BaseFEX offers a secure, reliable and usable exchange platform to trade cryptocurrency derivatives such as Bitcoin futures. The CEO Jesse Wu will be discussing the BaseFEX platform with us in this interview.
1) Please tell us your name and about yourself and your experience in the cryptocurrency industry?
My name is Jesse Wu, founder and CEO of BaseFEX. I am a software engineer, a serial entrepreneur and a veteran trader of stock, forex & crypto, both in spot and futures markets.
I started my own company shortly after I got my master degree in software engineering and turned down an offer from Google. It was a video streaming mobile app which acquired 1 million daily active users and 1.5 million USD in monthly revenue. It was a fun journey, and I realized how big a small team can impact the world with technology.
In 2018, I felt quite inconvenienced when I could not find a satisfying cryptocurrency futures exchange, so I talked with my friend Isaac Zeng, a kick-ass engineer who programmed the matching engine of Huobi exchange, we decided to start a company together to solve this issue. Thus BaseFEX. Isaac is now our CTO.
2) What is BaseFEX?
BaseFEX is a cryptocurrency derivative exchange where traders can successfully place orders under any market condition. BaseFEX is developed by professionals using cutting-edge technologies from the ever-evolving internet industry, which outperforms decades-old technical solutions commonly used in the financial industry.
BaseFEX’s mission is to be the most reliable, transparent and advanced cryptocurrency derivative exchange, and make trading smooth, secure and accessible for traders worldwide.
3) What unique revolutionary solution and services are you bringing to the crypto market with BaseFEX?
Instead of the last price, we use a fair mark price to check if a position should be liquidated. Unlike the last price, the mark price is close with spot (index) price and can not be easily manipulated by big players. Retail traders hate price manipulation because it leads to unnecessary bloody liquidations.
We have minimum server overload and downtime, almost zero glitches when placing orders. We also solved a very common issue most exchanges have, that in extreme market conditions, traders always face the risk of not being able to place an order, open or close a position. You don’t have to worry about that on BaseFEX. We use the most advanced technology to achieve this that sounds unbelievable, yet it’s true!
4) The crypto market seems to be very slow now, what is the level of demand for bitcoin futures exchange like BaseFEX?
This is a very good question. The demand for cryptocurrency futures is quite high. The simplest idea is that, only in the futures market, people can easily make money when bitcoin price falls. Also in the bear market, people who hold Bitcoins want to hedge the risk of devaluation. Besides, futures trade requires a much smaller capital comparing to the spot market, using leverage. A lot of crypto funds died during the big plunge of cryptocurrency in 2018, and a lot of the survivors are trading in futures markets. They all contribute to the demand for derivatives.
5) What is the technology behind BaseFEX platform and how does it work?
To make sure traders’ orders are always accepted and executed in a timely manner, the architecture of BaseFEX’s trading engine was designed with high processing power in mind in the very beginning. Also, we took advantage of a set of cutting-edge technologies from the ever-evolving internet industry to further ensure fast processing and high throughput. What’s more, each component of the system is carefully engineered so that idempotence is maintained – an engineering feature that is very hard to achieve, but once achieved, high processing power and high reliability are then secured, because it makes possible that exactly same components could run on multiple servers simultaneously without causing problems.
6) At what stage of development is the BaseFEX platform and what is next on your roadmap?
We launched BaseFEX at the end of 2018, and I am proud that we have achieved the milestone. Traders all over the world are trading on BaseFEX as we speak.
Right now our users can trade Bitcoin futures on BaseFEX. We plan to add more contracts to BaseFEX in the next a couple of months, and our mobile app on Android and iOS will meet the world in a couple of weeks – you can trade anywhere anytime with a cellphone. We are also planning something very big in Q1 2019, a great surprise for our traders, but I cannot talk about it right now.
7) Are there opportunities for investors and partners at BaseFEX currently ?
We are open to all kinds of partnerships including investment, media, and other cooperation. You can find our contact information below, we will get back to you ASAP.
8) Could you tell us about your dev team?
Our nimble dev team is made up by a group of elite engineers and professionals of cryptocurrency all over the world. Our CTO, Isaac Zeng was the core engineer of Huobi Exchange. He single-handedly built Huobi’s matching engine. He was also an elite trader who designed his own quantitative trading system, with sustainable profitability, achieved a cumulative return of more than 1500x.
9) How Safe is BaseFEX, would you like to talk about your legal and security measures?
BaseFEX is committed to the security of our platform and users. We believe in rigorous and conservative security measures, and will not compromise security for convenience.
All assets on BaseFEX are stored in multi-signature cold wallets only. All BaseFEX addresses are multi-signatured and all storage is kept offline.
Even in the event of a full system compromise, including web servers, trading engine, and database, there would not be keys available to an attacker to steal funds.
Additionally, each and every withdrawal on BaseFEX is audited manually by at least two BaseFEX employees before sending. No private keys are kept on any cloud server and deep cold storage is used for the bulk of funds.
10) Do you have more information for our readers?
For new traders of Cryptocurrency, I strongly recommend you to try our Testnet site and get familiar before you dive into real trading. Futures are a powerful tool to achieve financial freedom, it is also a very risky tool. Use it wisely.
Also please follow our Twitter for the newest updates – a big surprise is on its way!
11) How is your customer support and how can we contact you?
Visit us at https://www.basefex.com/, BaseFEX offers customer service 24/7.
E-mail: support@basefex.com
Telegram group: https://t.me/BaseFEX_Trading
Twitter: https://twitter.com/BaseFEX
