Kriptobi, one of the most active groups in Turkey on cryptocurrencies, hosted CEO Eric Ma from the BiONE exchange on December 17, 2020. In the first phase of our event, the BiONE exchange and its features were introduced to our community members with group managers’ questions and our guest's answers. In the second phase, 3 questions collected via Twitter were asked to our guest, and in the third phase, the ‘live Q&A’ section was completed. In the second and third stages, our community members, whose questions were answered, were rewarded with a gift worth 15$ at the time of reward distribution. If you also want to participate in future AMA events and win while being informed, you can join the Kriptobi community.
Stage 1 (Questions of our group managers, answers of our guest)
Question 1: Thank you for accepting our invitation. First of all, could you please introduce yourself?
Eric Ma: I'm the CEO of BiONE and I'm from NY, USA. We're a crypto trading platform that was established in Singapore in 2018. Besides spot trading, BiONE also offers perpetual swaps, leverage, OTC, and ETFs trading. We have credit card crypto purchase services to help onboard first time traders. It's nice to meet the Kriptobi community. I hear good things about this community and I loved all the activity on Twitter.
Question 2: What is BIONE? Can you briefly introduce us?
Eric Ma: We are a cryptocurrency exchange. Much like the big ones everyone may know, such a Binance and Coinbase. On BiONE, you can buy crypto using your credit card and trade over 300 different pairs of cryptocurrencies. We are fully registered and have financial licenses from the USA. Although we are not a top tier exchange yet, we have our goals to be a top tier exchange one day. Our userships grow each year and we continue to offer great products and services for our users.
Question 3: What are the main features that make #BIONE different from other exchanges? What advantages does it have for traders?
Eric Ma: BiONE is continuously growing and because of this, we are not too big to listen to our customers. Our perpetual swap, spot, leverage & ETF trading, along with OTC services give our users plenty of tools to take advantage of the bull market. We're essentially a one-stop-shop. With over 300+ trading pairs, we have all the leading cryptocurrencies users love. In addition, we are always ready to adapt to the needs of our users and market trends to achieve the status of a leading exchange in the cryptosphere.
Question 4: We see low liquidity and fake volumes in the stock markets. What will you do to attract real makers of the BIONE exchange and cash flow providers? Can you briefly explain?
Eric Ma: We make sure all of our projects provide market-making services so that BiONE users have the liquidity needed to make quick trades. Of course, this is in addition to user's trade orders which provide most of our liquidity. We also do internal market making as well as work with 3rd party market makers to help contribute to BiONE liquidity. This is one of the reasons our users love our exchange.
Question 5: As it is known, security is the most important in stock exchanges. How does the BIONE exchange ensure the highest level of security of user funds? What's in the security layers?
Eric Ma: We use independent security auditing services at least twice a year. In addition, our in house dev team continuously does security checks for bugs and weaknesses according to web security ISO standards. In addition to this, we use cold storage and hot wallets to keep user funds safe. Funds are moved from cold storage to hot wallets so that in the case of a hack, only a small portion of the funds are exposed. We also make sure to provide enough funds so that it does not affect our liquidity.
Question 6: Can you share with us your TOKENOMICS? What are the use cases of $BIC?
Eric Ma: BIC, our platform token already has many features. Some of which we are still developing and adding. These include
1)Fee discounts
2)Dust conversion
3)Airdrop subscriptions for holders
4)Participation in launchpad token sales
5)Voting/governance rights
6)Quarterly burns based on trade volume formula
7)Partnership benefits
If there are other features you think you'd like to see, please let us know. Some of our users have requested staking, which we are actively working on as well. For staking, users who stake $BIC can earn interest, other cryptos, have VIP access to IEOs as well as earn other benefits.
Question 7: Finally, can you give us some information about your roadmap and how #BIONE has progressed so far? What awaits us in the future?
Eric Ma: Surely! In May of this year, we launched the BiONE 2.0 trade platform which all of our users are enjoying now. The user interface and user experience have both been tremendously improved. Besides this, we continue to build BiONE's platform token and add more features to our platform which will give our community more benefits such as airdrops and profit sharing. I'm really psyched about this! We hope to launch some of these new features in Q1 of 2021!
After this answer, the first phase of our AMA event was completed. And immediately after that, questions sent via Twitter will be answered. And the second phase has begun.
Stage 2 (Twitter users' questions, our guest's answers)
Twitter Question 1: Fund hacking/stealing is always a headache problem on any exchanges, trading platforms. So how safety is the fund that is going to be kept on the BiONE platform? What will happen if there is a problem with the fund of users on BiONE? Is there any backup fund or some program? (from @R7Clover)
Eric Ma: Yes, we talked about our focus on security in an earlier question. We do have a fund for the case of hacks so that user funds are safe and covered by BiONE. We never touch these funds for any reason. If there is a hack or a situation where funds are lost, our security funds will cover each user. Peace of mind for our users as we continue to work to keep BiONE safe.
Twitter Question 2: Is there any referral system offered by Bione exchange where we can Invite our friends & get trading fees, discount or referral bonus, etc? (from @OnTortK)
Eric Ma: Yes! You can download our APP and each user has a unique referral link you can share with friends and family. You will earn 20% of all of their trades, with no limit on the number of referrals you have! We have apps for iOS as well as Android. Here is the link.
Twitter Question 3: I noticed you have low trading fees. Does this affect the exchange security maintenance fund? (from @ziakhankdd)
Eric Ma: Our maker fees are 0.1% and taker fees are 0.5%. A percentage of all profits and assets go to our security fund which is used in the event of a loss of funds. This gives us plenty of funding to keep our security in top notch shape!
After that answer, our event’s 2nd phase was terminated and the ‘live Q&A’ section started. 7 questions answered by our guest within 5 minutes were shaped as follows.
Stage 3 (Live questions of community members, our guest's answers)
Live Question 1: Most of each exchange has created the 'Academy' program as a form of education and a place to learn with the community to get to know the exchange more. Does the BIONE team have plans for the Academy Program?
Eric Ma: We are building an academy to help traders understand crypto better. In addition, we partner with influencers and educators who help educate our community and the crypto community in general. You can find the early phases of our academy on our website. You can change the language in the top right-hand corner tab.
Live Question 2: Margin trading is a hot trend today, not only cryptocurrencies but also Forex, stocks, commodities, etc. So, what plans will the BiONE exchange have to expand trading pairs?
Eric Ma: We have leverage trading which really helps traders earn double, triple or more of what they normally would earn.
Live Question 3: What are the main markets that BIONE exchange is focusing on now? What is your marketing strategy to access these markets?
Eric Ma: We are expanding internationally and into new markets such as Turkey! We are pushing out new activities and events to attract new users. I am trying to start an ambassador program where anyone can join the BiONE team to earn money by introducing new projects to list on BiONE as well as attract new users to BiONE.
Live Question 4: BiONE offers to new projects the possibility of doing Launchpads, so can we know what are the requirements to be eligible to hold a launchpad in BiONE?
Eric Ma: Yes, we have an IEO (Initial Exchange Offering) on BiONE for new coin and token projects. This is a great opportunity for users to grab coins early at low prices. For new projects to raise funds, our IEO launchpad is the place to do it! We do require a 1 to 1 deposit of whatever amount of funds the project would like to raise to protect our users. Please contact me directly if you have a project interested in listing or would like to do an IEO launch.
Live Question 5: How is BIONE producing to fund the project? Does KYC need to run the BiONE exchange? Finally, aren't shooting fees high?
Eric Ma: We earn our profits from fees we charge for trading. Our trading fees are extremely low. We don't require KYC at registration which makes setting up easy and fast! We do require KYC before withdrawals though so to keep in line with regulations. Again, we have one of the lowest fees in the crypto space.
Live Question 6: What are the perks of joining this project? How will it benefit me in the upcoming future & how secure is it?
Eric Ma: Hi Ali. By joining BiONE, you will have the peace of mind that you're joining a legit platform that is not only user friendly but secure and honest. We will often have activities that benefit our users. If you learn good trading skills, you can use our leverage trading to make big profits on BiONE. We have everything you need here.
Live Question 7: What are your expectations from 2021? Will you have any campaigns or rewards for users?
Eric Ma: We have high expectations for 2021! With Bitcoin currently at $23,000, we know 2021 will be a huge year! Please check out our Twitter for the most up to date info on campaigns and rewards, etc. Please follow us!
After this answer, we came to the end of the 3rd stage and the whole event. We thank our guest for not breaking our kind offer and for joining our community.
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