Great advice, PX-7, thank you.
I'm going to try to focus on those things over the next several months.
1. I'm going to try to add new features on a regular basis. I have a long list of things that I'm planning to add over the next several months.
2. I'm hoping to have the best rates available. I know that sometimes exchanges raise rates, and maybe I'll have to do that sometime in the future, too.
But I'm going to let anyone keep the rates at which they joined with. For example, if someone joins with a 0% rate and then the rates are raised to, say, 0.1%, the user can continue using the 0% rate.
You make a great point about volume. With Firetrade having lower volume than other leading exchanges, I'll need to compete with competitive rates.
3. For marketing, I have several plans for this in the near future. I wish that I had an unlimited marketing budget, but for now, I'm going to try to be strategic with marketing. You are definitely right, marketing can't be underestimated.
Thanks!
Topic: Firetrade (Read 125 times)
I tried to make an exchange and it seems that I need to create an account before I can do anything, when I click on create account one of the conditions is Photo of Government-issued ID, I don't think this option is attractive for a newly created platform.
Looking at the legal data you say this is the company registration number ---> https://search.usa.gov/search?affiliate=fincen&publication_date=latest&query=31000280510628 but the description of the service is Money transmitter, Other while for cryptocurrency companies the description is virtual currencies so do you have any other activities besides cryptocurrency?
Looking at the legal data you say this is the company registration number ---> https://search.usa.gov/search?affiliate=fincen&publication_date=latest&query=31000280510628 but the description of the service is Money transmitter, Other while for cryptocurrency companies the description is virtual currencies so do you have any other activities besides cryptocurrency?
Add more features and friendly rates, also don't forget to consider your marketing budget to promote your exchange, you have lots of competition in this space and with higher volume existing exchanges, it will be hard to get new users, so a strategic marketing is needed.
Great questions, Trêvoid.
1. From looking at some other mid-size exchanges, their solution for this is to sometimes buy an insurance fund (the fund would only cover losses up to a certain amount).
At the moment, Firetrade does not have revenue, it just opened to the public yesterday.
As soon as Firetrade has the revenue to purchase an insurance fund, I'm going to purchase it. When I do that, I'll post the information here and on the front page of Firetrade.
My goal is to eventually cover 100% of user funds, not just a percentage of it.
2. If a user account violates AML/KYC policies, trading and deposits will be disabled. The user will still be able to withdraw their funds, except in cases where we are legally prohibited from allowing withdrawals from that account.
In other words, we'll do everything we can do to make sure a user can get their deposits back, but if we're being told in a specific case that we can't allow withdrawals without facing legal consequences, then there's not much that we can do at that point.
I think that's the moral and ethical way to approach that issue. I'm open to listening to other viewpoints.
1. From looking at some other mid-size exchanges, their solution for this is to sometimes buy an insurance fund (the fund would only cover losses up to a certain amount).
At the moment, Firetrade does not have revenue, it just opened to the public yesterday.
As soon as Firetrade has the revenue to purchase an insurance fund, I'm going to purchase it. When I do that, I'll post the information here and on the front page of Firetrade.
My goal is to eventually cover 100% of user funds, not just a percentage of it.
2. If a user account violates AML/KYC policies, trading and deposits will be disabled. The user will still be able to withdraw their funds, except in cases where we are legally prohibited from allowing withdrawals from that account.
In other words, we'll do everything we can do to make sure a user can get their deposits back, but if we're being told in a specific case that we can't allow withdrawals without facing legal consequences, then there's not much that we can do at that point.
I think that's the moral and ethical way to approach that issue. I'm open to listening to other viewpoints.
Hi,
I couldn't find any information related to (security measures) in your Terms of Use,
so I would like to ask.
According to (https://www.firetradeex.com/termsofuse) Firetrade acts as a custodian. Is it means that users rely on Firetrade security measures and policies.
If there is any security breach or hack, does Firetrade maintain a reserve fund to cover user losses?
If so, what protection measures are in place to ensure users are compensated?"
Further, I would like to know.
According to your AML policies (https://www.firetradeex.com/amlkyc) what is your refund policy?
If my funds are blocked due to KYC verification and I am unable to / or dont want to complete the verification, will my money be returned, or will it be held indefinitely?
I couldn't find any information related to (security measures) in your Terms of Use,
so I would like to ask.
According to (https://www.firetradeex.com/termsofuse) Firetrade acts as a custodian. Is it means that users rely on Firetrade security measures and policies.
If there is any security breach or hack, does Firetrade maintain a reserve fund to cover user losses?
If so, what protection measures are in place to ensure users are compensated?"
Further, I would like to know.
According to your AML policies (https://www.firetradeex.com/amlkyc) what is your refund policy?
If my funds are blocked due to KYC verification and I am unable to / or dont want to complete the verification, will my money be returned, or will it be held indefinitely?
Great suggestions, tabas, thank you.
I'll get those 2 things updated soon, hopefully within the next few days.
That is no problem. Thanks for appreciating my suggestion. Because that's what I noticed quickly when I checked your website, so, you get to check also the popular ones for your reference. You don't have to copy all of them and look for inspiration and see what ticks to your mind on how you'd add the features and what might needed to be done to flourish it. I'll get those 2 things updated soon, hopefully within the next few days.
Great suggestions, tabas, thank you.
I'll get those 2 things updated soon, hopefully within the next few days.
I'll get those 2 things updated soon, hopefully within the next few days.
There should be a visible market on your website, I can't see any of them. I know that you're starting out but at first land, a guest must be allowed to check the markets of each crypto that's being traded there. And looking at those fees, I'm not convinced about 0% deposit fees because it really should be free. No exchange does charge traders for depositing their money on their platform so, IMO, it should be removed there.
I've made some initial updates to the landing page. I'll continue enhancing the public-facing pages over the next several days.
If anyone has any opinions or recommendations, please let me know.
Thanks!
https://www.firetradeex.com/
If anyone has any opinions or recommendations, please let me know.
Thanks!
https://www.firetradeex.com/
Like you mentioned, we use the word "commodities" to distinguish between securities, which is an important distinction in the US. Leaving that word out seems like a reasonable option, though.
Everything is custom built. We don't even use things like bootstrap, every line is custom.
We put very little time into the landing page, most of the time was (and is) spent on the internal application.
I'm going to be actively updating the landing page over the next few weeks, though. I do prefer minimalistic design, so it probably is never going to look the same as other popular exchanges.
Thanks for the recommendations, that's why I'm here, for information like this.
Everything is custom built. We don't even use things like bootstrap, every line is custom.
We put very little time into the landing page, most of the time was (and is) spent on the internal application.
I'm going to be actively updating the landing page over the next few weeks, though. I do prefer minimalistic design, so it probably is never going to look the same as other popular exchanges.
Thanks for the recommendations, that's why I'm here, for information like this.
I'm the founder of Firetrade (https://www.firetradeex.com), a new cryptocurrency commodities exchange.
Is there any particular reason why you call it a "commodities" exchange and not just a crypto exchange? I understand you may be distinguishing securities from commodities, but it gives the impression that people trade goods on your exchange.Your website looks poorly done. I actually thought it was a quick, makeshift website which would have been registered few days ago, but I can see it's been active for some months now. I'll suggest checking the websites of some popular instant exchanges and using that as a guide for your design.
Hello, everyone.
I'm the founder of Firetrade (https://www.firetradeex.com), a new cryptocurrency commodities exchange.
There are a lot of great businesses listed in this forum, hopefully our product can eventually match the quality of the businesses that you all have built and discovered.
I'm here to get advice from fellow members, to occasionally give updates of Firetrade, to answer any questions that any of you may have, and to look at the other new and growing businesses listed here and see what I can learn from you all.
Thanks,
Chris
I'm the founder of Firetrade (https://www.firetradeex.com), a new cryptocurrency commodities exchange.
There are a lot of great businesses listed in this forum, hopefully our product can eventually match the quality of the businesses that you all have built and discovered.
I'm here to get advice from fellow members, to occasionally give updates of Firetrade, to answer any questions that any of you may have, and to look at the other new and growing businesses listed here and see what I can learn from you all.
Thanks,
Chris
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