PowerTrade AMA Recap

PowerTrade AMA Recap

CryptoDiffer team

Hello, everyone!😁

We are glad to meet here 

Tom Howard @cryptom2

(Business Development & Growth at Power.Trade) 

Jon Myers @RogueJedi 

(Design&Marketing at Power.Trade)

Business Development & Growth at Power.Trade, Tom Howard

Hey everyone! 👋

Design & Marketing at Power.Trade, Jon Myers

Hello 👋

CryptoDiffer team

Welcome Tom and Jon, appreciate you for coming to answer questions of our community members today!

Let`s start from introduction:
Q1: Can you introduce yourself to our community ?

Design & Marketing at Power.Trade, Jon Myers

My name is Jon and I’m head of design and a co-founder of PowerTrade. I’ve been working in user experience and user interface design for the the last 20 years with a focus on design for financial applications. 

I jumped into crypto back in 2012 and was working then on a Bitcoin payments solution called CoinSimple. I formerly led design at Timo bank and worked the last 2 and a half years as Chief Design Officer of the crypto exchange Liquid.

Business Development & Growth at Power.Trade, Tom Howard

I’m Tom, I’ve been building and angel investing in the crypto space since early 2017 focused on product and growth. I’ve been designing the PTF token for PowerTrade

CryptoDiffer team

Q2: Can you briefly tell us what is Power.Trade in 3-5 sentences?

Design & Marketing at Power.Trade, Jon Myers

PowerTrade will be the easiest way to trade crypto derivatives on your phone. We are obsessed with speed, ease of use and building the best user experience possible for traders.

Business Development & Growth at Power.Trade, Tom Howard

Jon covered most of it – we know that people want to be trading on the go since crypto is 24/7, thats why we focus on a mobile first experience so you can always be trading

CryptoDiffer team

thank you we have one last question and will open the chat for community questions:

Q3: Let`s now talk about the milestones you have achieved and about your upcoming plans?

Business Development & Growth at Power.Trade, Tom Howard

We have a powerful team with deep experience, which has allowed us to execute quickly. We’ve completed all product design and testing, the trading engine is complete, all iOS development is complete and we’re currently working on the risk engines to support the platform.

In parallel we have completed a private token sale with some respected investors in the space which will be anounced in the next week, and are preparing for a public sale. Some the details were just shared for the first time in the token paper linked above! https://power.trade/assets/docs/PFT-Token-Paper-v1.pdf

Coming up we have a private beta with BTC options, then we’ll be opening the app up to the public and adding ETH options, futures, and options on  DeFi tokens such as COMP or maybe even SUSHI!

CryptoDiffer team

Awesome, a lot of updates to come out!

Thank you for great answers!

I think it is time to start community questions round!

Cryptodiffer Community

You are on a mission to be the easiest platform to trade crypto options. What are some of the products you’ve built to help you achieve this?

Design & Marketing at Power.Trade, Jon Myers

I lead design for a new bank called Timo (when we launched was the fastest growing bank in Southeast Asia, 100,000 deposits) – a big part of the success was user experience and focusing on improving and eliminating unnecessary tasks.

Cryptodiffer Community

some DeFi smart contracts have bugs and are prone to security breaches.  How safe is your Space Swap Defi?  Have you ever audited your smart contract code?

Business Development & Growth at Power.Trade, Tom Howard

The order book on PowerTrade is centralized and not prone to smart contract bugs, we are engaging top security firms to constantly monitor for any vulnerabilities.

The smart contracts we use will be audited by 2 leading firms before deployment.

Cryptodiffer Community

Is there a Insurance funds secured/kept for users incase of any Hacking?

Business Development & Growth at Power.Trade, Tom Howard

The PowerTrade Fuel token is a DAO that is an alternative to insurance funds! This DAO will cover any potential losses on the exchange.

Cryptodiffer Community

Can You talk about the Main Product that The Exchange Offers at the moment?

What role does the  native token play in the ecosystem?

Design & Marketing at Power.Trade, Jon Myers

We will offer Bitcoin options for launch, followed by ETH options and other Defi options TBA.

Cryptodiffer Community

What are your major goals to archive in the next 3-4 years? Where can we see $PTF Ecosystem in this period and What are your plans to expand and gain more adoption?

Business Development & Growth at Power.Trade, Tom Howard

In the next 3-4 years? World domination of course. In the next year we’re focused on being the best place to trade crypto options and derivatives!

$PTF not only keeps traders safe, its also used to reward the early community for trading on PowerTrade

Cryptodiffer Community

What is the main Problem in the Current market that PowerTrade aims to solve & why its Important?

Design & Marketing at Power.Trade, Jon Myers

We see a lot of issues around risk management and user experience, which aim to solve.

Cryptodiffer Community

many trading platform not allowed hedging position, does PowerTrade allow it?

And what is the guaranteed?

Business Development & Growth at Power.Trade, Tom Howard

Not sure exactly what you mean here, but the primary way to hedge options exposure is through futures positions, which we will certainly have available!

Cryptodiffer Community

How suitable and easy is Power Trade platform for beginners? As a low risk taker who always love testing platforms with little funds, what’s the minimum amount to trade on Power trade?

Design & Marketing at Power.Trade, Jon Myers

We will have fractional contracts and low minimums that will start at $1usd.

Cryptodiffer Community

There has been many Instanses that Extreme market Volatality has Caused many problem for Traders, How do You deal with this situation?

Business Development & Growth at Power.Trade, Tom Howard

Trading options can be a good way to mitigate that risk as your downside is always limited to the price of the options contract

Cryptodiffer Community

Do you have any plan of introducing DeFi options such as MKR, COMP, BAL and lots more to Power trade platform? If yes, when should we be expecting to see it?

Design & Marketing at Power.Trade, Jon Myers

We’re focused on having a user experience and products, which scale to support both beginners and professionals.

Cryptodiffer Community

You have an Airdrop on your site. Do you plan to hold an ICO or IEO in the future to attract funds to the PowerTrade project?

Business Development & Growth at Power.Trade, Tom Howard

The plan is for the TGE and trading to go live this month

Cryptodiffer Community

What’s your personal opinion on DeFi? How will PowerTrade Vedas support DeFi that’s the hottest trend now?

Business Development & Growth at Power.Trade, Tom Howard

As co-founder of DeFi Nation I’ve been building in the DeFi space for nearly 2 years! I’m very bullish on DeFi but at the moment the UX is not approachable for the mass market. This why we take a “progressive decentralization” approach to the product, starting out more centralized and carefully becoming decentralized over time.

Cryptodiffer Community

I read in your website about “At PowerTrade, we believe your trading platform should be be as mobile and dynamic as you” so

Can you elaborate why PowerTrade is the best from another trading Platform?

Design & Marketing at Power.Trade, Jon Myers

The user experience will be bar none some of the best out there, which is not that common in crypto. The technology secure, solid and stable and finally, the products themselves, which are suited for both beginners and pros.

Cryptodiffer Community

What is your opinion when compared Centralized exchange to decentralized exchange?

Base on that, why was PowerTrade created — followed centralized exchange type?

Business Development & Growth at Power.Trade, Tom Howard

I’ve been following decentralized exchange technology for a long time and the truth is that we can’t yet provide the great user experience that most people are accustomed to with current technology.

But its almost ready! We think in the next year it will be possible to have a decentralized exchange with a great user experience, and we’ll continue with our R&D to get to that point.

Cryptodiffer Community

There are many kinds of Users, Professionals, Newbies, How will You try to Give Best User Interface Best Products to Attract more users to the platform?

Design & Marketing at Power.Trade, Jon Myers

This is really about the learnability of the application (the products themselves as well) – user onboarding and supporting users with lots of relevant educational experiences to power up their trading.

Cryptodiffer Community

Option trading seems no popular in this time. How do PowerTrade attract both crypto and non-crypto user to take them into option trading?

Business Development & Growth at Power.Trade, Tom Howard

Options trading is very popular in the equities markets and as people start to learn good options trading strategies they will become more popular in crypto as well.

Right now the options market is growing 23% every month on average, which is very fast. We think the final piece to making options trading popular is by simplifying the UI so its easier for people to understand, which was what we saw happen in equities markets

Cryptodiffer Community

Do you consider PowerTrade user friendly? Is it easy for beginners / novices to use and understand?

Design & Marketing at Power.Trade, Jon Myers

Yes, we believe so. We have done lots and lots of user testing and we believe we have hit the mark. That said, when products are released into the wild, there are unforeseen usability circumstances that arise. 

Thus, we have aim to have a culture of listening to customers, whilst being data driven, iterative and empirical to constantly improve the product.

Cryptodiffer Community

Can you tell us something about your Vision and target that Power Trade is focusing most until end of this year?

Design & Marketing at Power.Trade, Jon Myers

We’re heavily focused on execution and delivering a quality, useful trading platform to market.

Cryptodiffer Community

1) What experience does the team have for building a crypto options platform? Please don’t refer to any failed ventures or companies that hired you as a friend or family member. 

Business Development & Growth at Power.Trade, Tom Howard

1) The team has built trading systems for multiple large banks, including a Forex Options platform at Citi Bank. The team also built the trading systems at Liquid exchange, which processes $100m – $1b in volume daily in the Japanese market

Cryptodiffer Community

How suitable and easy is Power Trade platform for beginners? As a low risk taker who always love testing platforms with little funds, what’s the minimum amount to trade on Power trade?

Business Development & Growth at Power.Trade, Tom Howard

We aim to make it very easy and low risk to learn trading options. For BTC we allow for 4 decimal points of fractionalization which equals to about $1 in trade value.

What we’ve seen is that after about 5 days of practicing with small amounts, people start to understand the ins and outs of options trading and can begin to trade with larger amounts.

We don’t think you should have to risk a lot of money when you are learning!

Cryptodiffer Community

for new Traders that into cryptocurrency trading is there any trial or demo account PowerTrade platform provide?

Design & Marketing at Power.Trade, Jon Myers

There are plans for trial/ demo accounts in the works. We will launch with mini-contracts and low minimums so beginners can learn the products.

Cryptodiffer Community

What are the requirements for using PowerTrade? 

Is KYC required for Trading & using services of PowerTrade?

Can we Trade onPowerTrade Platform without KYC too?

Business Development & Growth at Power.Trade, Tom Howard

All you need is an email address and a password 😉 – not available in US app store

Cryptodiffer Community

look at market now $btc $eth $eos $bnb etc price now going down and down again. this is all because Defi project come and make price on market unstable. so many project going dump too because it. what you think about this issue? what you plan to solve it?

Business Development & Growth at Power.Trade, Tom Howard

If you think the market will go down, you can buy PUT options and make good profits! Its like shorting but you don’t need to trade with margin

Cryptodiffer Community

What is your plan for global expansion? At present, which market does PowerTrade    focus on, or is it focused on building and growing to gain customers, users and partners?

Design & Marketing at Power.Trade, Jon Myers

Post launch we will be localizing the application and ramping up our support for multiple languages.

Cryptodiffer Community

Security of Fund is the main priority for any Trader / Investor before choosing any trading platform for Trading or Buy/sell cryptocurrencies! So, Can you tell us in detail about the security of PowerTrade ?

Trust, security, and liquidity is very important in any trader Does PowerTrade has any strategies to attract user in the future?

Business Development & Growth at Power.Trade, Tom Howard

Details of security systems and audits will be released before anything goes live. This is very important to keep everyone safe

Cryptodiffer Community

The major problems in Most of Trading Platforms is insufficient Liquidity.. May i know, How PowerTrade Generates liquidity in it’s Platform?

Business Development & Growth at Power.Trade, Tom Howard

We have some partnerships in the works that will enable deep liquidity from the start. Details will be released before the product is live

Cryptodiffer Community

What technology is used to protect traders’ money from hacking?

Business Development & Growth at Power.Trade, Tom Howard

We are using MPC technology to secure user deposits

Cryptodiffer Community

About PowerTrade Fuel Token (PTF), what is PTF TOKENOMICS & ALLOCATIONS? And, what are the plans for the Mass Adoption?

Business Development & Growth at Power.Trade, Tom Howard

Check the token paper we just released!

15% of the supply will go to reward users of the platform, another 15% will go towards staking for long term users of the platform.

For the public sale it was important to us that the community got the same price as early investors – more details on that to be released soon

Business Development & Growth at Power.Trade, Tom Howard

Thanks for having us!

Design & Marketing at Power.Trade, Jon Myers

Thanks!

Cryptodiffer TEAM

Thank you @cryptom2 @RogueJedi

great answers today!

thank you everyone who took part today!

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