Learning about cryptocurrencies can be a steep learning curve, and according to Carlexbit, mastering the art of trading well is also difficult and time consuming.
The platform aims to improve accessibility into this flourishing space through the use of API technology — meaning that a trader who is starting out can connect to a more experienced professional and copy their moves in real time.
Carlexbit says this approach can help newcomers accelerate their educational journey, all while potentially making the process much more rewarding than it may have been.
Taking social media to a new level
Over the years, social media has enabled us to connect with like-minded individuals who share the same interests we do. It’s also served as a powerful educational tool — allowing us to pick up fascinating facts and encounter jaw-dropping videos as we scroll through news feeds over our morning coffees.
Recently, Bitcoin and cryptocurrencies have been popping up on the feeds of millions of people — helping them to gain an understanding of their role in society, and what the future may hold. Carlexbit ambition is to enable anyone who has an interest in cryptocurrencies to get involved with some expert help along the way — even if they don’t have the time or patience to pick up crucial trading skills.
The use of an Application Programming Interface means that a professional trader can allow their account to be followed by other investors who have been impressed by their performance. From there, the trader’s moves can be copied almost instantaneously.
Carlexbit stresses that it never handles anyone’s funds directly, and crypto belonging to traders and followers alike will remain on centralized exchanges that are protected by strong passwords, two-factor authentication and a myriad of other security measures.
More insights from Carlexbit
How it works
To incentivize professional traders to get involved, Carlexbit uses a model that ensures they will receive part of any gains accrued by their followers. The social crypto trading platform also receives a commission for connecting the two parties.
Carlexbit has now created a new token called TYC. Supply is capped at 140 million, and it serves as the platform’s native cryptocurrency. Followers who use TYC have the potential to reduce the commission they pay on profits generated.
A crowdsale for TYC is ending on March 31, and Carlexbit’s CEO Serdar Bisi says the token is due to be listed on top crypto exchanges in April.
At present, professional traders are being given the chance to join Carlexbit, connect their API and build up their performance statistics — metrics that followers will be able to scrutinize when they’re deciding which accounts they want to copy.
The follow functionality is gradually being unveiled, and Carlexbit’s platform is set to go fully public by June at the latest. It has been in development for more than three years, and it is already fully operational.
Carlexbit’s launch comes as the bull market rumbles on — with PayPal launching its own crypto service, publicly listed companies such as MicroStrategy and Tesla buying into Bitcoin, and large banks starting to offer crypto investments to their wealthy clients.
In time, the platform hopes to help newcomers get a headstart in their crypto trading journey — enabling them to learn by doing. Trading books offer a great way to hone skills and understand technical terms, but getting the chance to see a professional in action is a powerful way of seeing the theory turned into practice.