First, what is .io domain name? sure you heard or know of .com maybe .net .org but what is .io? well .io is indian ocean, located in India somewhere? I don’t know for sure, but I trust more on .com .net .org but all those other name to me is just new, brand new, and you know the business is new because they can’t get .com .net .org for whatever reason, maybe .io is not regulated as much or not regulated at all which mean it can be taken offline or go offline bye bye in an instant, so be careful with .io, although .com can also be risky but not as bad as .io and other domain name.
On Tuesday, April 2, 2019, 9:45:54 AM EDT, Bill Heyn – trade.io [email protected] wrote:
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Message From The CEO
Hello TIOnauts,
Happy April, we hope that you all had a great first quarter of 2019. We had a fantastic Q1 here at trade.io, thank you for asking. As usual, all departments have been working tirelessly, leaving no stone unturned, in our efforts to bring you the best exchange that we can.
As you surely have noticed, we have many new efforts underway, I am going to try to cover it all in a missive of reasonable length.
On the exchange, I hope that you all saw my mid-month letter. In the midst of all of the progress we are making, we made the internal decision to slow down, just a bit, and make sure that what we have is working as perfectly as possible. Regardless, we still managed to add MCO, MANA, ODE, NEM, LOOM, ENJ, NEXO and XFRC this month. We also have an ongoing IEO for SID.
Most importantly, our internal bug hunters have been hard at work. In the last week alone, we have resolved the following bugs: price change spinner on order placement, fix price auto-update, max amount put on place order widget, switch sides for single side place order widget, improved chat – allow message edit, cancel, display order ID in order reports, option to remove widget from preset when widget is removed from interface, empty message in chat breaks, update until refresh and alphabetic order of assets in mobile browser.
We still have more to do and your help has been great. As we say in New York City, ‘if you see something, say something’, just let us know if you see a glitch and it will be fixed.
Looking ahead, we have two major new service deployments and campaigns that will be initiated within a matter of days. We are putting the final touches on adding the capability to allow fiat deposits on the exchange by wire transfer or credit/debit card as well as through local bank transfers in Malaysia, Thailand, Vietnam, Indonesia, China and soon in South Korea.
We plan to add many more payment options to our fiat services so, if your preferred payment method isn’t initially available, hopefully, we will be adding it shortly. Also, as you all heard live, and in person, from Helen and Terrence, we are kicking off the TIOmarkets marketing campaign this month. Expect to hear great news on that front next month.
We have one very important highlight for our upcoming fiat services launch. If a trader has 2,500 or more TIOx locked in the liquidity pool at the time a fiat deposit is made, then that user will pay zero fees for that fiat transaction. To be clear, we will cover the PSP’s fee for you, out of our own pockets. Please note, however, that a conversion fee will still apply if a currency is sent in anything other than EUR, USD or GBP. We feel that this free deposit benefit is an amazing way to expand the utility of TIOx and attract even more people to our token and the pool.
This month I also wanted to talk about a trend that has been in the crypto news lately. It seems like every day we see reports of record-breaking volumes on various exchanges. However, the unfortunate and hard truth is that on many exchanges this “record volume” is not real; it is nothing but inflated traffic by bots making wash trades.
Many of you probably already know this, but there is a big difference between market makers providing liquidity and wash trading. In the former, a bot can provide liquidity inside the spreads on a market pair. If the bid and ask are too high and too low, the market maker might provide a quote inside the spread in order to provide liquidity and facilitate an orderly market. This quote is available to all parties on the exchange, even if for only a few moments. Wash trading, on the other hand, is nothing more than a computer program trading with itself, creating fake orders that never hit the market; they do this for no other reason than to display bogus volume.
We feel that the best way to grow as an industry and draw attention to these market manipulators is through education. Within the next few weeks, we plan to release a brief guide for all of our TIOnauts, which will include tips on what to look for that might indicate that an exchange is padding the books. We will make this available on our website so that all traders have access to this knowledge in hopes that it will improve the standards within our industry. Based on this, would you rather trade on an exchange that has executable liquidity with lower volumes or trade on an exchange with amazing fake volumes with no actual liquidity? To put it another way, why trade on an exchange that has massive volume if your orders are never executable?
As part of our efforts against fake volume, we have spoken to all known market makers on the exchange and enforce a zero-tolerance policy for anyone engaged in wash trading. We are also working with several market makers to improve spreads and liquidity on the exchange. You may have already noticed improvements on markets such as GRIN, XLM, ZRX, BAT, HOT, LTC, BCH and ETH/BTC.
We will continue to focus on keeping spreads as tight as can be in addition to providing as much liquidity as possible. Part of our strategy for 2019 is to not only separate ourselves from the bad actors in the industry who engage in wash trading but to also educate participants in best trading practices. We are committed to improving our industry and hope this sincerity attracts many more new TIOnauts to the community.
That’s it for this month TIOnauts.
You keep trading and we’ll keep working to make your experience as flawless as possible.
Sincerely,
Bill Heyn
CEO
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