Luckily, we managed to have our editor’s at Coinhub.news sit down with Chieh Liu, CEO of Overbit bitcoin derivatives exchange, to discuss several topics related to cryptocurrency, Overbit, the future of blockchain as a technology, and its use in business.
Mr. Liu, we really like what you and your team have built thus far at Overbit (review here)thank you for taking the time to discuss some important questions that our readers would like to know your opinion on.
Without further ado, we have 10 questions the crypto world would like to know:
1. Can you tell us a bit about how you got into crypto and what factors led you to create Overbit?
I first learned about Bitcoin in 2013 with my college community and started to invest and mine Bitcoin. I started to invest most of my time in the crypto space in late 2016 and since then, I have seen the emergence of many exchanges that offer spot trading, but only a few that offer derivatives trading. To add on, the majority of derivatives exchanges that exist in the market tend to target professional traders. I saw the gap and felt strongly that the young energetic market needs a user-friendly platform that helps novices to trade correctly, that’s why I established Overbit.
2. There are so many derivative exchanges launching these days it seems. How will you attract users with so much competition?
According to BDCenter Digital, over 50% of traders are less than 34 years old and over 80% have less than 3 years of trading experience. Most of the derivatives exchanges have complex functions and interfaces, which only experienced traders can fully understand.
Overbit is a simple and easy-to-use trading platform that is suitable for everyone. We only offer the most popular and straightforward contracts and perpetual swaps, to traders, nothing fancy. Overbit also has a free demo account for traders to practice their trading skills before they migrate to the Live Trader account. Each trader is given 8 virtual Bitcoin to practice and get used to the trading functions.
3. Can you please give more information on the 0% Trading Fees? How does Overbit create revenue?
Currently, we offer a 0% trading fee structure, and the spread is 0.15% on all crypto pairs. The reason why we are using spread structure is to simplify the trading experience, so traders do not have to calculate the fees while setting up Stop/Limit. Furthermore, Bitcoin is a volatile asset, hence, fees or spreads are likely to be covered in a short period of time. However, we are getting requests from our users to pay fees instead of spreads so we are enabling that soon.
4. There are many regulations on cryptocurrencies and exchanges. How will your team at Overbit face these problems?
Many crypto-leading countries have started taking action on regulating cryptos and exchanges. Since day one, Overbit has been working closely with the regulators in Seychelles to ensure that we are compliant with the rules and give our traders the best and most secure trading experience.
5. Can you give us a company breakdown about the size of the Overbit team, number of developers, marketing, admin and staff?
Overbit has over 25 team members, half of them are developers, which we invest the most resources into because security and trading experience are always our main priorities.
We also have a strong customer support team to handle our traders’ needs in multi-languages. The rest is our marketing team. They reach out to the world and make sure people can enhance their trading experiences in Overbit and ensure our partners, affiliates receive the best benefits from us.
6. This question was asked quite a bit, will you bring Overbit exchange services to US citizens at any point?
Due to regulatory reasons, Overbit is not offered to US citizens. Currently, we do not have any plans to change that decision.
7. Overbit is celebrating its first year anniversary, what are some challenges you faced this year?
Let’s start with things that went better than expected. When we started, Bitcoin was hovering at $3,500 - $4,000. We were still recovering from the crypto winter of 2018. Then all of a sudden Bitcoin took a parabolic increase then lead it to about $14,000 USD during 2019. This brought back many people who had given up on the crypto market. This huge level of volatility brought in new traders to Overbit and we’ve also started noticing communities from the Forex industry joining.
Overbit takes security very seriously and as a result, we take our time with rolling out new updates. We have a huge roadmap in the pipeline and this often falls behind because we have to do so much testing before putting out a feature.
8. Can you give our readers some insight as to what new pairings we could expect to see? If you cannot say specifically, will we see many new pairings in 2020 for margin trading?
We will definitely see more trading pairs coming in the future, there are a few altcoins becoming more mature and we’d love to make them available for margin trading. We are also working on bringing a stablecoin onboard such as USDT or equivalent to the platform. We believe this will help traders hedge better.
9. Chieh Liu, can share with us some of the plans that Overbit has in store for its readers that we can look forward to?
In 2020, Overbit traders can expect to see us offer isolated margin trading and increased leverage on some pairs. We’ve also been working behind the scenes on mobile and desktop apps to further enhance the user experience. Watch this space!
10. What is the one key message that you would like to leave to traders who are exploring bitcoin derivatives trading?
Don’t get carried away, don’t listen to the FUD. Do your own research and trade wisely. Don’t go all-in on a big trade. Set yourself limits… use the demo account to practice your trading strategies before diving into this thrilling and exciting crypto-sphere!
About Overbit CEO, Chieh Liu
Chieh Liu developed a strong interest in blockchain and cryptocurrency while he was studying computer science at California State Polytechnic University in 2011.
After graduating, he worked as an advisor for several financial investment firms across several Asian markets for almost a decade. As an avid forex and crypto trader, Chieh realized that there was a gap when it came to trading across the various financial markets.
In 2017, Chieh founded Overbit, the world’s first cross-market trading platform.
To learn more about Chieh Liu, visit his LinkedIn profile here:
Overbit is a leading online Bitcoin margin trading platform.
Overbit was founded in 2017 and launched in 2019 by Chieh Liu and a team of experienced traders and engineers. Through Overbit’s secure and user-friendly trading platform, traders can buy/long and sell/short cryptocurrencies, forex and metals using Bitcoin as an underlying asset.
Overbit offers one of the most attractive, fast and flexible margin trading options on the market - allowing users to trade with up to 100X leverage on crypto and up to 500X leverage for forex
Overbit website with our affiliate code: https://www.overbit.com/a/7tzdac
Overbit twitter: https://twitter.com/OfficialOverbit
Overbit telegram: https://t.me/OfficialOverbit
Overbit Blog: https://blog.overbit.com/en/
Overbit exchange general help: https://help.overbit.com/hc/en-us
Overbit February meetup: https://www.meetup.com/Hong-Kong-Cryptocurrency-Trading-Meetup-Group/events/267803856/