So I have been following this crypto exchange project since the ICO in end of 2017.
At the time I really thought it was one of a kind project and would most likely bring me a nice return for my investment.
End of 2017 was the ICO craziest times, where every project was raising millions of dollars, in ETH most of the time.
They did pretty good during the ICO as they raised almost 31 Millions (ETH was around 1000$ though !)
Anyways, let’s have a quick review of what Trade.io is about, and then I ll share with you what I have lived as a “TIOnaut”.
1. The Crypto exchange
The crypto exchange was the first thing which was announced, the first step for the company as described in the white paper to “revolutioize” the finance Industry.
As far as I can remember, I have been a Beta user of the exchange (was maybe in march or april 2018). And I have to say, despite the pretty decent amount of work that was done over only a few months, I was still pretty disappointed by the result.
There were glitches all over the place, lots of things that needed to be improved, lots of missing common features that other crypto exchanges had.
It took them a lot of time, but they kept fixing things, little by little, and kept improving things, technically speaking.
Today, 12th of June 2019, I can see a pretty decent crypto exchange, that I would describe as above the average from a user experience, but which has still room to improve. The huge positive point though, is that trade.io is not a “marque blanche”, it s a built from scratch exchange, which makes a HUGE difference compared to 80% of the existing exchanges.
They have the full knowledge of what they created, and don’t need to rely on 3rd party to improve or fix things. Not being dependant on another company is something really important and that many are probably understimating.
On top of having their proprietary technology for the development of the exchange, they also bring a few nice features to anyone that want use it, this includes :
- Multiple trading pairs, including stable coins (usdt, usdc)
- Low fees, at time of writing : 0,1% for taker, 0% for maker.
- Loading account with FIAT (once you have gone through the KYC process) : through wire (like kraken for example) or even via credit card (same 3rd party than binance if I m not mistaking)
- Live 24/7 support
AND … a liquidity pool !
2. Liquidity Pool
So what is a Liquidity Pool ? To make it as simple as possible, I would say it s a way to be financially interested in the success of the company. If the company makes profit, you ll receive interests from the money your poured in the Liquidity Pool, if the company looses money, you won’t receive anything until the balancesheet gets back to positive. Those interests are paid out daily.
To be part of the Liquidity Pool, it s quiet simple, you need to lock some TIOx into it (like would work a staking token). TIOx is trade.io’s token.
If you want more information on the topic, you can check their site directly, also note that you can’t lock less than 2500 TIOx into the LP, which is around 190$ at the time of writing.
Also, there are different TIERS, TOP TIER being 25.000 TIOx and more (1.875$ and more) and where you get 55% of the interest generated by the LP. Again to make it simple, here is an example :
If there are 50 millions TIOx locked in the Liquidity Pool
If ou have locked 25 000 TIOx
If the profit generated by the company on a sepcific day is 6000$
Then you’dreceive the next day : 25 000/50 000 000 * 6000 * 0.55 = 1.65$
A few things I d like to point out concerning the Liquidity Pool :
* The max amount of TIOx you can lock is 3 millions
* The current maximum amount of TIOx that can be locked in the LP at the moment is 85 millions (the circulating supply), from which 44 millions are already locked.
* We have no details of the company’s results or from which of their business comes the interests we get. Profit from ALL their businesses are integrated into the LP, but we have never been given any details so far, which is at least partially understandable, as that would probably give informations to some of their competitors.
So now you might be wondering what are the other businesses the company is involved in, one second, I ll come to it !
3. Trade.io businesses
* The crypto exchange is their first business, where there is a 0.10% trading fee + withdrawal fees etc…
* The second business they introduced to us is NEST. They had a joint-venture with another company, and created NEXT which is a co-working and dinner kind of restaurant in Asia.
* The third business is their FOREX platform : tiomarkets.com. Several of the people working at trade.io are also linked to the forex industry, and their original idea was to bring the blockchain transparency to Forex. Not sure how much they already succeeded into it, but tiomarkets.com was just launched (beginning of june) and this could be a huge profit driver.
* I also heard something like TIOevents (events organization) and most probably some other things they didn’t fully describe. I m prett sure though that if you go ask them over TG, they ll give you more details.
4. Why no one knows yet about TIOx and trade.io’s growth potential ?
If you are still reading me to this point, it means that you probably have a growing interest in trade.io’s activity and in their TIOx token. But you might be also wondering “How the fuck didn’t I hear about that before ? What’s the catch ?” (we are talking about a 7 millions dollars market cap, while they do have a working product ! https://coinmarketcap.com/currencies/trade-token-x/)
So I ll have a quick review about all that happened since the ICO and which lead to most likely noone from the crypto space knowing that much about trade.io …
First thing, as I said earlier, technically speaking, they started from scratch, and came with a lot of bugs and issues, which took them months to fix, which lead to no one in the community really willing to promote the exchange.
Then there was a breach in one of the cold wallat which lead to several ETH and TIO tokens being robbed and sold on exchanges where it was listed.
Which lead the team to take a drastic resolution : make a Hardfork of TIO and create TIOx. And have TIOx only listed on their own exchange trade.io. Which, as you can guess, is not really something that helps promoting.
I have to say two things about the breach :
- We have no details about what happened
- But everyone, as far as I know, got back the same amount of TIOx as they had in TIO.
The worst part now : marketing. As I was writing earlier, several people in the team were coming from FX, and FX marketing is quiet different from crypto marketing. During almost a year, we have seen strange competition, strange Press Release, strange communications overall, which in FX would have probably worked, but definitely not in crypto. The results are here to back up what I m writing.
HOWEVER, things are changing. As always with this team, when they fail, they don’t let us down, and they keep trying improving things. They hired a new CMO specifically for trade.io the crypto exchange, and we can probably expect some results within a few months.
Another negative thing : Washtrading. If you look at TIOx volume, you ll notice that it was way higher beginning of 2019. But it definitely was not natural. A few members of the community raised the concern, and they became totally clean after that, and I m very proud now, to be part of an exchange where there is basically no washtrading, while tens of exchange of the same size still use this shady technique abudantly.
This also leads to another thing : liquidity providing. And this is a big plus for trade.io. This company is working with liquidity providers (basically, companies that are specialized in market making on exchanges), which allows you to trade effeciently on trade.io. Spreads are tight, volume is decent (considering the exchange size) and you can take and make orders which will get filled (not like scammy exchanges where despite hundred of millions in volume, you never get filled…)
Last thing that probably hurt them quiet a bit, just like many others : the bear market. It was probably quiet difficult for many new exchanges over the past year, and some even went bankrupt.
Here it is, a really quick summary of 18 months of my life following the trade.io project. There have been a lot of downs, but also a lot of ups ! I have learnt an incredible amount of things during this time, and I m more than happy to share this experience with you.
I now believe that it is time so tell people about trade.io, because I think that what they have achieved is finally GREAT ! Lots of errors, mistakes, bugs, but in the end, that’s how you find out who will be there in the long run : the ones that always improve after failing.
Now, make your own idea, join trade.io test it out, and let me know what you think !
If you consider my writing to be interesting, please don’t hesitate to use my affiliate link https://trade.io/?tioRef=83de9d0a (I get 50% of the fees you generate on the exchange !)
I ll also be really happy to discuss more with you, if you have any questions, you can find me on this Telegram channel : https://t.me/TradeioBotTrading
Have a great time, and feel free to check my other articles !