we hosted an amazing AMA with Feeless on the 21th of August
And here we will put some of the best questions:
Q1. Can you introduce yourself to our community?
We are Feeless Trade, a team of cryptocurrency and trading specialists. We are here to bring you all a new exchange experience with almost no fees to drag you down. After many years of trading, we decided to get together to create a refined trading experience based off all of the good and changes to the bad we have seen in several other major exchanges. Most modern day trading platforms are very close to trading perfection; but they lack a few main points that hinder the overall user-trading experience. Feeless aims to solve modern exchange problems and set an industry standard for the integrity of all crypto DEX’s
Q2. Can you briefly tell us what is Feeless Trade ?
We are Feeless Trade, a team of cryptocurrency and trading specialists. We are here to bring you all a new exchange experience with almost no fees to drag you down. After many years of trading, we decided to get together to create a refined trading experience based off all of the good and changes to the bad we have seen in several other major exchanges. Most modern day trading platforms are very close to trading perfection; but they lack a few main points that hinder the overall user-trading experience. Feeless aims to solve modern exchange problems and set an industry standard for the integrity of all crypto DEX’s
Q3. Let’s now talk about the milestones you have achieved so far and about your upcoming plans?
Much of the Feeless experience has been talked about above, but we also offer spot, leverage, and future trading, FIAT deposits, quick withdrawals, and liquidity support for our trading pairs.
So far, we have sold out a $200k private sale with seed investors that we are doxxed with for use in our current and future development, marketing, and most importantly legal fees and regulatory licenses. We are currently close to the completion of our beta exchange site and apps for both the app store and the google play store. Our next milestones include our presale, which is coming in 4 days, an ICODrops listing, and the publication of our exchange (Beta version) for public use.
Q4. Every project has a story behind their name, Can you tell us more about the story behind this? Who are the team behind this project? can tell us their background?
The name ‘Feeless Trade’ originally comes from an inside joke in a way, in a conversation between myself and other colleagues about a perfect world involving no-fee trading. While we aim for as low of fees as possible (just enough to maintain the exchange), we still do have some small fees; however, these fees are exponentially lower than all other current exchanges offer. As previously stated, we would like Feeless to become the new industry standard for trading.
Q5. Can you introduce Feeless trade what critical problems does it solve that existing solutions are not solving and what’s the competitive advantage ?
Currently, the top three problems that FLT addresses are 1) Excessive Trading Fees, 2) Fast Withdrawal Time, and 3) True 24/7 community support. I have previously talked about our impressively low fees that companies like Binance and Kucoin aren’t able to compete with. As far as quick deposit/withdrawal time goes, we would like to achieve these within 3 network confirmations. The current industry standard is 35 confirmations meaning depending on your source of funds withdrawn, this can take anywhere from 30 minutes to even sometimes days! Lastly, we will have a support team that truly is there for our clients. Many exchanges like Binance have a support team that is incapable of answering all questions, so they forward your case to a higher up and make you handle it via email. We will be sure to have experts in all trading fields ready 24/7 as some problems are too dire to wait for
And here we will put best questions from our members and Feeless fans:
Q1. Feeless Trade will have a significantly Low Fee. Can you tell us what network that $FLT tokens belong is it ERC20 or BSC or other networks? As you offer significantly Low Fee,can you tell us how low it is?Is it worth to still generate revenue in your platform for sustainability?
I would also like to throw in our telegram group name, where you can actively go to ask questions and learn more about our exchange!The main difference between our exchange and others is our extremely low fees. $FLT is a BSC token and the presale will be collected in BNB.
Using FLT tokens on our exchange will offer incredibly low fees, similarly to how the BNB token works on the Binance exchange. We aren’t able to tell you an exact number yet, but know it will be between 10 and 25% that of Binance’s lowest fees (0.1%). Although we wish we could go fully feeless, the small fees will be required to keep our platform running. As our exchange grows and more people hold FLT tokens for use of fee-reduction, the price of FLT should increase as well as the strength of the token.https://t.me/FeelessTradeHere, you can find all necessary links such as our website and whitelist!
Q2. During your project development, did you consider community feedback or requests to further expand on new ideas for your project?many projects fail because they don’t understand their target audience and customers. So I want to ask Who is the most idea customer for your products?
In Cryptocurrency, all things from exchanges to ICOs are so community driven that you simply cannot expect a project to succeed without a strong community and a team that takes them into consideration. While we do stick to our future plans and endeavors for Feeless Trade, we try to include community suggestions into every big decision we make. Recently, we received some feedback from our community saying that some parts of our website UI and beta trading platform should look more professional. Because of this, we took some of their advice into our own hands and hired a new front end developer and designer to help create a sharper looking FLT. Our target audience is anyone who is interested in trading cryptocurrency. While we may be starting as an underdog exchange, we are here for all traders of all levels. We believe that Feeless Trade will help beginners learn without hefty fees and losses as well as help trading experts to have a smooth experience where they retain as much of their gains as possible.I previously mentioned that our public presale is in 4 days (coming fast!), but we do have a whitelist open! Signing up for the whitelist will allow you to get a spot in the presale in the case that it fills too fast thus making normal investors no longer able to buy in! There are only 50 spots left in our whitelist, so if you would like a guaranteed spot, refer to this link and sign up here. Serious inquiries only please! https://forms.gle/ePHxA8VzKRRyZbPQ7.
Q3. Nobody can guarantee the security of Smart contract. But Audit play an important role to find out the known bugs of smart contract. Can you tell us describe how strong is your security? Have you done an audit by any third party?
We currently have an undergoing audit with Quill Audits! A professional team of developers who not only audit code, but then give suggestions of how to fix mistakes large and small. After this, they allow for a revision or two and then a resubmission to be re-audited for mistakes. A system like this will insure that we don’t leave any mistakes in our contracts. We believe that our code is sound and secure, but Quill Audits will have the final say in this, as well as helping us to refine it as needed https://audits.quillhash.com/smart-contract-audit
Q4
I can’t find any information about your tokenomic, can you give a review about that ? How many tokens will be minted, where will they be allocated, what is the use case & what is the benefit for holding them in long term ? Will there any special rights granted to the holder ?
On the tokenomics page of our site, you can view all information about this! https://feelesstrade.com/tokenomics.html ! The short term benefits of our token include almost feeless trading, but the longterm include 2 things: 1) The more users our exchange acquires, the more people that will be holding $FLT. This will drive the price up and prove it to be a worthy investment. 2) When the price of FLT drives up, you will still be able to use it for trading fees based on its current USD price to the USD comparison of your trading pairs. This means that holding FLT and not selling even when it goes up means that $10 you may hold in FLT now may later be worth much more – which means you will be getting even better trading fee rates based on your initial investment.
Q5
Will #FeelessTrade project be free for anyone to access or is it intended for specific users and finally, does the project have any restrictions in some countries of the world or is it accessible anywhere?
Feeless Trade is made for all users and we cannot stress this enough. Our low fees allow users both new and experienced to enjoy our exchange with minimal hassle. Currently, we are obtaining the licensing for countries with many regulations such as the United States, but many places that still lack many or any regulation on crypto trading will be available to trade instantly. We are hoping that all of our legal documents and permits will file by the time of our beta launch so that most of the world is able to trade #Feeless right away, but as the time comes for this, we will let all of our followers and investors know!
I believe that most people in this particular AMA group will have no problem trading on our platform
Q6
How can we support your project? and what feedback would you give to the community?
You can support us by joining our telegram community (Pinned message), actively engaging with others, asking questions, and participating in our presale. As of now, we would like to thank our current community for all of their support and help along the way as well as welcoming in our new members from this AMA chat.
Q7
Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Because of our limited supply of tokens (Deflationary effect), we do not yet have any plans of burning tokens. In the future, we may implement something like this if needed. As of now, we only have 500million tokens in supply and there will ever only be 500million tokens in supply
Q8
How can users stay updated with this project? Are there channels including local communities where users, can get the latest updates?,
We have a community telegram (Currently pinned here) as well as a telegram announcements channel! You can find the announcement channel link in our community channel! Our website also has much more information about this
Please, everyone interested in FLT needs to signup for our Whitelist here! https://docs.google.com/forms/d/e/1FAIpQLSfw1_11-6SSkYE1E4UNVjO-jBSlvJtLFn7Zm2X7SqoWwGXq7A/viewform
Q9
is getting more popular now a days. It looks NFT has bright future. So do you guies have any plan to include NFT to your project?
Currently, we have no plans of NFT integration as this would be a whole different platform than an exchange – but we do plan to list trading pairs with NFT backed tokens
Q10
Can you explain to us how to purchase your token ?Will you have private sale and public sale event ??
Our public presale begins in 4 days and you will be able to participate through our website Https://Feelesstrade.com . There will be a 20 day token lock and then you will be able to claim them via Etherscan. Our team will be available at all times to help people buy, sell, or claim tokens.
And this was the end of our AMA with Feeless.
If you have any other questions you can ask here:
Website : https://www.feelesstrade.com/
Telegram Channel : https://t.me/FeelessTradeANN
Twitter : https://twitter.com/FeelessTrade
Medium : https://flteam.medium.com/