Could you briefly describe what 1Fox is?
On 1Fox you can make leveraged trades on our markets (currently BTCUSD and BCHUSD) and profit from rising or falling prices. Deposits, withdrawals and trades are credited in your account’s base cryptocurrency like Bitcoin or Bitcoin Cash. 1Fox is not an exchange where you can convert your funds to fiat currencies like USD or EUR — it is solely a platform to trade on market price movements.
How did you come up with the idea to start 1Fox?
Leveraged trading on the BTCUSD market was always popular and initially we offered this market on 1Broker, the sister platform of 1Fox. However, the business model of 1Broker required us to (partly) counter the trades of our customers and to enforce strict restrictions for risk management reasons. This lead to high spreads, high funding rates and low maximum position sizes — the exact opposite of what we wanted to offer our traders. In early 2017, we decided that an order book based system with a perpetual contract is a far superior system and we started to work on that. Nine months later we launched this new platform as 1Fox.
Could you tell us a little bit about the 1Fox team?
We are a very small but effective team of highly talented engineers and support staff. When someone has an issue or gives us feedback we try to respond in a meaningful way instead of giving machine-like replies. If you ask a question regarding our matching engine, an actual engineer will reply, for example. Therefore our developers can discuss and incorporate the feedback for features they themselves worked on.
Could you describe the vision for 1Fox?
The main philosophy behind our products is simplicity. One of our goals is that our users, that are not necessarily trading experts, can use and understand our software. We put a lot of effort into that — this can result in endless internal discussions about the label of a single button, for example.
What value does 1Fox bring to its users?
1Fox is uniquely user friendly especially for new traders, because it will offer a way to start trading without having to do all the meticulous research. It will be possible to socialize and learn from the most successful traders on the platform.
How does 1Fox distinguish itself from other exchanges?
We try to be better than our competition in every possible way: User interface, fees, features like social trading etc. When our social trading system is ready it will be the main feature that distinguishes us from the other platforms. The social trading system will let you learn, socialize and automatically copy the best traders in the crypto ecosystem.
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