Who wouldn’t want to have an additional stream of income using one’s own digital assets? And yet relatively few people, even from among experienced traders, actually take advantage of all available market opportunities and tools. The cryptocurrency market is still young and, despite the presence of professional traders, it needs more players, more expertise, and more liquidity. What’s more, the retail market is still pretty far removed from crypto trading, and even if some retail investors wanted to earn a few extra bucks on exchange rate ups and downs, their wish alone wouldn’t make most of the potentially lucrative strategies and useful tools available to them.
As attractive as the idea to trade in crypto may be, most such users admit that they lack the knowledge they believe is necessary to engage in profitable crypto-related activities. So, regardless of the occasional negative media coverage of the crypto domain, the public interest in crypto trading is there and growing. But alas, the willingness to invest the time and effort to learn about it may not always be.
Crypto exchanges, currently some of the main players in the market, would love to see an even greater number of retail customers, but their main focus is on mitigating potential risks related to users’ funds. They will ensure the safety and security of deposits, but they are likely not ready to commit to educating the public to make sure that users are knowledgeable enough to take advantage of the available tools, even on just one single exchange. Lack of experience and confidence in crypto trading is not the only obstacle retail users face. Even when most exchanges offer traders similar core tools and opportunities, some other parts of the interface and features are specific to each exchange. This leads to the second problem: lack of uniformity between different existing tools. Crypto exchanges are highly unlikely to be willing to share their liquidity and users, and, consequently, profits, by bringing their trading tools to the common denominator and creating a comfortable shared environment for professional and retail traders.
This creates a sort of gap between trading platforms and the public that both sides are keen to see closed. Trends in community experience-sharing and self-education are slowly emerging: platforms are starting to crop up where you can see what stock Warren Buffet just bought, or which crypto coins your friends are looking at. The emergence of so-called Social Trading promises to be the start of a new era, in which users, instead of sharing pictures of their pets or memes, exchange and share their trading strategies and ideas, and those who are less knowledgeable can follow the advice of their peers. Despite all the opportunities that are becoming available thanks to social platforms, the solutions to the two aforementioned problems create another, third problem: lack of trust between the main participants of the process, i.e. traders and trading venues. How can users know which people in their newsfeed are actual experts and which are just wannabe crypto influencers trying to monetize their status?
Is it even possible to retain all the pros of available market structure, especially the crypto exchanges’ focus on tight security, while also offering professional and retail traders and trading venues a reasonable solution? A young project FUMGO found a way to kill three birds – the problems of lack of experience and confidence, unified interface, and lack of trust that we discussed earlier – with one stone. Their elegant solution is a trading terminal they built for both the newcomers and the professional traders that connects and interacts with multiple reputable crypto exchanges in real time and also incorporates social trading elements. Notably, the project’s business model of offering a unified trading interface for different exchanges gives them both more liquidity and more trust.
The idea in nutshell is quite simple. FUMGO terminal is a non-custodial subscription-based service designed to help newcomers gain experience and confidence in cryptocurrencies and start generating trading income by trading on different exchanges from one interface, and a convenient place for professional traders to prove that they are worth their salt and help others. It is also the first Binance DEX community-oriented and community-driven platform.
In this system, users’ education and trust-building are different sides of the same coin. Based on publicly available information and trading records FUMGO carefully screens and rates professional traders, and their track record is open and available for other users to view. These traders are an integral part of the social trading structure and source of confidence and trust; they create impactful professional strategies that may be followed by retail users, or even other professionals, who wish to earn money by putting their digital assets to work. Users can take advantage of professional traders’ expertise by automatically mirroring their trading strategies, within their own customizable boundaries and limits. FUMGO came up with a highly relevant and long-overdue solution that eliminates obstacles and opens vast opportunities to professional and retail crypto users alike.
“We did not set out to build just another tool for making money,” says FUMGO CVO and Co-Founder Anton Bartenev. “Our goal was to address specific problems of the cryptomarket, many of them inherent, by creating a platform that would allow professional traders to fully profit from their status and experience and at the same time would enable newcomers to the market quickly and painless learn the ropes. The time was ripe for creating a sort of “translation interface,” or a Facebook for trading – a place where ordinary people would be able to use an easy, intuitive interface to interact with others, follow proven trading strategies, and hopefully make a little (or a LOT!) of pocket money.”
“We believe that mirror trading is one of the best ways to learn to trade in crypto,” says FUMGO CEO and Co-Founder Yehor Shyshov. “Inexperienced users don’t want to spend vast amounts of time and effort to learn how to make money in the crypto space, and we are giving them a chance to earn on par with professionals by following their strategies. We are confident that our terminal will play an important role in educating the community and propelling the crypto market to the new level of awareness and mass adoption.”
Disclosure: This is a sponsored article