Claudiu Pana is the Chief Executive Officer of TRIBTC. We wanted to get a closer look at his operations, learn what it is that TRIBTC does and what makes them relevant today. That is why Kryptografen had a talk with Pana to learn more.
“The idea for creating this platform appeared when we realized that the classic binary options platforms, where traders bet against the broker, are prone to fraud and hence banned by regulators in many jurisdictions.” Pana continues, “many binary option outlets have been exposed as fraudulent. These types of platforms use their own index price while also manipulating it to their own advantage and also drastically reduce payouts with predatory fees and practices.”
What makes TRIBTC Different
What TRIBTC does differently, is that they allow users to trade against each other, or join trades other users place. This way it brings together, for the first time, the peer-to-peer concept with binary options trading for cryptocurrency pairs. This eliminates the possibility of foul play that happens on traditional binary options sites where trading is done against the broker.
“TRIBTC’s platform and trading engine are built by industry veterans from the crypto and finance industries (https://www.tribtc.com/team), and we have been building out our platform throughout 2019. We are proud to finally release this beta version to the public, everything works smooth and we updated some features, but there is much work to be done. We are planning to schedule the launch of the live website around 10 January.”
Their main aim is to unite the cryptocurrency trading world with the binary options sector field. This is in a completely new way, by offering peer-to-peer trading for cryptocurrency pairs using the binary trading model. Price indexes are sourced and averaged from the Bitfinex and Binance exchanges, to maximize transparency. The world of binary options is huge but plagued by the dishonesty and manipulation, and here we make the difference.
What does the competition look like?
“There is none!” TRIBTC is the world’s first platform offering peer-to-peer binary options trading for cryptocurrency pairs, so there is no direct competition. The classic binary options platforms with their known trust issues are iqoptions.com and binary.com, but we do not see them as direct competition due to our peer-to-peer and transparency features.
“Our project has been entirely funded by the team with the team’s personal funds, we did no ICO or any fundraiser. After our beta is complete, new features will be added, including new order types and the Touch/NoTouch trading method.”
We asked Pana, if he had any tips for beginner traders who want to enter the world of crypto through binary options? “Trading and especially binary options trading is a high-risk high-reward type of investment. As with any other trading activity, there is a risk of capital loss. We advise caution, learn trading and necessary steps before entering any trades. TRIBTC supports multiple order types and execution options to facilitate any trading strategy, and a simple and intuitive interface for a professional trading experience, all within a high-grade matching engine, and since now it is still in the Beta testing phase, users can join the program and test the platform’s features for free.”
At TRIBTC, 1 testnet BTC is credited to all Beta accounts to place test trades and get used to the platform and its features. Sign-up to have a closer look!