The cryptocurrency market has been maturing but there are still some obstacles stopping retail investors from jumping into the bandwagon and becoming a part of the financial revolution.
Among them we can find a lack of experience and confidence, a lack easily accessible and unified trading interfaces, a lack of trust, and the centralization of cryptocurrency exchanges. While there are plenty of professional investors on the market at this point, there’s a clear lack of retail investors who would add liquidity to the space.
Retail investors, on the other hand, likely would love the chance to make some money, but there’s a lack of knowledge regarding how to do it. Research, in fact, shows the public is eager to step into the cryptocurrency world, but most aren’t willing to put in the time to learn its ins and outs.
Cryptocurrency exchanges, which currently have a great influence on the market, can’t be expected to address the problem as they’re focusing on safeguarding users’ funds, even though they would love to see their user numbers surge.
While most crypto exchanges have the proper tools to help traders succeed, variations in user interfaces and available services make it hard for newcomers to learn how to use the tools properly. Helping traders use these tools is beneficial for both sides, as both make more money.
How New Traders Can Profit in The Crypto Space
Platforms focused on trader education and community experience-sharing are now closing the gap. Social Trading is the emerging trend resulting from this, seeing users share their trading ideas and strategies on a money-minded social media platform that isn’t cluttered with pictures of lunches and cats.
While these social trading platforms are a great solution, they still don’t address the lack of trust between traders and cryptocurrency exchange, nor the centralization of the latter. In fact, how can a newcomer decide which traders are worth following, and which traders are just going to help them lose money?
This leaves retail traders with two problems: they have to trust their private keys – and as such their money – to a company, and they have to often gamble on who’ll help them make money via the social trading system.
This system is akin to the traditional banking sector that so many people in the cryptocurrency space are trying to overthrow.
Some may point out correctly there are decentralized cryptocurrency exchange out there, that help out traders avoid handing their money over to a centralized entity. These are, however, often not-so-user-friendly and lack liquidity.
Combining Decentralization With Social Trading
The solution is a decentralized cryptocurrency exchange that lets traders control their own private keys while also offering them a social trading model: FUMGO. The FUMGO platform offers inexperienced users a way to keep controlling their funds while also offering them ways to make money.
Using FUMGO’s social trading terminal, newcomers can follow experience traders – whose stats are out in the open – and automatically copy their trades to also make some money. Experience traders can, thanks to the system, establish themselves as thought leaders in the cryptocurrency space.
FUMGO is a project born thanks to the Binance DEX community, and integrates several reputable cryptocurrency exchanges and communicates with them in real time to ensure users have as much information as possible on its terminal.
The organization’s co-founder and CVO, Anton Bartenev, noted we rely on social media for everything nowadays, and figured it could also help out with stopping people from fearing cryptocurrency trading. He added:
While considering the problem, we realized that we would need to create a system that allowed users to exchange their ideas and strategies, in one form or another, without relying on trust. This is why we put the Binance DEX – both the community and the exchange itself – smack in the center of our system: it ensures the transparency and eliminates the need for trust.
The FUMGO terminal records all traders and allows traders to be ranked based on their numbers and their performance, while keeping data completely out in the open for prospective followers to analyze their chances of success.
FUMGO’s CEO and co-founder, Yeho Shyshov, stated:
You start with mirroring the trading strategies of experienced professional traders and learn to make money in the crypto space without spending vast amounts of time and mental power, and the pros get to prove their salt and up their game.
