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Hong Kong exchange Blitz enters the Russian market

Hong Kong exchange Blitz enters the Russian market

Major Hong Kong exchange BitZ, the operator of the OTC service and a leader in exchange trading in cryptocurrencies and derivatives, is starting to advance in the Russian market.

BitZ exchange was founded in 2016 and initially focused on Chinese traders. The implementation of a long-term development strategy and the creation of new products allowed it to reach the global level.

The founder and CEO of BitZ, Chang Shun, not only believes deeply in blockchain and cryptocurrency technology, but is also an expert in digital Finance and an experienced investor specializing in crypto assets. He told Bits. media about the exchange’s new products and development plans in the Russian cryptocurrency market.

BitZ exchange is still little known to Russian traders, although it occupies quite high positions on the world level. Did you have the crisis caused by the coronavirus and the collapse of the stock markets?

Thanks to our constant attention to products and users, as well as a line of trading products that covers all the needs of traders, BitZ was almost not affected by the crisis. According to CoinMarketCap, the average daily trading volume on BitZ consistently exceeds $ 2 billion.

How has the volume of trade changed in recent months, and what is the reason for this? Did user activity increase, or did most of them choose to wait out the period of high volatility?

BitZ sees the highest value in its customers. We have recently launched a series of new products in line with market changes and user needs. These include the Cuinbo Deposit with a yield of up to 25% per annum, as well as discounts for active users for performing operations on the platform. Users highly appreciated the product Super-leverage, which brings more revenue at lower costs, so the volume of our trading operations has increased significantly in recent months, as well as the number of active users.

How did BitZ manage to create a large community of traders? How does the exchange gain their trust? How can active traders and long-term investors (hodlers) earn money?

BitZ managed to create a community of traders by launching new products, investment ideas, introducing new features, and high market activity. BitZ customer support responds to users in a timely manner, listens to their opinions, and helps us optimize our products.

In addition, we regularly share valuable information with the community, help traders improve their professional skills of investing in cryptocurrencies, analyze market trends, etc. To motivate users, we have launched a system of discounts on the main trading pairs and other bonuses. Our clients can also gain valuable experience by interacting with other traders in the community.

What are your main competitive advantages? Are there unique products and offers that no other exchange on the market has?

BitZ’s competitive advantages are reflected in the following aspects:

The exchange has the industry’s most comprehensive line of trading products, including classic trading, derivatives, leverage, and capital management. The daily volume of transactions in Fiat currencies exceeds 50 million us dollars. BitZ is one of the three leaders in the world in cryptocurrency trading. The contract system has been working steadily for more than a year, the daily trading volume in the BTC/USDT pair alone exceeds 500 million us dollars; in total, there are more than 350 trading pairs on the platform.

BitZ is a truly global exchange. Our interfaces are translated into English, Japanese, Korean, Russian and other languages, and we have offices in North America, the middle East, Japan and South Korea, Southeast Asia, Eastern Europe, Russia and other regions. BitZ is committed to ensuring that a fully localized team serves local users, optimizes products according to their individual preferences, and gets the best possible rating from them.

Since the launch of the platform in 2016, it has quickly created an international-level professional team. The company uses technology from China’s leading Internet companies and partners with Alibaba to ensure user security, anti-hacking, and AML and KYC. The BitZ team has always focused on technology and security and has created a series of popular investment products.

To improve communication with users, BitZ has launched an “asset transparency plan” to fully disclose information about the turnover and performance of investment ideas on the platform. At the same time, BitZ has recently introduced a policy of “Its VIP – our VVIP”, according to which traders can receive not only reduced commissions, but also exclusive services and benefits, including lending with a low rate or even without interest. BitZ is ready to listen to feedback from users in hundreds of local communities around the world, and the total number of community members exceeds one million. The exchange shares daily analysis of market conditions and investment recommendations, and regularly invites cryptocurrency experts to interact with the group members.

Tell us about the distinctive features of BitZ futures contracts. As implemented, the provision of margin positions? Is there a separation of risk profiles for different categories of traders?

Before the user opens the first transaction under the contract, we warn them about the risks. We remind users to choose leverage in accordance with their risk management strategy. We can provide leverage from x2 to X100, and you can choose different coefficients for each contract, so the risks will differ. The trader can choose two margin models:

Quankang-classic margin trading. The client’s entire Deposit is used as collateral for all open transactions.

Zhuzang is a risk-sharing model. For each transaction, the amount of initial margin is allocated, which becomes collateral for this transaction. Other assets on the trader’s account are not affected.

How do you get the community’s opinion and work with it? It is possible that some products or functions were developed based on feedback from customers

First, we try to communicate with every user who wants to join the community. And then we add it to the appropriate group based on its characteristics and preferences, where it can find like-minded people and get the necessary information. At the same time, we promote various types of activities in our communities, such as investment training.

All new BitZ products are developed based on user feedback. For example, the Take Profit and Stop Loss functions for contracts that will be launched in the near future are formed based on users ‘ opinions about other exchange products.

Are there any new products that are planned for launch in the near future?

In the near future, there will be products with Super Leverage that are designed with the opinions of spot traders in mind. Now they have entered the stage of internal testing and are scheduled for launch on April 15. They have a number of advantages over their counterparts. Super Leverage will provide users with up to 2 BTC or the equivalent in other tokens without charging interest. The loan and the transaction itself are performed at the touch of a button, and a wide range of leverage ratios is available. BitZ Super Leverage is not tied to the internal spot price, but gets the average price from several major exchanges in real time. In addition, users can freely determine the amount of collateral based on their capital situation and market trends, and increase or decrease margins at any time. In honor of the launch of Super Leverage, we will hold a promotion with prizes up to 100 USDT.

Why was the decision to enter the Russian market made? What local indicators do you plan to achieve by the end of the year?

Entering the Russian market is mainly due to the potential of the Russian market and the recognition of cryptocurrencies and blockchain by Russian users.

BitZ believes that good products and services are the key to attracting users, so we don’t set clear goals. We will continue to develop products that meet the needs of Russian users and launch attractive marketing events. We believe that many Russian traders will choose BitZ.

Several cryptocurrency exchanges from China have already opened representative offices in Russia and are actively promoted. Do you see them as competitors, or is the market large and there is enough for everyone?

The blockchain and cryptocurrency industry is a completely new area with unlimited possibilities. It requires more participants to work together to make the industry more extensive and increase the number of users. The recognition of digital currencies is a common problem that all participants face. For example, everyone now has a Bank account, but not everyone has cryptocurrencies. This gives a wide space for development to all cryptocurrency exchanges on the market.

In connection with entering the Russian market, will there be promotions for traders from Russia?

When we enter a new market, we carry out targeted advertising activities in accordance with local customs, and Russia, of course, is no exception. Before the New year, we launched a welcome promotion for new users. All those who registered on the exchange during the new year holidays received a welcome bonus. In addition, we recently launched a bonus promotion. Users can get bonuses to their account in BZ tokens for reviews and suggestions on the platform.

Does BitZ require KYC and AML procedures, and what are the restrictions for anonymous users?