The Director Of CryptoRocket Explains How Relationships Are Redefining Cryptocurrency

Trading is all about relationships. Economic relationships, business relationships, geopolitical relationships, even the transactional nature of trading is, at its core, a relationship. This theme of relationships is most heavily felt in the forex space in which all of the transactions take place specifically in pairs. 

Which makes the emergence of cryptocurrency into the forex space a little odd, since much of the point of cryptocurrencies is that relationships don’t matter. The asset is priced based on simple principles of supply and demand and transactions occur anonymously and trustlessly.

Of course, monetary relationships still hold sway and trading crypto alongside fiat currencies has grown into its own market with its own exchanges and platforms. However, there is still a great deal about the crypto market, its standards and best practices, that are yet to be defined. 

Starting With The Traders

Ted Foxworth, director of the cryptocurrency and forex trading platform CryptoRocket, believes those elements will be defined by traders through the platforms they gravitate toward. That was his thinking when the component of what would become Crypto Rocket began taking shape.

“We did quite a bit of soul searching when picking the right trading platform,” said Foxworth in a recent interview with Benzinga. “To facilitate the transition for HODLers of crypto to the [derivatives] space, we wanted to keep with a platform where users in the forex space would be familiar enough to take the plunge into crypto, and where crypto traders looking for help could access a rich community and knowledge base of experience for the platform.”

According to Foxworth, the process of creating the optimal crypto margin trading platform started with identifying their audience. While Foxworth wanted to draw in traders who were focused on crypto prices, but might be unfamiliar with other currency exchanges, he knew forex traders would be vital in bringing the platform together. 

That understanding served as the basis for CryptoRocket’s choice of MetaTrader 4 as its exchange platform. Said Foxworth, “without question Metatrader is still the world’s most popular platform for foreign exchange trading amongst retail traders.” 

A Virtuous Cycle

CryptoRocket's Transaction and fee structure were also tailored to remove unseen costs or transaction friction from trading crypto on margin. That means, apart from external blockchain transfer costs, CryptoRocket maintains a $6 fee per lot (100,000 units of the base asset) on all leveraged transactions.

“We do this because we pass on trades to our liquidity providers, and this avoids any conflict of interest so our users can be confident in the knowledge that we aren’t trading against them, passing them through a dealing desk or manipulating trades,” said Foxworth. “The transactions are also lightning fast as a result of no dealing desk or middle-manning.”

Foxworth’s ambition for CryptoRocket is to foster strong relationships with their users. Because ultimately, CryptoRocket relies on traders doing their best in the crypto market, and its aim is to deliver a consistent experience in a sometimes inconsistent market.

“We make money as our clients trade in volume, and so it is in our interest for them to be trading long-term with us. For this reason, we put huge stock in the relationship we have with our users.”

CryptoRocket is a content partner of Benzinga