Listen to this articleEthBits Local is a Peer to Peer trading platform similar to Local bitcoins. Ethbits iTrade is a safe haven for new traders who can follow the top traders in the world, sit back and let them do the hard work for you. If you are already an experienced trader then you will gain followers which in turn will maximize your profits. Below is our interview with Matthew Rodbourne from EthBits:
Q: What is Ethbits platform? How does it work?
A: Ethbits iTrade will be operational in early 2018 and is a Copy Trading Exchange. It will be like an exchange similar to Poloniex but you will see the history of traders and the percentage profits they have obtained since they started, daily. Then when you see one performing consecutively well then you can click copy and you basically copy each of their trades after you start. Then if you have made a profit then you click close and we automatically close your open positions. You will be able to put stop loss also. There are FIAT money copy trading platforms out there such as etoro but with us you will be using crypto and only paying fees on your transactions like you would with any other exchange because we wont be using API’s. So even the lower volume traders should be able to see more profit if you are following a good trader. If you are a proficient trader then the more followers you gain means the more you maximize your profit. You can also use Ethbits iTrade like a normal exchange too and we will have virtual credits so you can try the copy trading feature free before you start copy trading. Also to pay the site fees will also be in Ethbit tokens.
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Q: You’ve recently launched Token Crowd Sale; could you tell us something more?
A: At the time of writing we are less than 1000 Eth away fro our goal and we are confident we will reach our maximum of 40k Eth. You can join here ico.ethbits.com and we have live site chat for any issues. The current price is 1 ETH = 100 ETB and all unsold tokens will be burned. There will be a 5 Mill cap of tokens and we sell 4 mill during the ICO. The remaining get distributed to run the platform (10%), Dev Team (4%) and Marketing and PR (11%). All unused for Marketing and PR will be burned and the 4% for the dev team will be locked in Escrow for 9 Months.
Q: What are the main challenges of developing blockchain based Digital Currency platform right now?
A: The main exciting challenge is making a high capacity matching engine within our platform and also to secure users funds with cold storage,. I can not talk too much about this for security reasons but we will be using tried and tested techniques to secure users funds. We also have worked out algorithms in order to stop people using their followers for market manipulation. But we feel that until we match or exceed the volume of the top exchanges we will not have to implement these.
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Q: What are your plans?
A: Our plans are to open Ethbits Local in as many countries as possible and paying dividends to our token holders while we wait for the new ground breaking exchange Ethbits iTrade. We will form some strategical alliances with existing exchanges and compete with the best exchanges in the crypto world. Some existing exchanges can make over 1 Million USD per day and these are the exchanges we aim to compete with. But we will not keep all the profit for our self we will reward the token holders.
Q: How would you convince the reader to start using Ethbits platform?
A: If you are a trader who makes money with Arbitrage it is a simple choice as we offer half the fee to any of our competitors with Ethbits Local.
For Ethbits iTrade is a safe haven for new traders who can follow the top traders in the world and sit back and let them do the hard work for you. If you are already an experienced trader then you will gain followers which in turn will maximize your profits. So we will cater for all levels of experience in the trading community.
Our token is also profit sharing and we insist you use it to pay site fees which will keep up the volume. So we made it as interesting as possible for the token holders.
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