Why Is Betting Lega Legit?

Binance Coin (BNB), the cryptocurrency based on the Ethereum blockchain that was initially designed to fund the operations of crypto-exchange Binance, is now available to be used in wagering sessions on the BitMAX.io sportsbook platform. This integration means that Binance Coin can now be used to place wagers on a range of sporting events including the UK Premier League, Major League Baseball and top-flight European football leagues such as the English Premier League and Bundesliga. It’s important to note that Binance Coin is not itself a cryptocurrency – it’s an Ethereum-based token that operates using a Proof-of-Stake protocol to maintain stability.

Futures, CFDs And What They Are Good For

For those who are curious about what exactly is going on here, it’s important to understand that BitMAX.io supports three types of wagering:

  • Futures wagering – this type of wagering allows users to make wagers on the outcome of an asset or a product that is not yet available, i.e. the closing price of a stock, commodity or financial instrument at a certain time in the future.
  • Contracts For Difference (CFD) wagering – this type of wagering allows users to make wagers on the difference between the price of an asset or a product at two different points in time. CFDs enable traders to gain exposure to the price movement of an asset without actually having to own the cryptocurrency or smart contract token representing that asset. CFDs provide leverage and allow traders to take larger positions than would be possible with regular in-play betting.
  • Over-the-counter (OTC) betting – this type of wagering allows users to make wagers on the price movement of a cryptocurrency or a cryptocurrency-based asset based on the outcome of news events, such as major sporting events, political campaigns, comedy gigs and music festivals.

Each type of wagering has its perks and drawbacks. For example, OTC betting is quite popular among high-volume traders who like to place large wagers on major sporting events and other headlines around the world. However, this type of wagering requires a lot of effort to find, analyze and monitor news stories that might be relevant to a given cryptocurrency or crypto-based asset. In addition, smaller speculators (i.e. individuals placing relatively small wagers) typically use CFD and futures wagering when they want to engage in short-term, high-volume trading. On the other hand, long-term investors and big spenders who want to profit from the up-and-down inclines of cryptocurrency markets typically use futures wagering because its more stable and offers higher premiums than CFDs or OTC betting.

Using The Betting API

All three types of BitMAX.io wagering support smart contracts, which are essentially automated agreements or contracts between two parties that specify the conditions of a bet. In order to use the betting API, a user first needs to register an account with BitMAX.io, then make a deposit, after which they can access the API and begin placing wagers.

For those who use mobile devices or web browsers on social media, the registration flow should be a no-brainer as you’ll be prompted to do so upon accessing the site. However, for desktop or laptop computer users who want to register an account or make a deposit on the site, you’ll need to navigate through several menus and click a variety of buttons to get to where you need to be. This is a pain point that the site should really try to eliminate.

After you’ve registered and made a deposit, you’ll be presented with a tabbed interface that shows all of the cryptocurrencies, tokens, and digital assets that the site supports, as well as a variety of tools, such as stop-loss and take-profit orders, that you can use to optimize your wagering positions.

Fully KYC/AML Reviewed And License Accepted

One of the nice things about Binance Coin is that the entire process of registering, depositing and wagering with it is fully KYC (or Know Your Customer) and AML (Anti-Money Laundering) compliant. This means that financial institutions, gambling establishments and governments cannot harass you or ask you for more identification than is necessary to make a bet. Instead, they have to go through the same KYC/AML process that you did to confirm your identity.

Binance states that:

“Binance has been working hard with the aim to bring more individuals and institutions on-board the cryptocurrency movement. The addition of Binance Coin to BitMAX.io marks another significant step in that direction, as we aim to provide a one-stop-shop for all cryptocurrency and blockchain-related information, news, tools and resources.”

With the recent growth in the number of digital assets, the need for a platform like this to support and integrate these cryptocurrencies is more important than ever. With the proliferation of scam coins and tokens, as well as a wide array of useless cryptocurrencies designed for speculation rather than utility, it’s essential that users can rely on transparent and well-regulated platforms rather than some guy claiming to be from the future that can’t stop promising the moon—even though it might seem like a good idea at the time.