Coins may come and coins may go! But, it’s the exchanges that list the coins that come and go.
Well, I came across this quote recently and realized that exchanges are an extremely important part of the crypto ecosystem. They are like the gateways that connect FIAT with crypto world. Cryptoverse is just getting started. With newer innovations hitting the ground everyday, exchanges are set to evolve too. On that note, I wanted to talk about a highly evolved exchange that I came across recently. It’s called MCS or My Coin Story. In this blogpost, I am going to talk about what makes MCS so special and why should you consider giving it a legit shot? Let’s get started.
What is MCS?
MCS is a leading cryptocurrency derivative ONLY trading platform. Registered in Seychelles and headquartered in Singapore, MCS was created by a set of financial and cryptocurrency experts to form a perfect unison of the two worlds. The platform is meant to be a go-to tool for retail traders to certified derivative trading professionals.
Some key USPs of the MCS exchange are as follows:
A. The backend IT infrastructure for MCS is in line with top fintech firms and banks. This means when the shit hits the roof, you can take sensible decisions and system won’t be a bottleneck in your strategy. If you have been trading in Indian market through other CEX like WazirX or CoinDCX, you’d exactly know what I am trying to say here.
B. With your withdrawals governed by 2+ signatures, MCS ensures that your funds and assets are as secure as any bank. Website notes that MCS has tied up with Bitgo for this, which is a bank grade class III security solutions provider.
C. Monitoring and Backup is another key feature that I liked. This would recover your data instantly in case of any incidents.
D. There is special care given to the trading experience. The helpdesk is equipped to provide all the information to the traders. Apart from that UI and widgets are designed with keeping traders in mind.
E. There is a feature called advance mark up price which safeguards the traders from loss due to system errors. This is followed for BTC/USDT.
Why Should You Use MCS?
Listing down top 5 reasons one should use MCS:
A. Customer Support:
They have an amazing customer support. From my own experience, even without creating an account, the team helped me out so well. I had committed a typo in Email ID while creating the account and hence was not getting the OTP. The team pointed out the mistake and corrected it from the backend all within 5 minutes of chat.
Apart from that, my friends who reached out to the support told me that it’s not the regular IT guys deployed there for supporting you. There are people who understand the nuances of trading and thus can guide you much more efficiently.
B. Maintenance Margin Rate:
For the uninitiated, the maintenance margin is the minimum margin required to hold a position, and the lower MMR means the better liquidation price for a trader. With the industry’s lowest maintenance margin (MMR), MCS offers the most favorable environment for traders in Bitcoin (BTC) perpetual contracts.
The MMR on key exchanges for BTC is 0.5% while on MCS is only 0.35%
C. On Demand Withdrawal:
MCS is the only exchange that allows withdrawal requests in real time. Most of the derivative exchanges would let you do that only once to thrice a day. This comes in really handy in some situations.
D. Settlement in BTC:
Generally contract products use USDT as a means of settlement. However, in MCS, all trades are settled in BTC. This also applies even if the contract is sold (terminated). This means that profit for the trader improves as BTC will grow in value. It is a valuable proposition for someone who plans to hold BTC for longer period.
On the other hand, USDT-based derivatives, which have been in the spotlight as stable, have the disadvantage of not being able to earn additional profits from the increase in the Bitcoin (BTC) price, and traders have to endure the loss of the exchange rate due to the depreciation of the US dollar, which is expected to accelerate in the future.
As of December 1, 2020, MCS currently has 14 bitcoin (BTC) settlement derivatives, which is the second largest in the world.
E. Fastest Growing Exchange:
If you decide to place your trust in BTC, you would not be the only one. MCS is number 17th on Coingecko in terms of last 24 hour trading volume. It is soon becoming a trading platform that suits the slogan of #Be_a_Trader by building a more favorable environment for traders.
It is very important to evaluate the credibility of a product before using it. Especially in the crypto markets where rug pulls are a very common site. Therefore, a few top PR outlets that are talking about MCS are mentioned here for your perusal: Coingecko, Coincodex, Cryptoslate, Cryptowisser, Coinhills.
So what are you waiting for? Still got questions?
Let me know in the comments section below. If this article adds value to your life, please consider sharing it with your friends using the links below.
Until next time..
Btw, if you are a seasoned trader or just testing the waters with derivatives, here’s an exchange specifically meant for that. Head over to MCS using this link. Still not convinced? Join the vibrant community that is talking about MCS on Telegram, here.
Here’s a hidden secret for you: They are upcoming with exclusive community airdrops real soon. Make sure you join to reap it’s benefits.
For our beloved “non readers”, I also do quick carousels on these topics over Instagram. Come join the fun. Hit me up here. #CoinDCXPathbreaker