FAQ

Getting Started on globalbitminner is pretty easy Simply visit the website at www.globalbitminner.com You’ll need to provide a valid email as this is necessary to receive updates to your account. Kindly save your username and password as this would be necessary whenever you need to log into your account. A Google authenticator can also be setup for added account security.

Withdrawals are carried out anytime during the week but preferably from Fridays to Sundays after the week’s trading activities. To withdraw you simply log into your account and click on the withdrawal section of your dashboard. You would be required to input the withdrawal amount, payment gateway (wallet address, account number etc) and send your request. It’s important to make sure your payment gateway is correct, to prevent a wrong payment gateway. Withdrawals can be carried out from Tuesday to Friday (preferably on Fridays). Weekly profit ONLY can be withdrawn for regular packages. While total sum withdrawal can apply for contract packages. Contact your Portfolio manager for more details on this.

Making deposits and withdrawals comes at a price, depending on the payment method chosen to transfer funds. The higher the risk of a chargeback from a payment medium, the higher the fee. Making a bank draft or wiring money to the exchange has a lesser risk of a chargeback compared to funding your account with PayPal or a credit/debit card where the funds being transferred can be reversed and returned to the user upon request to the bank. In addition to transaction fees and funds transfer fees, traders may also be subject to currency conversion fees, depending on the currencies that are accepted by the bitcoin exchange. If a user transfers Canadian dollars to an exchange that only deals in U.S. dollars, the bank or the exchange will convert the CAD to USD for a fee. Transacting with an exchange that accepts your local currency is the best way to avoid the FX fee. All bitcoin exchanges have transaction fees that are applied to each completed buy and sell order carried out within the exchange. The fee rate is dependent on the volume of bitcoin transactions that is conducted.

Note that a bitcoin exchange is different from a bitcoin wallet. While the former offers a platform through which bitcoin buyers and sellers can transact with each other, the latter is simply a digital storage service for bitcoin holders to store their coins securely. To be more technical, bitcoin wallets store private keys which are used to authorize transactions and access the bitcoin address of a user. Most bitcoin exchanges provide bitcoin wallets for their users, but may charge a fee for this service.

For example, on a bitcoin exchange, three coin sellers are asking for BTC/USD 2265.75, BTC/USD 2269.55, and BTC/USD 2270.00. A trader who initiates a market order to buy bitcoins will have their order filled at the best ask price of 2265.75. If only five bitcoins are available for the best ask and 10 coins are available for 2269.55, and the trader wants to buy 10 at market price, the trader's order will be filled with 5 coins @ 2265.75 and the remaining 5 @ 2269.55. However, a trader who thinks they can get bitcoins for a better price could set a limit order for, say, 2260.10. If a seller matches their ask price with this order or sets a price below this figure, the order will get filled. All of this is done by the exchange, which takes a percentage of each transaction for their business.

A token swap has two distinct definitions within the crypto sphere. The first connotes the process of instantaneously exchanging one cryptocurrency to another without having to first undertake a crypto-to-fiat exchange. This definition encapsulates the workings of prominent platforms like Changelly, Shapeshift and Airswap. On the other hand, the second definition of token swap revolves around the migration of projects or platforms from one blockchain to another and the coin swapping requirements that often accompany such a move. In this case, a project has for one reason or the other chosen to switch its operation base to another blockchain with unique token standards. As such, the development team must provide the means for investors and users to swap the project’s native token to another token that is compatible with the new blockchain network. The process involved is what we call token swapping or token migration.

For this guide, we will be focusing on the first definition of token swap. As mentioned earlier, this entails the use of seamless crypto-to-crypto exchange services rather than the often cost-inefficient and time-consuming approach of converting a digital asset to fiat before subsequently using the fiat to buy your desired coin. In most cases, this solution provides an easier gateway to cryptocurrencies with low market capitalization. For example, if you want to exchange your COMP coin to ZIL, you will most likely discover that exchanges that provide the COMP/ZIL trading pair are few and far between. As such, you may have to first trade your COMP tokens for fiat currencies or other established coins like BTC, ETH and USDT. From there you can exchange the popular coins or fiat directly to ZIL. You will agree that this process is long and cost-ineffective. To execute such a trade, you would have to pay transaction fees at least more than once. Also, it is impossible to gauge how price volatility can impact the profitability of the trade. Remember that the prices of crypto assets are often volatile. Therefore, the above-mentioned approach could make it difficult to achieve your desired price entry. In light of these drawbacks, exchanges, wallets, and other platforms began enabling instant swap functionalities. With this, users can exchange a crypto asset for another directly. All you need to do is enter the amount you want to exchange and your desired trading pair and the token swap service would instantly process and convert your coin. With this form of transacting, you only have to pay transaction fees once. Platforms with token swapping offer a convenient and secure crypto-to-crypto gateway: you can do all the exchanging you want from either a custodial or non-custodial wallet. Depending on the robustness of your wallet, you may not need to transfer your coins to a crypto swapping service or exchange before accessing an instant crypto-to-crypto exchange feature. Wallet providers often incorporate crypto swapping services so that users can convert their coins securely from their personal wallets. Essentially, what such crypto swapping services bring to the table is simplicity, speed, affordability and security. Some even go as far as allowing users to buy cryptocurrencies with credit or debit cards. Examples of solutions offering dedicated crypto swapping services are Changelly, Shapeshift, ChangeNow,and Simpleswap. Exchanges, investment platforms and wallets like globalbitminner have also begun to create their in-house swapping services. Moreover, the DeFi craze of 2020 further spurred the emergence of DeFi token swap solutions. The same trend is currently sweeping across the NFT market. When it comes to token swaps, the options are practically unlimited. Owing to the explosion of swapping services, it has become increasingly important for us to introduce similar services to our portfolio. What should I look out for in a good coin/token swap platform? Things to look out for include the availability of a wide array of crypto pairs, the security prowess of the platform and the speed at which coins are swapped. Note that high speed negates the possibility of slippage. Slippage occurs when the number of cryptocurrency A you receive in exchange for another cryptocurrency B steeply declines before the transaction is finalized. It is worth mentioning that some services eliminate slippage by offering fixed swap rates that are held from the start of the transaction to its finalization. The only added requirement of such offers is that you may have to pay a higher transaction fee. What Does the Future Hold for Token Swap Services? While Bitcoin remains the go-to crypto asset for many new investors, it is their foray into the altcoin market that eventually exposes them to the myriad of opportunities embedded in the digital asset space. This is where token swap services enter the fray. They double down on user experience and put mechanisms in place to unlock the altcoin market to users that lack the technical expertise required to navigate crypto exchanges. As the crypto industry continues to gravitate towards mainstream adoption, expect token swaps services to become more prominent. However, this expectation puts added pressure on service providers to improve their offerings. The onus is on them to boost security, increase swap speed and deliver more user-centric features.

A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currencies or altcoins. A bitcoin currency exchange is an online platform that acts as an intermediary between buyers and sellers of the cryptocurrency.