The CEO of Overbit spoke on COVID-19 and the impact it had on the crypto and FX platform.
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.
“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.”
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.
“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.”
Noel Quinn's Surprise Exit Marks End of an Era at HSBC
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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