BXB CEO Mr. Kwun Phite Lock, answered some questions from Hashgard Community in the AMA(Ask Me Anything) session on July 3rd, from 8pm to 9pm (UTC+8).
Here are some answers may be interesting for the one or other of you all.
1. Q: Are there any plans to have a web version of your exchange?
A: Yes, the web-version is on its way. You will probably be able to see it within the month. It seems a bit late, but we did this on purpose. Many exchanges started from web-based client, mobile app and finally PC client. We did things the other way by having a PC client first, mobile app and web based. We did in this way because the techniques we applied, which focus on fairness, and security, are more reliable and they were also easier to deploy on desktop client first. BXB differentiates itself from other web-based crypto asset trading platforms as BXB has independently developed a set of financial- specific communication protocols. Compared with the traditional web-based exchanges that are mostly text-based, http protocol, BXB’s communication protocol is based on two-level resolutions, which makes the entire communication process more secure and efficient.
Last night CloudFlare suffered some epic technical problems, Cryptocurrency services known to have been affected include Bitfinex, Coinbase, Coinbase Pro, CoinMarketCap. We run our exchange on our own servers, and would never be affected by an issue caused by third party web service providers.
2. Q: Will China and US users be permitted to use the exchange in the future?
A: We are open to all regions or countries where we don’t violate local policies and restrictions about crypto currency. But yes, we believe in the future we would be able to provide services to users from US, China and some other regions which have not been covered yet.
3. Q: What is your major standards for token listing?
A: We have strict standards in choosing projects and the standards cover many aspects, including checking the team’s background, especially the development team, the quality of their codes, their achievements compared with their roadmap, their community and so on. Sometimes we would conduct direct communications with the founding team of the project. Our team has a rich solid background in traditional finance, and we utilize our rich experience in investment to help selecting the best projects.
4. Q: How many people are there in your team currently?
A: We have around 100 people, including the tech, sales, operations, customer services and other supporting team members.
5. Q: Will you develop a separate platform for institutional account?
A: We haven’t had a plan on it, since our main goal is dedicated to serve individuals.
Most of our products and features are focused on providing individuals the tools to help them trade as good as professionals. Like auto-trading tool for transaction mining, we designed our Auto Trading product to be easy to use that users can simply operate it with just a few clicks. Like tap-trading, a unique trading product launched by BXB to satisfy the trading needs of traders looking to quickly enter and exit a position, allowing users to track the rapid price fluctuations of market and execute a buy/sell at the press of a button easily and instantly.
But we are hearing from our communities. BXB would adopt plans for institutional investors if it’s beneficial for the whole community.
6. Q: What are the qualifications required to be a BXB ambassador?
A: An ambassador’s mission is to help promote our exchange so that more people can join BXB community and get rewarded with BXB through transaction fee sharing. After the applicants submit the forms, we will contact them to ask some questions like how they would promote our platform, what their personal goals are, and the blockchain or cryptocurrency experience they have. We want to make sure the ambassadors are blockchain and BXB value believers.
7. Q: What are the major challenges in building BXB exchange?
A: Our biggest challenge is the integration of 2 types of techs. We have a solid tech background in traditional finance which is more reliable, secure and faster than most of the internet based or cloud based exchanges. But there are many issues we need to solve or adjust to enable mitigation of the tech from traditional market to crypto market. Our tech team spent over half a year on these.
But so far we have achieved what we want and we are so confident with our system and tech structure. At least we would never have the shutdown issue that coinbase, bitfinex and many other cloud service based exchange faced last night.
8. Q: What is BXB’s primary goal and focus for the second half of 2019?
A: Well first of all we are doing a rebranding, making our visual effects more friendly to all users. Next after the launch of our web-based client, we would unify the user experiences on PC, ios, android and web platform, and add features like algo-trading and more types of orders.
What’s more we would put more effort into expanding our market to all over the world. We’ve begun building our business in southeast Asia, north asia, south america, europe etc.
9. Q: What are the benefits in trading cryptocurrency futures?
A: Futures is a financial instrument that amplifies the market fluctuation and it works in both directions. And the power of leverage is something most people are now aware of. How does it work? A common situation is like, when price of an asset experiences 1% up, you can earn 100% from it by using 100 times leverage.
In detail, suppose I am optimistic about Bitcoin. If I buy buy Bitcoin at 4000 dollars, if the price increases by 20% later, I will earn 800 dollars. But using perpetual contract can make you earn more. If instead of buying Bitcoin directly, I buy a perpetual futures contract, I would earn 2000% return. In detail, If you invest 100 in the beginning, you will earn 1,500 in the same situation.
10. Q: How do individual investors manage investment risks with cryptocurrency futures?
A: You need to learn to control risks. Many measures can be taken, including control the size of your position, set stoploss line before trading, not holding open position overnight (when you can’t monitor it). But the easiest way to trade futures is to try our tap-trading product. Tap-Trading is a product that allows clients to trade LFBTC contract(a leverage trading contract based on bitcoin) simply by observing the market trend and directly press the BUY and SELL button. Each round lasts for 5 minutes. So you wouldn’t lose much since we control the maximum you can input, you can’t hold super long since we limit the game time to be 5 minutes, and you wouldn’t fall asleep because trading is never that interesting and easy! Check this out. https://twitter.com/BXBexchangeLtd/status/1128482874682798080
11. Q: What are your plans and achievements regarding compliance?
A: We are a compliant exchange for we have achieved the Estonian exchange license. But we strictly obey the local laws and respect the restrictions of different countries and regions. That’s why we limited our service to some areas including US and China.
12. Q: What is your advice to new traders to cryptocurrency futures market?
A: Trading futures or other leveraged products is all about managing risks. As I mentioned above, many measures can be taken, including control the size of your position, set stoploss line before trading, not holding open position overnight (when you can’t monitor it). And again I strongly recommend you try our tap trading, the easiest way to trade bitcoins and futures.
13. Q: Why does BXB choose to list Hashgard?
A: We’ve talked with hashgard project team, we think hashgard are those very few have clear roadmap and fulfilled what they promised. Their founder have a deep understanding of the industry. I also believe finance and investment field will be the first solid application for blockchain technology.