Why ICO Fail? Yee Kok Siong Explains

Though, the success stories of ICOs are very limited while the list of its flop stories is long and heartbreaking. Because of the following reason by Yee Kok Siong, ICOs have higher failure rate:

 

Poor Brand Identity

 

People have a tendency to make a subjective decision and without even thinking they will make a subliminal decision about your brand too once they are exposed to it. They will judge the way your brand logo looks, fonts, visuals, color. Every minor detail somehow says something about your ICO. For example, if the design of your logo is not attractive or say if a team of professionals does not design it and you are asking for 100 million dollars, then people will inspect your ICO and think it is as a scam. Do not disregard the value of ICO white paper and ICO white paper template as well.

 

Impractical Budget and Objective

 

People are curious and out of curiosity, or you can say out of habit they will ask how much investment is needed to reach the hard cap raise amount. Experience says, a percentage range of 5%-10% from what you are trying to raise. In simple words, if you wish to raise $50 million, then you will need an investment of $2.5-$5 million. If you want people to have faith in your project, then set achievable goals. When your goals are clear to the general public, then they will faithfully invest in your idea and help you in achieving set goals.

 

Lack of reporting and Management

 

If ICO is your first ever business, then you should not overlook the value of reporting and analytics. If you are amongst those people whose first real business is ICO, then do conduct the necessary research and invest your time in Google Analytics as well.

 

If you want your ICO to be a hit, then keep these points in mind. Invest in ICO carefully and before investing do a detailed research of the market. Carefully write your whitepaper for ICO.

 

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Fundamental Factors in The Evaluation of a Cryptocurrency by Yee Kok Siong

Below are some factors by Yee Kok Siong that tend to conquer the hype and price pumps, at least in the long term:

 

Adoption Angle

Although the technology of a cryptocurrency or ICO business plan may seem surprising without users, they are just dead projects. It is often forgotten that widespread acceptance is an essential feature of money. In fact, it is estimated that over 90% of the value of Bitcoin is a function of the number of users.

While the acceptance of Fiat is entrusted by the State, the acceptance of cryptography is purely voluntary. Many factors play in the decision to accept a coin, but perhaps the most important consideration is the likelihood that others will accept the coin.

 

Security

Decentralization is essential for the I push Model of a true cryptocurrency. Without decentralization, we have a little closer to a Ponzi scheme than a real cryptocurrency. Trust in individuals or institutions is the problem-a cryptocurrency tries to solve.

If the dismantling of a coin or a central controller can change the transaction record, it is questioning its basic security. The same applies to parts with unproven code that have not been thoroughly tested over the years. The more you can count on the code to function as described, regardless of human influence, the greater the security of a coin.

 

Innovation

Valid coins strive to improve their technology, but not at the expense of safety. Real technological progress is rare because it requires a lot of expertise-and also wisdom. Although there are Always fresh ideas that can be screwed on, if doing so puts vulnerabilities or critics of the original purpose of a coin, misses the point.

Innovation can be a difficult factor to evaluate, especially for non-technical users. However, if a currency code is stagnated or does not receive updates that deal with important issues, it can be a sign that developers are weak about ideas or motivations.

 

Incentives

The economic incentives inherent in a currency are easier to grasp for the average person. If a coin had a large pre-mine or an ICO (initial part offer) the team held a significant share of chips, then it is quite obvious that the main motivation is the profit. By purchasing what the team offers, you play your game and enrich it. Be sure to provide a tangible and reliable value in return.

 

Read also: Yee Kok Siong on Status of Cryptocurrencies Tomorrow!

Checklist for Converting Currency by Yee Kok Siong

Use this guide by Yee Kok Siong to help you with exchanging your money before travelling abroad. Yee Kok Siong outlines the basic details you need to confirm before deciding the channel and rate at which you carry out currency conversions.

 

Check the credentials of the Currency Exchange Service Provider

While changing currency, make sure you check the credentials of the exchange service provider. A lot of unauthorized dealers might give you slightly higher rates, but they should be avoided because in case of emergency or fraud, you will not be able to seek help or compensation. Use reputable online currency exchange service providers who you can rely on for good rates as well as convenient pick-up locations for converted money.

 

Currency Exchange Rates

When you decide to convert you money, do a little research on the current rates as there are various micro and macro economic factors that impact the rate you stand to lose or gain money depending on the rates. Having a fair idea of the rates also lets you estimate your expenses more accurately and plan better.

 

Before exchanging your money, check the regulations of the country you are travelling to. If you are travelling to a country where your currency cannot be converted to the local denomination, it makes sense to convert a portion of your cash into the local currency and the excess cash into American Dollars before you travel. This is because most countries will let you convert American Dollars to the local currency.

 

Excess charges and taxes

While choosing a channel to carry out currency conversion, check terms and conditions carefully. While it may seem convenient to spend using your debit or credit cards, or convert money at the airport, you might end up paying a lot more as service charge, exchange commission, etc. It may be a better idea to explore the option of online currency conversion in your native country or a prepaid overseas card.

 

Look for fixed rates

Some foreign exchange service providers offer a service that is known as a pre-booked rate.’ This service lets you pre-book the rates at which you want to carry out transactions, and carry out all your conversions at that rate, irrespective of the current exchange rates when you actually carry out the conversion.

Keep these in mind, and ensure a smooth, hassle-free experience while managing your finances during international travel.

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Historical Currency Rates For Predicting Currency Trend

If you are planning a money transfer abroad or intend to open an account with a Forex dealer one of the first steps is to start learning how to read historical currency exchange charts. Countless websites offer free and paid Forex charts. Real time forex charts are intended for use by professionals while delayed quotes or yesterday’s central bank fixing are used for statistical purposes, which is fine for most applications.

 

When calculating the cost and the value of your money transfer you need just a basic chart representing the history of movement of the currency rates. In this case, you can utilize reputable websites to provide such information. These include business news agencies, major Forex dealers or some of the leading travel agencies. Yee Kok Siong advises you to consult your personal Forex broker and to ask for the information you need; in many cases, your broker will be able to provide you with additional info on various applicable fees and taxes.

 

A history chart represents the value of a currency against another one. First, you must select the currency pair you want to check. Be aware that the order of appearance of the currencies in the currency pair is important and will produce different results when inverted. At first glance, the EUR/GBP and the GBP/EUR are the same currency pair, but the EUR/GBP chart will deliver results on how much did 1 euro cost in Pounds Sterling while GBP/EUR returns the value of 1 Pound Sterling in equivalent euros.

 

An average user does not need specialized candlestick charts representing the bid-ask spread utilized by the Forex professionals, a basic line chart is more than enough. The line chart will provide you with information on currency rates during a specific period, say, a year. You can choose not only the overall period you want to observe but also the time intervals i.e. daily, weekly, monthly closing price. The daily interval is most appropriate for studying periods between several months and a year; you do not need a longer period than a year to prepare for your money transfer.

 

You also do not need special analytical tools, unless you plan to become a Forex professional. The chart will give you a general idea where your home currency is heading compared to another currency. Look at the high and lows to determine the momentum and direction of the trend. This will give you an indication of the approximate exchange rate to expect in the near future. There is no need to scrutinize the historical movement of the currency rates of interest to you. This is a sophisticated skill requiring years of professional development; just learn how to read the basic currency charts, which outline the major trends in the movement of a currency pair. Alternatively, a good currency specialist like Yee Kok Siong can give you all the information you need without the fuss.

Predicting Interest Rates and Make Money

There is just one simple reason – you stand to make money on it. Let us say there is a repo rate (the rate at which a country’s central bank lends to other banks) of 7%. If it increases to 7.5%, the currency becomes dearer and if you have already invested in it, you can expect to make a profit by selling it. If on the other hand, the repo rate decreases to 6.5%, the currency becomes less expensive and you can still make profit if you short sell it. A Japanese day trader made $34 million when China devalued the Yuan, its national currency.

 

So you see why how that drives the values of currencies worldwide, and how predicting it accurately can yield large benefits.

 

Predicting interest rates

 

The fact is that while it is each country’s central bank that decides the repo rate, it is not at random. Key indicators you need to watch out for are the Consumer Price Index (CPI), employment rates, consumer spending, and the housing market. If any of these are down, you can expect the central bank’s rate to go down as they try to increase borrowing, which means more money for the market that could push all these indices up.

 

Listen for major announcements: The heads of central banks often talk to the media about how they view inflation. This can have a major bearing on the next interest rate hike of cut. The Chairman of the Federal Reserve once read out his monetary policy to the House Committee, in which he talked about ‘stabilizing’ the U.S. dollar when the world was in the grip of a recession. What it means is that inflation would be curbed. And this is done by reducing the amount of spending money available in the market. For this, interest rates must be increased, and that is exactly what happened. Traders who acted on the announcement made profits of $440 within one hour as the dollar appreciated by 0.44% in that short time period.

 

There is plenty of advice available online: Another way would be to take about four or five interest rate predictions by major brokerages or experts and act on the average. The chances are that they would be similar, if not identical.

 

So it is really possible to keep a tab on every currency that is traded in the Forex market? Thankfully no, there are only handful of major world currencies that are watched and reported by media houses closely.

 

This piece of information is shared by Yee Kok Siong, an arbitrageur and an investor. Mr. Siong is a self-motivated entrepreneur who believes that no market is perfect and it is up-to an individual to understand that imperfect gap and business opportunity and make the most out of it.

 

Also read: Forex Hedge Fund Plan – Preeminent For Forex Trading

Making A Successful Run In Forex

While it is possible to make a profit with forex, it is important to learn about it first. You will be able to do this when you are practicing with a demo account. Use the following tips by Yee Kok Siong a forex investor to give you the advantage in Forex trading.

 

One of the best ways to work the Forex system is to gradually increase your size as you go along. Once you begin to understand Forex, you can opt for a higher account, higher leverage, more money risked per trade, and hopefully begin to earn more money. Remember that Rome wasn’t built in a day. But once you build the foundation, you can definitely speed up the process.

 

With the Forex market being gigantic, the rumor mill surrounding it is also enormous. Always make sure you’re avoiding the hearsay and rumors surrounding certain currency pairs. Just look at what happens to investors every decade or so when markets collapse. Avoid this fate by sticking with what is tangible and ignoring the rumors.

 

Be careful of getting over confident in your skills. Someone lacking confidence isn’t making any money, but at least they aren’t losing any. Over confidence can spell disaster for your trading. You are more willing to throw more money after a trade that may end up backfiring on you. If you’ve just made a bundle, think about taking a day off before resuming trading.

 

If you are new to currency trading, begin by trading in fantasy markets. You can trade forex without risking any money to see how well you do and perfect strategy as well as learning how it works. You can even try out different strategies before risking your real money.

 

Make sure that you familiarize yourself with your forex broker’s trading practices to make sure that he is not doing things that might be considered unscrupulous. You can make a lot of profits while working with the correct broker, but choosing the wrong one can make you lose a lot.

 

One thing people tend to do before they fail in their Forex is to make things far more complicated than necessary. When you find a method that works you should continue using that method. Constantly chasing new ideas can create so many conflicts that your Forex becomes a loser. Simple methods are best.

 

Keep a journal of all your forex trading activity. This will help you to look at how you made decisions, whether you’ve made good ones and whether you’ve been influenced by external factors. You can learn about yourself and your trading habits and adjust them as you feel necessary.

 

Be mindful that in the forex market, high leverage accounts can cause you to lose everything if you are not experienced enough to know how to use the advantages wisely. If you do not know how to use it accurately, you are signing up for additional risks that you do not want to take with real money.

 

Something every Forex trader should realize, is that there are no wonder methods or strategies that will get you rich quick. The best way to become a successful Forex trader is to develop a strategy that is not too risky and stick with it over a long period of time. Don’t fall for any get rich quick strategies that you may have heard of.

 

You can make a lot of profits when you have taught yourself all you can about forex. The process of educating yourself on forex is an unending one; keep learning so that you can stay abreast of changes and new developments. Stay ahead of the game by reading only the most recent forex news and tips.

Also read: Yee Kok Siong Strategies Anyone Should Know When They Enter The Forex Market

The Best Bitcoin Trading Platforms by Yee Kok Siong

Cryptocurrency has not only given the fastest way to transfer the money, but also a new entity to trade with and to earn money apart from the stocks and other commodities. While you can directly sell and buy Bitcoin, you can also use Bitcoin trading exchanges to continue your trades in cryptocurrency. There are a lot of exchanges where trading Bitcoin is safe and secured and also the customers are facilitated with many extended services. Being a cryptocurrency investor or trader you can choose any of the exchanges for your comfort. It is however recommended to sneak peek into the reviews of some before opting out the one. Below is a brief review of top Bitcoin exchanges around the world by Yee Kok Siong a currency trader:

 

CoinBase: It is probably one of the most reputed and largest Bitcoin trading exchanges with dual facility trading directly and through the wallet. CoinBase was founded in the year 2012 as through venture finding of Y-Combinator and since then it has rapidly grown. It has many lucrative services like multiple options to deposit and withdraw cash, money transfers between two CoinBase are instantaneous, Wallet facilities with multiple signature options for more secure transfers, Bitcoin deposits are insured for any loss etc. CoinBase has the wide variety of payment partners of Europe and US, who seamlessly allow the transactions to be carried on through them. It has relatively low transactions fees and offers Bitcoin trade along with a large number of Altcoin trading as well.

 

CEX.IO: One of the oldest and reputed exchanges which was started in 2013, London as Bitcoin Trading exchange and also as cloud mining facilitator. Later its mining power grew such enormously that it held nearly half of the network mining capacities; however, it has been now closed. “CEX.IO” allows customers to expand to the much larger amount of Bitcoin trades, and it has the facility to make available the Bitcoin at requested price instantly. However, for this exchange charges a bit high exchange amount, yet this is compensated for the security and facilities of allowing multi-currency transaction (Dollar, Euro, and Ruble) to buy Bitcoin.

 

Bitfinex: It is one of the most advanced trading exchanges and it particularly suited to the experienced crypto-currency traders. With high liquidity for the Ethereum as well as Bitcoin, this exchange has better options like leveraging, margin funding and multiple order trading. Apart from this Bitfinex offers the features of customizable GUI, many orders types, like limit, stop, trailing stop, market etc. This exchange also provides about 50 currency pairs that can be traded and with easy withdrawals for all. One of the largest exchanges in terms of volume traded Bitfinex offers pseudonymity for trades and only for some of the services it requires identifications. The only drawback with this exchange is that it does not support the buying of Bitcoin or any other altcoin through fiat transactions.

 

Bitstamp: It was founded in 2011 and is the oldest of exchanges who offer cryptocurrency and Bitcoin trades. The most respected because despite being oldest it has never been under security threat and tills recently. Bitstamp currently supports four currencies Bitcoin, Ethereum, Litecoin and Ripple and is available with the mobile app as well, apart from website to trade. It has lovely support for the European users or the traders having their account in Euro Banks. The security is advanced and of cold storage type, which means the coins are stored offline.So you can say it is wholly not possible for any hacker to infiltrate. Last of all its complex user interface suggests that it is not for the novice user but for professionals and it offers relative low transactions fees.

 

Kraken: It is one of the largest Bitcoin trading exchanges in terms of the liquidity, euro crypto trading volumes and trading figures of Canadian Dollars, USD and Yen. Kraken is most respected exchanges steered through the turmoil of cryptocurrency trades and has managed to keep the amounts of customer safe irrespective of the other exchanges being hacked at the same time. With 14+ cryptocurrency trading facilities, the user can deposit the fiat as well as cryptocurrency along with the similar capacity for withdrawals. However, it is not suited for beginners yet it has better security features and low transaction fees relative to CoinBase. Most important factor for Kraken is that it is trusted in the community and has been first to display the volumes and prices on Bloomberg Terminal.

 

Also read: Selecting Crypto Wealth Fund For Trading With Binary Option