Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with LetMeTrade on July 4, 2020. This guest star Operation Director Jeremy Yeung. If you were unable to join the live AMA, no worries, here comes our 25th AMA recap!
We are glad to meet here:
Jeremy Yeung, Operation Director at LetMeTrade
For taking your time out from busy schedule for the AMA!
J: Thank you,the pleasure is mine. I am feeling very good today. Especially i can join the AMA today. I wish everyone will know more about LMT after the AMA. Thank you for the invitation. Its my honor to answer the questions in here.
Can you introduce yourself to the community? What is your background and how did you join LetMeTrade?
Sure. A short introduction about myself, I am Jeremy Yeung, the Operation Director on LMT Let Me Trade. My experience in crypto dates back to the year of 2014. Since then, i have been working in different crypto companies, including custody, hardware wallet provder, exchange.etc..Last year, I had the privilege to join LMT and work alongside with different crypto enthusiasts. I am now the operation lead in LMT, developing and expanding the trading communities of LMT.
What does LMT stand for?
LMT stands for LetMeTrade. LMT is a crypto broker aiming to enable traders to excel in trading.
So, When is LMT established and where is LMT’s HQ?
We are established in 2019. Funded by experienced blockchain angel investors and Venture Capital, including Fenbushi Capital. We are head-quarter in Hong Kong with footprint across the globe.
Who are LMT’s partners?
Globally, we are working with Binance, Huobi, OKEX, Bitmax and other leaders in the industry as a broker to aggregate liquidity.
We are working blockchain security experts such as Cobo Wallet to protect and secure customer’s funding.
We are working with media leaders in crypto such as ChainNews, PANews, Coinvoice, Jinse, Coinness, Huoxing and etc.
What are the Core services offered by LMT? and Does LMT support Mobile App?
The 3 core business LMT is offering are Contract trading, Option trading and Swap.
Apps are available to download on App Store and Google play. User can also try contract via Desktop.
Apple Link: https://apps.apple.com/us/app/lmt-pro/id1507737485
Android Link: https://play.google.com/store/apps/details?id=com.lmttrade.lmtpro
What is new in LMT’s Contract trading?
Let me summarize the new features of contract trade
- Copy trade is easier
- Fee structure is simplified
- Order type is more professional
- Spread / Market depth is competitive.
- Leverage up to 125x
What is new in LMT’s Option trading?
LMT’s Option traing is extremly unique in the market. Here are the new features,
- NO commission fee
- NO leverage
- Maximum 1000% return in 60 seconds
User can simply predict whether the chosen asset price will move higher or lower from its current rate. If the prediction is correct, user can multiply easily to max 1000% in 60 seconds. It is beginner-friendly being that the options for trading are easy to understand, with only the choice being to select either an upwards or downwards.
What is new in LMT’s Swap trading?
Swap traing is a perfect way for spot trading.
- Support 20+ crypto assets
- One click to swap, simple and easy
Swap in LMT is the easiest way you could trade crypto. You could trade crypto in one click without monitoring the traditional order book.
And, What is LMT Points (LMTP)?
LMT Point (LMTP) is a loyalty point rewarded to users on the LMT platform. LMT will continue to build our ecosystem based on LMTP.
What can I do later with the LMTP feature?
Currently, there are three functions for the LMTP,
- LMTP can be used to redeem USDT when the total amount reaches a certain amount
- LMTP can also be used to deduct transaction fees in contract trade and option trade.
- LMTP can be used as margin in option trade
How to get LMTP ?
Users can get the LMTP by finishing the simple tasks. The tasks include common tasks, Contract Tasks, and Invitation task.
Details of tasks are listed below:
- Single deposit no less than 50 USDT
- 5 times Mini Option trading (USDT)
- 5 times Mini Contract trading(USDT)
- 5 times Contract trading(USDT)
- Invite 3 of your friends(Deposit 50 USDT or equivalent assets)
And what is LMT trading coupon?
Trading coupon can be used as trading margin in contract trade. Users can use coupon to experience LMT trading without risking their own capital. The coupon cannot be withdrawn, while profit from trading with bonus can be withdrawn. The coupon also supports all leverage in the LMT contract trading pairs. The coupon validity last for 24 hours and the coupon used position will be automatically closed when the validity ends.
Can you tell me About Deposit Process and Withdraw Process on LMT?
Deposit and Withdraw process are friendly to users on the platform.
- Deposit Process
LMT supports 12 crypto currency deposits. Including USDT, BTC, ETH, XRP, BCH, LTC, EOS, BSV, XLM, TRX, ETC, ZEC. There is no minimum deposit.
- Withdraw Process
Once the request for withdrawal is submitted, the system will process it automatically. The withdraw status will be displayed under the withdrawal records. Once all the risk checks are done and the withdraw is approved. The crypto asset will be sent to your wallet instantly where you can check on the blockchain.
For everyday 22:00pm-8:00am (UTC+8), we raise the risk level. For any withdrawals which are identified as high risks. They require a manual check and will be processed no later than the next day noon(UTC+8).
Most people have difficulty in doing the Kyc Process, can you explain about the procedures for doing that?
I hope this can answer to users who have difficulty in doing KYC.The process is:
- Step 1: After logging in, select the “Identity verification” in the personal account menu in the upper right corner. The first step is to fill in the real personal information and proceed to the next step.
- Step 2: Upload photos
Please upload the front side and backside of your ID card.
- Step 3: After completing the above steps, you need to wait for the review, the review will be completed within two working days.
Verified user will have higher withdraw limit than non-verified user.
What is the roadmap for the next six and twelve months? The Covid-19 pandemic and global crisis is very complex , how will it affect LetMeTrade development plan? What is the future direction of this project?
As we mentioned earlier, we are offering 3 core products Contract trading with copy trade, Spot trading, and LMT’s unique option trading. In short term, we will continue to optimize each of the trading features.
In our product roadmap in 2020, we are considering the following
- Simplify our spot trading experience
- New trading pairs in contract trading
- Optimizing option trading
- New User case for LMTP
If you have specific feature you need, feel free to contact us.
Can you list 1-3 killer features of LMT that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
The 3 killing features LMT is offering are Contract trading with copy trade, Spot trading, and LMT’s unique option trading.
Experienced margin traders can trade with our contract with x125 leverage and become a pro-trader. As a pro-trader, you can earn up to 10% profit sharing from your followers’ profit trades. For those without lots of trading experiences, they can choose to follow pro-trader in LMT’s trader community.
Option Trading is LMT’s unique trading product for new trader to monitor market price movement and speculate on the price change in short time.
As a crypto broker, LMT also provides user with spot trading where you can enjoy the liquidity from various exchanges. Trader can trade with price quote (similar to OTC) or with order book.
Sir! Do I need pass KYC to enjoy all the awesome features and facilities of LMT?
A quick answer for this one. No, you dont need to pass KYC to enjoy all features. The only differnece is the withdraw limit between KYC and non kyc users.
Hello Jeremy! In your work experience, what differentiates LMT from Custody? What are LMT’s strengths that make it a better choice than its competition?
I would summarize into the followings 3 points for our strength.
LMT cares about our user and partners. We listen and improve. For example, we adjusted the copy trade profit sharing model to affiliate after we hear feedback from our community leaders. We maintain a constant system upgrade schedule to meet the customer’s feedback. We introduce a simple fee structure in contract trading.
LMT cares about funding’s security. In crypto industry, funding security is very critical. There are lots of exchanges once were very successful but got bankrupt because of a single hack. We are aware of that from our experiences. We work with the top security expert in this industry to ensure funding is secure with us.
LMT cares about innovation. There are lots of trading platform in the market, what really differentiate us from the other platform is innovation. We launched the industry-first mini-trading. It was inspired from the traditional equity future and option structure product. The current mini-trading is not the final version. We will continue to improve and innovate.
LMT is an excellent exchange by seeing your UI and features like Spot, Swap, Futures at one platform my question Do you plans to add more token in spot so it will be better for traders to move on LMT?
Yes we will launch more token pairs in the future. The criteria for listing is base on user feedback and the market updates. For example, we observe that ADA and Link are popular during the current market. So, we launch the token pair last week. More users could enjoy trading them
The principal problem of the brokers like you, are the huge SPREAD ( Between buy and Sell) and Slippery ( swap service), so how you affront these issues and why you are not like others?
For the spread, I believe this is what most of the users are concerning. Spread is affected by a series of factors. Normally they include liquidity, trading volume and price volatility. When certain asset liquidity is good, the spread will become smaller. When the trading volume of an object is high, the spread will become smaller. When the price volatility is high, the spread is normally higher. That is why you experience the spread changes from time to time. As a broker we source liquidity from the the best exchanges in the market, we will continue to work with more exchanges and market maker in the market to maintain a good spread for our users.
what if copy trading experiences loss? Can I do a stop loss / cut loss?
Yes you can set your SL and TP anytime when you are holding your position. You could copy the position opened by the pro traders. And close the position even the pro-trader not closed it yet
I am interested to know more about your REFERRAL PROGRAM , Is there a limit in the referral program? Can I invite my friends as reference as I want? and WHAT is its benefit to me?
WE offer the referral program for the community leaders and KOL in the industry. If you are one of the you could apply to join our program! Earn up to 60% rebate! Also, for normal user, we have the normal commission rebate program. The minimum is if you invited more than 5 deposit users, you could start to earn reabte from our platform!
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