KTSGroup x Bingbon AMA Recap
On Friday, December 13th, KTSGroup hosted an AMA with Bingbon Product Designer, Daly.
KTSGroup is a large Vietnamese cryptocurrency community, with a strong and active community across various social media channels.
Here is a wrap up of some of the questions asked by the KTSGroup Community, answered by Daly of Bingbon.
Q1: Can you introduce a little bit about your self and your role?
Daly: I work as a product manager for many years, whose duty is having an insight into the market, collecting what people want and build a great application to fulfill their requirements and solving their problems. And of course, Now I’m mainly in charge of Bingbon product, developing a product roadmap to achieve the strategic objectives of our company.
Q2: What are the strengths of Bingbon and how it stands out from the rest of the competitors?
How do you compete in this crypto world? We all know that there are so many people competing to make new projects.
Daly: I received a lot of this kind of question. So I’ll try to describe more details about how we stand out from so many competitors.
Well. I got to mention 3 points we’re proud of. Real transparency, low-cost and Copy Trading.
First. Real transparency.
Most future exchanges share the same problem, they are unable to prove that they didn’t manipulate the price, right? The price always seems to fall when you long the market, making you lose for some reason and Vise Versa, crazy right? Of course, they always say that they didn’t manipulate the price, but how would we know that it’s the truth? The system is on their hand, they can do whatever they want with it. They’re saying “fair”, but unprovable.
Bingbon is different. We are transparent, our price is calculated using our open algorithm that is available for everyone to verify. Using our open algorithm we calculate the weighted average price of the top 3 exchanges in China region: Huobi, Binance, and Okex. All of this means that the price on Bingbon is generated via the external exchange, we can’t possibly do anything to manipulate it.
This is the first point I would like to say.
Second one, Low Cost.
0.045% fee rate and just charge lower than almost the whole market. The fee is a big deal. Don’t underestimate it.
Now I’ll shift to third point
CopyTrading is our biggest advantage. We hope to introduce the best traders in the world to become professional traders on our Social Trading platform. Then users of our order could copy their orders. Make a profit when they make a profit. I’ll show you some picture.
Users of our platform can just copy pro trader’order by one-click Just like this.
Find the pro trader you want. We show you the profit rate stuff.
Confirm your copying. Adjust your setting.
Then it automatically copy pro trader’s order. Then you get profit.
Q3: Could you please go into details about your account security system and how its many layers work together to protect user’s funds.
Daly: Sure. Let me show you about 11-layers.
Bank-level security. Zero Lost history. That’s our promise.
As we say, we have 11-layers security methods. Here’s a picture to state it. Of course each layer covers one angle, making sure that hackers definitely have no way to steal any assets from us.
Take blockchain wallets and server security as an example.
I have to say, actually most people don’t know how the exchange security work. Actually, it contains two parts as I say above. Blockchain part, and server part.
Let’s talk about blockchain first.
As we all know Blockchain is an open network. When you keep your cryptocurrency in a wallet you show your public key (mostly we call that address) to others when you Top-up or withdraw. You keep secret key private and never show others. People think It’s the same for exchanges. We expose your public key and keep your secret key secretly. Not exactly.
In case of the track by the hacker in an open network, we make a cold wallet, when you transfer your asset to your address whose public key is open. And then we transfer it to cold wallet three or four times secretly which you never get the public key(Actually nobody can). It’s much harder when you access the assets without public key.
As for the secret key, here come to the server part. Of course, we use multiple encryption technologies like sha-256 to save it. Making sure nobody even people in our company can reach it. But the most most important part. We deploy in Alibaba Cloud and Amazon Cloud at the same time which is the largest cloud service platform with a national security level. Why we deloy both? That’s because we want to make sure we could shut one of them down when Alibaba or amazon is down. Even we think that’s not going to happen.
Q4: Could you go into more details about social trading and what makes it so great? What happens to the funds that users allocate to the professional trader who they copy when the professional trader wins or loses.
Actually, it’s quite easy and simple for people who use it. When you copy a professional trader, you automatically open every order that the copied professional trader open and when he/she closes, you close.
So you both have the same open price, open time, close price, close time, and of course profit ratio. The funds are always in your account. As for how much margin you’re going to place, it’s up to you. We have an advanced system that allows you to be in control of how much of your funds are being used for each trade and when you want to stop copying for the day.
The greatest part about Social Trading is that you can choose the traders that best suit your risk tolerance level and be able to earn a profit without having to learn complicated trading strategies or having to spend a lot of time analyzing the charts. Meanwhile you could improve your trading skills from observing and learning from the professional trader that you follow. Later on our Social Trading will have more features that let you learn and share strategies from professional traders. In our opinion, this is also a very important aspect of Social Trading, not just making a profit from copy trading. You can’t always rely on somebody else right? However, please don’t forget to pay attention to risk management.
Q5: What are the major updates for Bingbon that are coming out in the next two months? And what are your future plans for the Vietnamese market?
First thing. It’s that we make the Pc version as good as app. We put a lot of resources on app because in other regions like China, Korea. People prefer to use mobile. But now we’re in Viet. We some of the users right here prefer to use PC. So we adapt it.
Second, this about community,(BTW copy-trading is only one part of the community.) I would say a better mechanism of the whole ecology.
We’ll develop a function where people can post sth like posting trading strategy. A trading community where people learn each other.
And We’ll change the way of gaining profit of pro trader from Copytrading. We want to unite the profit of the trader and the profit of the copier more tightly.
Of course, there’s still a lot of things about copy-trading.
To check out the whole AMA, join the KTSGroup telegram here: https://t.me/chatkts
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