COVID-19 has influenced the way people trade, both in the cryptocurrency and foreign exchange (forex) markets. Not only that, it has attracted a new wave of investors, who have never traded before. To discuss the emerging trends from the coronavirus pandemic, Finance Magnates spoke with Chieh Liu, the Chief Executive Officer (CEO) of Overbit.com.
Overbit is a Seychelles-based cryptocurrency and forex trading platform. The company was founded in 2017, and the platform was launched in 2019. During the heightened volatility in the FX and crypto markets, the platform experienced a notable uptick in volumes.
In fact, Liu explained to Finance Magnates that it experiences a significant increase in trading volumes whenever there is a sharp movement in the market.
“Since the pandemic, Overbit saw a 30% to 40% increase in trading activities with traders’ dwell time increasing on the exchange, compared to pre-pandemic due to many staying at home during the lockdowns,” Liu said.
“In the last 6 months, the trading volume and activity has increased. At first, we thought that this pandemic may create a dent in the trading market, however, traders viewed this as an opportunity to invest in a volatile market. More people are working from home, which gives them more time to study, analyse and speculate the market.”
A new demographic of traders
As Finance Magnates reported, with the onset of the coronavirus pandemic, a new interest in the trading markets has emerged. Many of these new investors have never traded before, and as such, have less understanding of the markets.
So what is Overbit to doing to accommodate this new demographic of traders? According to Liu, many of Overbit’s traders are novice traders, so the company has put in a number of measures in place to assist with this.
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“We do not want novice traders to have a bad trading experience on our platform due to their lack of knowledge and the possibility of them losing funds. To counter this challenge, Overbit offers a free demo account to all new users. We provide 8 BTC and 50,000 USDT for traders to practice and to get a better understanding of the platform before they dive into the live trader.
“We are also building Overbit Academy as we speak. This is a series of tutorial-style video resources to help people understand the fundamentals of crypto, covering key areas, discussion points on Bitcoin, blockchain, trading, margin trading and much more.
“This is a free program that allows users to watch the academy videos, answer a simple quiz and in return receive a certificate after each module. Last but not least, we have a 24/7 support team to help the users, make sure they can experience the best trading experience with Overbit.”
Overbit to launch new rewards system
Recently, Overbit added 17 new crypto and FX trading pairs. As Finance Magnates reported, last month the exchange added 11 forex trading pairs and six pairs based on Bitcoin. With the launch of the new pairs, Overbit now offers a total of 16 forex trading pairs and 21 BTC trading pairs.
According to Liu, adding more trading pairs is something the company is always looking to do, and the most recent expansion was due to an increase in demand for forex trading platforms.
When asked if the Seychelles-based platform plans on launching any new products, Liu added: “We are going to launch both the Android and IOS mobile apps this year. This will not be just another app launch. The Overbit app will come with a lot of surprises including rewards and gamification style trading so watch this space.
“Tier Points are our users’ favourites, and in the next update, we will introduce a new reward system to allow users to earn their Tier Points in a much faster way and earn BTC.”