Exclusive Interview with Bingbon

Bingbon is a Singapore based contract trading platform, allowing users high speed, secure, low fee & accurate contract trading across various market pairs, including cryptocurrencies, global indices, forex, and commodities.

Hey Tyler, Thanks for joining me today. Can you tell us more about yourself and Bingbon?

Hey, thanks for having me! I’m originally from Australia, and currently head of Global Marketing at Bingbon. Bingbon is a social trading platform registered in the Republic of Estonia and with satellite offices around the world, allowing users to trade popular Cryptocurrencies, Global Indices, Forex, and Commodities. Bingbon aims to provide a fair, transparent, and secure market, enabling efficient and cost-effective trading for users.

Bingbon is probably most well known for our access to a great variety of trading categories, but recently we’ve started to gain some great recognition in the Social Trading industry, with the launch of our Copy Trading feature in October 2019.

How did you first get your start in the world of cryptocurrency?

In 2011 my friend introduced me to Bitcoin and we started mining with a few old computers. We convinced a few other friends to set up the mining software on their computers and actually had a decent hash rate by 2011 standards. Eventually, my parents got fed up with their computers running slowly and deleted the software. The friend that introduced me to Bitcoin now works with Bitcoin Core.

What does a regular day for you look like working with Bingbon?

It always starts the same way: Waking up early and checking social media for the latest Bingbon news and general market news, checking on some of our different communities, and responding to any urgent issues from users. In my role as head of Global Marketing, I need to handle quite a few social channels, with Twitter and Telegram being the major platforms at the moment. I have to spend a lot of time keeping up to date with what’s happening on these platforms.

The rest of the day is never really planned out, or never goes to plan anyway. Recently we have launched a lot of new features on Bingbon.com, so I’m always checking with the development team about the progress of these features and chatting with them about what other features our users want. If a new feature is launching soon, I need to make sure we are prepared to promote it effectively.

Where are the Bingbon team members based out of? How do they usually collaborate with each other?

Bingbon has quite a few teams throughout the world. We have teams in Singapore, Taiwan, Vietnam, and recently created teams in Japan, Korea, and Russia. There’s a lot of group chats and calls.

What do you think are Bingbon’s philosophy and values?

User First, Fair & Just, Ultimate Trading Experience. Recently we faced a DDOS attack, and users were unable to open or close positions during the attack. Luckily the market was quite flat, so not too many users faced issues, however, we’ve refunded any users at the maximum profit of their positions at the time of the issue.

Also, anyone that had an open position at the time received an airdrop of trading credit. A lot of platforms will say “oh well, that sucks” any time they have a tech issue. We’re committed to making users whole when we face an issue.

오늘 등록하고 100 $ 무료 받기   –  Link Register and received 100$ Free today

In the current cryptocurrency ecosystem with more and more crypto derivatives/futures exchanges emerging, why do you think Bingbon stands out from the rest of the pack?

We really try to focus on the users. If users are having issues trading on Bingbon or want new features, we do everything we can to bring those suggestions to the Bingbon platform.

We collect a lot of user feedback and are continuously adding features and trading pairs to provide the best user experience possible. Recently we added ADA/USDT Perpetual Contracts as quite a few users asked us to.

Sometimes there may be issues. If Bingbon has any technical issues, we try to resolve them as quickly as possible and offer compensation for affected users. We really want users to feel comfortable trading on Bingbon and give them every opportunity to trade to the best of their ability.

Also, we have some of the lowest fees in the industry, which is great for all traders.

What do you think is the biggest problem Bingbon will solve that no other cryptocurrency exchange is solving now, and why is that problem important to solve?

Through our copy trading feature, we allow users to check the complete trading history of traders. We’ve all seen people on social media claiming hugely profitable trades, and trying to sell a course or something similar. If they are a really good trader, we want to bring them on to Bingbon and let them be open about their trading history. If they are as good as they claim to be, they will gain a huge number of followers and earn an 8% profit share of their followers’ trades. No courses, no signals groups, no “account management”. Just an open social trading platform that rewards good traders.

Why do you think a viable solution to this problem has only been covered by Bingbon? Why were there no solutions before that could solve this problem before?

We’ve seen the work that some other platforms have done in the social trading space, and while they are good first steps, we think that there are still improvements to be made.

Can you tell us what is currently possible with Bingbon now?

Users can trade 30+ trading pairs, copy traders from around the world, trade from their phone or computer, 24/7, with low fees and little to no slippage. This is Bingbon in a nutshell. There’s still work to be done, but we’ve reached our basic goals so far.

Over the past few years, we have seen a trend of exchanges being hacked that had affected the entire crypto industry, tell us more about the security measures Bingbon is taking to ensure confidence for users.

We take security very seriously at Bingbon. We’ve never been hacked, and no user has had their funds stolen from Bingbon. The Bingbon security team comes from top financial and tech companies throughout the world, so they know how to build secure systems. A secure system needs effort from users as well. At a bare minimum, users should have 2FA enabled for login and withdrawal.

The cryptocurrency world has seen extraordinary growth in the few years since the Bitcoin price peaked in 2017, what have you learned since then that will inform the Bingbon team in 2020 and the years ahead?

I think a lot of platforms and users learned a valuable lesson in the 2017/2018 period. Users should be careful where they invest their funds. Companies should be careful about how they market their products, not try to overhype anything too much.

Bingbon is looking to go after customers and win them over from other derivatives exchanges such as BitMex, Bybit, Deribit, and more, so how do you plan to do this? Why will traders want to move over to Bingbon?

A lot of traders have their favored platform already, so it’s hard to win them over. No one wants to learn a new trading platform. How we’ve done it is through a few key features:

• Low Fees

Our fees are much lower than our competitors. This is especially important for large-volume traders or those that use high leverage. Even a 20% reduction in trading fees for these users adds up very fast.

• Unique Trading Pairs

Some platforms have limited trading pairs, and a lot only have BTC-based contracts. We’re really focused on USDT-based contracts, as we think it’s easier for users to calculate profit/loss and makes more sense from a risk perspective. Also with forex, commodities, and global indices, on days when the crypto market may be flat, those still looking to trade should be able to find something of interest.

What products does Bingbon have planned to launch for the rest of the year?

The next few months are going to be busy for Bingbon. We’re planning a big push into the global market, and with that we will be adding more features for users to enjoy, polishing the app and website, and of course new trading pairs.

We will also be focusing on the Social Trading aspect of Bingbon, making the Copy Trading feature of Bingbon as perfect as we can, and bringing in more awesome traders for users to follow. This is really just the beginning for Bingbon, and the feedback we’ve received so far has been very encouraging.

What are some of the goals Bingbon is looking forward to accomplishing the most in 2020?

Our main goal is to reach the trading volume of other, more well-known derivatives trading platforms. To do this, we’ll be focusing on our global marketing effort, as well as improving the user experience on our website and app. I think once users start to see how easy and fast it is to trade on Bingbon, it will snowball from there.

What do you think are the biggest obstacles or challenges Bingbon will have to face down the road as the crypto space matures? How do you plan to tackle those challenges?

Big players in the finance industry will probably be the biggest challenge facing cryptocurrency derivatives platforms. If more banks started to offer cryptocurrency trading, they could be a huge competitor. Although the trust in banks in the crypto industry is low, the general public trust these large institutions.

We’ll just keep doing our best to offer a service that people like, a little competition never hurt anyone.

Where do you and the Bingbon team see the world of blockchain being in years to come, and how could Bingbon change the landscape of cryptocurrency exchanges in years to come?

Hopefully, the blockchain industry will be a lot more open and transparent. There are a lot of platforms that inflate their trading volume, don’t disclose hacks or issues, and so on. We’re trying to lead by example in these regards. Bingbon has never, and will never inflate our trading volume. We disclose all issues we have, no matter who is at fault.

What are your thoughts on the crypto market, short-term and long-term?

I think to see continued growth in the crypto space there needs to be easier and cheaper options for fiat on-ramps and off-ramps. This is essential for the long-term growth of the crypto market. It almost feels like it was easier to buy and sell crypto in 2015 (unless you are based in the US).

It needs to be so easy that my parents could do it. They’ll laugh at me if they see the ~6% fees of today.

This *should* be helped by clear government policy, but also needs to be pushed by the whole industry. I hope Bingbon will be able to help in that regard.

What is one thing you would change about cryptocurrency that would have a very positive long term result?

Clear legal status throughout the world. In a lot of regions, cryptocurrency trading exists in a kind of grey area. Regions that have very clearly defined rules and regulations are safer for users, safer for trading platforms, and at the forefront of emerging technology.

For the sake of their residents and economy, they shouldn’t continue to drag their heels.

Thank you again for all of your answers and taking the time to do this interview Tyler, how can new supporters of Bingbon get more involved in what’s ahead?

Thanks for having me! Definitely follow Bingbon on Twitter for all of the latest news. We should have a lot of cool features coming out over the next few months, so people won’t want to miss that.

오늘 등록하고 100 $ 무료 받기   –  Link Register and received 100$ Free today