breaches of Australian consumer law and the Corporations Act on counts of fraud and pyramid-like selling of financial products.

Categories
Charity Cryptocurrencies FTX Ukraine

Ukraine Partners with FTX to Launch Crypto Fundraising Website

Digital asset exchange FTX and the Ukrainian Ministry of Digital Transformation have come together to develop a platform for crypto donations to the besieged country’s war defence.

‘Aid for Ukraine’ is utilising FTX’s technology to convert crypto donations into fiat money, which is then distributed to Ukraine’s National Bank’s fundraising account:

Three-Way Partnership

Mykhailo Fedorov, Ukraine’s Vice Prime Minister and Minister of Digital Transformation, took to Twitter on March 15 to announce Aid for Ukraine, the result of a partnership between the nation, FTX and decentralised staking provider Everstake.

FTX and Everstake have been developing the necessary technology to convert incoming donations into fiat money that can be used by Ukrainians in need. The money is sent to the National Bank’s fundraising account and distributed appropriately, though some Twitter users have raised concerns about how their donations are being spent:

The donated funds are said to be sent directly to both the nation’s armed forces and civilians in need of humanitarian assistance. At the time of writing, over US$48 million had been raised via the platform.

The site currently accepts BTC, ETH, SOL, EOS, DOGE, XMR, USDT, DOT, ICON and NEO. Updates on how much has been raised by the community so far can be viewed on the Aid for Ukraine website.

Crypto Funds Ukrainian Defence Effort

Crypto donations are playing a large role in Ukraine’s defence against Russia. On March 4, an NFT of the Ukrainian flag raised US$6.75 million in crypto for the nation, proceeds of which were directed to the ‘Come Back Alive’ organisation which donates supplies to the families of soldiers and civilians.

Total crypto donations to Ukrainians have now surpassed US$108 million. Kraken exchange recently distributed over US$10 million in aid to Ukraine citizens with crypto wallets. The total donations are dispersed across relief efforts, charities, and government wallets.

Categories
Blockchain Crypto Art Cryptocurrencies Events NFTs

Emergence Conference in Sydney to Explore Blockchain and Crypto Opportunities

Sydney is set to host a three-day conference exploring potential opportunities for blockchain and crypto technology. The Emergence22 conference (March 9-11) at the Fullerton Hotel in the city’s Martin Place will feature more than 40 guest speakers, with free virtual passes on offer for those who wish to attend digitally.

https://www.emergence22.com/
Emergence22 conference banner ad. Source: Emergence22

From Fintech to Web3 and NFT Art

Day one of Emergence Sydney is dedicated to discussion on renewable energy and the power grid, following a keynote address. Attendees can expect day two to touch on fintech and health care, and day three totally devoted to crypto with sessions on Web3 and NFTs and a lengthy list of industry guest speakers. The conference will also feature what Binance Australia is calling “the first NFT art gallery”.

There are free virtual passes to attend online, with live attendance tickets priced at A$101. For a more in-depth rundown of what’s available across the three-day event, access Emergence Sydney’s itinerary online. If you are looking to attend in person, limited tickets are still available.

More Notable Crypto Dates for 2022

March is action-packed in crypto terms, with several partnerships, announcements, rebrands and conferences greenlit. Most of this month’s live events are online, though we’ve compiled a full list of dates to make it easy for you to keep up.

The Gold Coast is set to host Australia’s largest crypto convention in September. This not-to-be-missed weekend will feature guest speakers, workshops, networkers, and more. Crypto News Australia has two weekend conference passes to give away. Visit our Twitter page for info on how to enter the draw:

Categories
Crime Cryptocurrencies Scams

Chainalysis Reveals ‘Criminal Whales’ Hold $25 Billion in Digital Assets

A new Chainalysis report has revealed that a total of 4,068 “criminal whales” across the globe are holding US$25 billion in digital assets.

‘Criminal Whales’ and Crypto Crime

Criminal whales are defined as private wallets holding over US$1 million worth of crypto, where 10 percent or more of these funds are obtained from illicit addresses associated with malware, scams and fraud. Chainalysis’ February 16 report contains data collected from 2017 to 2021 that shows just how drastically the figure has risen over that period.

https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-criminal-balances-criminal-whales/
Sources of illicit transactions. Source: Chainalysis

https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-criminal-balances-criminal-whales/
Shares of all illicit funds. Source: Chainalysis

Crypto’s double-edged sword of minimal regulation is causing the creation of various groups to counter illegal activity. One such example is the US Justice Department’s National Cryptocurrency Enforcement Team (NCET), the formation of which was announced last week.

Chainalysis Findings and Partnerships

Released in late 2021, another Chainalysis report found that scam revenue had risen by 81 percent in that year alone. A large portion of these scams were rugpulls, where a project’s team cuts and runs with investor funds.

In November last year, Chainalysis opened an office in Canberra after agreeing to a partnership with the Commonwealth Bank of Australia (CBA). This came in response to increased mainstream adoption of cryptocurrencies and demand for CBA’s crypto exchange and custody service.

By Lauren Claxton, Crypto News Guest Author

Categories
Market Analysis The Crypto Den

TradeRoom: Our Weekly Crypto Trades Analysis – Feb 15, 2022

Welcome to this weekly series from the TradeRoom. My name is Dave and I’m the founder of The Crypto Den, an Australian-based crypto trading and education community aiming to give you the knowledge to take your trading game to the next level.

Crypto Market Outlook

The TOTAL cryptocurrency marketcap is sitting at US$1.9 trillion, which is where it was two weeks ago. It’s also still trending down in this big bearish channel keeping to a bearish market structure. What this tells me is we have seen the relief rally we alluded to in the last article but still not enough influx of capital to see a breakout into a new structure. It’s bearish until it’s not! A breakout of this channel and above the daily 200 EMA will add US$200 billion of capital back into the market. When this happens, we might get excited.

Total crypto market cap – 1 day chart

Bitcoin to me is still failing to show any real volume. Typical of a bear flag setup, we see a relief rally/dead cat bounce with lowering volume indicative of continuation to the downside. This relief rally has pulled BTC back to the 618 Fibonacci from the last swing, which as most of our trading room members now know is a common retracement level.

Until BTC breaks out above the daily 200 EMA and above US$53,000, the bear case seems much stronger than the bull.

BTC/USDT – 1 day chart

Something else to note at the moment is the stability of the global economy. We have the stock market selling off while gold and oil surge. Big players are hedging, in my opinion, and with the threat of war in Eastern Europe, we’re seeing oil prices rise. As much as I’m somewhat a BTC maxi, I’m not sure it’s matured enough yet to become a hedge in times of uncertainty, like precious metals can be.

Last Week’s Performance

I’m currently still in quite a few short positions, which I’ve shared in our Facebook Group if you’d like to check them out. I’ll share a couple of wins and losses with you from the past week below.

XTZ/USDT

Textbook trade here. Entered short at resistance, took profit at support. Doesn’t get simpler than that! I took 70% of that position off the table and moved the stop loss into a positive position.

XTZ/USDT

UNI/USDT

This isn’t necessarily a losing trade because it never reached our entry, but I thought I’d add this in here to show you can’t win them all. This UNI chart was in last week’s article showing a potential short trade, however we never reached that point and in hindsight we could have entered short from the 200 EMA line. Win some, lose some.

UNI/USDT

ENJ/USDT

Another basic yet effective trade was a short in ENJ. The rising price with lowering volume (just like BTC at the moment), sprinkled with some bearish divergence at resistance, revealed a nice, short entry point!

ENJ/USDT

This Week’s Trades

There are two short trades in particular I’m eager for this week! I’ve been sharing information about them both for quite a while in our trading group.

DOGE/USDT

Again with DOGE!

I STILL see a potential 70% drop on DOGE, currently rising in price on lowering volume as well. I’m currently in a short on DOGE from US$0.16 and, as I’ve been saying, there’s NOTHING stopping a US$0.04 price target!

DOGE chart from my last article
Currrtent DOGE chart zoomed in

ADA/USDT

I’ve been writing about this trade since December 6, 2021, and still waiting! When this daily support level around the US$1.00 mark finally breaks, ADA could likely see an enormous drop up to 80%! In my opinion, this is highly likely if the BTC bearflag (mentioned at the start of this article) plays out.

ADA/USDT

Learn to Trade

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If you’d like to become a better trader, you’re invited to join our TradeRoom where we share daily charts and market analysis. In our community we strongly encourage and teach correct risk management strategies to keep our members safe in this new volatile crypto market.
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The Crypto Den was created in 2017 to help the rapidly growing crypto community learn and understand the fundamentals of digital currencies and how to trade them. 

Since then we have taught thousands of members the basics of technical analysis and trading strategies to further progress and perfect their trading abilities.

In the TradeRoom you will be included in a supportive environment which encourages personal growth, education and community support.

It’s a place to share your trading ideas and follow other experienced traders’ feeds to help keep your finger on the pulse of such a volatile market!

Categories
Australia Crypto Staking DeFi

Top 10 Crypto Collateral Loan Services in Australia

A crypto collateral loan is perhaps one of the newest loan types to hit the peer-to-peer crypto lending scene. Emerging cryptocurrency loans services allow any crypto holders to become either the borrower or the lender, offering you the opportunity to bring utility to dormant funds or wallets.

Crypto loans Australia do not operate identically to bank loans; rather, these loans can be carried out through a blockchain platform. Essentially, the borrower offers their crypto as collateral for a loan, which the lender will then deposit to provide the loan funds.

Many of the available marketplaces for these transactions permit borrowers and lenders to search through each other’s offers for the best deals. Using crypto as collateral allows lenders to offer low loan to value ratios (LTVs); therefore, there will be plenty of collateral in circulation even if the market were to fall.

We have compiled a list of the top 10 crypto collateral loan services in Australia, to help you identify some of the best options in circulation.

1. FiFit

https://fifit.com.au/
FiFit – for crypto-backed business solutions.

FiFit describes its service as ‘crypto-backed business solutions’. This company is looking to work with businesses that seek access to extra cash without selling off their assets. FiFit’s process involves validating the company profile and cash requirements against their lending criteria and then providing a secure address for your crypto transfer.

To qualify, you will need to be an active Australian registered company with appropriate bitcoin backed assets. If you qualify, applications can be placed online 24/7.

2. Oasis

https://oasis.app/
Oasis – for fans of Dai.

Oasis is a lending platform that is willing to trade with multiple cryptocurrencies. However, the notable aspect of Oasis is its use of Dai. Dai is described as a ‘smarter digital currency for everyone’. As its value consistently tracks that of the US dollar, Dai claims to be less volatile than other digital currencies on the market.

The Dai wallet operates on the Ethereum blockchain. To complete transactions, you will require ‘gas’, which is an ETH fee – this fee is sent to the miners who maintain the Ethereum blockchain.

3. Compound

https://our.status.im/compound-finance/
Compound – access the liquidity pool.

There’s no better way to describe Compound than how it describes itself. Compound is an  ‘algorithmic, autonomous interest rate protocol’ designed to enable developers to access a plethora of financial applications. Compound is managed by a decentralised community of people in possession of $COMP tokens. It allows you to borrow from many digital currencies, including Ether and Dai.

On the Compound website you can see the market overview, including the top-performing currencies. You can also view the total supply volume and the total borrow volume. When you borrow or lend, you are contributing to the ‘liquidity pool’ rather than borrowing or lending to an individual.

4. Aave

https://crypto-economy.com/defi-lending-platform-aave-raises-3-million-through-its-lend-token-sale/
Aave – use the liquidity pool for passive income.

Aave’s liquidity protocol has a similar feel to that of Compound. Described as being open-source and non-custodial, Aave allows its users to earn interest on their deposits and borrowing assets. You can borrow from a handful of digital assets, whether they are stablecoins or altcoins. Putting your assets into the liquidity pool allows users to earn a form of passive income from the repaid interest.

The interest rate on an asset that is in low supply is likely to be higher than that of more readily available assets. To borrow, the collateral you put down in exchange must be of an equivalent loan amount.

5. Alchemix

https://cryptocoincom.com/alchemix-releases-dao-prelude-blockchain-community-delighted/
Alchemix – fantasy-style crypto loans.

If you’re looking for a creative take on a crypto collateral loan, Alchemix has a fantasy-type feel to its platform. The trailer for this lender has a very magical vibe, as do the services it is offering. Alchemix is bringing you the opportunity to spend and save simultaneously, as these loans ‘repay themselves’ over time.

Alchemix has big plans for progression, so much so that one of its eventual plans is to create a recipe book for new users. This should outline various yield strategies that vary by risk to ensure a smooth path to generating good returns.

6. Binance

https://couponance.com/how-to-get-crypto-loans-from-binance/
Binance – a big name enters the loan scene.

Binance is already a big name in the crypto world, and it is continuing to thrive in the field of crypto loans. Providing you are a registered Binance user, you can start borrowing. The loan terms are measured in days, ranging from a seven-day turnaround to 180 days. However, as interest is calculated on the hours you borrow for, paying in advance could be beneficial.

Binance Loans supports several collateral options; however, what you can borrow and what you can use as collateral may vary, so ensure you check the full list.

7. Nebeus

https://www.cryptopolitan.com/going-the-extra-mile-how-to-travel-with-nebeus-and-your-crypto/
Nebeus – rent or insure your crypto.

Nebeus is helping you use your crypto to fund daily expenses for more costly ventures, rather than requiring you to sell your assets for more money. Helping you to ‘bridge your crypto and your cash’, Nebeus lets you go beyond just loans. The platform also offers services such as cryptocurrency insurance, a crypto exchange, and crypto renting.

The crypto you put down for a loan can be insured by a $100 million policy, meaning you can have peace of mind that your deposit is safe. Alternatively, you can rent your crypto to the service and earn passive income from this.

8. Helio

https://www.investirbitcoin.fr/helio-lending-se-transforme-en-agregateur-cefi/
Helio – for a wide range of options.

Helio is the lending service boasting the widest array of deposit options and loan structures on the market. Helping you to shop around for the loan that will fit you best, Helio has some unique points of interest. One of these is crypto solutions to home ownership, meaning if you’d like to put crypto down as a house deposit, you can.

Helio is also offering the potential to use real-estate NFTs as loan collateral. There are a variety of options available and, at the end of the day, you will still own any crypto you put down as collateral.

9. Bitcoin Dealers

https://bitcoindealers.com.au/
Bitcoin Dealers – speak to someone in person.

When it comes to crypto loans Australia, Bitcoin Dealers can help you leverage your crypto for a loan that meets your needs. Despite having Bitcoin in their name, these guys will buy and sell with a handful of the major cryptocurrencies. Another cool aspect of this company is that you get the option to get off the computer and visit them in-branch if you wish.

Bitcoin Dealers will only lend to companies or sole traders. However, if you are an individual looking to sell your crypto, you can bring it to these guys in exchange for cash.

10. Matias Group

https://www.matiasgroup.com.au/crypto-lending
Matias Group – use its crypto loan calculator.

For approval within 24 hours and the quick transfer of funds, you may want to investigate Matias Group. Not only are its services claimed to be fast, it also has a particularly handy tool on its site – a loan calculator. To use this tool, you’ll simply need to input the amount you’d like to borrow, your loan term, and the currency you’ll be using as your asset.

From there, the calculator will tell you your LTV and the amount of your digital asset you will need to provide. It will also provide some rough estimates for your monthly and total interest, helping to highlight exactly what you can expect from your loan.

Conclusion

There are several pros and cons when considering a crypto collateral loan you should consider, there are very few strings attached, they often don’t require a credit check, and can grant fast access to cash. However, crypto-backed loans also can be more volatile, some offer poor rates for borrowers compared to traditional finance options, you might get margin called, and there might be a higher risk of encountering a scam.

Crypto loans Australia generally allow you to take the role of the lender as well as borrower. You can then take advantage of placing your crypto into staking liquidity pools to generate yield income.

Engagement with any aspects of the new DeFi industry has risks associated and thorough research must be done before even considering to participate in this space. This list is meant as a starting point down the path of introducing you to options for crypto collateral loans within Australia.