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October 4, 2022
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Bitcoin

BitMEX, a colossus on clay legs. What alternatives do we have? –

Despite serious legal problems, BitMEX is still a frequent choice of Bitcoin users interested in trading with leverage. Created in 2014 in the United States, the platform dominated the cryptocurrency derivatives market in a few years. Users generate multi-billion volumes, but the unclear legal situation, lack of regulations and image bloopers make more and more people look for an alternative. For years, there was no real competition, but now it is starting to change.

Cryptocurrency users are becoming more and more aware of the importance of security. At the same time, many companies still do not implement appropriate measures to ensure this security. We recently heard about the leakage of user data from the Ledger database, while in October 2019 the BitMEX exchange experienced a similar situation. However, unlike the hardware wallet manufacturer, BitMEX basically put its users’ data on a tray by sending an email with the addresses in the “TO” field instead of “BCC”. The company then excused itself as “a mistake in the email sending software script.”

However, the problems of BitMEX did not end there. At the same time – on Twitter – there was a worrying message that read: “Get your BTC and run. Last day to pay. ” A moment later, the company announced a hack that had occurred on their account, thus explaining the previous tweet.

Since then, more and more controversy has grown around BitMEX. The climax took place at the turn of September and October 2020. CFTC – the US government agency dealing with the regulation of the futures market, brought accusations against the exchange, accusing the owners of acting without the required permissions. The CFTC representatives also expressed their objections to the anti-money laundering procedures on the platform.

As a result of this information, within 24 hours, users withdrew over 32,000 BTC from BitMEX, which then constituted approx. 19% of the total stock exchange deposits. It’s worth noting that the company then held nearly 1% of all bitcoins in circulation. Given such large volumes, the company had an impact on the entire market, so BTC reacted sharply.

BitMEX, a colossus on clay legs. What alternatives do we have? - 23

Although it might seem that this would be the end of BitMEX, the website works to this day, generating multi-billion turnover every day. Problems related to security and legal issues, however, prompted a large part of the community to look for an alternative to the US platform. It is definitely worth asking yourself: is a company that has already put its users at risk several times before still deserving to be trusted?

Let’s remember about safety

Each participant in the cryptocurrency market should be aware of the risks involved in it. As on traditional exchanges, also here, when counting on profits, you should also take into account the possibility of losing money. Let’s remember the rule: “invest as much as you can lose”. This is especially important for beginners as learning can be expensive.

As important as a well-thought-out strategy is choosing the right platform to trade. Bearing in mind the safety of funds, it is worth choosing one that is registered in the EU. Unlike BitMEX, registered in the Seychelles, a trading platform created by Poles Geco.one, was registered in Estonia. The country is at the fore in regulating the cryptocurrency industry, making it a natural, safe choice for legally operating companies in the industry. The Estonian supervisor’s license allows it to operate not only in the EU, but practically all over the world.

It is also worth noting that digital resources deposited on Geco.oneare stored on the so-called cold wallets with the help of dedicated infrastructure not connected to the Internet. Such a mechanism prevents hackers from stealing cryptocurrencies, even if by some miracle they managed to break into the platform. The entire process is supervised by BitGo – a company that provides similar digital resource storage services to brands such as Binance, Bitstamp or BitBay. So we are dealing with the highest safety standards.

In addition, Geco One OU, along with companies such as PZU and Orlen, was among the founders of the Polish-Estonian Chamber of Commerce, inaugurated on October 19, 2020. promotion of Polish-Estonian economic relations and assistance in establishing partnerships between Poland and Estonia.

The interface matters

Once we have made the decision that we want to try our hand at trading with leverage, we would like to have a platform at our disposal that helps in action, e.g. thanks to its intuitiveness. Time is money, so instead of wondering where a function is, we just want to take advantage of it. Most of the available platforms – with BitMEX at the forefront, have a complicated interface and start off with the number of elements served to the user.

Polish programmers responsible for creating Geco.one, they broke this pattern and created a platform that offers all the most important functionalities, while maintaining simplicity. The user receives a fully editable interface that can be adapted to his needs. All windows and panels can be moved so as to maintain the maximum comfort of trade. At first glance, Geco.one makes BitMEX look like old technology. Therefore, it is not surprising that thousands of users from all over the world took advantage of the exchange in the first few months from the launch.

BitMEX, a colossus on clay legs. What alternatives do we have? - 25Simple registration, minimum formalities

Many cryptocurrency users will probably be pleased that when registering on Geco.one we don’t need to send any private data. At the registration stage, we only provide:

  • E-mail
  • First name and last name
  • Password
  • Home country
  • Reference Code: C8QIOIun

Registration on Geco.one: https://app.geco.one/register?ref=C8QIOIun

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