TradeConnect Closeup — Trading With Friends
The last few blogs from our team have taken a lose up look at some of the new features that will be available on the TradeConnect platform. Last time we looked at multi-party trading, where a large order can be filled by more than one participant. Take a look if you missed it.
Today we’re continuing the theme, and the topic is a unique feature that TradeConnect will bring to financial markets — friend trading groups.
With TradeConnect it will be easy to set up and maintain trading groups with friends, providing an easy way to keep track of trading history and profits and losses. Let’s have a look at how it works with a close up of Abdul, an early trader on the network.
Abdul wanted to be able to set up a trading group with his colleagues, so he told the office members about the low-fees and multiple features of TradeConnect. After an easy registration and purchase of TCO tokens, Abdul and the seven colleagues who took him up on the offer are ready to go.
Abdul decides he wants to trade Forex with his group, and offers a $1200 long on the EUR/USD market. Three of his group are willing to accept this offer, and each commits $400 plus $4 of Connect fee to match his offer. The funds are locked away in smart-contracts, without ever being controlled or owned by a middleman.
Fortunately for Abdul, the Euro increases in price against the dollar. Independent oracles relay the information to the smart-contracts, which register that Abdul is the winner and release the funds to his private wallet.
Finally, the ConnectFee is distributed to market makers, takers and stakers, and the network itself.
The whole process was easy, fast and efficient, and a great example of the advantages of the TradeConnect network. With no middleman, Abdul and his friends had complete security over their funds, and the blockchain-based smart-contract system provided a fast and fair trading system.