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!
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.
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.
Mandala Madness!
The Mandala exchange takes 0.005% of their total volume across the entire exchange and puts it into a monthly lottery pool. Users can enter the lottery by locking MDX tokens. Every 1,000 MDX tokens locked = 1 ticket into the lottery. At the end of every month three winners are drawn at random and split the lottery pool.
Example:
At 10M Volume a Day
$10mil volume a day x 30 = $300mil/month
Lottery Pool = 0.005% of total volume
0.005% of $300mil = $15,000
= $5,000 per winner
The best part of Mandala Madness is that you get all your locked MDX tokens back after 30 days. You can either have them back for trading, or lock them again to be entered into the next month's drawing!
$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.
Low 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.
Users can get to the 0.065% (0.00065) maker/taker trading fee level through Mandala Exchange by locking only 300k $MDX tokens. At a USD price of around $0.10 (at the time of writing this) that is only $30,000 USD worth of $MDX to reach the 0.035% maker/taker trading discount.
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.
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 are two additional pairs available on Mandala (MDXT/USDT & VAB/USDT). SafeMoon will be added soon too, and they are expected to continue adding many more as the exchange continues to grow.
Once SafeMoon launches there will be an additional lottery, similar to Mandala Madness that is offered to users who have at least 1,000 MDX locked and buy/hold SafeMoon through the Mandala exchange. More information can be found here.
CryptoHero Algorithm Trading bot Integration
Mandala is integrated with the CryptoHero trading bot. More instructions can be found here.
Upcoming Features
Mandala is working on several exciting new features which are expected to be released soon. This includes:
- Futures Trading
- Margin Trading
- MDXT Lending Platform
- Mandala University
- Additional Trading Bots
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 + Lottery Entries Today
The amount of $MDX tokens that you need to reach the 0.035% maker/taker trading discount is set at 300k 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.
The more MDX tokens you lock - the more entries you have into the Mandala Madness lottery!
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, the demand for $MDX will likely go up!
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 :)
Fantastic coverage Tim. Really appreciate this.
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.
haha! Yes, that would have been overkill ;)
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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Hi Tim, you look like a familiar face. Have we met, Krakow? Bangkok? Steemfest 2018 2019? Not sure, as hung out mostly with the travel bloggers, as you could imagine. But I need you to have a look at this, only cause your a top witness and it's of utmost importance. There is small group I'm sure you're familiar with and they are damaging and running money off the platform like you wouldn't believe. Please have a look, thank you in advance. https://hive.blog/hive/@world-travel-pro/mind-blowing-and-shocking-abuse-revealed-on-the-hive-blockchain
I saw the post. Thanks for bringing it to my attention. Unfortunately I am no longer a top witness anymore and I don't really have much "political sway". It is also something I would suggest that you try to get stakeholders address, rather than witnesses. Ultimately the less stake is put towards it and the more stake that is put against it (countering the votes) the less their votes will matter.
It seems like you are fully aware of what seems like very dark entities, like bad sadistic characters concentrating power to themselves. I'm getting tired and just wrote a few long replies but this is really how I see it. Clear as day. You show your face, your name. You look like a nice normal guy to hang out with and have a beer and here you are weeded out.
There is only one solution and that is to expose what is going on here for all to see and let the dominos fall where they lay. Maybe you are all out of fight, but exposing them is the morally correct thing to do. More on this here from my response to this girl who just reached out to me about her nasty situation with the same group of sadistic offenders.
https://hive.blog/hive-167922/@mykos/re-world-travel-pro-3m9muj
Just shine that light and let the good people know what they are involved with. That's all that can be done at this point.
please consider voting for free-speech witnesses - - you have 30 votes and voting for fewer than 30 witnesses does NOT increase the value of your vote