Of the many financial education apps out there, Finance Illustrated is one of the most well designed. It works on a system that delivers knowledge to the user in a quick and effective way. This app allows users to learn the basics behind forex trading in a way that they will remember. The app also allows its users to explore the world of bitcoin and other cryptocurrencies, and how they fit into the forex system. We decided to interview its creators to understand how they feel about cryptocurrencies and how their app could interact with them in the future.
Finance Illustrated: The Cryptocurrency Angle in a FOREX App
Bitcoin Chaser: Your app focuses on currency trading, but it doesn’t have a cryptocurrency angle. Are you considering one? Why or why not?
Finance Illustrated: We do have the cryptocurrency angle, one of our University lessons cover cryptocurrencies, also we allow our users to trade Bitcoin in our trading simulator, including on Saturdays and Sundays when all other financial markets are closed. The idea is simple – we teach to trade all dominant currencies, there is no doubt that volume of trading USD, EUR, JPY and other traditional Forex instruments is higher than Bitcoin, for example.
We compare all the other forms of investment trading against Forex market, we underline what is good and what is bad. And regarding Bitcoin trading we see more good reasons than bad, which is why we encourage our users to try it. However, to trade currencies (or anything else), everyone needs to understand the basic principles of supply and demand. Also, it’s easier if you learn to trade with the currency you have held in hand, bought clothes, food, services for.
The Status of Cryptocurrencies as Currencies
BC: How do you view cryptocurrencies in terms of currency trading, would you consider them currencies or not?
FI: If we look at the flagship cryptocurrency Bitcoin, we highly consider it as a currency and in addition as a safe haven asset too. When there are fluctuations and uncertainty in financial markets, the demand for Bitcoin rises the same way as for gold. In general, if you can buy services or goods with a cryptocurrency, it is a currency. It doesn’t matter if it’s banned in some countries, it just reduces its liquidity.
Finance Illustrated: From FOREX into Cryptocurrencies
BC: With the advent of Ethereum, more people are designing dapps or decentralized apps for everything. Do you consider that Finance Illustrated can one day become a dapp?
FI: We definitely see lots of great opportunities we could enjoy by becoming dapp. We have a huge interest in the Blockchain technology. Ethereum is a great idea.
BC: The lessons on Finance Illustrated are great because they manage to keep users engaged while at the same time teaching them important concepts in a way that is not time consuming. Would you consider doing a spin-off for basic cryptocurrency education? Why or why not?
FI: Thank you. It’s a good question. We don’t like doing spin offs in general. If we decide to create some sort of educational app about Cryptocurrencies it would be something original and unique.
The FOREX Take on Cryptocurrency Markets
BC: Considering the future, how do you think cryptocurrency markets will influence traditional currency markets?
FI: If we look at Bitcoin, it hasn’t become a mainstream currency yet and it doesn’t look like it will become anytime soon. To influence, it should become one. But technology that drives Bitcoin – Blockchain is changing everything now – transactions should become faster, cheaper and safer.
FOREX and Cryptocurrency Markets Overlap
BC: Which kinds of lessons can cryptocurrency traders learn from traditional currency traders?
FI: Don’t gamble! Start slow. It’s very crucial for a beginner trader to wait for strong market signals that creates a trend and engage in trade early. Never go against the trend. Positive signals drive value up, negative or uncertainty down. Practice this strategy in simulator before engaging in trades with real money.
Finance Illustrated on Decentralized Currencies
BC: What do you think about the concept of decentralized currencies?
FI: The concept of decentralized currency has two sides – both are freedom, which can be good and bad. Freedom of power in wrong hands can have a devastating effect. From the financial investing point of view, it’s a good thing. It’s an extra option where to invest and benefit.
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