PowerTrade provides an intuitive and powerful interface to help you easily analyze the market, manage your risk and seize profitable trading opportunities.

Tom Howard as Business Development and Jon Myers as Design and Marketing of PowerTrade joining us to answer our questions

I’m Jon, co-founder of PowerTrade and head of design. I’ve been working in user experience and user interface design for the last 20 years with a particular focus on design and visualization for finance. I got into crypto back in 2012 – 2013 while working on a BTC payments solution called CoinSimple.

More recently, I was Chief Design Officer at the exchange Liquid prior to founding PowerTrade.

I’m Tom, I’ve been deep in the cypto space since early 2017, angel investing early in projects like SNX, REN, Kyber and more.

Since the end of 2018 I focused on the DeFi space, starting the DeFi Nation community and building tools such as the Gasless DAI wallet.

Now I’ve joined with the PowerTrade team to make cypto options and derivatives trading super easy!

Question from the CryptoRank team

#1.Could you please tell us how did you come to the idea to create the PowerTrade platform?

John: – We saw a big user experience gap in the crypto exchange market. Particularly with the rise of crypto derivatives. The crypto exchange business has been stuck in its “Craigslist Days” – where users have been willing to tolerate a sub-par user experience due to high interest and demand.

We saw this gap in the market (fintech quality crypto exchange experience) and saw a lot of interest and demand, thus the spark of PowerTrade.

#2.Can you shortly describe the PowerTrade  platform, the milestones you have achieved, and about your upcoming plans?

Tom: – PowerTrade is a mobile first crypto options trading platform. We focus on easy to use, on the go trading for beginners and pros alike.

We’ve been building the PowerTrade trading engine and app since May 2020 and will be releasing a private beta in October!

PowerTrade has raised $4.7m from the likes of Pantera, Framework, Kain from Synthetix, and more, for our DeFi alternative to the typical exchange insurance fund model.

Community sale is happening in 2 hrs and Bitmax listing on Thursday!

Mostly we’re excited to get the app launched in Q4 this year!

CryptoRank community questions

#3. How do you think your product is necessary for the end user? Who do you consider competitors?

John: – Due to the growth of the crypto options market, which has experienced 23% compounded month over month growth. There are indirect competitors like Deribit (institutionally focused) and OkEx, but we are looking to grow the pie not take an existing slice of pie.

#4. In Your opinion what are the problem in Current Dexs & Centralized Exchange?And How will you provide the Hybrid Platform to users?

Tom: – Current problems with DEXs are gas fees and congestion, front running, and in the case of derivatives: unsafe margining solution caused by congestion when liquidations are needed most.

Our first step will be to create a non-custodial settlement system, so users can have their funds deposited in a smart contract and then trade on state proofs in a centralized order book. This will circumvent chain congestion while still giving users their own private keys to control their funds.

#5. Can I become a liquidity provider on PowerTrade like on Uniswap? What do I need? What’s the reward?

Tom: – Yes, you will need to have a trading algorithm to provide liquidity, which you can run via a platform like 3commas. Liquidity providing rewards to be announced.

#5. What are mini-contracts and how is it different from traditional ones? What type of trader is this concept focused on?

Tom: – Our contracts are fractionalized, so 1 options contract is for 1 BTC, but you can trade with 0.0001 contract, which means your trade minimums are lower

#6. Many New users find it complex to use new platform, How will You try to provide Smooth & Less Complex User Interface?

John: – We have a heavy focus on user onboarding and education. Rather than push users to make a deposit in our customer journey, we will have tools to educate users on the operation of the app itself and to help understand the products.