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!