Andrey Primula 03/10/2018
China is one of those countries where they are trying to limit activities in the field of cryptocurrencies in every possible way, establishing new bans. This also applies to trading platforms.
This article looks at the ranking of Chinese cryptocurrency exchanges that are still operating in 2022, even despite the serious complication of the situation.
Beijing's negative reaction to the cryptocurrency industry
The problem with the circulation and mining of cryptocurrencies in China is not new. The fact is that the authorities of this country have long been trying to introduce certain barriers to those who want more freedom and independence, as well as privacy.
But in 2022, Beijing has shown particular zeal. In particular, in September last year, the Chinese authorities banned initial coin offerings, citing the fact that ICOs carry certain financial risks.
However, experts emphasize that the main reason is an attempt to retain capital in the country.
Some time ago, China was one of the most advanced countries in the field of cryptocurrency transactions.
About 70% of all mining capacity for Bitcoin and other coins was located here.
With the popularization of ICOs, many local investors naturally began to invest money in foreign projects. But this is not beneficial for local authorities, especially against the backdrop of ongoing economic problems and a large imbalance between exports and domestic consumption.
The fears of the Chinese authorities are well founded. It is unlikely that it will be possible to increase domestic consumption in a situation where people will invest money in projects, often located even outside of China.
In addition to ICOs, the regulator also turned its attention to Chinese cryptocurrency exchanges. The fact is that the turnover of local sites some time ago was impressive. In addition, they focused not only on the Chinese. Many have been translated into English and Russian. But naturally, this did not suit the Communist Party, because cryptocurrency exchanges mean, first of all, anonymity. What kind of privacy can there be in a country with a one-party system?
The measures taken by the authorities in 2022 made it clear that a decentralized and anonymous cryptocurrency market is not welcome here.
Not only local resources are blocked everywhere, but also foreign ones. Although in modern conditions, when there are so many options for avoiding blocking, such measures do not seem entirely serious.
In any case, the situation is escalating and previously similar news from China has already led to a fall in Bitcoin.
True, recently the fundamental impact of new bans and protective measures in the Celestial Empire on the cryptocurrency market is no longer so strong.
What about cryptocurrency exchanges? Many of them continue to work. Therefore, we offer you a rating of Chinese cryptocurrency exchanges - the most interesting at the moment. Some of them may provide certain advantages for traders from the CIS.
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Briefly about Chia Coin
The network was created by BitTorrent founder Bram Cohen and is intended to become a means of combating the centralization of the crypto-mining industry. The trend in mining BTC and other well-known cryptocurrencies is that individuals can no longer compete with large syndicates.
Chia differs from other major cryptocurrencies in the mechanism it uses to secure the network and encourage participation. The network architects chose a Proof-of-Space system for this purpose, which relies not on computing power, but on storage capacity.
- Farmers allocate a place to store hashes, and each of these places is called a raft.
- When the blockchain broadcasts the next block challenge, farmers scan plots for the hash closest to the given challenge.
- A farmer's chance of winning a block is calculated as the percentage of space the farmer has compared to the entire network.
The system eliminates the need for energy-intensive mining, but problems have arisen with a shortage of storage on the market and its rise in price. Actually, the situation with video cards of 2017-2018 is repeated. Manufacturers have already begun to cut HDD warranties due to Chia mining.
We have already talked about farming Chia Coin, and now we will look at through which exchanges you can purchase this coin.
OkCoin
A platform with serious infrastructure, created in 2013. Two languages are supported - English and Chinese.
Trading is carried out on a limited number of cryptocurrency pairs.
OkCoin offers simple registration with phone number verification. In addition, verification of the trading account is provided.
The company's management explains this for the safety of its clients.
As for deposits and withdrawals, working with fiat is not available here. You can work exclusively with cryptocurrency assets, both for depositing funds into your account and for withdrawing them. The OkCoin cryptocurrency exchange offers its own platform with a wide range of analytical tools, including indicators, as well as some graphical capabilities.
Clients have access to both market and limit orders, allowing them to purchase cryptocurrency pairs at the desired price. Also, the platform provides margin trading opportunities using leverage.
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Where to store Bitcoin after purchase
Purchased assets are stored in a cryptocurrency wallet, but how can you choose a service that suits you in all respects? Most experts agree that this depends on the volume of coins purchased and how long they are stored.
Large amounts or for a long period of time must be placed on a hardware wallet (Ledger or Trezor). The device is paid, but it provides the highest level of security for the keys to the wallet. It is almost impossible to steal funds stored in this way. To make transactions, you will need to connect to a computer and enter a PIN code.
Small amounts for everyday expenses can also be stored in a software wallet (for example, Electrum for PC, Trustee Wallet for mobile devices, Blockchain.com - online). The option of storing it on a crypto exchange is also being considered, but only if it is planned to use Bitcoin for trading operations in the near future.
BTCC (BTCChina)
This cryptocurrency platform is one of the most serious in China. Appeared in 2011. Users are given the opportunity not only to trade, but also to mine. The company is located in Shanghai.
One of the advantages of BTCC is that it allows you to work with both cryptocurrency assets and fiat money. The company provides input and output in most of the most popular payment systems.
As for commission fees, the BTCChina cryptocurrency exchange charges 0.3% for transactions.
Deposit and withdrawal operations – 0.5%.
The cryptocurrency exchange does not have a referral program. Instead, the MrGekko feature has been implemented, which allows you to work with other platforms using a BTCC trading account.
The trading process is set at a fairly high level. Traders are offered a full range of tools for both market analysis and placing various types of orders.
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Tips for buying Bitcoin safely
Experts advise adhering to the following rules when buying Bitcoin or other crypto assets:
- Choose exchanges and exchangers carefully, and do not use services with a negative reputation or no reputation at all. This is fraught with theft of not only money, but also confidential information.
- There is also another type of fraud: artificially high rates and hidden commissions. As a result, you end up spending more than you expected. Reliable platforms should be chosen through reputable aggregators and monitoring systems, so the risk of falling for scammers is significantly reduced.
- To avoid phishing, carefully check the addresses of exchanges and other sites where you enter your passwords or payment information. It is enough to replace one letter with a similar one, and many users, without noticing the catch, think that they are on the site they need. It is better to access services through browser bookmarks or by entering the address manually.
- Before purchasing Bitcoin, choose a reliable wallet where you will store it. If you choose a custodial service, then only one that has proven itself and has been working for several years. If the service is non-custodial, that is, the keys are stored with you, then take care of the security of the device itself, protection from viruses and Trojans.
Finally, you can only invest money that you don’t mind losing. A fall in the cryptocurrency rate can happen at any time, as has happened more than once, and after that it can only rise after several years.
Huobi
The Chinese cryptocurrency exchange has been operating since 2013. Huobi offers many languages, including Russian, which is an advantage for users from the CIS.
The registration process on the site is simple, with your account linked to your email or phone. No verification required.
The trading window on the site offers a wide selection of analytical tools.
The platform is built on the basis of tradingview online charts, which are distinguished by significant functionality.
The cryptocurrency platform provides the possibility of margin trading using leverage. There are several types of orders to suit the needs of all categories of traders.
Some users note in their reviews that the site's performance leaves much to be desired. However, in general, in terms of the number of tools and trading opportunities, Huobi is highly rated by clients.
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Gate.io
The persecution of cryptocurrency exchanges could not but affect local sites. Gate.io is one of the brightest representatives of this type.
Although now it is officially registered in the USA, and in the British Virgin Islands.
The account opening process is quite simple. You are required to fill out several fields and confirm your email address.
User verification is not required and is not carried out. There are no restrictions on cryptocurrency trading.
Gate.io only works with cryptocurrencies . You can deposit and withdraw money exclusively in Bitcoin and altcoins. It has its own commissions, which are reflected on the website. When it comes to trading operations, there are also commissions. With a monthly turnover of up to 3 BTC, you must pay 0.2% per transaction. For large volumes a discount of up to 50% is provided.
The cryptocurrency platform is a fairly simple chart with the ability to add indicators and switch between timeframes.
Gate.io allows its clients to buy assets both at market price and by placing limit orders.
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Is it worth buying Chia Coin (XCH)
Factors that may have a positive impact on the growth of XCH value:
- Environmental friendliness of the project. This aspect is of interest to many users who are concerned about the state of the environment.
- Own programming language. Chialisp is ideal for auditing, and at the same time functional: with its help you can create different types of wallets (rate-limited, multi-signature, recoverable), coins (colored coins), operations (atomic swaps, authorized payments).
- SSD and HDD manufacturers are also interested in pumping coins. High demand allows them to raise prices for the equipment they produce. Stock investors are already anticipating this and are beginning to invest in shares of manufacturing companies.
- Massive entry of currencies onto exchanges. Today it is supported by several large platforms. The increase in the number of these platforms will most likely lead to an increase in the exchange rate.
- Famous creator (Bram Cohen) and the rest of the team. They also launched large online stores Overstock and eMusic. Venture capital and other companies Sequoia Capital, Pantera Capital, Kenetic Capital, Andressen Horowitz), Polychain Capital have already become investors in the project. In the future, Chia Network plans to conduct an IPO.
- The issue of coins is limited. This is a deflationary model, which guarantees the gradual creation of a deficit, and therefore an increase in prices.
Of course, there are also difficulties. We have already talked about problems with hard drives (shortages and rising prices), but that's not all. The secondary market may be flooded with hard drives that are almost dead but still under warranty. It is expected that manufacturers will take tough measures, including limiting HDD sales. Therefore, it will be increasingly difficult for miners. That is why many people now consider it more promising to buy Chia rather than farm it.
Jubi
The Yubi cryptocurrency platform is not among the leaders even in China. Founded in 2014. Despite the fact that the volume does not yet reach the leaders, this site is considered promising. The Jubi team are professionals in the field of cryptocurrencies, providing a stable service.
There is no Russian on the site, as well as English. Yubi is currently focused on the domestic market.
Therefore, you can use the translator built into the browser.
The procedure for creating an account is not much different from other cryptocurrency exchanges.
In addition, verification is also provided.
Any personal identification document can be used here.
Jubi does not provide a large arsenal of trading tools. There is only one type of orders – market orders. As for currency pairs, you can only trade through the Chinese Yuan. Transactions between cryptocurrencies are not directly possible.
The situation with cryptocurrencies in Hong Kong
This state is a special administrative region of the People's Republic of China, one of the leading financial centers in the world. Despite this, Hong Kong pursues an independent and rather bold policy regarding cryptocurrencies.
In particular, according to local officials, there is no reason to regulate or prohibit the operation of cryptosystems. At the same time, some members of the government note that if cases of fraud occur, they are ready to work with both local and international legislation to extract the appropriate standards.
At the same time, in Hong Kong they still believe that Bitcoin, as well as altcoins, pose quite high risks in terms of volatility.
Unlike China, Hong Kong has so far maintained a neutral position, neither allowing nor officially prohibiting not only mining, but also the circulation of cryptocurrency in the country. Accordingly, it is here that companies, including those with Chinese capital, have been opening up more actively lately.
Let's look at the most popular sites registered in Hong Kong.
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Registration and functionality
To start working in BTCTRADE.IM:
1. On the main page, follow the “Sign Up” link - it is located in the upper right corner.
2. We agree that we are not citizens of the listed countries - click on “I got it”.
3. Fill out the registration form - select your country of residence in the drop-down list, enter your email, go through the captcha and enter your password.
4. In the mailbox we find the letter that came from the exchange and follow the embedded link.
Before you start playing BTCTRADE.IM, let's set another password. It is needed to confirm financial transactions that we will perform on the stock exchange.
You can also cooperate with the platform on a partnership basis, attracting new traders to it. For which a profit of 30% of the exchange’s income is awarded.
But not everything is so smooth on this Chinese “barge”. You can top up your wallet without any problems, but to withdraw, you will need to verify your identity by uploading documents.
The BTCTRADE.IM financial market is divided into three markets.
Trading functionality allows you to sell and buy coins only through market orders. At the same time, exchange rate fluctuations and its depth can be monitored through an interactive chart.
A “dark” version of the terminal is also available with a chart equipped with a large number of settings and technical indicators. But its interface is only in Chinese.
And after some time of clicking, the link to the “C2C” section disappeared from the navigation panel. It is possible that this is affected by the specified country of residence in the user account settings.
Bitfinex
Created in 2012. Chinese cryptocurrency exchange registered in Hong Kong. There are three versions of the site in English, Chinese and Russian.
It is possible to work with US dollars . To do this, you need to enable two-factor authentication.
To create an account, enter your email address and password. Verification is required.
For trading, the Bitfinex cryptocurrency exchange offers a wide range of cryptocurrency and analytical tools. Various types of orders are available.
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OKEx
The cryptocurrency platform was registered in 2015. The headquarters of the exchange is located in Hong Kong.
Languages available on OKEx include English, Chinese and Cantonese.
More than 80 pairs available to work with. The turnover per day reaches 160,000 BTC.
The procedure for creating a new account is not much different from other platforms . Specify your email address and password. Telephone verification is also carried out. OKEx also provides account verification.
You can deposit and withdraw money only in cryptocurrencies. The platform itself is a custom development. You can add indicators to the chart. OKEx offers market and limit orders. The latter are suitable for those who want to open positions at the desired cost.
The Okex cryptocurrency exchange is not popular among Russian-speaking traders and there are not many reviews from the CIS. This is due, first of all, to the language barrier.
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Gatecoin
Another representative from Hong Kong. There are over 70 pairs available here. In addition to English and Chinese, users can work with French, Korean and Japanese. Founded in 2015.
In 2016, the Gatecoin cryptocurrency exchange was attacked by hackers. Almost 2 million USD equivalent was stolen from wallets.
The registration procedure involves providing an email address and setting a password. Then the email is confirmed and after that you can start working. The cryptocurrency exchange also provides verification.
As a basis for the terminal, the cryptocurrency exchange uses the well-known tradingview online chart with a huge number of analytical capabilities. Here you can change the type of price presentation, install indicators, and work with graphical tools. It is possible to trade both cryptocurrencies and fiat money.
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