AMA Part 1: Questions collected from BingX’s Telegram Community
1. Can Bingbon Rebranding really improve our platform? If the answer is yes?..can you give us an example? Asked by @MrCryptDroper
Emerson：We’ve conceived the idea of rebranding and corporate restructuring in 2020, after reviewing the blueprint over the next 5 years for the company. We’ll gradually introduce more enhancements and exciting features that our community needs, after analysing the demand from our community and the wider ecosystem.
Modernizing our brand image is an important step to prepare for an international user base and accelerate growth for the next phase of our company.
Since our inception in 2018, we have been delivering solutions that accelerate the development of the buoyant decentralised finance economy.
Over time, we realized first-time users were rambling when exploring the cryptocurrency trading market, Traders on the other hand felt empty, and wanted something more — Something that enhances their experience and keeps them fully engaged.
Hence, through the rebranding campaign, we’re fortifying our goal as a social trading network that fully operates within the open (decentralised) finance ecosystem; one that is transparent and is geared toward nurturing the next generation of excellent traders.
2. How the Bingbon Rebranding helps the community to grow, and being competitive with other big platforms? Asked by@oniichan25
Emerson: Direct to BingX users or community members, our community is the core channel of the BingX network. Changing a name that is conducive to mass communication will be more conducive to the development of our brand and community. BingX is a user-centric trading platform. Our main product is social trading. We are also one of the first platforms to do copy trading. We cherish the voice from our community, we wanna let your know, users from Bingbon your opinion matters. This is always our core competitiveness
And the next step we will build a relationship with our community members to foster minimum viable contributors. We gonna create an environment where community members can safely express their voice and sense of ownership. We will be given opportunities to influence and participate in key community discussions, decisions, and forums of importance. And also will give users who wanna be a contributor more opportunities to take on increasingly more responsibility via community leadership roles such as running working groups.
Besides, our recruitment campaign for traders will be launched soon, please pay attention to our BingX Vanguard campaign on the 25th！
3. What’s the ongoing plan of bingx by rebranding and new things we expect to see in near future? Asked by @mrsimsofficial
Emerson: In my response to the previous question, Everyone will be expected to see a more open and transparent social trading platform. Our Services are limited to our platform, namely BingX. Going forward, we are proud to share with our community that our features will be gradually opened up to users from other platforms, while we will also expand our service offerings, including social trading, ETFs, arbitrage bots and more, that our users have long desired.
The X in our new brand name not only symbolises the connection between our users and traders, as well as a presentation of the future exploration and possibilities that we will be empowering our users and traders to do so. Simply put, the rebranding is fully aligned to our long-term vision as The Social Trading platform built for the People.
4. Will staking or pools be a thing in the future on BingX? Asked by @t19
Emerson: BingX has always been driven to provide users with services that meet user needs and creating more tangible value for users.
Therefore, I’m delighted to also reveal today that it is indeed part of our master plan to introduce Staking / Pools services on BingX so that our users can be exposed to diversified investment and financial opportunities on our platform.
In addition, BingX has been exploring and researching various innovative DeFi concepts and hopefully, we will be able to invite our users to experience these features in 2022.
5. Good afternoon, I would like to know what implications this change brings for bingbong users, and what is your goal for 2022. Greetings from Argentina, many successes. Asked by Matias Esteves
Emerson: We hope that through this change, users can know that we are determined to do our best. The goal in 2022 will be to create a more open and transparent social trading platform. The year will enable our users at BingX with more open choices for their crypto trading activities.
For example, we will open our copy trading to users of other exchanges, and open up our service offerings that were originally only in the BingX ecosystem to the entire industry.Users will also be able to see KOLs being able to express their opinions, opinions, and experiences on BingX, and users can communicate with KOLs more conveniently. Users can also see that BingX will continue to introduce some cool features for everyone to experience, including an ETF social trading, arbitrage robot services, etc.
6. There are currently many exchanges and trading platforms for users to choose, what are the biggest and most different advantages of BingX? Asked by @havemyknight
Emerson: Every exchange is unique in its own rights. As we all know, Binance is a comprehensive global exchange that provides an extensive list of features for its users.
The FTX exchange, which has sprung up in the past two years, is an exchange with a strong ability to innovate financial derivatives, providing a variety of innovative gameplay. And we are known for our social trading features, and BingX’s social trading capabilities are one of the reasons why users choose BingX. It is also our biggest feature and advantage.
BingX brings together a large number of high-quality traders. Together with BingX, they continue to provide users with services and create value, which also allows BingX to be confident that it will become the world’s leading social trading platform in the near future. In addition, another advantage of BingX is that we continue to improve user services. BingX attaches great importance to the voice of every user.
Although we have been working hard, due to the large number of users and the wide geographical distribution, we have not been able to satisfy all users in all aspects, but we will continue to work hard to make users feel that with our progress, BingX will be their preferred choice.
7. Hello Emerson and Aziz. Congratulations on this milestone. Cross-chain is still a trending tech in the industry, we know the success of Binance with bsc and OKEx chain. Is BingX planning to develop its own network and if yes, what would you name it? Asked by @millionaire_gl
Emerson: For us, we do not have any plan on developing our own blockchain because what we are going to offer is a social trading solution which allows traders to trade securely on our platform and easy access for new traders.
8. Why did you decided to rebrand Bingbon? Do you think it is a good time to do so? Asked by@Abykrin
Emerson: Currently, the overall market sentiment is favorable where the attention of institutions, regulations, and retail investors toward cryptocurrency are growing. We do have a strong intention to reach out to as many new users as we can while serving all the traders in order to be more informed in getting involved in cryptocurrency. This year is considered an unique year for cryptocurrency gaining high exposure to the public and it somehow coincides with our rebranding plan that we have been planning since last year.
9. If you were a BTC millionaire, how would you invest? Emre Sahin.
Emerson: It’s a candy question, yes, I think it’s always good not to put all eggs in one basket thus I would like to diversify as the market is never ever safe despite cryptocurrency being in a very bullish trend this year. My opinion is never ever put all your investments in one single asset if possible perhaps you may try to diversify and mitigate your risk. More importantly, before you start to invest, you need to set a ideal ratio for investment as for me I would only invest 20% of my assets or savings for investment.
10. What is the reason for its simple use and low commission fee compared to other exchanges? @Ferdikagan
Emerson: Actually we generate revenue by pay-per-use transaction model and we are earning fees from the user needs on transaction. We are offering low rate fees despite other platforms are offering higher fee rates because of there are other things that we are going to raw in the future such as growing user base matters more. Our main focus currently is to allow users to have a platform to truly understand how to go about trading cryptocurrencies. In this regard, once we have achieved our global presence in terms of being the go-to platform for social trading, we will introduce other revenue models for sure. For now, it’s pretty healthy for us even having low transaction fee for users yet we are still able to sustain.
AMA Part 2: Youtube’s live questions
1. How can Bingbon’s efforts be measured in promoting market capitalization in Indonesia? Asked by Selaras Art
Emerson: As mentioned earlier, we just launched our rebranding announcement, what’s going to come next will be a series of campaigns that revolve social media aspect as well as marketing aspect and this will include social media outreach. Due to Covid pandemic, it may still some difficulties to host offline event but we already have quite a number of plans in term of online events such as the AMA. We will definitely come up with more contents and more engaging activities that will reach out to Indonesian users because our strategy is pretty much localized as one of our key markets is definitely in South East Asia. More tailor-made campaigns and localized contents will be our contribution to the market capitalization in Indonesia later.
2. Can we expect to see BingX native token in the near future? Asked by Farbod Taghavi Rad
Emerson: Like I mentioned earlier, we do not have the plan for launching our own blockchain because it’s not our core focus so likewise we do not have any immediate plan to roll out BingX’s native token as of today.
3. Will you unlock Arbitrage Bot for more coins or Virtual Dollar? Asked by Michel Fernandes
Emerson: The related announcement will be published shortly and arbitrage bot in demo trade als the thing that we are currently working on perhaps more information will be announced through our social platforms very soon.
4. I wanna know if this bingx has a roadmap? Asked by GAGS TV
Emerson: Our website is currently upgrading, and there will be a development roadmap in the future of BingX once the website upgrade has been done.
5. Will Bingx diversify the market with tokenized stocks or any stock-related market? Asked by Aziz
Emerson: We want to be a fully compliant platform in the market that we are operating and we have secured quite a number of licenses. Currently, we are working with several key markets’ regulators in order to offer more services. Once we have secured the related license, then we will be able to expand our offering to include products that are outside of the tokenized-related stuff and integrate them with social trading service .
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