Top-10 Exchange CEO & I Talk
This show is proudly sponsored by coincidence. Come that you with the largest range of cryptic conscious. Anyway in the strain market with an ad verification process. You can never be verified using only your driver's laws all possible within seconds, you can instantly deposit funds and instantly not buying and selling your favorite cryptocurrencies in under five minutes. Coincidental. Giving away ten dollars worth of free beacon for H verified user, once they make their first deposit. Just go to coin spot dot com that I you four such Batee see one-two-three. Vitrey to Cobb crypto show talking business in Jane. Ladies and gentlemen. Welcome to the try to cope crypto podcast and show. If you're watching it's Craig Cobb your host, and look I've got a great guest with me today. This man has been around the coupe. They will for quite some time. He's still a very young fellow had lot of success. I'm speaking with Dr Jin the CEO bid for which is one of the top ten exchanges right now. With over two million uses is an absolute pleasure to have you on the show. Thank you so much of your time. Thank you cry again, really honored to be here. Thanks, very humbling. Very nice fellow. You are okay. Let's get strike into this. Because look you have had a very significant rise to acquire that many accounts in a short period of time. Let's rewind back a little bit. What was the idea for bid forex? And when did you actually launch this platform? Yeah. It for rights was launched in early two thousand eighteen which was like one year ago. And it was really I mean, I'm pleased with what we did last year. And of course, we have a long to build though. So initially because I was I was also trader and while I was in college logs me at FOX and commodities and stock index. Yeah. And went back in China. I was in two thousand fourteen I learn about cryptos, and they jogging ABI we walked another Chinese exchange. So if I feel like a fabulous. Alrighty, I bought my purse bitcoins. But of course, I wish I could buy more. Yes. Youtube on eighteen with believe with coots establish something new even something biter. So that was original idea because I've seen the Greek is not only like the exchange was we are welcoming. Now, couldn't do lots of things because this has gasoline to here from the treat of all of the role is not like a very small Mark his like the Chinese stock market into Chinese people. And it's like the market to the world on also we can have different things coming coming into the market. So I think if are also have across the York provisional, traders, sooner what forex means. So I think we have a. Will really I'm Beatrice maybe to say this. I think we can do local things in the computer. Well, look if we're going to about four X. Listen comparisons right now. Right. I say foreign-exchange you're looking at about five trillion dollars a day of money Trent this. This is tried volume. This is not total market cap. This is actual trade volume. And look the thing is with crypto assets is that we now saying some of these big firms investment banks getting involved in the derivatives saw of the futures whatnot. Awesome act that I think they're sitting back on the horse is a little bit wedding for the market to progress because I need Koper clientele. And I don't want to do that in a fully market, but we are progressing, and I know I know what the markets alike. It is soon as I can see a buck. They'll make it now from our point of view in digital assets spice with bitcoin of the various other asset classes, the reason on focused here is because I can take less trades and make more money because of the volatility that. He's they it's an absolutely phenomenal market. And what I do like to my right here. I'm looking at the platform itself. You guys list a lot of different crosses and pays from your point of view, being the you're only one year old and you have to mean accounts. First question is are you more? Most of the counts of a more Asia Centric. Yemi overuse surveys. I mean, the biggest user group Ken from East Asia, including Korea Japan China. Jones. Yeah. I mean, it constantly like rusher of it. Now. Now, you'll know we have more like you. You'll routine US users. Now, this a steel magnolias China Al also reputation is when I'm in a should on my word is t shirt. Alright on people say, oh, you're before your when I was in the in the states yet people tried to be plied say are are your project some beer. Zambia. Yes. So I think overexcited still moment this million Asia. It's we are willing to extend more for the world's coal Shula. Now. What we're on the topic of Asia recently, the conversation about China banning mining has has come out now, the crypto market just kind of goes, whatever. Now, it's become somewhat of a separate article that they coming out and sign we'll that just probably means it multiple by it because whenever the government decides to shut down on a realize. Well, it it's probably good for us, and it may actually help to stimulate more groin. Now. This sort of news event doesn't really affect the market anymore. What did you did you have a pain you'll in grind in that in that context in that marketplace, what does it mean in your eyes? First of all, I think that become market is is huge. And yet backing for five years ago. Maybe some marketers channels, really Portland's a mug. I think we shouldn't really. I mean, I'm I'm from China. But I think the crucial role through the Chinese are really big factor of about things that mean, you'll look at the Tudor around the world we have so many countries now obtain records Motors coming from all of the roller. I think firstly channels now to a single essential factor. I'm more. And Secondly, I think about God government this while they are not really influential in the troops roads. I don't say this is huge malleable elect people decided mentally while they won't to go by morbid consul, the I just keep by cons. Yeah. So I look with that in modern this interview, for example, another a wool of a content wool in China. So let's say of say we do. Doing this interview. I you show this in China. I don't really care. No problem. I'm doing criminals already. Why do I care? Hold on the answer is you'll further wall throw it out there and see what happens let's come back to a couple more things within the actual exchange. So like again, I'm looking at the platform. Hey, you've got a very large listing against bitcoin. A very large listening to theory and a very large leasing against thaw, Ted up. Now the way the platforms light at his is fairly similar to many that. We I fairly used to know right now. There's no margin is a correct. Yeah. The moment. Nobody's coming version. You one more time, we reduce competitor conflicts. We should up to one hundred times leverage, and Secondly like margin treating so busy borough in LA. Okay. So it's coming and the reason I asked that is as a try to myself who's been in markets for very long time subject to my age more than more than half my life of trading. No sorry. That's a lie. A third of mouldering that more than one third of my life. I'm not that young anymore. I look at this little people in the Spicer little bit nervous about leverage and the whole Ari KT wrecked. Whole thing on bit mix. And all that sort of thing comes to mind, I'm used to trading three to four hundred times leverage. But I'm used to doing that on foreign exchange with his a lot of quitting. No one very cautious. And in my teaching and the education. It's it's about focusing on where the volume and volatility is if there's enough volume that I'll go to lower timeframes and ultra with modern some white tribe at margin because it's just too thin and the Lepage's too great there for increasing the risk one of the things that we have across the board at this stage. I think it's a real barrier to entry for a lot of tried is it my friends included is that there is no one really even want to go competitors just took away. What they did have a don't know why. When I raise an order. Let's say I have to go to a meeting unless I found a tray right now. I rise my entry. That's all I can currently do I need to be able to manage my risk, especially in a margin trait. Right. And if this leverage involve, I need to know that when that oughta goes in the stock also goes that NASA's sit on your server it concert on it's got to sit on your server and the second one inch. We gets put on need to stop in to know that I can raise my order, and I can walk away. Are you going to do that for us? Yes. I think we have lots of strategies coming out. I think both seven strategies including like what you mentioned also saw clause as Vogler candle even health strategies, which will provide the best feeding tools for follower traders because one of the issues of Saint across many exchanges and don't take offense to this. Is that a lot of the people that are building? This giant is an opportunistic, they're entrepreneurs they see the opportunity to create these tools within the spice, but they're not try to themselves and therefore Lord of the functionality within the platform has just it's just not doesn't exist. Now, I I'm a professional try to and I'm one of the very few that are willing to put up with the crap that I've got to put up with don't forget on. I would have watched these fullest, grains. Muslims died most of the terminal Heim as well on. I watch him. I'm going to run my business. I want to do this sort of stuff as well. But I can more or less have at least one I bowl on the market. Most of the dice like it filled. An alert goes off. I put my stop in. It's a pain. It's not very efficient. However, I can still survive in this market because on the vital thinking about your average Joe who wants to try, but I can't go ahead and use margin leverage products because they might be in a meeting, and they get filled in the market towns. And let's be honest if you're gonna use margin in this market without a stop loss. You really are setting yourself up for failure. We need these products men. We we need these products you need or the for us. I know. I mean, one thing is I will remember I was traitor. Also, I think I start trails almost a third of my life tube, not not as much as they. But I think I to land sons and false. I mean, we know what the the traders need that waiting to provide at least. So the feeding tools full Foley's feeders have his options to to do this radically. And I've been just give us two months. Time will have all those strategies on long. Okay. My word checkouts into more time. I'm gonna hold you to that. Because bottom line is this if there's one sentence in my view that wraps up trading. It is trading is risk management. And right now the tools out there do not allow us to do the single biggest thing that a try to needs to do. So let's continue down a pathway of of what's going on out there. We've obviously had a lot of stories of wash. Trading Tom, obviously, there's been a lot of that sort of stuff going on, you know, whether it's rata wrong. However, it sits on the guy who asked the questions on the go he passes judgment. I mean, you've got two million users. That's a lot of uses active. I you'll use is they I will to provide you with that cross liquidity or you needing to find that elsewhere. I mean, how you managing h sought of the tried to keep people comfortable. Yeah. I mean, one fam- Muslim extended. No, I mean, I mean, the hardest part who ranks changes from zero to Lunga because there's like something pub Masha bikes, which in the end, I know for the Twitter's the number one seemed a Carrozza Vogel liquidity. I mean, if there's no degraded to this not they can do they come at the style becomes Kim. So I'm easily become start when we have even we have to meet intruders right away. They comforted traits heavily together. Sunlight all local southern because there needs to be market makers in the market. So to poke reliability naughtily criti is so open for right or work with the minded PD providers. So that we we some API tools and a lifting of a have different kinds of pricing models. They have different kinds of charging motives, so this why there is clearly pretty deep. They won't too. Bio Seidel, I think they will have enough dive Senate, greedy tubes without us. I think this really important so threat to effectively you started the business what early tunein sorry to I try and write it before to this Riley. So there was still quite a bit of liquidity quite a bit of interest back in even though we pulled back. There was still a lot of excitement still sitting. I mean, we we dropped to non we went back to fifteen and a half. There's a lot going on to spice was still growing. It was still a lot of hot excitement all this sort of stuff going on because of the post two thousand seventeen run did you find that throughout the years of post, July? I guess that the liquidity did start to dry up. The mole as far as trading volume on the platform enrolling I. Right. I mean, it is. That's true. I mean, of course in the bear market. There's no some nothing comparable the bull market. If I were gonna believe you are having a profit you like to Bloomfield com. Check it ten times a day. And that if you have like a Supercell, also righty. I mean, you just hold the Johnson being. Yeah. But this is the token trade market, but I think in dill Laverick, Martha comfort market is if we'd allow because people can short now this look at admired says, we can okay, I to help this feeding vehicles delays. Overall. I've saying sure I mean, the liquidity is coming on that thing that there are some incidents was because of the. Yeah. I should mention by thing. I think it's going to do with it Phoenix also of the truth to gather either different way to to trailing in exchange. I think it's rug to while the bigly credit he against against bitcoin. I can see us DT's. So I think this also brought some some of the liquidity in the markets yet thing the the bull market recently. The there is a really really nice. I mean one day twenty percents in increase in the price of bitcoins. I think the market is back with lots of allergies. I think it's definitely a lack of education ran what can they threat two thousand seventeen people coming out of the woodwork being expensive trading by would go up. So I felt fantastic. A lot of these people went very very quiet for the full now as you say in the next couple of months, you'll have module leverage products. Vital, which gives us the ability to go short throughout two thousand eighteen towards my membership. There was a not too many. Times. As a matter of fact, we can't shoot a show it whether it be on bitcoin and bitcoin cash across two of the biggest foles very happy to have done that. And it's not because I'm a of anything fantastic other than using years of experience. You know, I've been have a problem with going short the market. I mean, I took about them. And I am vestments as well. You know, I got out on twelve and a half the fifteen and a half as I told you pre interview and go like I said a buying again at nine and then I bought again at six and a half another bought a bit more at three and a half. So I I've taken a bit of a bath too. Let's be honest that that's my investment portfolio to part of the thing is if you wanna be a huddle, and you don't want to exit you'll major by seat your wallet cold-storage whatnot. Then it's pretty wise to have some money on the sideline to try those margin products. Learn to trade because you can show the market would leverage, and therefore as your portfolio fools in value. Your trading can't grows in value, and therefore with the banking, dollas or sats. Whatever currency. You're in. In your actually can help yourself to hedge only be three trades a year, but those three trades can save you because you're making money in one account will the other ones depleting in value and trading his skill. That is it's you know, on a try it took me a lot of years to become good at what I do. And now it's a little bit easy because I'm kind of fairly robotic with it. I actually find trading quite boring of done of such a long time that it's it's I it's something that I do I do enjoy it. But certainly enjoy this stuff and learning more about blockchain in the spice and whatnot. A lot more than the trading Saad onto. I'm always honest with that it takes taunt, but anyone can learn if they have the wrought so to set of rules in place as far as your platform goes. I mean when a lot of people don't understand how to use a platform properly there for the not empowered. I understand at what place tried well sort of Raizal center of you guys go so sentence of the resource center. Do you have a walk through you have? These sorts of things if people are not empowered are they don't understand they want pull the button unless the markets flying away in the doing on impulse. Yeah. I mean, actually at the moment on moments. We don't have like any way you don't work with those of like, I do -cational kind of China's James to provide over treaters law. So things I mean in the market, you can see different ounce. I mean that worse. More billion the next set for us. I mean our direction will surely go into the mall professional traders that form out while other people they are maybe two laws light the support Hudler yacht. Like those kinds of exchanges. So for us solar, we require low so for the down technologies or and Rick risk management. Yup. Different expertise like this and did some time. I mean, follow users. I mean in the next set, we sure they tend to use them to like, a mole professional educational courses like from you and to to teach them. I mean difference strategy is now I think it's a library of that's treating so hard that definitely worth will trying unlearn because it's mobile knowing themselves. P raking the the wool sounds. Yeah. I mean, it's it's like get to win the game at guy to win the yours against yourself. Even at biggest loss of candles. Successful feeling only like learning money. But I think making profit is good. I'm happy to I think I'm also happy with what treating control to us. Well, the thing is it's very hard to back. Chocolate cake. Have you done have a recipe and you never bike before? And that's what training is you. Come with the recipe. You got half a bloody chance it's been a fantastic pleasure. Actually, speaking with you through the platform. I'm very excited to hear about the progression into the margin and the the leverage sawed of your platform, actually, quite like the layout. I'll be honest. I haven't used a platform before. But I liked the listings I like what you've got there. And to also be looking into it, especially when that margin stuff comes in. 'cause I am looking for more beyond bitcoin a certain you'll need. Is that you have once in the nine, but also to have that sort of older system will make a very big impact on what you're doing. So I've gotten a wet Wakili he'd more Wakili find out more about the project in the exchange of whatnot. Yeah. I mean, we are philosophy. We have different things. I've not seen very quickly. Al the commission about the margin trading light, rage kung facts out different strategies, coming out and everything in one will have this heavily sprouts online through the three months. We have almost everything you will be able to to use. I mean, the next set of FOSS Amin, we are looking over to to provide all the trading vehicles to ultra snow markets, and what's the website? Whether we found that more. I'll sure it Farex dot com. They should be ID abhor. Yikes dot com. I'd say F E X dot com or on beautiful lots of different things to look at their. And again, I want to revise and revisions through it looks the mole and continue the conversation this interview, ladies and gentlemen, it's Garrett Jin of it forex, the thank you so much few Thompson, I might thank you. Thank you. The I have a wonderful dice speak to begin very soon off now. The trade Cup. Crypto podcast is hosted by Craig called ultra-cold courses products and tools can be found at Tradenkov dot com. Because experience met is. This show is proudly sponsored by coincidental comb that you with the largest Ryan of cryptic conscious. Anyway, in these with an updated verification process, you can never be verified using only drivers laws all possible. Within seconds, you can instantly deposit funds and instantly not buying and selling you'll five cryptocurrencies in under five minutes coins. Giving away ten dollars worth of free bitcoin for H verified user, once they make their first oppose it just go to coin spot dot com that I you four slash bay. 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