Central Bank of Russia and state financial watchdog Rosfinmonitoring are preparing an initiative to ban cryptocurrencies as a means of payment in Russia. In a conversation with Deventer.org, Uptrader CEO Vasily Alexeev talked about the possible ramifications of the new legislation for fintech companies and cryptocurrency holders.
If the matter goes beyond words, this bill may join the list of other legislative initiatives of recent years that are strict, yet technically unfeasible.
Currently, all cryptocurrency transactions are already conducted in the informal economy: they cannot possibly be taxed since Russian law doesn’t recognize cryptocurrency as an asset. Moreover, it’s fundamentally impossible to learn who, when, and what for made a payment in Bitcoin, not to mention who owns what wallet.
It’s important to understand that to create a cryptocurrency wallet, it’s enough to generate 12 random words using special software. Access details to such a wallet exist only in your head, and no one can prove that you have them, while you still can receive funds and, if necessary, send them using these 12 words.
Right now, Russian companies operating within the legal framework that accept cryptocurrency do it through foreign intermediaries who receive cryptocurrency on their wallets and sent fiat money to the companies. In all likelihood, this arrangement will remain legal.
And even if the bill is worded in such a way as to ban this, it would hardly be a devastating blow for these companies, since in this case, they lose only a small fraction of their payments. Companies that cannot operate legally are a different matter: for instance, online casinos, or pirated content websites. Cryptocurrency payments may make up a substantial part of their income. However, they already have nothing to lose: breaking one more law won’t change anything.
The Vasily Alexeev of UpTrader will take part in the Finance Magnates Summit in London, which will take place on 12-13 November.
In the capital of the forex industry - London - 70 the market leaders and professionals at finance will gather to share their vision and experience. Vasily Alexeev will be among the experts at the conference. During the summit, they will introduce both new products for forex business and already known in the market software for brokers by UpTrader.
UpTrader is a regular participant in the Finance Magnates events. For the company this is a great opportunity to liaise with new clients and potential partners, to tell colleagues from the world of finance about the achievements and last developments of the company.
Being the largest in capital markets, and trading, Finance Magnates events boast thousands of attendees, hundreds of exhibitors and dozens of top executive speakers.
UpTrader helps clients to manage brokerage business and empower trading and investing profits by providing the best in class fintech solutions.
The Serenity blockchain project successfully presented an ecosystem of unique services based on UpTrader products for Forex brokers, blockchain startups and traders at BlockchainLife2019 in Moscow.
The Serenity team, whose founder and technology provider was UpTrader, presented the ecosystem of services on 16-17 of October at the largest event in the crypto industry this year in Europe — BlockchainLife2019 in Moscow. For two days, the exhibition was visited by more than 4800 representatives of blockchain, mining, and cryptocurrency.
Serenity presented at the exhibition a crypto exchange, blockchain escrow, a margin trading platform and a crypto exchanger that supports transfers from Bank cards. All these services are based on UpTrader products, which any business can purchase as a White Label.
The most vivid interest among the participants of the exhibition was caused by the new exchanger SerenityPay, which can work both in conjunction with the exchange for traders and separately.
"It is extremely important for us that any client had an opportunity for deposing on the crypto exchange and on the margin trading platform with a simple Fiat card," commented Anton Vasin, CBDO Serenity.
Also, the margin trading platform aroused great interest among crypto brokers and exchanges. Especially for the management of margin accounts of traders, UpTrader has developed a convenient personal account, which is ready to use and easily configured for the needs of any broker.
In the words of the CEO of UpTrader Vasily Alexeev, in recent years, blockchain has an increasing impact on financial markets. Alexeev attributes this by the fact that blockchain technology provides reliability and irreversibility of transactions. He noted that smart contracts automate processes that have traditionally been done manually: so, now even the most conservative banks have begun to introduce the replacement of letters of credit with smart contracts.
UpTrader IT solutions are products for Forex brokers, crypto traders, and fintech startups. UpTrader offers software solutions and services to create, maintain and improve business infrastructure, attract customers and optimize brokerage and exchange operations. The Serenity project regularly integrates the UpTrader team's developments into its growing ecosystem.
Want to come on board like Serenity? Contact us!
UpTrader Forex CRM now graphically visualizes all the stats needed for brokers and partners.
The UpTrader team has recently integrated a new informative visual analytics page. The new dashboard provides structured information on the number of registrations, opened accounts, withdrawals and deposits using colorful charts.
The analytics page is available for brokers and its staff in the back office interface, as well as for partners. Partners and brokers alike will be able to set monthly goals and monitor their implementation. Graphics show clients’ achievements within a chosen time frame.
The client interface now has a new detailed section for partners. The latest updates bring extensive statistics for partners on their clients’ activity.
This visual report system allows both brokers and partners to set clear objectives for their sales team to attract customers, monitor their activity and results.
About UpTrader Forex CRM
UpTrader’s 10 years experience in working with different Forex CRM on Forex market has allowed to analyze the most effective solutions and put them into practice.
Vasily Alexeev, CEO UpTrader
“CRMs that we used to work with were visually unattractive and had poorly designed interfaces. It was a major obstacle to mastering and effective usage of these programs by brokerage staff. As a result, it affected the speed of task execution, the quality of customer service, and consequently, the company's profit. So we set out to create a Forex CRM that differs from everything we worked with before. It had to be multifunctional, reliable and helpful in business. Our efforts bore fruit: our CRM is being used by numerous companies, and we receive positive feedback from them.”
The new CRM was designed from the ground up specifically for retail Forex brokerage business. It aims to increase the speed of solving simple tasks and make its adoption by employees easier. UpTrader CRM for forex includes a trader's room, a back-office interface for the staff of the company, and an administrator's section with flexible settings of access levels and available features for staff and traders.
The trader’s room is simple and easy to understand even for novice forex traders. Fast registration and instant verification of a client’s identity rids both customers and brokers’ staff of unpleasant time-consuming routine processes.
Managing accounts will not become a challenge for a trader due to clarity of the operations’ history. Moreover, for clients’ convenience, a broker is able to integrate a web trading terminal into the personal account and rid customers of having to log in to the terminal every time.
Customers can read the latest financial markets news and daily technical analysis and monitor trends with the calendar of key economic events in the forex world.
The back-office interface was created for operational control and management of a company’s business processes. Back-office employees can monitor a client’s activity - view deposits, withdrawal requests, and operations history.
Information on the partner’s activity is also displayed on a dedicated page, where one can see the number of clients, their activity, partnership rewards, bonuses, and personal data.
UpTrader developers also provided for and worked out in detail the system of client support. The administrator can monitor the quickness and quality of the support department responses to clients’ requests.
It is possible to integrate Forex CRM into a trading platform in a couple of clicks. A broker can offer its clients to download MT4, MT5 or other trading platforms right in the trader’s room.
In the admin interface, a broker can customize Forex CRM and the trader’s room both visually and feature-wise. For instance, it is possible to translate it in any language, assign responsibilities and access levels for employees and make the interface match the corporate identity. The administrator defines settings and services for clients.
Brokers can integrate news, analytics, and calendar of key events in the financial world. Thanks to the valuable content for traders the system can become not only a platform for managing accounts but a source of information for market analysis. It can stimulate clients to actively get involved in the trading process. In order to draw attention to a product or a special offer, brokers can launch ad campaigns to be displayed on the trader’s room.
UpTrader solves key problems that universal Forex CRM solutions have, being difficult to adapt to forex brokers’ mission. Moreover, the team is regularly releasing new updates. Follow UpTrader news to learn about the changes, that enrich the system with new features and capabilities.
Take a more detailed look at UpTrader Forex CRM by downloading the presentation.
UpTrader launched integration of a new generation copy trading system - RAMM-accounts. The service will help brokers to increase trading volumes by attracting new clients and traders.
In recent years, copy trading increased dramatically in its popularity among all the participants of Forex community, so for brokerage, such services became their way into the mass audience. However, seeking to satisfy their clients’ inquiries, brokers inevitably deal with deficiencies of the platforms.
First, brokerage firms integrating popular copy trading services to their platforms face difficulties in attracting traders. A service can stand idle for months while the company negotiates with traders trying to lure them away from rival brokers in order to provide clients with a large choice of strategies.
Second, heavy plugins for copy trading on MT4 frequently conflict with other applications responsible for the steady work of a server. Thus, the deals duplicating process results in breakdowns of brokerage platforms.
In addition, brokers often have to develop their own interface and a range of tools for particular investing services, which delays its launch.
Since July 2019 UpTrader provides a new generation model of investment – RAMM (Risk Allocation & Money Management) by IT-company RAMMFX. The developers have successfully overcome the above-mentioned shortcomings of copy trading services.
Contrary to the competing systems, RAMM allows sharing strategies of traders from other brokerage platforms. A trader just needs to open an account on RAMM service with a minimum balance. His trading performance will be reflected in RAMM as a trading strategy. Thus, a broker is able to fill up a rating with a wide range of strategies in the short term, that will actively stimulate clients to invest.
The problem of server overloading is solved as RAMM is not a plugin, but a complete trading platform with its own server. It is compatible with any broker whatever trading platform he uses or whether he actually has any.
RAMM has a ready-to-use advanced interface with all graphs and statistics needed for traders and investors. Setting up RAMM White Label by the UpTrader team takes just around a week. The service can include branding, building risk-hedging schemes, setting trading conditions, changing swaps, commissions, and spreads, as well as other tools according to the individual inquiries.
RAMM provides accuracy of copying and full control over the process that will attract and retain even the most careful investors. They can leave the strategy at any moment, as well as set the limitation on their losses and targets. They also are able to invest in the limitless number of strategies at once from one account, thereby diversifying their risks.
Netting of trades in RAMM system allows clients to avoid extra fees. At the same time, due to this feature, a broker is able to flexibly customize risk-hedging throughout a company.
Despite the crucial advantages of the platform, connection and technical support costs are slightly below the market. It can be connected as an external system with a separate account or as a system copying signals from one MT-account to another. Brokers can build an infrastructure around the platform on their own or with the help of the UpTrader team.
For new players in the market, RAMM is also available in one package with White Label МТ4/МТ5, integration of payment systems, CRM and a liquidity aggregator.
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