The world of cryptocurrency is rapidly evolving, and with it comes a growing number of exchanges vying for the attention of traders. Among these new players is Ouinex, a crypto exchange founded by Ilies Larbi and a team of experienced co-founders.
Ilies who spent 15 to 20 years in traditional finance, has shifted his focus to crypto trading with Ouinex. The platform is designed for active traders who trade multiple times a week and provides access to multiple cryptocurrencies.
In a recent AMA session, Ilies explained that Ouinex is differentiating between investors and active traders, with the latter being the primary target audience. The platform’s goal is to provide a seamless trading experience that caters to the needs of upcoming and savvy traders in the crypto market.
But what sets Ouinex apart from other exchanges? Let’s take a closer look.
Targeting a Niche Audience
One of the keys to Ouinex’s success is its focus on active traders. While other exchanges may cater to a broader audience, Ouinex is honing in on the needs of traders who are knowledgeable about trading and make frequent trades. By targeting this niche audience, Ouinex is positioning itself as a go-to destination for experienced traders.
Prioritizing Customer Service
Another aspect that sets Ouinex apart is its focus on customer service. Rather than relying on chatbots and FAQs, Ouinex aims to bring back human engagement by providing customers with the ability to call and speak with a human representative to solve any issues they may have. This focus on customer service is essential in building trust with traders and sets Ouinex apart from its competitors.
Emphasizing Regulation
Ouinex is committed to operating in a transparent environment where people can trust them. To achieve this, the exchange is placing a heavy emphasis on regulation. By choosing to apply for a license out of France, which has one of the strictest regulatory environments, Ouinex is making it clear that they are a trustworthy exchange. The exchange’s commitment to regulation is particularly crucial in a market where trust is essential.
Customizable User Interface
One of the most exciting features of Ouinex is its customizable user interface. The core of the platform is already developed, but the team is working on improving the front-end touch-ups to provide users with a personalized trading experience. This includes features like detachable windows and customizable trade functionalities. The team is also open to feedback from users to help shape the platform’s development.
Ouinex is positioning itself as a platform that meets the needs of active traders. By targeting this niche audience, prioritizing customer service, emphasizing regulation, and offering a customizable user interface, Ouinex is well-positioned to make a name for itself in the crypto industry. As the market continues to evolve, it will be interesting to see how Ouinex adapts and grows to meet the needs of its users.
QUESTIONS FROM AMA:
Question: Overview of what Ouinex is all about.
Answer: Ouinex is going to be a crypto exchange that is going to be dedicated to active traders, who typically trade multiple times a week.
Question: What prompted Ilies Larbi to launch a new global crypto exchange, Ouinex, after nearly 15 years and an impressive roster of positions with FXCM?
Answer: The launch of the new global crypto exchange, Ouinex, was prompted by feedback from retail clients who expressed interest in getting into crypto but were not satisfied with the available solutions. A survey was conducted with the community of traders who are actively trading other products but not yet into crypto, revealing a lack of solutions for these specific active traders in the crypto industry. The launch of Ouinex is happening now because the team believes it is the best time, despite being in a bear market, due to the shift in the crypto industry towards increasing regulations and consolidation of the market, which presents opportunities for serious projects with experienced teams like Ouinex.
Question: Information about Ouinex and its current stage of development? Discuss the team behind the project and any other details about the project itself?
Answer: Ouinex is currently in the development stage of its trading platform and is seeking feedback from the crypto and tradeFi communities through channels such as Telegram and Discord. The team is focused on human interaction and engaging with the community to gather feedback and make improvements to the platform. The next step for Ouinex is an upcoming ICO, which the team believes will be an exciting event. Additionally, the team is in the process of applying for regulatory licenses in different jurisdictions .The team has already invested a significant amount of money in developing the trading platform, and although it is not yet complete, the team is focused on making improvements to ensure its success.
Question: What can a business do to stand out in a crowded marketplace?
Answer: It’s important to note that the current market conditions are not as crowded as they used to be. However, to differentiate oneself from competitors, it is crucial to identify and cater to a niche audience. In our case, we focus on active traders who have expertise in trading. While we do have resources for beginners, our primary target audience is experienced traders. Furthermore, we are planning to obtain a license in France and expand our operations in Europe. This will enable us to tap into the potential of the European market. Moreover, we have partnerships in the pipeline, notably in Africa, and believe that this market has a lot of potential as well. By identifying and catering to a niche audience, obtaining proper licensing, and exploring new markets, a business can stand out in a crowded marketplace.
Question: What is the reason for choosing Paris as your headquarters for the exchange, and how do you think the granting of a license by Binance will impact your exchange and the French crypto scene?
Answer: The decision to choose Paris as our headquarters came naturally as some of the team members are french. In addition, we believe that the strict regulatory environment in France will help build trust with our clients. Our exchange will have a focus on quality of trading, deep liquidity, and human engagement for customer service. We aim to provide our clients with the ability to call and speak with a human representative when they need assistance. Regarding the granting of a license by Binance, we believe it sets a standard for the crypto industry and confirms Paris as a growing crypto hub. The upcoming Paris blockchain event is evidence of this growth.
Question: What is Ouinex’s target market and why did they choose Europe, Africa, and Latin America?
Answer: Ouinex’s target market is the cryptocurrency exchange market. We have chosen to focus on Europe, Africa, and Latin America because the team is based in these regions with established networks of affiliates and partners who can introduce business to them. Leveraging these networks is a key strategy for Ouinex.
Question: What are the differences in strategies required for each of these regions?
Answer: One key difference in strategy is related to customer service. Ouinex aims to provide a human-focused customer service experience, but scaling this approach globally would require an impractical number of customer service representatives. To address this challenge, Ouinex plans to incentivize members of their community in the African and Latin American markets to participate in customer representatives tasks, allowing them to earn Ouinex tokens ($OUIX) for servicing local clients. This approach aims to provide quality customer service while also leveraging the community’s network to scale efficiently. The company emphasizes that they are not directly incentivizing their community to refer business but rather to provide quality customer service, which will naturally lead to referrals.
Question: What can we expect from your company in the upcoming months?
Answer: In the upcoming months, our company is planning to make several announcements, including partnerships, an initial coin offering (ICO), and token listing. We are also putting together programs that will allow users to earn tokens through various means. In the mid-term, we are looking at more partnerships, some of which we may discuss in future AMA sessions. In the short term, we encourage everyone to stay tuned as we roll out different programs that will allow users to earn $OUIX tokens for free by contributing to our platform.
COMMUNITY QUESTIONS FROM AMA:
Question: Can you describe the OUINEX user interface and whether it is customizable?
The core of the Ouinex platform has been developed, with some touch-ups still in progress for the front-end. The ability to customize the interface is currently being considered, with plans to include functionalities such as the ability to trade from charts or detach windows. If there is a demand for these features, the development team will focus on them. Gathering feedback is a crucial part of the development process, and the team is conducting early testing to create a platform that meets users’ needs.
Question: What type of assets can be traded on the Ouinex platform?
The Ouinex platform will initially start with spot cryptocurrencies, focusing on the most liquid and commonly traded ones for better trade execution with plans to start with 50 to 100 assets and expand based on client demand.
Question: Would you consider implementing a bug bounty program to identify weaknesses in your project? How do you plan to make the project more complete?
Yes, I believe that implementing a bug bounty program to identify weaknesses in our project is a great idea. It would provide an opportunity for people to participate in identifying weaknesses and be rewarded for their efforts. Therefore, when the time comes, we will definitely consider creating a bug bounty program.
In terms of making the project more complete, we are always looking for ways to improve it. We plan to continue to gather feedback from our users and make necessary updates and improvements based on that feedback. Additionally, we will conduct regular testing and evaluations to ensure that the project is functioning optimally and addressing the needs of our users.
Question: Are there any limitations or restrictions on how frequently I can trade on the next platform?
No, there are absolutely no limitations or restrictions on how frequently you can trade on the next platform. The platform has been designed specifically for active traders, meaning that the more frequently you trade, the better the platform will fit your needs. This includes not only fees but also the services attached to it. In other words, the platform is designed to cater to the needs of active traders who trade frequently and require a platform that can keep up with their pace.
Question: What trading tools and resources does OUINEX offer to help me make informed trading decisions?
OUINEX will provide various trading tools and resources to help traders make informed decisions. As an example, the platform will offer risk management tools to limit slippage and trailing stops to secure gains. In addition, OUINEX plans to provide educational resources and market analysis through an independent website. These resources will include trading strategies, trade ideas, and access to expert analysts.
Question: Will you provide information about general credit and share general conditions of approval and rejection criteria?
Yes, we will share this information publicly once it is ready. We understand the importance of transparency in sharing information about general credit and the criteria for approval and rejection Once the information is finalized, we will make sure it is available for everyone to access. We believe that sharing this information is essential in promoting a fair and equitable system for all involved.
Question: What is the account opening process for the next platform and what are the requirements?
The account opening process for the next platform is similar to that of other exchanges. It involves a standard process which requires Know Your Customer (KYC) and the submission of necessary documents for account protection. This process is in place to ensure that the platform is regulated, and your assets are secured. The required documents may include your identification proof and proof of residence. Once you have submitted your information and documents, your application will be reviewed and approved, and then you will be able to start trading on the platform. It is recommended to avoid exchanges that only require an email address to open an account as this indicates that they are unregulated and may pose a risk to your assets.
Question: Are there any current bonuses or promotions available for new users who sign up for Ouinex?
Unfortunately, there are no current bonuses or promotions available for new users who sign up for Ouinex as the platform launch is not scheduled until Q1 2024. While it is possible to envision offering such incentives in certain regions, they cannot be offered at present as the platform is not yet ready for sign-ups. However, offering bonuses and promotions to new users could be considered as one of the strategies to attract users once the platform is launched.
Question: What are your projections for the next two to three years and how do you plan to achieve them?
Our projections for the next two to three years are to have between 30,000 and 50,000 active trading clients. While this may seem like a small number compared to the millions of clients of larger trading platforms like Binance, we are focusing on active traders who generate significant revenue. We do not aim to onboard clients who place only one trade a year as it does not align with our business model. To achieve our projections, we plan to continue to focus on providing a platform and services that cater specifically to the needs of active traders.
Question: What are the fees associated with trading on the Ouinex platform?
Ouinex platform operates on a tiered fee system, where the more you trade, the less you pay. While the exact fee structure is still being worked out, for active traders, the rates are expected to be among the cheapest in the industry. It is important to note that the cost of a trade is not solely determined by the commission charged, but also the spread — the difference between the buy and sell prices displayed on the platform. Many brokers and exchanges advertise low commissions but make up for it through wider spreads, resulting in higher overall trading costs.
Listen to our full AMA recording on our Telegram Community.
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Ouinex S.A. is a French public limited company with its registered office at 229 rue Saint-Honoré, 75001, Paris. It is registered with the Nanterre Trade and Companies Register under the number 911 669 828. This does not constitute investment advice, nor an invitation or recommendation to engage in any digital asset transactions. Any investment or trading involves risks. Past performance does not guarantee future results. Investing in digital assets carries a risk of total or partial loss of capital. Only risk the capital that you are willing to lose.
