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Liquid

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Introduction to Liquid

Founded as Quoine in 2014 and catering primarily to users in Eastern Asia, Liquid is a fully-featured cryptocurrency exchange that supports a wide variety of fiat purchasing options. Over $100 million in daily volume is spread across 160+ trading pairs, with the most popular pair being BTC/JPY, which is responsible for about 90% of the exchange’s volume on any given day. Some of the harder-to-find coins that have substantial volume on Liquid include Bitcoin Vault (BTCV), Celsius (CEL), and Energy Web Token (EWT). Unfortunately, Liquid is currently unavailable to customers in the U.S.

How to register an account on Liquid

After pressing the “Get Started” button on the home screen, you only need to enter an email address, legal name, and to create a password. Upon pressing “Sign Up”, you will then be asked to confirm your email address. After that, your account will have been created.

Although Liquid does not service citizens of the U.S., they do plan to support U.S. customers in the future. For a full list of countries not covered by Liquid, click here.

KYC is required for all Liquid accounts and requires an upload of a national ID document (passport, driver’s license, state ID), a selfie, and a proof of address document (such as a bill or bank statement). This can be found by going to the “My Profile” section of the screen and clicking “Get Verified”. The verification process is usually completed within 24 hours.

Lastly, you will need to attach 2-FA to your account before you can proceed with making a deposit.

How to make a deposit on Liquid

First, click “Deposit” in the upper right corner of the dashboard. Liquid supports 10 different fiat currencies and offers some good to exceptional trading volume on their BTC-related pairs, including BTC pairs for JPY, USD, EUR, GBP, SGD, HKD, and AUD (among others). To deposit fiat, you will need to attach a bank account and then create a funding request for that account; unless you are depositing EUR, in which case there may be a SEPA / SWIFT option available. To deposit cryptocurrency, use the search tool to locate the coin / token you wish to deposit and click on it to find your exchange deposit address.

How to trade on Liquid

Although the number of order types is limited, the Liquid chart screen is eloquent, allowing for the addition of a large number of overlay options, including dozens of different TA overlays. Liquid offers 4 unique trading screens, all of which are listed under the “Trade” menu tab:

  • Spot. This is the normal, basic trading of one coin for another (also includes fiat pairings). Order types include Limit (place an order on the orderbook that remains open until filled), Market (place an order to buy / sell at current market price, filled immediately), and Stop (executes a market order at a particular price). Coins are paired against BTC, USD, ETH, QASH (the exchange utility token), and many others, including 9 fiat options.
  • Margin. Allows for trading with borrowed coins, giving trades up to 25x leverage. As of now, only BTC, BCH and ETH can be traded on margin, using a number of funding currencies. Liquid offers zero funding fees for those classified as day traders.
  • Infinity. Allows for trading of advanced financial products known as contract-for-difference (CFD) with up to 100x leverage. As of today, there are only 2 options available under this option: BTC/USD and BTC/JPY. Uses fiat or stablecoins as collateral.
  • Perpetual. These are perpetual futures products which are designed to replicate the price of an underlying cryptocurrency asset. The price is determined by an index of 5 different exchanges. Like the Infinity option, Perpetual pairings can be traded with up to 100x leverage and only include BTC/USD and BTC/JPY pairings.

For those who would like to purchase crypto without having to place an order, and would like to pay using credit card, there is a “Buy / Swap” option available in the top menu bar where Visa can be used to purchase BTC, RIF, OMG, or UBT.

Liquid trading fees

Spot trading fees on Liquid start at 0.15% for Taker orders. This is relatively cheap compared to many exchanges of Liquid’s size. Fees can be cut by 50% when paid for in QASH, the exchange’s native token. Fees vary for Margin, Infinity and Perpetual options according to the lending rates at the time, which is currently about 0.05% per day for Infinity options. Those who trade more than $10,000 per month enter a tiered fee discount system.

How to make a withdrawal from Liquid

First click the “Withdraw” option in the upper right hand side of the main account screen, then select the coin or fiat option which you wish to withdraw. After entering your amount and send-to address and clicking “Confirm”, your withdraw request will go through a security check, and processed as quickly as 15 minutes in some instances. Note that Liquid only processes withdraw requests during the weekdays, so if you make a withdrawal on a weekend, it may not hit your withdraw address before Monday.

Fiat withdrawals can be a little bit on the expensive side, with most withdrawals charging 0.1% of the total amount to be withdrawn plus a $30 USD withdrawal fee. The withdraw fee for Bitcoin is pretty standard at 0.007 BTC — not too high or low. Fees are considerably cheaper for most other coins in terms of fiat amounts.

Benefits of Liquid (over competitors)

  • High amount of liquidity for BTC/JPY pairing, supports a number of other fiat currencies.
  • Easy-to-use trading screen and user interface.
  • Carries a large number of trading pairs.

Limitations of Liquid

  • Not open to customers in the U.S. and several other countries.
  • Many pairings without adequate trading volume.
  • Number of order types and leverage products available are lacking.

Wrapping it up

In all, Liquid is a decent exchange for those looking to trade mid-tier coins that aren’t often seen on other major exchanges, as well as for those who want to trade BTC/JPY. Although it isn’t available to traders in the U.S. and a few other countries, Liquid is available almost worldwide and supports a wide variety of fiat options (10 in total) for trading dozens of different fiat/crypto pairs.

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