Wow! Christmas and the new year whizzed by and we are almost through January. It took about a week after the holidays to get rocking and rolling again, and we are now back in full swing. 2019 here we come!
In this post I want to touch on the main question the community is asking.
When will TXT be listed on an exchange? Currently our goal is to shoot for the end of Q1 to have an agreement. That would be around the middle to end of March. We are currently in talks with multiple exchanges including multiple top 20 exchanges. The process for many top exchanges can take 30-60 days after approval and there are many factors for exchanges to consider such as:
- Type of project
- Type of Token
- Business location
- Risk analysis research
- Listing fees negotiation
- Github auditing
- Community size & previous marketing efforts
- Development progress & future potential
These are all factors exchanges look at when selecting new coins/tokens to list. The bigger the exchange the more hoops you have to jump through. On top of that, there have been many recent failed forks & failed ICO projects that top exchanges are becoming more and more selective.
We have also compared many of the top 50 exchanges to see which would best suite our project, so we can target the best ones. In this process we have narrowed it down to 4 important factors:
- Total Trading Volume – Obviously trading volume is important because more volume means more exposure to traders and more liquidity. The problem is many exchanges have a significant amount of bot trading and manufactured volume, making it hard to tell which exchanges have the best communities of real traders. Exchanges are in constant competition to beat each others 24hour trading volume and rank top 10 on coinmarketcap.com
- Trading Volume of top coins vs alt coins – There are many top exchanges that have huge volume of top coins such as BTC,ETH, XRP, USDT but almost no altcoin trading volume. Ideally a new project wants an exchange that has a robust community interested in trading altcoins and seeking new projects.
- Community Sentiment & reviews – If you research a lot of exchanges, you will quickly find that there are certain ones that consistently receive complaints of horrible customer service, freezing accounts, and conveniently halting trading. In some cases there are many complaints of funds disappearing. It seems there is a correlation with lots of complaints equals a higher chance of the exchange getting hacked. A good example would be the recent Cryptopia hack.
- Support for the project listing the coin/token – Some exchanges are happy to charge ridiculous listing fees then throw you to the wolves, while other exchanges have wised up and realize the success of the project/coin equals more success for the exchange. A lot of the most important tools and marketing support are not advertised publicly so you have to ask.
You would think the higher ranking exchanges would have all the best qualities, but this is not the case. The reality is everything is all over the board. One thing to note is a project does not have complete control over listings. Any exchange can list any project if they want. All an exchange needs is enough coins/tokens of a particular project to offer it for trading. So it’s not uncommon for new projects to end up on some unknown shady exchange. If you have never heard of an exchange before BEWARE.
During the crytpo boom of 2017 exchanges could do whatever they wanted. If you had millions to throw at a listing fee, you were in, regardless of the project. Exchanges were making ripoff listing fees, providing zero customer service, keeping every detail of their operation a secret and raking in gobs of money. Well, times have changed and the tables are turning. Exchanges are now actively reaching out to new projects and trying to make deals. We even had one mid-cap exchange propose a listing fee if we acted now, then proceeded to lower the price 3 times within a 2 weeks span. In crypo that’s a red flag and you have to ask yourself, is a fake-hack or exit scam coming soon?
This reminded me of the BitconnectX SCAM, where one month before the famous Biconnect exit scam, they launched a fake ICO website for their supposed new exchange then grabbed as much money as they could before disappearing. So the point is, we are treading with caution.
We have received a few smaller and medium exchange proposals, but we feel in this market getting listed on a top 25 exchange first would be the best decision for a new project like TuneTrade.
In short we are excited with our current progress and feedback. As soon as we know anything with certainty, we will let the community know.
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