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Jenny Zheng: Welcome to Asia Blockchain Community. Asia Blockchain Community (ABC) is a community that is based in Asia and run by volunteers. We know the market very well and is backed by a panel of blockchain & crypto experts and influencers.
Mission: Our mission is to create value for projects & members & educate the general public about blockchain and crypto through the work in our community.
Vision: To bring concepts to life and increase blockchain adoption.
Slogan: Long Crypto and Short the World
Let’s find out more about our guests today from League of Traders and also Anndy Lian. Anndy will be the moderator for this session.
Anndy Lian: Thanks. I am Anndy Lian, currently the Advisory Board Member at Hyundai DAC and consultant to a few governments on blockchain and crypto matter. Hi everyone, good to see everyone this afternoon. Hi John and Baraka. We will start off by getting both of you to do an introduction of yourself.
Tell us more about League of Traders.
John: Many of you might have not heard about League of Traders until now. That is because we have kept it local in Korea so far for about 1 year in order to polish the application. It is actually the most popular social trading app here with more than 10K users.
League of Traders is a social trading service that allows you to visualize your assets across exchanges, and make informed trading decisions.
Anndy Lian: What is social trading? What are the advantages of social trading?
John: So let me explain a bit more what I mean with my above sentence.
Trading is usually a one-man game. Between you and the graphs of all the tokens. You never know what the other traders are doing.
With our application it allows a user to see other crypto traders profiles and get notifications of their trades and more. If you are a beginner trader, you can see what others do and try to learn from the more experienced traders. Later on you will also be able to “automatically copy” them, however this function we are opening slowly exchange by exchange.
Anndy Lian: So I can also connect my exchange account to League of Traders?
John: Yes, when you have connected your exchange account to League of Traders you will get a comprehensive analysis of your portfolio, see your profits, receive notifications when you make trades and much more.
We don’t support all exchanges though and are very selective with our choices. Quality is our top priority.
I need to make an important note though before we continue that we are “not” an exchange and therefore we don’t take custody of any user’s money either.
Anndy Lian: There are many trading apps in the market right now, how do you differentiate yourself in this market?
John: To be honest, if we exclude China, we have not seen any app out there that can integrate users from all the different exchanges and at the same time provide such comprehensive features and functions as us.
Baraka I think our ranking system is superior, unlike others that update every 30min to even 24hours, our system updates almost real-time.
Also visualizing trader’s profiles portfolio updates every 10 seconds, and we plan to make it even faster, other apps update very few times a day, which in these volatile situations is kind of useless. If I’m following someone I want to be able to see if they are taking profit, opening or closing position in real time, that’s more helpful than just seeing someone is long or short.
And lastly in the future we’ll give you far more advanced features like handling your orders directly on the app, and for those traders who allow you’ll be able to see their orders before they even get executed, thus you can copy what they do or use that information to rethink your own strategies, as far as I know no other social trading app offers such features.
Anndy Lian: New traders often make mistakes, how can they avoid such mistakes on your platform?
John: Oh, I think I covered it partly while answering the questions above.
It is important to remember to not underestimate information. Many great traders, or even more in general, businessmen/women out there have access to information that others don’t and in such a way can position themselves more favorably.
League of Traders lets our users keep track of their own trades, profit and tokens. Immediately notify users when trade occurs or when price of tokens has hit a given price. And allow our users to even see other traders choices.
We cannot say that you will instantly become a “trading god” with our app, but if used well, it will definitely improve your trading in the long run.
Baraka: We offer many analytics to try help before making a decision to enter a position, when following a trader seeing their profit rate isn’t enough, other data such as MDD, their trading frequency, win and loss trade percentage, helps a lot in seeing what kind of a trader someone is, usually the higher MDD traders have higher loss to win ratio, seeing their style and seeing how much they lose can help avoid making the same mistakes.
Anndy Lian: We understand that you provide real time stats. How do you avoid latencies errors since you are dealing possibly millions of trades/ pairs etc?
Baraka: We made our system from scratch with speed in mind, we have servers spread across multiple data centres around the world to provide lowest possible latency, as new users come in scaling up new machines to handle their data is as easy as a single push of a button.
Anndy Lian: How many active traders are on your platform? Can you also share how much is traded monthly? What is the current profit rate?
Baraka: We currently have around 12k users on the platform, and around 10% of them have connected their exchanges to League of Traders.
Those 10% trade around 1.5Bil USD every month.
Anndy Lian: Can you name the top 5 traders that our community users can follow?
Baraka: For someone who wants to see just a smart trader who takes low risk and always positive I recommend:
Lala1004 (likes to get a good entry and hold a position open for a long time)
If you like to see very high risk high return traders who go for up to 100x then
I was surprised to see how these guys turned $300 to $100,000 in 24hours. Seeing just for fun is fine, I wouldn’t do it myself though the risk is just too high and 99% of the times people with this trading style lose money.
Anndy Lian: Do you provide trading education? In the past, my team including myself, Melody and Jenny did quite a bit of that.
John: At the moment we don’t have any plans to do that. But it might be something that we will look into in the future.
Anndy Lian: I heard from friends in South Korea that there was a similar company who copied exactly what you did. Are these copy cats stopping you from growing? Is it really possible to copy your app technically? What is your secret sauce?
John: Having competitors is a good thing. It means that we are moving towards the right direction. In this case, too bad it was a blatantly an exact copy.
But what we do is not easy to copy. Not only because of the technology involved but also a lot of business connections are needed. So no, we don’t mind them at all as we are very confident that they cannot replicate what we got.
Baraka: Technically you can copy Binance or Facebook or any other software and make an exact copy but you won’t be them. We support more exchanges, they support not only very few but only spot trading, also most of the times their calculations are wrong, so I don’t think we can even call them competitors when their app isn’t even working most of the time.
Anndy Lian: Traditional banks are also offering or going to offer crypto related products to their users. Is this an additional chance for LoT to grow?
John: Yes, definitely. Not only traditional banks, but our product is made so it can integrate various kinds of crypto products or mediums.
Anndy Lian: Have you started interacting with the banks already?
We have had interest from a bank in Korea that contacted us to develop a certain feature for them. But we have not agreed yet since we are right now too busy with shipping out League of Traders to the global audience.
Anndy Lian: What are LoT’s main business and technology goals in the next 2 years?
John: Our business goal is to allow as many global users as possible to have access to League of Traders.
For technology, we are excited to mention that we are working on automated trading already. Which means our users can automatically trade without lifting a finger.
Anndy Lian: What are your take on cryptocurrencies for the short and long term? What is in your crypto basket?
Baraka: We are in a bull market so I expect crazy volatility, and this year the volatility looks unlike anything we’ve seen in the past, so I think for bitcoin $10K moves per day are coming very soon. For ETH I hope we’d get to see at least $1k moves per day.
In the long term just like most people I see cryptocurrencies becoming mainstream, it’s an inevitability at this point, they might get heavily regulated but I don’t see that stopping what’s to come. We already reached $1trillion in cap, as we go higher it’ll become just too big to stop if we aren’t big enough already.
In my basket 50% BTC, 30% ETH, 10% DOT, and a bunch of other alts filling the remaining 10%.
Anndy Lian: Can both of you share an inspiring quote and some word of advice for our community?
John: “We don’t get to choose how we start in this life. Real “greatness” is what you do with the hand you’re dealt.” – Victor Sullivan
Baraka: I like this one “Buy small units of Bitcoin a day to keep poverty away” – Olawale Daniel
Anndy Lian: Last but not least, can you share your upcoming event?
John: We are going to start a trading competition with Phemex (exchange) on the 15th January and the pre-registration will start on the 11th January. Those who register in between that time will receive 10 USD.
So those who don’t have a Phemex account yet can use our referral link for up to 80 USD welcome bonus. https://tinyurl.com/lot-phemex
Anndy Lian: Next we have chosen 5 questions from Twitter. Lets answer them too.
5 questions from Twitter:
1) @mskhate23 What do you think about the Asian market? Does your team plan to reach other countries with potential crypto markets?
Trading Liquidity is also main priority of Traders, How your project fulfill the Traders Liquidity Requirements?
How does attract new users to use your exchange?
We started off with South Korea as our team is based there. But from 2021 we are now going to allow global users from all around the world to use our services. We are not an exchange though. Outside of Korea, most of our contacts lies in Europe or NA. Thats why we are thankful to partner up with Asia Blockchain Community to use sessions like these helping us spreading the word to our fellow asian countries!
2) @yuriesh0527 Community, Influence and also Product are the criteria to evaluate a project and decide the opportunity to #leagueoftraders this time. what are the outstanding advantages to overcome competitors?
League of Traders is one of the few apps out there that managed to gather users from various exchanges in one place. We allow our users to see other trader’s portfolio, get real-time notifications and copy trade them.
There are countless crypto projects out there, but not many who have launched a product that is really working and running for the broader audience. With the knowledge of traders habits and needs from the Decentralized exchange we made before, we wanted to create a product that really gives value to the users. Not only with verbal promises but also an actual well-functioning product. And that gave birth to League of Traders
3) @rhedcabello2 Security is always one of the most important thing in digital assets
Today the digital assets are easiest target for black hat hackers ….. So what security measure of your platform ensure users asset don’t become target of hackers?
As we are not an exchange, we are not holding custody of our users assets.
Well the only thing that’s sensitive is the user’s data, plus the access token they add on our exchange.
Firstly we always recommend giving only read permissions of the tokens i.e using the token we can’t make any withdraw.
Secondly we have all the tokens encrypted and stored securely that way it’s very hard for hackers to reach, and if 1 in a billion chance a hacker gets them invalidating them is simply a single click and the token becomes useless.
4) @SgHealthtips With the regulators regulating the market, will you require to get a licence to operated in the near future?
We are not an exchange, so we are not facing as rigours licensing issues as them. But that being said, we will work to acquire licences when dealing with other financial products in the future.
5) luckyellaa_ what is the best tip you can give to beginners like me who would like to start in trading?
Trading is riskier than DCA, start with the amount you are willing to lose at first until you get the hang of it, becoming a good trader takes time so take it slow.
Anndy Lian: Let’s open the floor for 5 more questions on Telegram.
1) @Twetchar There are many trading service circulating in the market, so my question is that how would you find a place in the market, can you list some of your competitive advantage?
As you said there are many many trading services out there. But most of them are either “in development” or too difficult for the normal users to use.
We want to create a product that even beginners can benefit from.
And the most direct way is to allow them to see how other traders are doing, so they have somewhere to double check whether their choices are good or not.
And also the copy-trading feature that will be available really allows a user to follow someone else with a single click of a button. With that in place, even if you have 5dollars, you will be able to try it out and invest.
2) @Poponchi What if I bring my friends to invest in your project, is there a rewards or benefits that i can receive?
I choose this question to clarify our product as there still seems to be some misunderstandings.
We are not an ICO/IEO project. We don’t have our own token, so we are not looking for investors to buy our tokens either. And we made this choice intentionally.
We want to create a product that is not only useful but also helpful for our users. Which means that the users use it because they like it, and not because they have stakes in it.
3) @Mahathi21 Could you explain about Automated Trading feature in league of traders. And is the app features are all free of cost or is there any restriction for free and pro users?
Automated trading is an upcoming feature on our app, basically instead of trading by yourself you use our bots.
Unlike other apps where you have to be a good trader and setup your own strateg, on League of traders you’ll see many bots ranked with how much profit they have made, choose one, link with your account and with just a single click the bot will start trading for you, you don’t have to do anything else.
As of now the features currently present in the app are free. We have more features coming we’ll keep you updated.
4) @Syndra2001 As you know Covid-19 has a large impact in the crypto Market, So How can your company maintain its project and also the team that are working hard during this pandemic? Where does the project name come from ? What does it mean for you and why did you choose that name for your project ?
We actually go investments from various institutions already that we are not ready to disclose. But we will publicly announce it soon. In a way it’s a traditional way of funding the project. Like what most start ups do in the “non-crypto” space.
Haha, I guess many people will think of League of Legends when they see our name.
Our name comes from our main feature, the Ranking Leaderboard. As you know, traders from different exchanges rarely interacts with each other, and even less, being able to see each other. So we wanted to make a place for everyone to gather and also compete, like a League for the Traders
5) @Twetchar It is said that that League of trader is a social trading service, does this so called “expert traders” could benefit also or have commissions sharing their own strategies and experties??
As of now you can see most traders profile for free, and some have kept their profiles private which is fine.
We have many competitions running all the time so most of these top traders end up winning different prizes, we’ll have more incentives coming soon to reward top traders who share their strategies with others.
Jenny Zheng: Thanks for all staying with us in the last 60 mins. Your active participant means a lot to all of us. Thank you, members, at Asia Blockchain Community. Thank you, League of Trader, for being with us. Asia Blockchain Community will continue to bring valuable information and good projects to our community. Please support us by visiting www.blockcast.cc/news, share the news to your friends too.