CryptoFollow is a cryptocurrency social trading platform that allows first-time crypto traders to leverage the benefits of the crypto and stock markets while they minimize exposure to risks that usually plague new investors. It is a market maker and investor ecosystem for stock and crypto trading.
The developers of CryptoFollow believe that community leaders are the market makers. These are individuals with the ability to create networks and contracts. They also have a verified track record of showing commendable performance in profit-making at any of the top crypto-exchanges.
CryptoFollow enables users to self-regulate the terms of service exchanges offered through smart contracts without exposing a new investor to sending assets to a broker.
Problems CryptoFollow Seeks To Solve
Inflated Claims: A popular mechanism to attract new clients is the use of cross-channel promotions to attract new individuals.
Time management: traditional markets are usually 5 days a week, and hours a day. Unlike traditional stock markets, cryptocurrency trading is non-stop, any time of the day or night.
Trust: several new entrants to the industry have been scammed and have their wallets emptied. In some cases, it is the supposed market makers who they believed to be credible that end up scamming them.
How CryptoFollow Works
Simply put, CryptoFollow is tasked with two major responsibilities—to provide investors with trusted information and instantaneous information, and to reward best-performing market makers. The platform employs a wide array of trading and social network functions supported by the EOS blockchain. On the side, it also provides asset management as a service solution for verified market leaders.
Overall, the platform serves as a gateway for both experienced and new investors into the crypto space. Market makers can define and create networks. They can add several contracts to the network and proceed to place orders according to the contract parameters. New investors can also do a number of things including searching for networks, viewing the performance of a network, requesting to join, reviewing available contracts, and signing contracts.
As noted earlier, market makers are drawn from the community leaders and have the ability to create networks and add contracts. The process of becoming a market maker takes place in two paths:
- Invitation codes: in this method, the CryptoFollow team handpicks market makers with a verifiable network of investors, advise, and guide them in trading through social media channels such as Telegram or Slack. The invited market makers have to go through a verification process before they can fully join the platform.
- Performance: This method targets any user on the platform provided he/she meets the following conditions: (1) a loyal trader who does not follow orders of other market makers and (2) a member who has demonstrated positive week-over-week performance for a minimum of six weeks.
Users who would like to become Market makers without the invitation code would need to integrate the CryptoFollow account with their preferred exchange. CryptoFollow has a back-end team that analyses the users’ trade history and calculates their week-over-week performance. Users who have traded for at least six consecutive weeks with profitable outcomes are approved for Market maker user accounts.
Market Maker Restrictions
On CryptoFollow platform, Market makers have various restrictions. The platform reserves the right to demote a Market maker to investor account if the user demonstrates a consistent negative performance. Besides, U.S. citizens are prohibited from creating market maker accounts due to the regulatory environment and uncertainty in the country. However, CryptoFollow will consider including U.S. market maker accounts when new legislation and clearer regulatory guidelines are in place.
- Source: First Appeared Here
- Published Time: 2019-06-04 06:10:35
The views and opinions expressed in the article What Is CryptoFollow – Crypto Trading and Investing Platform? do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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