On Tuesday, March 3rd, CryptoFriendlyCommunity hosted an AMA with Bingbon Product Manager, Daly.
CryptoFriendlyCommunity is a large cryptocurrency community on Telegram and Twitter.
Here is a wrap up of some of the questions asked by the CFC Community, answered by Daly of Bingbon.
Q: What are the memorable milestones of Bingbon in the research and development process?
Recently we have had quite a few big development goals that we have reached. Most notably, launching the English, Korean and Vietnamese versions of the App and Website.
Recently we also finished a redesign of the Bingbon app and website, and this changed a lot about how Charts are shown on the platform, as well as giving more tools to users to create their own graphs and use advanced charting tools to do their technical analysis.
Also, making the whole ordering process on the Bingbon platform faster. Fast trades are really essential when dealing with leverage and fast moving markets.
Q: Security is considered as one of the top priority of any exchanges, how does Bingbon protect users information and ensure asset security?
Security is a huge aspect when it comes to all crypto products, and unfortunately, some platforms don’t take it seriously. Bingbon uses a 11 layer security system, which has been developed by a team from Huawei, a major tech company. Some of the more simple, user-side security features like 2FA, KYC, and verification for withdrawals, as well as security on the Bingbon side, like Hot/Cold Wallets, server security measures and more. I wish I could expand on it more, but this is a basic intro to our security measures.
A key point, is that no user has ever lost funds from Bingbon. $0!
Q: Aside from Bingbon being invested by Grandshores, I didn’t find specific info about the Bingbon team, can you tell us a brief background about yourselves?
Sure! The Bingbon team is a top financial and technical team: The R & D team come from top financial institutions and Internet companies in the United States, Hong Kong and China. The core development members of the team are from Tencent and Alibaba, which means they have great experience in dealing with high-traffic projects. The team’s advisors and risk control team members are from Google, and they all have extensive experience in risk control aspect. The server operation and maintenance is handled by Huawei’s core team on a regular basis, to ensure a safe trading environment. And AZDag, one of the Vietnam’s top blockchain development teams, assisted us in building the security barriers of the trading platform.
As you can see, members of our various teams have a diverse background, but a key point is that they all have experience in high-tech, well-established companies that are known for their products, security and platform safety, and issue we hold in a very high regard.
Q: There are many rules and regulations on cryptocurrencies and exchanges. How can the bingbon trading platform face these problems?
Thanks for this question! We think this is an aspect of the crypto trading market that is severely overlooked by traders, and when possible traders should trade on exchanges and platforms that are regulated by authorities.
This is why Bingbon has applied and received our Money Service Business License in the United States, and our MTR License in the EU. The MSB license allows Bingbon to legally offer contract trading to US based traders, and the MTR license allows us to operate a cryptocurrency wallet service and cryptocurrency trading license. To date, there are not many cryptocurrency trading platforms that can say they have these licenses.
We look forward to obtaining even more licenses in other regions of the world in 2020!
Q: Being one of NEW market players in the field of Trading Platforms, is there a pressure on Bingbon when launching this project knowing you will go competing with the likes of Binance and OKEx?
We don’t really consider Binance and other trading platforms as our competitors, really. As we are a contract trading platform, we do not face the same issues as they do. Here are some of the main differences:
Liquidity/Trading Speed:
Want to make a quick futures trade on Binance? You may have an issue with liquidity, so good luck taking advantage of the short-term opportunities in the market.
Contract trading is very fast, as there is no need to send a trade into the market and have it accepted by another trader. All trades are automatically accepted with little to no slippage/spread. This instant trading increases the ability of traders to take advantage of short term trading opportunities that are not possible with traditional cryptocurrency trading.
Trading Fees:
Another major difference is in the trading fees. Below you can see the trading fees associated with a $100,000 trade on Bingbon, compared to other platforms.
As you can see, the trading fees on Bingbon are around HALF of other platforms! That means you get to keep more of your own money in the trade, which we think is great, especially if you want to make many trades in a short timeframe to take advantage of market conditions.
A lot of our traders make 20–30 trades per day! For these users, they would be crazy to trade anywhere else.
Copy Trading:
One of the key features of Bingbon is the ability to copy trades from Professional Traders on the platform. You can check the traders trading history, profitability, how many followers they have, and other data. This is great for people that are new to the cryptocurrency trading market and want to get their first experience in trading. Also, we are always updated and adjusting the rules for copy trading to protect users and traders, so that it is fair and safe for everyone involved.
Q: As a new market is released, what is your strategy to attract customers? How do you compete with other famous exchanges?
Good question! This is a major part of my job, so I am very familiar with it. When we launch a new market, we do a lot of competitions and user incentives. For example, last week we ran a trading competition, where every day we gave away iPhone 11s to the top daily trader.
Also, anyone that shared our poster on Twitter was entered into the draw to win an iPhone 11. Last week we gave away a lot of phones!
Another thing we like to do is bonus credits when users deposit into Bingbon and trade.
Also, we think our referral program is quite good.
If you invite your friend to join Bingbon, you can get a minimum of 10% of the trading commission. The commission rates go up to 50%, depending on how many users you invite. Some of our top referrers make hundred of thousands of dollars per month (I am jealous!).
Also, we try to have some KOLs/influencers in each region of the world to help spread the word about Bingbon. If anyone here thinks they have what it takes to help spread the word about Bingbon, you can have a chat to our Community Manager Tyler!
To check out the whole AMA, join the CFC telegram here: https://t.me/CryptoFriendlyCommunity
Register for Bingbon today to enjoy $100 in free trading credit:
https://invite.bingbon.pro/invite/module/invite.html?lang=en&code=GCTD34
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