The international forum in the fields of blockchain, cryptocurrencies, and mining took place in the Expocentre exhibition venue, Moscow, on October 16–17.
Blockchain Life 2019
It was the fourth forum of the kind in the last three years. More than 6000 participants from 70 countries were part of it.
There were the biggest companies in the field, exchange and mining business projects, investors, and ambitious start-up developments.
Speakers from Russia, USA, Germany, China, and other countries were sharing their opinion on the future of the crypto sphere, and discussing the prospects of the Libra currency, potential of mining technologies, and issues of crypto security.
The Coinmatics company had presented its IT-products designed for efficient cryptocurrency trading. The implementation of automatic copy trading on the Coinmatcs platform had aroused interest among the representatives of the cryptocurrency sphere and a number of investors.
Some of the forum participants came later in our office for a more detailed business talk.
We had been receiving many questions regarding program, financial, and organizational aspects of the products by Coinmatics. The participants of the forum were interested both in the idea itself, and the technical aspects of the services’ work.
Here are the most frequent questions that we had been asked during the event.
Q: What is Coinmatcis? What do you do?
A: Coinmatics — is a copy trading platform for cryptocurrency trading, with the help of which any beginning trader can subscribe for repetition of deals and start earning along with successful traders, who can receive an additional income from these subscriptions. It’s also called social trading. We provide an open rating of crypto traders, where everyone can observe the efficiency of other traders, or add a portfolio.
Q: How can a new trader join your system? Where do you get data on cryptocurrency deals?
A: If you trade on an exchange, you can connect your portfolio to our system via API-keys. Once you register, the rating starts forming on the ground of your deals, and your stats become seen in the chart.
Information on any trader contains the name of the exchange in use, total profit, the total number of closed deals, and average daily stats. The data concerning the distribution of assets and configuration of trading pairs are also available.
Having chosen a trader from the rating, users subscribe for the repetition of his deals. In the automatic following, it is recommended that the subscriber synchronize the wallet with the wallet of the copied trader first.
Q: What do traders and subscribers exactly gain on? What is the interest of the platform?
A: The traders receive a commission fee for a profit of their subscribers; the company, as a mediator, receives 5 percent of the fee.
For example, you, as a trader, has decided the commission fee to be 10%. Repeating the deals after you, a subscriber earns $1000, gives you $100 out of it, and you, in turn, give us 5% of $100, which is $5.
All the parties enjoy the profit: the trader gets an extra profit apart from trading, the subscriber gets a chance to earn without spending time studying trades, and we get paid for providing a tech platform.
Q: Who determines the size of the commission fee?
A: The size of a commission fee is determined by each trader individually. Since trade signals are the intellectual property of a trader, Coinmatics provides traders with a chance to decide on their price policies.
Q: How are the deals copied? What should I do as a subscriber to follow a trader?
A: There are two modes of following: manual and automated. The former implies that a trader receives a telegram signal on each closed deal. In subscribing for auto-trading, the deals are made automatically, requiring no actions from users.
When auto-trading is on, the deals are copied proportionally.
Q: How do you allocate the assets? Do you have access to my funds on an exchange?
A: We use the keys for reading and trading only — we have no access to your assets on an exchange. All the profit from copied deals comes to your exchange wallet directly, as in the case of classic trading. The subscriber has to deposit to his Coinmatics wallet for paying a commission fee to the copying trader. Then the trader can withdraw the assets via a regular exchange.
At some point, the discussion was interrupted by loud holler. It turned out that Dzhigurda, a famous Russian actor and showman, was conducting a ceremony for the sake of blockchain’s and cryptocurrency’s development.
Q: How do I know that the stats in your rating is real and that a trader hasn’t faked it?
A: The rating is formed on the ground of the real deals. The signals are sent from an exchange directly and stored in Signals history, which is a tab anyone has access to. Thus, the transparency and objectivity of our rating are ensured.
Moreover, there is no point in cheating since the benefit of all parties depends on a trader’s income. If there is no income, there is no point in our platform. Money in your wallet is the best evidence of the efficiency of our system.
Q: How profitable is it to connect to your system?
A: It depends on your efficiency. The better you trade, the better your stats are and the bigger the number of followers you get. Along with this, the earnings from subscriptions may easily exceed the profit from your trading deals. It is possible if the number of people following you is big enough, or if the total trading volume of all your subscribers exceeds yours.
Q: How long is a delay of auto-trading? Won’t I be lagging behind the trader’s deals?
A: The deals are copied immediately. The technical delay is no more than 0.3 seconds.
Q: What are the exchanges available for copy trading?
A: As for now, Binance is available; Bittrex, Bitfinex, and other exchanges are planned to be added soon.
Q: Do you support margin trading?
A: The function is not yet available, but we’re aiming to add it.
Q: What if I use a bot to get to your rating?
A: Bots are not prohibited. For us, it doesn’t matter how you achieve good results: whether it is a deliberate strategy, a software solution, or both.
Q: What should I do if I don’t want to risk all the funds in the wallet?
A: We recommend that you create an additional sub-account on your exchange for copy trading exclusively.
Q: How long has the company existed? What about copy trading system?
A: The Coinmatics company has been in existence for 1.5 year; the copy trading system was launched just three months ago.
Q: How many registered users does the company have? How do you find successful traders?
A: For the time being, it is more than 1600 users in the system and 24 traders in the rating. We are marketing, promoting the company, telling about us at such kind of events (a year ago, we participated in a similar fair in Saint Petersburg). The main thing is that traders benefit from finding us and using our platform since they can earn more without any additional effort.
Q: What services besides copy trading does the company have?
A: Copy trading is our priority, although we provide a wide range of instruments for successful cryptocurrency trading.
For example, we have analytical instruments for arbitrage trading, tracking of currency pairs, fear and greed index charts, social analytics, statistics on a cryptocurrency pair for any period, immediate alerts system, and other instruments for trading.
The instruments are free of charge.
Q: What are the company’s plans? Should we wait for any technological innovations?
A: Yes, there will be some. For example, we’re developing an indexing system that will analyze the results of the best traders to find a statistically stable strategy. But before launching the product on our platform, it has to undergo a text period.
Q: Are there other services for copy trading? Why are you better any better?
A: There are services like ours, but just a few of them operate correctly. Our copy trading system has already been launched; it’s available for use. We constantly make our software platform better to ensure the functioning with no delays inadmissible in trading.
Coinmatics is going to become a leader of the market, betting on the reliability and usability of its services, a wide pool of traders in the rating, and quality customer support.
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At the end of the conference, the company received a sponsor certificate.
The forum was an opportunity to receive feedback from the target audience via direct real-life communication.
Our team is pleased with the results of Blockchain Life 2019 and looking forward to the next such fair.
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