Gambling on crypto exchanges

[Oshosondy]

I just saw this on an exchange which is similar or let us say the same as binary option. This is it:



You can choose the up or down and select the time duration. If you are right, you will be credited 87% of the money you used for it. If you are wrong, your money is gone.

I have not tried it yet because it is gambling but I will give it a try with $5

On this exchange that I saw it, the minimum amount is $5 while the maximum is $150 which you can see from the image above.

[Ziskinberg]

That’s actually a popular game, but I’m not sure if there are really a lot of people betting on it. I tried it before, but it just wasn’t exciting for me, so I stopped and just focused on sports betting instead.

By the way, what exchanges are you using?

Some exchanges even have other games, like dice.. for example, Yobit.

[Oshosondy]

By the way, what exchanges are you using?

I am using many exchanges. I have more than 5 exchanges that I am presently using. But I know your question is about the exchange that I saw this binary option? It is MEXC.

Some exchanges even have other games, like dice.. for example, Yobit.

Yobit is not a reputed exchange as it has shady things and many useless scam tokens.

[Ziskinberg]

By the way, what exchanges are you using?

I am using many exchanges. I have more than 5 exchanges that I am presently using. Bit I know your question is about the exchange that I saw this binary option? It is MEXC.

Hmm… this is a controversial exchange.. the one that reportedly had a glitch where Bitcoin’s price dumped to zero.

After hearing about that incident, I don’t think I’d want to use this exchange.

Some exchanges even have other games, like dice.. for example, Yobit.

Yobit is not a reputed exchange as it has shady things and many useless scam tokens.

I’m aware of that - I was just giving an example.
Maybe there are other exchanges out there that also offer dice games.

[mindrust]

Stuff like these make crypto exchanges look like casinos indeed. People are right to be confused. Whenever a trader makes a spot trade it is a form of gambling too. He doesn’t push up/down buttons, he clicks buy/sell buttons. The idea is the same unless he is using leverage. Up/buy are long positions. Sell/down are short positions. How does he know which direction the markets are going to go? He doesn’t. That’s what makes it gambling. There is one exception, if you go long/buy and wait for a decade, it is almost guaranteed to make money. Every other trade is a gamble.

[slaman29]

Other than the fact that most traders approach with a gambling mentality as I always say in my Trading posts, you do realize also that a lot of markets are actually gambling, especially on derivatives right?

In fact, even insurance is a form of gambling, thats why some futures on DEX are literally bets. For example if you take insurance on flight delay, you are betting that your flight will be delayed to win the insurance payout

87% on win is a stupid house edge tho! Might as well bet on Sportsbet Bitcoin Up or Down

[stadus]

Stuff like these make crypto exchanges look like casinos indeed. People are right to be confused. Whenever a trader makes a spot trade it is a form of gambling too. He doesn’t push up/down buttons, he clicks buy/sell buttons. The idea is the same unless he is using leverage. Up/buy are long positions. Sell/down are short positions. How does he know which direction the markets are going to go? He doesn’t. That’s what makes it gambling. There is one exception, if you go long/buy and wait for a decade, it is almost guaranteed to make money. Every other trade is a gamble.

If you’re a trader who focuses on strategy, you might just ignore what the exchange is offering especially if it feels too much like gambling. So it really depends on you. Personally, I just avoid the binary market because it’s basically like playing dice, trying to predict up or down, and I know I’ll probably lose in the long run.

I’m also not sure if these kinds of exchanges are actually regulated. If they are, then maybe those markets are considered normal since regulators are supposed to follow certain standards to keep exchanges in check, at least for most of them.

[Beparanf]

It’s a high risk trading which casino already use as gambling games but it’s meant for trading initially.

I remember playing this the first time on Fortunejack casino before but they removed it already long time ago.

But Binary trading was considered as trading tool rather than gambling since it’s just an option trading with short time frame. I hate using this on crypto due to its volatility.

[HONDACD125]

Binary and options trading is nothing new, and most cryptocurrency exchanges (centralized ones) offer this to their customers. Binary and options trading is a type of trading that contains too much risk, and it can actually be compared to gambling in the sense that you bet an amount, and get a certain percentage back if your guess is right, and lose the money if your guess is wrong. However, there is only one difference, and it is that in options trading, you can at least look at charts, and do technical analysis to at least have some idea about how the market is moving, and whether you should go up or down.

Apart from these integrations in centralized exchanges, there are dedicated platforms for binary trading that you can find. You can make trades on stocks, commodities, cryptocurrencies, forex, etc. If you search on YouTube, there are a lot of content creators who create content about binanry and options trading, teaching strategies, showing how they make money, and telling newbies about what strategies they should use for effective trading.

[Strongkored]

I played this game for the first time through an application long time ago and it is free and successfully being in the leaderboard will get real money transferred to digital wallet.

Isn't this also the same as the one on rollbit? sportsbet also exists with the name of the game up and down.

If want to play this game it is better to use a casino than an exchange account, because our capital may be drained there because can't control it, and it is better to only trade on the exchange like spot trading, not for gambling.

[goldkingcoiner]

I just saw this on an exchange which is similar or let us say the same as binary option. This is it:



You can choose the up or down and select the time duration. If you are right, you will be credited 87% of the money you used for it. If you are wrong, your money is gone.

I have not tried it yet because it is gambling but I will give it a try with $5

On this exchange that I saw it, the minimum amount is $5 while the maximum is $150 which you can see from the image above.

So basically it is more or less the same thing as opening a position on high leveraged trading where you get liquidated if the price moves even slightly in the wrong direction or you get rewarded with an amazing amount of money if it goes in the right direction?

The only difference I see is that you can choose the time. But then again, that would just be options trading? Or... Leveraged options trading or some kind of mutated hybrid version of it?

[EL MOHA]

Hmm… this is a controversial exchange.. the one that reportedly had a glitch where Bitcoin’s price dumped to zero.

After hearing about that incident, I don’t think I’d want to use this exchange.

It was actually false news that the bitcoin price went to zero on the exchange, the glitch happened to trading view where Mexc bitcoin data there went to zero, the exchange actually clarified this on X (formally Twitter). If the glitch had actually happened in the exchange I think almost all long positions on bitcoin in the exchange would have been liquidated and that would have made the news big.

Not actually defending any exchange but Mexc seems to be the latest exchange that most traders use now because of high leverage, low fees and the fact that they basically list anything on the market. I am  not surprise by this game on the exchange, most of this exchanges are now like gambling platforms now. Binance has something like Binance Alpha where you trade the most volatile tokens on the markets there, they all want to take something for the trades

[Oshosondy]

Hmm… this is a controversial exchange.. the one that reportedly had a glitch where Bitcoin’s price dumped to zero.

After hearing about that incident, I don’t think I’d want to use this exchange.

It was actually false news that the bitcoin price went to zero on the exchange, the glitch happened to trading view where Mexc bitcoin data there went to zero, the exchange actually clarified this on X (formally Twitter). If the glitch had actually happened in the exchange I think almost all long positions on bitcoin in the exchange would have been liquidated and that would have made the news big.

I thought he was referring to Yobit, not knowing it was referring to MEXC. He can set the bitcoin price on the exchange on both spot and derivative trading to 1 month and check where the price of bitcoin got to zero dollar. I use the exchange very well and I have check bitcoin price several times using the month candles and nothing like bitcoin getting to zero there. If such happened, I would have known about it. You are correct.

[BitMaxz]

I am trying to find the similar one on Binance and OKX. It seems this one is unique. It looks similar to binary, but the advantage I think is that you can set the time. Unlike on old binary options, you only have two buttons, up or down. However, the downside is that the reward is far from 1:1; the old binary option only took 1% to 3%.
So it is obvious that in the long run, you could lose due to risk ratio; if you have a 50/50 win ratio, you will lose in the long term. Futures is way more better than this because you can able to make more than 1:1 win ratio.

[uneng]

It looks like rebranded binary options, where many traders lost big money believing it was possible to logically predict the next minutes or hours of fluctuations in financial markets. I remember by 2016 or 2017 it was a trend, but due to the failure faced by enthusiasts it lost traction quite fast.

I even watched news on television sharing stories from big investors who abandoned the job at important sectors of the industry to make a living from binary options, although they regretted a lot later once huge losses were accumulated.

Since this feature is appearing once again, exchanges should be stating it's purely gambling, otherwise they may mislead traders into falling for the same mistake people did years ago.

[Mrbluntzy]

You can choose the up or down and select the time duration. If you are right, you will be credited 87% of the money you used for it. If you are wrong, your money is gone.

I have not tried it yet because it is gambling but I will give it a try with $5

Seems the crypto exchange were looking for a feature that would help them to make so much money and they decided to launch this... I don't know if I should call it a game or still call it trading. With the settings, it's a game of chance that depends on the timing and if a trader makes a prediction that the price will go up, I think it has to go in that direction for a specific time period and if it doesn't, that's a lose, right?

Depending on the crypto pairs they are going to allow for the game, if you are good in making analysis and guess you can win them because you have to read the candles closely to know when the up move will kick off and when down move will start too. If you are a trader, I think you can win more, $5 is not bad to try with.

[logfiles]

I don't know why I have never liked Binary options or anything similar to it. If it's trading in a crypto exchange, I prefer to just do it the traditional way (spot and perpetual contracts). If I want to gamble, i just rush to casinos 

Anyway, please let us know how it goes and what you might experience

[taufik123]

I don't know why I have never liked Binary options or anything similar to it. If it's trading in a crypto exchange, I prefer to just do it the traditional way (spot and perpetual contracts). If I want to gamble, i just rush to casinos 

Better yet, crypto trading for work is done by doing technical and fundamental analysis (I'm more interested in spot trading) and gambling is no more than just a hobby for myself,
not to do extreme gambling with a lot of funds, just a small amount of funds allocated to entertainment gambling.

If trading and gambling are on 1 platform it may be very risky for those who do not understand how to manage gambling and trading well, those who are too greedy will just waste their money.

[bitgolden]

You can choose the up or down and select the time duration. If you are right, you will be credited 87% of the money you used for it. If you are wrong, your money is gone.

I have not tried it yet because it is gambling but I will give it a try with $5

Seems the crypto exchange were looking for a feature that would help them to make so much money and they decided to launch this... I don't know if I should call it a game or still call it trading. With the settings, it's a game of chance that depends on the timing and if a trader makes a prediction that the price will go up, I think it has to go in that direction for a specific time period and if it doesn't, that's a lose, right?

Depending on the crypto pairs they are going to allow for the game, if you are good in making analysis and guess you can win them because you have to read the candles closely to know when the up move will kick off and when down move will start too. If you are a trader, I think you can win more, $5 is not bad to try with.

Well, what do we expect here? They are a business but who doesn't want more money anyways . But if you didn't know it yet, features like this inside an exchange is not a new thing.

Apart from profits, I think this is cool or entertaining in the side of the customers. So while they are waiting for something, they can put some dime first and roll that button to see if what they can get. Judging on what I said, it must be a game/gambling. It only looks like trading because it is placed on a trading platform. Remember, gambling is a game of chance, so I don't think what you suggest there will work here but that should already be enough for our trading activities.

[Popkon6]

Yes, it usually looks like futures trading, and it is like betting. For those who have traded futures, such gambling-like exchange sites must seem easy. I have traded futures but have faced more losses because my guess was not right and I have participated against the price of any coin and I have faced losses.
However, in most cases, it is very foolish to take such trades because the chances of correct guess and losing money are very high, but you should definitely think twice before participating in such trades.