TLDR; This is a new ICO giving you lifetime and early (Q3-2018) access to crypto and Forex trading signals generated by an algorithm but vetted by traders on staff. Holding the token gives you access to dividends paid out by the trading pool and optionally invest your own funds into the pool for additional returns. Investing .5 ETH gives you access to an autotrading service which will execute trades on your exchange account via API. In Q1-Q2 2019 new users who would like to use the service will need to purchase FXT tokens on the market to pay monthly for access.
Referral link to FoxTrading
Link to my full blog post about it with additional information, FoxTrading contact info, etc..
The team behind FoxTrading have already built a binary options trading signals site along the same lines as the goal of this ICO at https://foxbinarysignals.com with around 350% retuns since 2016! Their userbase has been wanting them to get into cryptocurrency trading for a while now so they started this ICO to fund new development of their trading platform which as a buyer you can use to receive buy and sell signals on the crypto and Forex markets. The signals will come from their web dashboard and the IOS or Android App. The token itself is a dividend which pays 75% of revenues from the Trading Pool to the holders of the token. Participation in the ICO provides free lifetime access to the signals service as long as you are holding tokens. You also have the option of investing your own funds into their trading pool which pays you 90% of the revenue generated. If you did not participate in the ICO you'll have to buy a certain amount of tokens every month for the service. Their algorithm is already being tested in Forex with more development and crypto testing to come.
You will need an ETH wallet that can accept ERC-20 tokens like Myetherwallet. DO NOT send ETH directly from an exchange like Coinbase or Binance as your tokens will be lost. Minimum contribution is .1 ETH for the presale, be sure to include plenty of gas.
A couple of very important notes about this project:
- They're limiting the amount of customers with access to the signals at any given time to prevent the degradation of the performance of the signals. I'm sure you've heard that if everyone used the same trading bot with the same configuration that it would completely eliminate any performance advantages of that bot.
- Extra tokens not sold are going to be burned
- Post ICO when new investors use tokens to subscribe to the service monthly, a small portion of those tokens are burned which reduces the total supply and increases the value.
If you acquire .5 ETH worth of tokens, I think evaluated @ $.34 per token so maybe around 1118 tokens at an ETH price of around 760 at the time of the presale, you qualify for a premium autotrading service (access is only available during the ICO, but can be sold). Looks like premium comes with premium signals and some more exclusive access and autotrading directly through the API of your exchange (Poloniex, Kraken, or BitFinex as of the time of writing). This is pretty freaking sweet, although I don't know if I'll end up dropping enough for this feature.
Essentially they have an algorithm that decides when to enter and exit positions on crypto exchanges. By investing you either receive signals from this algorithm or you can have it automatically trade for you. The signals are actually vetted by the trading team who execute the trades and then send to the customers, probably to filter out bad or irrelevant noise. I like this idea as I'm not a great trader due to control over my emotions and this helps eliminate that.
Trading Pool
75% of revenues from the Trading Pool to the holders of the token monthly or quarterly, 25% is reinvested into the pool to grow fund capital. As a token holder you can actually add your own funds to the pool providing 90% of the profits generated. This is what I'm most excited about. I plan to invest some into this pool once everything is up and running and let them do the trading for me.
Congratulations @watchthesass! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @watchthesass! You received a personal award!
Click here to view your Board
Congratulations @watchthesass! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!