Why users are using Mandala Exchange to trade on Binance with lower fees, no KYC (up to 2 BTC daily), additional trading pairs, and more!

in #binance2 months ago (edited)

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Binance is the number one cryptocurrency exchange in the world. They have achieved this status by providing their users with the highest security in the industry along with over 1,000 carefully vetted trading pairs. Because their exchange has so many users, their volume and order book liquidity is unmatched. They also continue to innovate, finding new and better ways to provide their users with the best possible trading experience.

Binance Cloud

One of the ways that Binance is innovating within the industry is to partner with their potential competitors and help their competition succeed.

This may seem counter intuitive, but they recognize that the Binance Exchange cannot be everything to everyone. By partnering with other exchanges and giving them the tools, security, and support they need to be successful - they are positioning themselves to be part of the cutting edge innovations that their competition creates (and receive a cut of their profits).

This is similar to how Amazon makes money from Netflix, since Netflix uses Amazon's cloud infrastructure (AWS) to run their platform.

Mandala Exchange

The Mandala Exchange is the first privately owned exchange running on the Binance Cloud Platform. They are working to build an exchange that offers users within the Binance ecosystem the same trading experience that they can get on Binance - except better!

Mandala_Logo_BinanceCloud.png

Security

Binance manages 100% of the wallet infrastructure for Mandala, and they provide the same SAFU guarantee on all funds held on the exchange. This means users who trade on Mandala have the exact same world class security as they would trading on Binance.

Shared Trading Pairs, Order Books, and Liquidity

Binance exposes 100% of their trading pairs to Mandala along with the order books and all the liquidity behind the orders. This means that if someone submits an order or trade on Binance, that order/trade instantly takes place on Mandala too. Similarly all orders/trades placed through Mandala happen instantly on Binance.

The two exchanges are connected through the Binance Cloud platform, so you do not loose any of the volume or liquidity by picking one over the other.

Lower Fees

The Mandala Exchange has the same base 0.10% trading fee as Binance, although users can receive a discount/rebate on their trading fees by locking a certain amount of $MDX tokens for 30 days.

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[Source: https://www.mandala.exchange/mdxtoken]

$MDX tokens are the native token for the Mandala Exchange platform, similar to how $BNB is the native coin for Binance. They can be referred to using the $MDX or $MDXT ticker symbol, depending on the context. $MDX tokens can be purchased via the Mandala Exchange or through Uniswap.

Binance offers similar trading discounts to users trading directly via their main exchange, although to reach the same level of maker/taker discount as locking 320k $MDX tokens requires you to be in one of their higher VIP levels. This means having a VERY HIGH 30d trading volume and holding a lot of $BNB tokens in your exchange wallet.

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[Source: https://www.binance.com/en/fee/schedule]

Users can get to the 0.05% maker/taker trading fee level through Mandala Exchange by locking only 320k $MDX tokens. At a USD price of around $0.10 (at the time of writing this) that is only $32,000 USD worth of $MDX to reach the 0.05% maker/taker trading discount. For high volume traders that spend a lot in fees - this is huge!

Free Transfers Between Binance and Mandala

Because Mandala's wallet infrastructure is 100% run by Binance, you can transfer tokens from your Binance account to your Mandala account (and vice versa) without paying any fees.

KYC Requirements

The Mandala Exchange allows unverified users to withdraw up to 2 BTC worth of cryptocurrency tokens per day with no KYC required. Binance recently announced that they will be lowering their unverified limit to 0.06 BTC per day for users using their primary exchange.

This means users who do not want to perform KYC can get a significantly higher daily withdrawal limit by switching over to the Mandala platform.

Additional Trading Pairs

Users trading on Mandala have access to 100% of the trading pairs available on Binance, but Mandala also plans to add additional listings that are only available on Mandala. Currently there is one additional pair available on Mandala (MDXT/USDT). They are expected to add many more later this year.

Upcoming Features

Mandala is working on several exciting new features which are expected to be released later this year. This includes:

  • Futures Trading
  • Margin Trading
  • MDXT Lending Platform
  • Mandala University
  • Hummingbot Integration

There are also plans to launch a fully compliant exchange within the US.

Bonus Trading Fee Discount

Mandala offers an affiliate program that benefits both parities for brining new users to their platform. If you signup any of your friends using one of your referral links, you both receive a 5% rebate from all their trading fees. You can also increase this rebate by locking additional $MDX tokens in your account.

All of the links within this article use one of these referral links which give us both a rebate on all your trading fees. Signup Here!

Lock in Your Max Trading Discount Today

The amount of $MDX tokens that you need to reach the 0.05% maker/taker trading discount is set at 320k tokens, although the price of $MDX is not fixed. If you plan on switching over to the Mandala Exchange to take advantage of the low fees and additional features, it is best to do it while the price of $MDX is low.

It is impossible to predict what the $MDX price will do in the future, although there is a fixed supply of $MDX tokens - 400M. As more people begin signing up for the exchange and locking their tokens to receive the max discount, the demand for $MDX will likely go up.

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Do/should Americans use a VPN?

They do have a restricted country list (similar to Binance) and currently the US is on that list, so if someone from the US tries to login to the exchange they will not be allowed. I am not going to promote or condone any ways to get around that, although I do know there is no KYC required if you are withdrawing <= 2 BTC per day. If you have friends or family that are logged in and trading from a supported jurisdiction, they can do trades on your behalf.

It seems like binance is offering a backdoor for people who want to keep 2BTC withdrawl limit without kyc

Oh yeah, something like that! 😜

your post came just in time, huge thanks for drawing this to my attention <3

Thank you for the interesting information, @timcliff.

Although I haven't been trading for a long time, I have registered (using your referral code): I will buy a few hundred MDXT, just in case! 😜

Good call! I've been loading up since March :)

Thanks for the info man! I'll try it out

That's good information. I think I have to give it a try and if it goes well. I can even help to promote and advertise the platform in my country

hello dear friend @timcliff good afternoon
Interesting information, I must admit that I was unaware of this service
I appreciate that you let us know
I wish you an excellent weekend

Hi @jlufer! So good to hear from you :) I hope you have an excellent weekend as well!

That is a decent clone from Binance.
Do you know how to buy those MDX tokens? On Mandala itself there is only a trading pair with USDT.

You can buy them directly from the Mandala exchange. The pair is MDXT/USDT. There is also a MDX/ETH trading pair on Uniswap.

Good to know, but did you really have to add your ref-link 9 times within the post? ;D

Figured might as well :) It earns me + them money for anyone who uses it. I actually originally had every single place that "Mandala" was mentioned in the post as a ref link, but I took most of them away because it seemed overkill, lol.

thanks for sharing!

Well said because truly** Binance **helps mostly new crypto's to succeed by achieving their client and investors target through promotion and advertisement. I am a contributor to Phonix insight the new PHB coin developer. I will attest here that Binance has been fighting day and night just to make sure that PHB gains its value as a newly launched crypto. Great job to you bro and great job to Binance.


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