I wish to share with you two incidents which led to the creation of Trade247 Exchange for cryptotrading.
One fine day, I decided to take a plunge into the cryptocurrency world. I did my research on where to open my first cryptotrading account. I created an account on one of the well-known websites. It had received the best review ratings. I downloaded their app on my smartphone. I fulfilled their KYC requirements. I used my debit card and funded my account. And I did my first cryptocurrency trade. Like every cryptotrader, I became a proud owner of Bitcoin (well, a fraction of it). I told my family and friends that I was into cryptotrading. I was so happy.
I was faced with the first nightmare within 48 hours. My cryptocurrency had appreciated; but the bloody exchange was down. I could not access my account via their website. Their app refused to connect via my smartphone. Their Twitter based customer service was not responding. Not just me; but many other investors were upset. I just could not sell my Bitcoin and book a profit.
The so called well known and much hyped cryptotrading exchange had let me down within 48 hours. I realised that these idiots had accepted new customers without the faintest idea of how the quality of service can be maintained.
Eventually, when that exchange became operational again after a few days; I faced the second nightmare. I could not transfer my own cryptocurrency out of the exchange. There were restrictions and the costs were brutally high.
I realised there is a gap……. a huge gap…….in the quality of cryptotrading exchanges that traders and investors need and what is currently available. Yes, there are plenty of cryptotrading exchanges in the world. They are generally good. Their graphics are great. Their apps are nice. But some have let down their investors at crucial moments. Many others will fail and disappear with investors’ money in the next few years.
I had to find a solution. Something that does not copy others. Something that will be sustainable. Something that provides the peace of mind to cryptotraders and becomes their preferred cryptotrading exchange. The solution had to be designed bottom up. Unique and innovative.
I named it Trade247.Exchange.