How would you describe HedgeTrade in 100 words or less?
HedgeTrade is a blockchain-based social trading platform that rewards traders for accurate price predictions. Expert traders who want to earn cryptocurrency from trading calls can stake HEDG tokens that users pay to unlock. But they profit only when their predictions are accurate. We’ve built an ecosystem that incentivizes traders for the creation of premium data while offering new traders a way to ease into trading and making money online. Newcomers to trading learn as they go and pay only for accurate information. The model is a win-win for both predictors and purchasers; both can earn significant profits with limited downside.
What was the event that led to the creation of HedgeTrade?
Our Co-Founders David Waslen and Peter Danihel came up with the concept. They were both trading and realized that it would be useful to have a site with specific trading predictions, including the entry and exit points of each trade. They also thought that it would be useful if those posting a prediction had to stake something to ensure that they have skin in the game and downside risk for their prediction. The key element that they wanted to solve was poor information, or rather trading predictions with no accountability. The concept evolved over time to what it is today and so far no other model in the world exists quite like it.
What’s your mission? When will you be able to say that you’ve achieved it?
Our mission at HedgeTrade is to revolutionize social trading by creating a cutting-edge trading ecosystem where traders of all skill levels come together to enjoy increased profitability and valuable market data. When we have converted several waves of brand new traders into profitable HedgeTrade Leaderboard contendants, we can say we’ve achieved our mission.
Do your employees personally use HEDG and the HedgeTrade platform?
We are all definitely using the HedgeTrade platform. It’s been a great way for us to help shape the user experience and test out features, plus frankly, we all love using it. Some of us were seasoned traders before HedgeTrade, but other team members were completely new to trading. So it’s been a perfect proving ground for building experience from the standpoint of both focal groups (new traders and experts).
How do you differentiate yourself from other Social Trading Platforms such as eToro?
The biggest differentiation between us and other social trading platforms is that traders on the HedgeTrade platform only get paid if their predictions are correct. We also have a very unique, intuitive user interface that was built by traders and UI/UX experts. It’s a nice environment to be in; we’ve taken elements from game theory and incentivization to create this dynamic marketplace. It’s a lot of fun to use, a great learning experience, and a way for traders of all levels to improve their skills and earn cryptocurrency from home.
Why did you decide to list on Bitcoin.com Exchange?
We are constantly striving to add additional options for HEDG users and are very excited about joining forces with a well-respected brand in crypto, Bitcoin.com Exchange. Having the HEDG token listed on Bitcoin.com Exchange gives our users more ways to engage with more audiences and get access to the HEDG token to use on the platform. We’re also happy to connect our user base to an exchange that focuses on fast transactions and exchange security.
Currently, we’re living through a time of economic uncertainty, some even speak of the greatest recession. How do you think cryptocurrencies will go out of this? Is this an opportunity or a threat?
The world is struggling right now and there will be a long uphill recovery. The essence of our platform, we believe, is that we’re a part of the solution. The HedgeTrade platform offers a user-friendly entry into an alternative financial system. It gives people a way to earn crypto outside of government-controlled fiat systems, which have shown their fragility during this recession.
Speaking of the future, where do you see HedgeTrade in a year from now?
We couldn’t be more excited about what’s in store. The platform is set to evolve, including the addition of stock price and sports predictions, with dozens of other improvements in the pipeline. We’ll also be scaling our user base to the millions. A year from now, our team will have broken into Asian and other world markets, and HedgeTrade will have partnered with some of crypto’s most important powerhouses. We’ll have ushered in our first generation of complete newcomers to crypto trading and ‘graduated’ them to the top of the HedgeTrade Leaderboard!
Lastly, if you could give just one piece of advice to someone who is looking to start trading, what would it be?
Having the best data, tools, and strategy is the name of the game. Why spend money on trading information that may end up incorrect or can later be deleted? Make sure the data you are using to base trading decisions is the best available. At HedgeTrade, our blockchain-verified price predictions offer an open and trusted source of real-time trading data, bringing accountability back into trading.
Bio:
David Waslen is CEO and Co-Founder of HedgeTrade, a blockchain-powered financial application for social trading based out of Singapore, Canada, and Europe. A graduate from London Business School and Dartmouth College, Dave has executive experience in corporate finance, venture capital, and private equity. His expertise lies in building out the next generation of FinTech products with a focus on software and analytics platforms that enhance trading performance and efficiencies for retail customers, high-frequency traders, and institutions alike.
