What makes Geco.one different from traditional cryptocurrency exchanges?
Geco.one exchange may soon become one of the most prominent players on the market of leveraged instruments for cryptocurrencies. In terms of UX, it is already ahead of the current segment leader - BitMEX.
One of the founders and CEO of Geco.one is Marcin Wituś, who has been involved in the investment industry in the traditional market for over ten years. He became interested in cryptocurrencies in 2017. He knew that digital assets are the future and would interest even the most prominent investors. He noticed a niche in this market: the lack of leverage products.
The only significant entity that offered Bitcoin leverage at the time was BitMEX. In addition to BitMEX, in 2017, a few entities were providing similar services. It was undoubtedly an opportunity for us - says Marcin Wituś.
It is how the idea for Geco.one was born. The experience gained by Marcin in the traditional market allowed him to transfer some of the proven solutions to the world of digital assets. It only took investors who would believe in the exchange. The first one knocked on the door himself.
As a trader in a bank, I served clients in the field of investments in the currency market, FX, options and dual currency investments. My client was Rafał Kołakowski, who suggested that we jointly carry out a project on digital assets. Thanks to his capital and experience, we were able to start our project. He was the first investor without which Geco One OU would never exist. To this day, he is a shareholder and supports us with the experience - he emphasizes.
Geco.one is not a SPOT exchange, where typically the average Joe goes to buy his first Bitcoin. It is a cryptocurrency derivatives exchange for a user who has Bitcoin trading knowledge and experience in this area. Crypto pairs can only be traded with a Bitcoin deposit. It also applies to pairs such as BTC / USD. A user who does not want to exchange BTC for FIAT currencies can use Geco.one to take a short position and secure his long position in BTC is quite an innovative solution.
What else distinguishes Geco.one from spot exchanges?
In the case of SPOT exchanges, tools such as Take Profit or Stop Loss are often missing. Spot exchanges also do not have such advanced order types as Geco.one i.e. Quick Transaction, Market, Limit, stop & OCO. We have transferred many necessary trading tools for the crypto world, which until recently were not known to cryptocurrency users - says the CEO.
After raising funds to build the exchange and the right people for the team, it's time to conquer the cryptocurrency market. Geco.one has been consistently making the position of a safe and intuitive derivatives exchange, while more and more controversy has started to grow around BitMEX. In 2019, there was a leak of user data from the BitMEX database.
- In terms of security, Geco.one focuses primarily on "cold wallets" provided by renowned BitGo, where as much as 98 per cent of funds are stored, says Marcin Wituś. In practice, this means that Geco. one's digital resources are stored by specialists on a dedicated infrastructure not connected to the Internet. Such a mechanism would prevent hackers from stealing cryptocurrencies, even if they managed to break into the exchange by some miracle. Another advantage of Geco.one that encouraged users, was UX. We wanted to transfer solutions known to us from the traditional market. We followed the example of the Saxo Bank platform. For instance, all sheets or charts are fluid, and we can freely move or pin them. We have also made available a multi-screen from the level of a web browser, which allows users to browse the stock exchange on multiple windows or monitors simultaneously without downloading additional software - adds Marcin.
The exchange has also created a proprietary GEC token called Gecoin, which reduces transaction costs and provides some additional functions only to its holders. It was modelled on Binance Coin. The token is also deflationary - each time it is used on the exchange, it will be "burned". GEC will soon be listed on the Coineal and LAToken exchanges. It has already become so popular that other exchanges have started to report to Geco.one, which also wants to have it on their listing.