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Good Demo Trading Can Create an Optimal User Experience for Crypto Newcomers

Good Demo Trading Can Create an Optimal User Experience for Crypto Newcomers

Some exchanges have introduced demo trading guides and tools specifically to help novice traders learn and hone the fundamentals of trading. Unfortunately, many of these fail to achieve their objectives. 

Ironically, demo trading is supposed to be basic, yet some beginners are struggling to figure out how to apply what they’ve seen once the demo session has ended. Others are left in total confusion when encountering new certain terminologies as they progress through their trading journey. 

Generally speaking, terms used in the crypto world are not always easily digestible for newcomers and need to be introduced gradually to ensure they’re understood. Grasping these concepts will depend on the person and their experiences. Individuals with a solid background in finance and technology tend to pick up the concepts of crypto much more easily but that’s not always the case. 

Therefore, creators of demo trading guidelines should not assume beginners will master trading in a single session introducing the steps involved in trading. After all, they are newcomers and like learning any new skill, trading requires practice.

At the same time, it is not practical to delve into all the details of trading in a single demo session, but explaining the key ones would help flatten the learning curve for new traders. Demo trading guides should be comprehensive, rigorous but simplified. Learning how to trade is one thing but having an understanding of the jargon is critical. 

Furthermore, not being able to comprehend the terms could affect the outcome of their trade, so creating a poor demo trading experience is bad for business. It may lead to confused users who become frustrated, giving them a reason to fill your review section with dissatisfactory comments, leading to a poor reputation. Newcomers may end up venturing to other demo trading guides to satisfy their needs. You don't want that. 

 Remember, the aim of demo trading is not just to teach beginners how to trade but also to keep them engaged and interested in your platform. 

What are the Key Advantages of Demo Trading over Copy Trading?

There are a lot more inexperienced traders than experienced. Copy trading is perhaps, one the most convenient way for beginners to kick start their trading journey, but let's not forget that there is a large pool of people who would prefer to learn the art of trading for themselves. A major drawback of copy trading is that a person whose trade has been copied will get a percentage of profits. Therefore, there are evident advantages for a newcomer in learning to trade for themselves. 

Marketing and Awareness are Key to Unlocking the Value of Demo Trading

Demo trading is considerably underdeveloped with significant room for improvement. Furthermore, the promotional tactics used for demo trading are largely ineffective. This may be because demo trading has often been overlooked or underestimated by some industry players. 

What is more concerning is that there many novice traders who are not even aware that demo trading guidelines are made available for them. This should not be the case. On the other hand, some will argue that new traders must do their research. That is absolutely true; however, I hold the firm the belief that promotional strategies for demo trading should be so intensified that non-traders should learn of its existence even without conducting research. 

That's the type of impact industry players should aim for. Obviously, this can only be achieved if more effort is put into employing good marketing strategies.  

Demo trading may be a simple idea, but with more attention, I believe that it has the potential to change the crypto exchange industry. Demo trading can be a powerful investment in terms of building user trust among newcomers and giving them a reason to stay on your platform. 

If you can create an excellent demo trading guide, users will remember that, and you will be able to reap the reward of long-term user loyalty. Furthermore, good news also travels fast through word of mouth so if your product or service is good, people will eventually know.

Why Is It So Important for Emerging Exchanges to Launch Demo Trading Developing Markets?

Often than not, exchanges are anxious to dock in waters of more developed nations but, if they are smart, they should also pay more attention to developing countries. People in developing nations are just as eager to learn about trading and shouldn't be ignored. 

Further to that, some developing markets can be less competitive precisely because exchanges tend to pass them by. Launching demo trading services to train a society from the foundation is also a pretty good chance for emerging exchanges to build a strong and loyal user base from the outset. This is especially so in those developing markets with a large population. 

Of course, exchanges should first make it their business to conduct adequate market research and before operating in developing territories. Stability is very important.

Design Demo Trading for Traders at All Levels

Demo Trading is predominately made for beginners. But why not create demo trading guides for intermediate and advanced traders as well? I would even go as far as to say guidelines should be also designed for pros. No one is perfect. Everyone is still learning. Just because someone falls under the category of a pro-level trader does not mean they have mastered all the elements of trading. 

The crypto sector is in a state of constant change, which suggests that new techniques and innovative tools will keep on developing and traders will be able to do things they could not do before. Not only will this foster growth, but traders will continue to learn and develop new trading methods.

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board

Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board

Quick Take

1 minute read

  • Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. 
  • It was announced last week that Fred would be joining the board following a recent round of funding.

Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. It was announced last week that Fred would be joining the board following a recent round of funding.

The co-founder of the well-known crypto platform is getting ready to join the company as a board member following a $30 million funding ground to help expand its operations on an international level.

Throughout 2020, Fireblocks has launched a secure asset transfer network which would allow more institutions to efficiently transfer assets on chain. And on top of this, the platform also announced that it has seen more than $150 billion in transferred assets over the course of the past year. Fred has said:

“Fireblocks has become the go-to for any business looking to build new digital asset operations or scale existing ones… The extraordinary growth of the Fireblocks Network and its team in the last year attests to the enormous value they have unlocked for enterprise and institutional customers.”

 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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North Carolina residents to soon have access to Binance.US services

North Carolina residents to soon have access to Binance.US services

Quick take

1 minute read

  • Binance.US is getting ready to launch its services available to North Carolina residence. 
  • Binance published a statement earlier this month Catherine Coley saying that the digital asset marketplace is now available for residents in North Carolina.

Binance.US is getting ready to launch its services available to North Carolina residents. The subsidiary of the major crypto platform Binance published a statement earlier this month on the 12th of November to CT with the CEO, Catherine Coley saying that the digital asset marketplace is now available for residents in North Carolina.

This would allow them to buy, trade and earn cryptocurrency.

“[North Carolina] is a state that has been involved in building the banking industry and evolving technology,” stated Coley.

It is also worth noting that North Carolina is home to the research triangle park. For those that don’t know, this is a well-known high tech research and development company that includes Cisco systems as well as other consulting companies in relation to blockchain.

In regards to this, they further say:

“Research Triangle Park and the robust school systems in the state have it positioned to meaningfully impact the blockchain industry [...] the state can begin to build more companies that have easy access now to cryptocurrencies.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Crypto exchanges boom in Cuba during the pandemic

Crypto exchanges boom in Cuba during the pandemic

Quick take

1 minute read

  • Cryptocurrency has been going at an immense rate over the course of 2020. 
  • With the coronavirus pandemic in full swing and the economic crisis that came as a result still ongoing, crypto is looking as a tasty alternative for mini all over the world.

Cryptocurrency has been going at an immense rate over the course of 2020. With the coronavirus pandemic in full swing and the economic crisis that came as a result still ongoing, crypto is looking as a tasty alternative for many all over the world.

Cuba is one such country that has been seeing a spike in its crypto activities over the course of this year. This comes as there is an absence of related regulation in the country according to senior executives at local crypto companies.

Earlier this month, the nation recorded a massive spike in Google queries relating to bitcoin which suggested an increase in crypto activity in the nation.

Speaking to CT, a local crypto exchange Bitremesas said that the platform has been slowly but surely growing over the course of this year and has seen a noticeable influx in its user activity in recent times. The creator of the exchange, Erich Garcia said “By now, the use of the service is increasing at 200% every month.” 

Mario Mazzola, another founder of a different local exchange known as Qbita, said:

“Bitcoin usage and volume in Cuba is exploding right now.”

Cryptocurrency regulations in Cuba are next to none. They are completely deregulated according to local enthusiasts. Some say that they are neither legal nor illegal but the government in Cuba has favourably looked to the industry in the past.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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84% of lost funds on the KuCoin exchange now recovered according to CEO

84% of lost funds on the KuCoin exchange now recovered according to CEO

Quick Take

1 minute read

  • CEO of KuCoin exchange confirms 84% of lost assets have been recovered.
  • The exchange was hacked earlier this year in September.

After losing $280 million in a malicious attack earlier this year in September, the KuCoin crypto exchange finally recovered a “majority“ of the funds.

The co-founder founder and chief executive officer of the platform, Johnny Lyu published an announcement earlier this month on the 11th of November saying that the platform has recovered 84% of the stolen assets in crypto.

On top of this, he went on to say that the recovery process has involved “on chain tracking, contract upgrade and judicial recovery“.

Before we finish though, it is worth saying that we aren’t financial advisors and this is not financial advice. Please do your own research before investing in a cryptocurrency.

It will be interesting to see how this plays out however, it is good news that so much of the lost funds have been recovered.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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