Blog

How to use Bitmex for beginners

BitMex is one of the largest bitcoin trading platforms with over 35,000 BTC daily trading volume. Founded by HDR Global Trading Limited in 2014, BitMex has a trading history of over $34 billion worth of bitcoin.

BitMex only accepts deposits through bitcoin which can further be converted into various cryptocurrencies. Trading with leverage is BitMex specialty so without further ado let’s get started to learn the platform.

How to use BitMex for Beginners

As a freshy in the whole crypto world, you can’t just sign up and start trading on the BitMex arena. You need a step by step guide on how to use it for turning your bank account into a bitcoin mine.

This platform allows you to trade the bitcoin with physical currencies like US Dollar, Yuan, Yen and many more. Furthermore, one can also trade with other cryptocurrencies like Dash, Ethereum, Litecoin, Monero, Ripple and you name it.

Although BitMex interface looks a little outdated when compared to similar platforms, it’s easy to use if you are just getting started. Note that if you have experienced programmes like BitMex, you’ll understand the whole thing in a matter of seconds.

After signing up on BitMex, just click on Trade option that would be located on the top to see all the trading instruments available. Take the option as Dash, after clicking on it you’ll see recent trades, order book and order slip on the left. The order book template shows three column – bid value for a particular asset, the quantity of order and total USD value for every order.

https://www.youtube.com/watch?v=9s6QNmlaIMI

A user has the full control over the viewing experience of widgets, on can change as per their requirements. The trading view chart is a built-in function that provides insights about the trades made. Moreover, this chart includes many useful tools for making your business game on point.

After placing an ordering user can check all orders easily in the trading platform interface. This interface features separate tabs for Active Orders, Orders Filled, Trade History and much more. If you are no longer interested in the order you placed, simply tap on the “Cancel” button to call off.

Auto-deleveraging system introduced in BitMex takes care of the bankrupts position without available liquidity to make the positive side deleverage for profitability. Once the leverage is calculated, highest leveraged position automatically gets first in the queue.

You’ll automatically start discovering every available option after some time. Learn, practice and experiment to ace in the BitMex community.

Google Wallet Or PayPal – Which Online Service Payment Is The Best?

Coming from the giants in the industry, Google Wallet and PayPal are certainly two of the most popular and reputable payment processors online today. For many businesses and professionals, PayPal has been a trusted brand for sending and receiving payments. Freelancers too vouch for PayPal as their lifeline when it comes to financial transactions.

Whether you want to send money to a family member or receive payment for goods and services you sell online, these payment processors allow you to send and receive money on a virtual platform to and from anyone in any location.

PayPal

PayPal certainly leads the pack having been around for many years even before Google Wallet was introduced in the market. But, being first does not always mean you’re the best. Just the same, being the new player does not mean you’re better. Here’s a rundown on the pros and cons and comparative review of these two giant payment gateways:

You can send a payment via PayPal in a few seconds. That speaks volumes of how reliable and efficient PayPal is. Established in 1998, PayPal is known for its simple, sleek, and user-friendly interface that allows you to send and receive payments in just a few clicks. The PayPal.me is also very revolutionary because it has made money transfer or payment quicker than ever. They just have to click on the personalized link and enter the correct amount for sending.

With PayPal, you can transfer huge amounts with a limit of up to $10,000. It does not initiate instant transfer to your bank account. Your funds stay in your account if you choose not to move it and this can be used for making online purchases or for paying contractors.

Google Wallet

Although it’s from the same creator, this is different from Android Pay. Google Wallet is pretty much like PayPal with a few differences that make it unique. Google Wallet is specifically designed to enable sending and receiving payments. The maximum amount for every transaction is set at $9,999. There are also no fees whenever you use your credit or debit cards and when making bank transfers.

It’s an intuitive payment processor because this integrates easily with other Google apps or services. You just have to press on the dollar sign on the toolbar to enable sending money or opt to use the actual app for your transactions. It is also very easy to send payments because you just need the recipient’s email address.

For someone who uses Google or Gmail all the time, you never have to leave Google or open a new browser to send payments. Yes, PayPal makes it very simple to send and receive payments but Gmail makes it even easier. This also available on mobile or desktop so you can send payments remotely or even while on the move. You just have to compose a new message and then attach the amount that you would want to send.

The Verdict

When trying to figure out which of the two platforms work better than the other, you have to consider what works best to your advantage in terms of fees, speed, security, and reliability. Both of these platforms work optimally for your business although Google Wallet is only available in the United States for now which makes PayPal a winner in that department.

How To Sell Online In Canada

Operating an e-commerce business is a profitable business that you should jump into today. It’s not just the millennials that are taking advantage of the mobile or social media industry; practically all entrepreneurs are looking at the digital platform to grow their customer base globally.

With international selling, you can buy and sell items to a global market. This is certainly lucrative because this may require a small capital or if you consider dropshipping, you wouldn’t have to purchase initial stocks.

When you are planning to sell online in Canada or with Canadians as target market then you would need to consider what exactly your target audience is looking for. With online selling, you also have to comply with certain regulations when conducting business. Different parts of Canada have varied regulations for online selling or e-commerce.

Here are important points to consider when selling online in Canada:

  • Returns policy is important. Buyers want options when they are purchasing items. Canadians put much value on convenience. It is then crucial for customers to know the details on the timeframe or policy for returns such as what items can be returned and actual costs for shipping. Shopping carts are abandoned because of the lack of returns policy. There are also software solutions that businesses use to make Canada Post return labels which are sent via email. This makes returns easier to process because the customers can just attach this together with the package and then drop it off at the nearest local post office.
  • Focus on mobile. Research shows that Canadians are online on a mobile device half the time or at 49%. They would usually spend their time online via social media, gaming, chatting or instant messaging, and shopping. In this light, online businesses should have a mobile advertising strategy in place. For one, your website should be optimized for mobile use and across all forms of devices. The website should be fast and responsive for the convenience of shoppers. Making your website mobile-friendly will also increase its search rankings which mean more targeted conversions for your brand.
  • E-commerce is dominated by Amazon. Around 7% of sales in Canada are from Amazon purchases. This means around 5 million of Canadian shoppers frequent the shopping site monthly and this is expected to triple in terms of profit over the years. So when selling online in Canada, using Amazon or other similar platforms will help you gain traction and attract more customers. It has the same process as with Amazon in the United States and it also has a currency converter tool that can help you with handling international payments.

The platform has changed, but it still is a brand that needs regulations. While your business operate in a virtual platform, you would need to follow the process as with starting a traditional brick-and-mortar business like registration of your business name, trademarks and copyrights, product safety, privacy, imports, and exports. Yes, while some would just skip the process, it would be better to go through the regular route of introducing your brand to the market.

What Is Cryptocurrency Mining?

There is somewhat a digital gold rush sweeping the entire world with cryptoccurency mining. People invest heavily in equipment or rigs and they spend months with mining waiting for return on their investments.

For beginners, it would be cost-effective to try mining for Dogecoins, Litecoins, and Feathercoins wherein you can potentially earn from 50 cents to about 10 dollars a day with a regular mining hardware. Mining bitcoins can definitely rake in more profit but you have to invest hundreds to thousands of dollars in equipment for mining.

If you don’t have thousands to invest for hardware, you can only generate quite a small income daily. But, if you have the means to invest up to $5,000 in hardware costs then you can earn at least $50 per day with cryptocurrency mining.

If you are looking at cryptocurrency mining as a second income then it would be better to invest in purchasing cryptocoins in exhanges and then waiting for them to jump in terms of value. Mining can take months which is a slow way to earn this digital gold.

The focus of mining is geared towards accomplishing the following:

  • Keeping your personal expenses to a minimum which includes hardware and electricity costs.
  • Doing accounting work or verifying transactions 24/7 in a coin network or blockchains.
  • Getting incentives or rewards for your accounting or bookkeeping services by receiving a percentage or cut from the coins after a few days.

You would need the following items to start with cryptocurrency mining:

  • Coin wallet. This is a password-protected private database that serves as storage of your cryptocurrency earnings and also keeps a ledger of your transactions.
  • Membership to a legitimate online mining pool. This will be beneficial especially if you don’t have that many resources and would need to combine computers for increased profitability.
  • Free mining software made of stratum and cgminer.
  • Reliable high-speed internet connection.
  • Membership to a currency exchange.
  • Airconditioned space or facility to accommodate hardware.

Fact is, you could earn or lose money when mining cryptocurrencies. This really depends on your appetite for risk how diverse your investments are. If you are a regular investor or a consumer-level user then you can dig into the Dogecoins, Feathercoins, and Litecoins which are also popular forms of digital tokens that are budget-friendly and affordable. Bitcoin mining is strictly for large-scale type of mining operations only.

The mathematical computations have been very difficult with bitcoin mining especially that this has started way back in 2009. The upfront investment plus the operational and maintenance costs may not be enough or worth the ROI anymore. This really depends so much on whether you are willing to spend like tens of thousands of dollars on the required labor-intensive hardware plus an air-conditioned to house your equipment. If you cannot afford this, then you will not likely profit with cryptocurrency mining. You would be better off with just buying bitcoins with money and then watch it increment in value – which is a sure win.