We are glad to meet you Dal Young Sir
Let’s start AMA session from Introduction of Mr. Dal Young
So our first Question is…..
Question 1:- Can you please explain your role at Bingbon as Product manager?
Dal Young :- Sure. As a product manager, my role is to manage all of the different aspects and teams of the Bingbon platform. For example, we have teams in Vietnam, Korea, Taiwan. I need to make sure they are all doing their job, and all of the communities we have in different countries are happy. A lot of discussion between the different internal Bingbon teams.
Sometimes, I get to chat to the community, like today!
Question 2:- What are the memorable milestones of Bingbon in the research and development process?
Dal Young :- Recently we have had quite a few big development goals that we have reached. Most notably, launching the English, Korean and Vietnamese versions of the App and Website.
Recently we also finished a redesign of the Bingbon app and website, and this changed a lot about how Charts are shown on the platform, as well as giving more tools to users to create their own graphs and use advanced charting tools to do their technical analysis.
Also, making the whole ordering process on the Bingbon platform faster. Fast trades are really essential when dealing with leverage and fast moving markets.
Question 3:- Security is considered as one of the top priority of any exchanges, how does Bingbon protect users information and ensure asset security?
Dal Young :- Security is a huge aspect when it comes to all crypto products, and unfortunately some platforms don’t take it seriously. Bingbon uses a 11 level security system, which has been developed by a team from Huawei, a major tech company. Some of the more simple, user side security features like 2FA, KYC, and verification for withdrawals, as well as security on the Bingbon side, like Hot/Cold Wallets, server security measures and more. I wish I could expand on it more, but this is a basic intro to our security measures. A key point, is that no user has ever lost funds from Bingbon. $0!
Question 4:- Aside from Bingbon being invested by Grandshores, I didn’t find specific info about the Bingbon team, can you tell us a brief background about yourselves?
Dal Young :- Sure! The Bingbon team is a top financial and technical team: The R & D team come from top financial institutions and Internet companies in the United States, Hong Kong and China. The core development members of the team are from Tencent and Alibaba, which means they have great experience in dealing with high-traffic projects. The team’s advisors and risk control team members are from Google, and they all have extensive experience in risk control aspect. The server operation and maintenance is handled by Huawei’s core team on a regular basis, to ensure a safe trading environment. And AZDag, one of the Vietnam’s top blockchain development teams, assisted us in building the security barriers of the trading platform.
As you can see, members of our various teams have a diverse background, but a key point is that they all have experience in high-tech, well-established companies that are known for their products, security and platform safety, and issue we hold in a very high regard.
Question 5:- It is known that Bingbon is trying to build another financial instrument – CFD. Can you introduce some advantages of CFD?
Dal Young :- Thanks for this question! First, I should explain the Bingbon platform a little.
Bingbon is a CFD trading platform, which is slightly different to a futures trading platform, and very different to a cryptocurrency exchange.
Firstly, we only offer trading on select cryptocurrencies derivatives (BTC, ETH, XRP, LTC, BCH, EOS, ETC, TRX), as well as FOREX and some other indexes.
A little definition of a CFD: A Contract for Difference (CFD) allows traders and investors an opportunity to profit from price movement without owning the underlying asset.
A traders profit/loss is calculated by the asset’s movement between trade entry and trade exit, counting only the price change without consideration of the asset’s underlying value.
Putting is basically, a CFD is kind of like a futures contract that never expires, and you don’t need to submit your order to an exchange and find someone to accept your offer price, so the liquidity issue is almost non-existent.
Users can make trades faster than on other contract trading platforms without having to consider the issue of liquidity.
I think we all know how fast the crypto market can move, and when combined with leverage, the speed of the trade is essential to avoid disasters.
To add to this: Bingbons pricing information for cryptocurrencies comes from Binance, Huobi and OKEX. We take an average of the 3, so that any flash-crash on one platform will not effect have a terrible impact on CFD pricing. Much safer this way. Any BitMex traders here?
Question 6:- There are many rules and regulations on cryptocurrencies and exchanges. How can the bingbon trading platform face these problems?
Dal Young :- Thanks for this question! We think this is an aspect of the crypto trading market that is severely overlooked by traders, and when possible traders should trade on exchanges and platforms that are regulated by authorities.
This is why Bingbon has applied and received our Money Service Business License in the United States, and our MTR License in the EU. The MSB license allows Bingbon to legally offer contract trading to US based traders, and the MTR license allows us to operate a cryptocurrency wallet service and cryptocurrency trading license. To date, there are not many cryptocurrency trading platforms that can say they have these licenses.
Also, as we are a CFD trading platform, we are regulated differently to regular cryptocurrency exchanges and contract trading platforms, as CFDs are normally considered a FOREX product, which have a long and clear history of regulation worldwide.
We look forward to obtaining even more licenses in other regions of the world in 2020!
Question 7:- Being one of NEW market players in the field of Trading Platforms, is there a pressure on Bingbon when launching this project knowing you will go competing with the likes of Binance and OKEx?
Dal Young :- We don’t really consider Binance and other trading platforms as our competitors, really. As we are a CFD trading platform, we do not face the same issues as they do. Here are some of the main differences:
Want to make a quick futures trade on Binance? You may have an issue with liquidity, so good luck taking advantage of the short-term opportunities in the market.
CFD trading is very fast, as there is no need to send a trade into the market and have it accepted by another trader. All trades are automatically accepted with little to no slippage/spread. This instant trading increases the ability of traders to take advantage of short term trading opportunities that are not possible with traditional cryptocurrency trading.
Another major difference is in the trading fees. Below you can see the trading fees associated with a $100,000 trade on Bingbon, compared to other platforms.
As you can see, the trading fees on Bingbon are around HALF of other platforms! That means you get to keep more of your own money in the trade, which we think is great, especially if you want to make many trades in a short timeframe to take advantage of market conditions.
A lot of our traders make 20-30 trades per day! For these users, they would be crazy to trade anywhere else.
One of the key features of Bingbon is the ability to copy trades from Professional Traders on the platform. You can check the traders trading history, profitability, how many followers they have, and other data. This is great for people that are new to the cryptocurrency trading market and want to get their first experience in trading. Also, we are always updated and adjusting the rules for copy trading to protect users and traders, so that it is fair and safe for everyone involved.
Personally, I follow a few traders on Bingbon and allow them to each have a percentage of my portfolio for trading, and the results so far are pretty good! I don’t always have time to look at the market, so it works great for me.
Question 8:- Today, there are many crypto exchanges that face liquidity problems. How does Bingbon solve this problem and ensure that users get good liquidity?
Dal Young :- I kind of answered this above, but I will again.
I totally agree about the issue of liquidity, and I think this issue will destroy smaller tokens and exchanges, so definitely something to consider when trading.
Due to the nature of a CFD, you don’t need to submit your order to an exchange and find someone to accept your offer price, so the liquidity issue is almost non-existent.
Users can make trades faster than on other contract trading platforms without having to consider the issue of liquidity.
Question 9:- You presently run a $100 giveaway, and that’s massive. How do you ensure people don’t cheat the system to get reward multiple times?? Does it minimise your profit and what do you aim to achieve with that giveaway??
Dal Young :- Great question! This one gets asked a lot, so I’m happy to clarify for people. The Bingbon New User Bonus is $100 in free trading credit, which means you are given trading credit, and can trade CFDs up to $100. It doesn’t mean we give you $100, unfortunately, otherwise we would lose a lot of money 😆
When you sign up to Bingbon, on Day 1, we give you a $5 bonus which can be leveraged 10x. Day 2, you get $10 at 1x leverage, and Day 3 is $15 at 1x leverage. The next bonuses are $20 at 100x leverage and $50 at 100x leverage, which are unlocked when a user reaches the designated trading volume on the app.
So really, you can get over $7000 in trading credit by the end.
For those that want to give Bingbon a try, you can use this link: https://invite.bingbon.pro/invite/module/invite.html?lang=en&code=GCTD34
Can find your country? Let our community manager know on Twitter or Telegram and we can add your country code!
Question 10:- As a new market is released, what is your strategy to attract customers? How do you compete with other famous exchanges?
Dal Young :- Good question! This is a major part of my job, so I am very familiar with it. When we launch a new market, we do a lot of competitions and user incentives. For example, last week we ran a trading competition, where every day we gave away iPhone 11s to the top daily trader.
Also, anyone that shared our poster on Twitter was entered into the draw to win an iPhone 11. Last week we gave away a lot of phones!
Another thing we like to do is bonus credits when users deposit into Bingbon and trade.
Also, we think our referral program is quite good.
If you invite your friend to join Bingbon, you can get a minimum of 10% of the trading commission. The commission rates go up to 50%, depending on how many users you invite. Some of our top referrers make hundred of thousands of dollars per month (I am jealous!).
Also, we try to have some KOLs/influencers in each region of the world to help spread the word about Bingbon. If anyone here thinks they have what it takes to help spread the word about Bingbon, you can have a chat to our Community Manager Tyler!
Question 11:- What are bingbon’s top technical priorities? I want to know how my assets will be secured by bingbon? Is it really safe?
Dal Young :- Security and safety of users funds is always a top priority for us. Last week we had some users with issues with their withdrawals, and although it took more time than usual, they were happy that we took the time to verify the safety of their account.
Safety is always a delicate balance between convenience/speed and security, and we are always looking to improve.
So far, we have never had a user lose their funds due to a security issue. Not many companies in the crypto space can claim that.
Question 12:- i’m a crypto-Trader .. So, can i trade in Forex by BingBon exchange ? I.e. can we trade cryptocurrencies with Forex currencies by BingBon exchange ?
Dal Young :- At this stage, you can deposit USDT, ETH and BTC into Bingbon and trade Forex and cryptocurrency CFDs. We do not have the ability to accept deposits for regular currencies YET! 😁
Question 13:- When I sign up for a Bingbon account but I have not verified KYC, can I withdraw Crypto?
When I have not verified KYC will I be limited to margin or future?
Dal Young :- Yes, you can withdrawal without KYC, however there are limits. If you are dealing with large amounts of crypto, the security team may ask to submit some kind of verification, but this is not normally necessary.
Without KYC you can still complete leveraged trades, no problem!
Question 14:- I seen in twitter #Bingbon contact some daily competition and given some iphone, iPad gift.. could share about it little more about it and most of the platform given crypto gift but why did you given iphone, ipad ?? #Bingbon
Dal Young :- Good point! We allow users to pick an iPhone/iPad, or they can accept the same value in cryptocurrency. I think iPhones are cool, maybe some users don’t 😅
Question 15:- What advantages do you have over your competitors?? And what are you offering people that would make them prefer you?
Dal Young :- Low Fees
Crypto/Forex/Commodity Trading with Crypto Deposits
Question 16:- As regards to the copy trading, do you have a RATING INDEX AND TRUST SCORE BOARD for excellent traders, so we can copy only the best of the best?
How does it really work, would I send fund to the trader or all will be done from my account?
Dal Young :- Yes! Let me show you what it looks like.
You can see the Profit Rate, how long a user has traded, how many trades, how many followers, 3 weeks max loss, and if you click into their profile you can see the trading history.
You do not send any funds to the trader. You click “Copy”, and set all of the details such as Margin, Stop Loss, and more. Our system does the rest.
Question 17:- What was the biggest shortcoming you saw in creating the Bingbon?
Could you provide information about your Bingbon customer support?
Is your team active 24/7 for all of your users’ questions and complaints?
Dal Young :- Initially our product was a little slow, and there were some issues with making it easy for users. For us, since we use the product every day, it is easy. But it can be hard to create a product for anyone to use.
Our support is active 24/7, either on Telegram or on the website, there will be someone to help with any issues you may have. We have users around the world in different time zones, and our support team helps to accomodate for that.
Question 18:- There is a cancer in cryptocurrencies today which is WASH TRADING, does BINGBON support this?
Dal Young :- We do not support wash trading. For Bingbon, there is no need to do washtrading, as CFDs do not show up in cryptocurrency exchange websites like CoinGecko or CoinMarketCap.
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