Introducing Peter Warrack, Chief Compliance Officer

Peter Warrack - Bitfinex Chief Compliance Officer

We are pleased to welcome Peter Warrack, Chief Compliance Officer, to our growing team. With over 30 years of experience in the detection and prevention of economic crime, Warrack is a recognised expert in major crime investigation and anti-money laundering. We are elated to welcome Peter aboard at this important juncture in Bitfinex’s journey and we look forward to all that lies ahead.

With a professional history in military intelligence, senior officer roles within the Police Service of Northern Ireland, and senior positions within the Royal Bank of Canada (RBC) and the Bank of Montreal’s Financial Intelligence Units, Warrack’s appointment as Bitfinex CCO is intended to furnish us with the expertise and experience required to ensure that we continue to meet all relevant regulatory compliance standards.

“I am incredibly excited to be joining Bitfinex as CCO. As a longtime advocate of blockchain technology and the integration of token markets into the mainstream, I hope to be a valuable asset to Bitfinex moving forward.” said Warrack.

Peter Warrack currently serves as an instructor and board member of the Canadian Institute for Financial Crime Analysis (CIFCA), Canada’s center for money laundering risk and financial intelligence, in connection with the Faculty of Business at Seneca College.

Warrack joins Bitfinex as the former Director of AML (Fintech Advisory) and Compliance Officer at the Bank of Montreal.

 


 

Join us on our mission to create the industry’s most innovative cryptocurrency trading platform.

 

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Token Sale: How to Choose Genuine Project

Token sale is a crypto related phenomenon became trendy last few years. Token sale is often interpreted as ICO. Actually, there is no difference between the terms — both are used quite liberally in the crypto community. Token sale is the key means of raising capital for startups to help crypto enthusiasts launch their project.

It has inherited principles of crowdfunding:

-You have something to offer;

-You announce your product, its features and prospects to gain prominence;

-Within specified time-frames, you raise money from your project’s followers who want to back it.

-You launch your project by their means and provide them with exclusive benefits. In the token sale context, you distribute the underlying token of your project among the backers before listing it on trading platforms.

Token sale is a powerful tool for creating cutting-edge projects based on blockchain and take them to the mainstream. Unfortunately, some shady projects use it to trick trustful users into backing them. A super-revolutionary, prospering, world-changing project may turn out to be a unicorn yet another crypto scam. So how not to fall prey to fishy token sales? And how to tell whether a project really deserves your attention and trust?

What you should know

Team

The project team is its driven force. The more professionals are involved, the better the results. Saw someone well-known in crypto community participating in the project? Great! Saw a celebrity? Well, check the team twice. If Ryan Gosling is about to run an ICO, you, probably, should get somewhat suspicious.

Key features

What does the team offer? Do they build a competitive and transparent business model? Check what they did before and what projects they worked at in the past. Not impressed? It would be better to look for something more persuasive.

Structure

As you may know, the certain percentage of tokens to be released is held by the core founders of the project (around 25% of all issued tokens). If one project has too many founders and token holders, you should take a closer look at their activities. Pay also attention to hard and soft caps. A hard cap is the absolute upper limit of the amount the team aims to raise during the crowdsale, whereas a soft cap stands for a lower barrier. The difference between those shouldn’t be huge. If the funds raised exceed the high cap or, on the contrary, don’t reach to the soft cap limit, this is a red flag.

Social media and community

Check the presence of your project on social media and Reddit, in particular. What do people say and how does the staff react? This moment is crucial since you can detect potential scammers, regarding their reaction, if any.

Reviews and analytics

Google the project you are about to invest in. Is there any information on that? If it is, what do experts say about that? The more information you get, the better. Do not invest in a project that doesn’t contain anything valuable.

News and updates

What lesson can we learn out of these fancy stories about ICO affairs? Always check the news and press releases of the project on large and reputable sources dedicated to crypto. Stay up-to-date with every single step of the team and check analytics. Chances are, you will not be caught in a trap.

Whitepaper

Whitepaper is the essential information about the project. Reading this will give you a full understanding of the project’s ideology and philosophy. The project should aim to resolve real matters and provide real solutions. Don’t believe in miracles. At least, when it comes to blockchain technologies.

One in a million?

Google, Facebook and other large platforms take measures towards ICO advertising. There are reasonable causes to do so since more than 80% of the overall number of token sales are claimed as scams. In fact, things are not so bad as they may seem, if only because Changelly has listed a range of prominent tokens issued via ICO: Stratis, Patientory, Storj, Salt, Stox, Viberate, and many, many more! So if you want to back a token sale, just do it deliberately with careful comparing all pros and cons.

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Changelly Partnered with Binance

Changelly, a popular instant cryptocurrency exchange, has partnered with Binance, TOP-1 trading platform, to bring more tokens, faster transactions and better rates to users.

Konstantin Gladych, CEO of Changelly met Changpeng Zhao, CEO of Binance in Valletta, Malta — on the island recently becoming the new crypto harbor. During the meeting they discussed fundamental industry issues, government regulations and concluded a strategically important partnership.

Changpeng Zhao, aka CZ, CEO of Binance has commented:

“After meeting Konstantin in person to finalize our partnership, I am confident that Changelly has a professional team with great experience and even bigger potential. We believe that together we will provide users all over the world with a top-class level of service.”

Changelly acts as a broker between Binance and users, allowing to exchange cryptocurrency in a simple way avoiding complicated interfaces and processes on the professional trading platforms. Changelly’s integrated algorithm picks up the cryptocurrency rates from Binance and offers them to users in real time.

Changelly provides instant exchange API for partners such as Jaxx, Coinmarketcap, Breadwallet, Coinomi, Mycelium, Coinpayments, and other prominent companies. It enables their users to exchange cryptocurrency without using external exchanges. Changelly acts as a mediator between Binance and partners, bringing new exchange options and sharing profit.

Binance, in turn, opens up an opportunity for Changelly to add moreprospective and popular trading pairs. It is the top exchange when it comes to the quality of coins and tokens listed: you can trade almost 120 of them. Due to this fact, all the cryptocurrencies supported by Binance can be easily listed on Changelly and become available for trading for user and partners.

Comparing to other trading platforms, Binance processes transactions in the fastest manner possible and provides more profitable rates. The high-performing matching engine of Binance is capable to process up to 1 400 000 orders per second, making Binance one of the fastest exchanges on the market. This means sped up transactions for all Changelly users.

Konstantin Gladych, CEO at Changelly has commented:

“This partnership is a huge honor for Changelly: I am sure that it will help us provide even higher-quality service to our users around the world and increase our presence on the crypto market. The top exchange trusts us to have business with — this gives us confidence in what we do, and also responsibility to ensure five-star user experience. We are up for the challenge!”

About Changelly

Changelly is a popular instant cryptocurrency exchange with 100+ coins and tokens listed. The service processes around 15K transactions daily. Operating since 2015, Changelly has attracted over 2M registered customers from around the world. Changelly offers its API and a customizable payment widget for any crypto service that wishes to implement exchange options. Key partners are Jaxx, Coinmarketcap, Bittrex, Coinomi, Breadwallet and others.

About Binance

Binance Exchange is the TOP-1 trading platform in the world that performs the fastest transaction processing on the market. The platform is founded by a team of fintech and crypto experts and focuses on security, robustness, and execution speed as well as offering multi-tier and multi-cluster system architecture which ensures high safety stability attracting enthusiasts and professional traders alike.

 

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Wallets with Changelly’s API on board

We all know how easier new technologies make our lives. Especially, when it comes to means for managing your cryptos. We at Changelly are so excited to work with other teams and participate in making cryptocurrency market easy and friendly place for everyone. That’s why you can find Changelly integrated into many multicurrency wallets. With Changelly onboard, they will allow you to easily swap between one crypto asset to another at the best rate available right within the wallet app!

So, what are the wallets with Changelly and how do they work? Have a look!

Coinomi

Coinomi is an HD multicurrency high-security wallet with a multilingual interface. Its transparency and private key safety (Hierarchical Deterministic Wallet (BIP44) makes Coinomi a solid trustworthy wallet. It has over 500k downloads at Android market and 5 stars rating at App Store. The exchange interface is very clear and simple. Just select a coin to send, a coin to receive and press “Next”.

Freewallet

Freewallet is perfect for your Android or iOS device. Thanks to this wallet you can forget about backups — if you lose your device, you can freeze your account and reach it from another device. If you have any questions about using the wallet, Freewallet support team is always there for you in a live chat. In this wallet, Changelly is also hidden as an API. Take a look at exchange example:

Coinpayments

Coinpayments is a large multi-currency online wallet. It is also available as an Android app. You can download Coinpayments app to your smartphone and fully control your funds. All your payments via this wallet are secured with the BitGo multisig technology. Moreover, the wallet can protect your currency in vault and wait for a certain time (precised by you only) before money is spent. Each time you want to swap one coin to another, you do it via Changelly.

Guarda

Guarda is more than just a wallet — it gives you a whole cryptocurrency experience. It has Android and iOs applications(each having 4–5 stars rating), prepaid cards to have your crypto in local currency and, of course, an online web wallet itself. Guarda has a rather simple interface and supports over 12 altcoins and 583 tokens. Certain of those are supported by Changelly’s API.

NEM XEM Nanowallet

For storing XEM (NEM), you can use its own Nanowallet for your desktop. Using this wallet you can send XEM, mosaics and messages to any addresses/namespaces. It also supports Apostille Notarisation Service — first blockchain notarial service. Changelly integration allows to exchange any supported coin you have to XEM.

Trust wallet

Trust Wallet is a high-secure wallet for your Ethereum and Ethereum-based tokens which is available for iOs and Android devices. It is simple, user-friendly and stores your private keys secure on your device. You can buy Ethereum or Ethereum based tokens choosing Changelly just in a few clicks.

Upcoming integrations

There are also a few upcoming integrations we can’t wait to be finished.

Jaxx

Jaxx is a multicurrency wallet created by the well known Decentral team. The wallet itself is famous for its user friendliness and cool features. Jaxx security is top-notch, all private keys are stored on your device. In addition to that Jaxx respects privacy and does not require your personal info or even mail when you start working with it. New application version will include Changelly integration that will allow you instantly swap between coins.

Breadwallet

Breadwallet is a highly secure and quite user-friendly wallet application that allows to send and receive Bitcoins in the easiest manner possible. The team behind Breadwallet focuses on a seamless use, privacy and security. This is the only wallet that stores your funds right in your smartphone. Our API for Breadwallet is on the integration stage. Soon, Breadwallet users will be able to send any coin supported on Changelly and get their Bitcoins right in the app!

Mycelium

Mycelium is a Bitcoin company with the broad range of products, mostly known as one of the first (and best for crypto anarchists and geeks) Bitcoin wallets with more than 500 000 users. The wallet provides a set of tools and features for storing and sending Bitcoins in the safest manner possible. In 2014, Mycelium was granted the reputable award “Best Mobile App” as a wallet with superior bank-grade security.

Naga Wallet

Naga Wallet is a new multicurrency wallet with a range of unique features simplifying the use of cryptocurrency. The wallet enables users not only to perform instant exchanges between platform users, but also allows them to pay 50% less in transaction fees. Its users will also have access to the unique feature that enables users to send and receive crypto payments using their email address rather than the hundreds of complicated numbers that currently constitute cryptocurrency addresses.

It’s all about API and Widget

So how do these wallets work via Changelly? All of them have Changelly’s API or a customizable widget (like NEM/XEM Wallet has) integrated right into their interface. Once you are about to swap between some coins in your wallet, you initiate an exchange transaction that is passing through Changelly. After one is finished, you receive your coins swapped. No need to use the Changelly website. It is that simple.

Choose wallet which suits you the best

We are lucky to integrate our product to these amazing wallets, but we are not going to stop knowing that there are even more cool products out there. Subscribe to our Twitter, Facebook, Medium to keep in touch with our updates!

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How to buy Bitcoin with credit card on Changelly

As you may know, Changelly provides you with an option to buy Bitcoin for USD. This is one of the quickest ways to step into the cryptoworld. Just a few simple steps, and voilà you own money of the future! Now let’s take a look at these steps in detail, and see what you should do to buy Bitcoins using your credit card.

1. First off, go to the home page and select USD on the left and a crypto you want to buy on the right. Put in the amount of USD you are about to exchange.

2. Here is a screen where you need to input all necessary information.

  • Check the amount once again. You can add a little more, if you want.
  • Tell us your BTC wallet address where you are plan to keep your Bitcoins.
  • Are you a robot? Then don’t tick the box, so we know that 🙂
  • Read carefully the information below (especially, info on fees) and proceed to the next step only if you agree to these terms.

3. If this is your first time, you will need to verify your identity (just once!)

But first, fill out your Billing Info.

All the transactions with fiat money are processed via our partner Simplex, so don’t get alarmed when you see their logo on the page.

4. Verify it via your email and phone.

5. Now enter your payment details.

6. Take a selfie where you are holding your bank card in your hands. For safety, cover middle 8 digits with your fingers.

7. Now, wait until your verification is done. Once verified, your transaction will be processed via Simplex, and you will get BTC in your destination wallet.

Looks complicated, but in fact it will take you just a couple of minutes.

We wish you a pleasant entrance into Crypto world!

If you have any questions or feedback please feel free to contact us at support@changelly.com

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Where to store crypto?

Even though cryptocurrency and blockchain now are well known to public, there are still millions of questions about where to store crypto.

So, how can you actually possess a bitcoin or any other digital money? Let’s focus on one of the most important cryptocurrency part — a wallet. This one is tricky, it may seem quite understandable from the first glance — a wallet where you store your digital coins! — But it is not as simple as it looks.

What’s the trick?

The biggest difference from the traditional electronic wallet is that cryptocurrency wallet does not store your money in one place, it provides you with the access to your public keys and private keys and transaction records on different blockchains. Everything related to crypto is happening on the blockchain: for example, when somebody is sending you a cryptocurrency, the person simply signs off the ownership to your wallet address. A new block appears in blockchain, gets confirmations, and your wallet shows your new balance.

Public & Private keys — What is it?

A transaction is a process which includes encryption using a pair of keys. Simply put: a public key is used for encryption, a private key — for decryption. All wallets have private keys stored in their files. Keys has strong mathematical relations with Bitcoin addresses and are generated by wallets. Anyone who has private key has control over funds. Some wallets can own your private keys but they can’t have access to use them. Using wallet software you get access to your private and public keys so that you can monitor your balance, send money, and make other operations.

Hierarchical Deterministic (HD) Wallet Keys

Wallet software can use the specific seed for generating private keys from a single value. Wallets using this type of private keys generating are called a hierarchical deterministic wallet, or HD wallet. The seed value should not be confused with the private keys used directly to sign Bitcoin transactions. Don’t confuse seed value with the private keys, seed values are not used to sign Bitcoin transactions.

HD wallets need to be backed up only once, usually using a mnemonic phase of 12 words. Using this phrase you will be able to restore same private keys. Other wallets generate new private keys for each new address. In case such wallet file is damaged — you won’t be able to restore anything so that your funds will be lost.

All right, but aren’t all these wallets same?

Depending on your preferences, you can choose the way to store your digital money.

There are three basic types of cryptocurrency wallets:

1. Software — it can be a site or an application for your PC or smartphone.

2. Hardware — devices to store your currency, can look like USB-drives. Most of those you got to purchase before use.

3. Paper wallet — a paper document including all the information for creating any number of private keys. Also, paper wallet is usually mentioned as an offline key storage as a physical document.

Do I need a wallet for each cryptocurrency?

Some wallets support several cryptocurrencies, some are made exclusively for one currency.

Let’s look at the most popular Ethereum, Bitcoin mono wallets.

Bitcoin Mono-Wallets

Ethereum Mono-Wallets

Now here’s a short list of multicurrency wallets where you can keep different coins.

Tips

Here are some tips to make your digital funds safer:
1. Keep the majority of your funds offline, use smaller amounts in your daily use. Backup your wallets!
2. Use as more authentication steps as possible. You may also use multi-signature wallets which require permission from another person before transaction initiating (e.g. your spouse).
3. Update your wallet and device software. New software versions make sure that you have up to date security.
4. Keep your private keys safe.

It doesn’t matter for Changelly which wallet you use to make an exchange, we only care if you feel safe with the one (or more) you choose!

If you have any questions, we are ready to help you at support@changelly.com

 

 

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How to avoid transaction fail due to low amount?

So, it happened that your transaction is unfortunately failed, and it takes time to contact our support team and find out what happened. But there are common reasons why transactions fail that can easily be avoided.

One of these reasons is a low amount of coins that we have received from you.

When you set up your transaction, we warn you about the minimum amount that you can exchange. This amount includes the output transaction fee on our end but doesn’t include the transaction fee on your end. If the amount you send turns out to be less than minimum requirements due to a network fee on your end — transaction fails.

Typos

Even if you set up a transaction with the appropriate amount, there is still a chance to send less, so you should be very attentive. It happens quite often when changing 0.00199 BTC, for example, you can accidentally send 0.000199 BTC. In this case your transaction is failed and non-refundable.

Network fees

Don’t forget about network fees when sending the payment to Changelly. You must remember about including possible fees in the amount you are going to send to our address, since some wallets show you transaction fee, others don’t, so you got to look for it in the settings. Changelly deducts the network fees at the end of the exchange. If the network fee turns out to be more than the amount exchanged, we won’t be able to send it.

Refund or not?

The low amount can be refunded whenever the transaction is failed before exchanging. In this case, we may refund the low amount, provided it is enough to cover network fees. If the amount is insufficient or exchanged already, the refund is technically impossible.

Changelly strongly insists on checking twice the sum you’re about to exchange.

Don’t panic if you send less, if there is still enough to deal with network fee our support team will get you a refund.

If you have any other questions, don’t hesitate to ask at support@changelly.com

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Why network fees are floating?

If you are accustomed to the crypto world somehow, you are likely to know about network fees. These are small amounts of coins anyone sends as a reward for miners when doing any kind of transaction in blockchain. The bigger network fee, the higher the priority of your transaction. In some cases, you may encounter unfortunate issues related to large network fees and a smaller output amount, as s result. Eventually, you may wonder how come the output amount turned out to be way smaller than expected. In most cases, the answer is in floating network fees that are always deducted from the amount to send.

What do network fees depend on?

Actually, the network load determines how much you should pay miners for your transaction. Imagine your transaction going up for auction, where your bid is the transaction fee. It if is more than average, chances are, your transaction will be processed faster. The average transaction fee can fluctuate depending on the number of transactions pending. Simply put, if the network is overloaded, the average network fees increase. Likewise, if it comes back to normal or doesn’t have any backlog, the fees become much lower.

What about Bitcoin and Ethereum network fees?

If you remember Bitcoin mass hysteria at the end of 2017, you may know how outrageous the network fees may be. In comparison with that moment, the current Bitcoin network fee of transactions made through Changelly has dramatically decreased — to only 0,00065 BTC.

Blockchain.info

Same is relevant for Ethereum. Over the last month, the network fee has dropped down from 0.00063 to 0.000315 ETH on average.

Etherscan.io

High times for exchanging

The market is calm. The network fees are comfortable. The volatility is low. Hence, if you’ve ever wished to buy crypto, this is the very moment to do it without freaking out of every sudden market swing.

With Changelly, you can do it in a few clicks, whether you’re about to exchange one crypto asset to another or buy it with your bank card.

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