BTCC CEO Li Qiyuan discusses "Pro Exchange-Professional Trading" with WhaleClub

BTCC CEO Li Qiyuan (hereinafter referred to as “Li”) recently accepted an interview with Bitcoin trader community WhaleClub to discuss BTCC’s new leveraged Bitcoin trading platform. The following are some excerpts from the interview:

"Pro Exchange-Professional Trading" Basics

Host : Welcome to the 27th WhaleClub interview. This time’s guest is Li Qiyuan, CEO of BTCC, formerly known as Bitcoin China. Thank you for coming!

Li : I am very happy to participate in this interview.

Moderator : As a community of active traders, we would first like to know about your latest product, "Pro Exchange". Please give an overview and then talk more about the actual product launched by your company.

plum :

Thank you for this communication opportunity with WhaleClub. We launched "Pro Exchange-Professional Trading" mainly for customers like you. As a Bitcoin platform for traders, "Pro Exchange-Professional Trading" enables traders to make targeted bets on Bitcoin by providing leveraged trading.

Moderator : Is it a product of your company after the name change? This may be a bit off topic, but I hope you can explain why your company changed its name from Bitcoin China to BTCC?

plum :

We have been preparing for the name change for the past six months and finally announced the decision in mid-September. As we all know, Bitcoin is a global transaction and our followers come from all over the world. BTCC and its predecessor Bitcoin China have always provided services to users all over the world. In fact, our customers come from more than 100 countries. In the past year and a half, we have been thinking about an accurate and appropriate name. BTCC has always been the nickname of our brand and Chinese website, so we decided to use it. This name also represents blockchain technology and cryptocurrency very well, which is exactly our vision and mission.

Moderator : Now let's move on to the discussion of the platform. I noticed that you didn't actually use the word "futures" but "20x trading". Can you talk about why? At least in my opinion, from the perspective of settlement and so on, this platform is very much like a futures product.

plum :

Futures products have different technical definitions from forwards and CFDs, and we basically call this platform "Pro Exchange". The platform is for traders who trade with volatility and prices, but it is not a futures transaction. It will automatically renew every day, so there will be interest on positions every day: long positions pay interest, and short positions receive interest.

Host : Please talk more about some of the specific features of the platform.

plum :

During the year, we have been working with some traders to fine-tune the product. Essentially, it is a fiat currency exchange. The base currency of "Pro Exchange-Professional Trading" is RMB, and users are also allowed to deposit Bitcoin, but there is a conversion process. As long as you have a certain amount of RMB funds, you can open a position: open a long or short position based on your expectation of the rise or fall of the Bitcoin price. Since we provide 20x leverage, we will only trade larger units of Bitcoin and will not touch the decimals. The minimum margin is 5% of your position, but obviously you don't have to be stuck with this amount, because the actual position amount can be more, such as 10 times or 20 times for every 1,000 or 10,000 RMB. In addition, we have limit orders, market orders and stop orders, and you can close your position at any time if necessary.

Host : As soon as this platform was launched, I noticed one difference, which is that you actually provide trading services in legal currency, that is, the RMB, is that right?

plum :

That's right. This makes the calculation and thinking process much simpler, and makes it easier for people to trade Bitcoin without having to rack their brains to reverse convert the price of RMB to Bitcoin. In this way, if you think the price of Bitcoin is going to rise, you only need to buy Bitcoin at a certain price, and once the price does rise, you can profit from it. The process is very simple. Similarly, if you think the price of Bitcoin is going to fall, you only need to reduce your deposit on the platform accordingly, so that when the price of Bitcoin does fall, you can also profit.