How Coins Get Exchange Listed and When Will I Get My Money Back

How Coins Get Exchange Listed and When Will I Get My Money Back


Hey everyone this is Steve good and welcome to our inaugural chat
of the podcast now on YouTube and probably on Vimeo and Yuri welcome it’s
great to see you live like we’re talking together face-to-face
this is cool right thank you Steve again its fantastic to be here and also to
see you this is this is nice this is going to be fun rather than me guessing when
you’re gonna speak I can actually see it live I don’t want to guess when I’m
gonna speak no The fun begins now it definitely does you have you tried
spending any Bitcoin cuz I I certainly did and it was once again another
entertainment session oh I think here’s a beat so I did the mine was just
chatting with my uber driver when I was got back from visiting my parents a
couple weeks ago but it wasn’t as that it wasn’t that exciting we just talked
about it on the way back and he turns out was very excited about what’s going
on Bitcoin and didn’t know how to actually do that but he said that he
would listen to our podcast to find out so that’s my little bief we’ve got two
wins this week cuz I got a similar one so I had to go to physical therapy because
I’ve got a problem with my shoulder from a ski accident from more years ago than
I want to tell cuz I would get my age away anyway so every so often it flares up
again and I have to go back and you know get a little bit of twisting and turning
and all such but anyway so at the end I said you know is it possible to pay with
Bitcoin and you know what she knew what Bitcoin was she’s like oh I know it’s a
digital currency you know that she said but you know I don’t know how it works
how does it work and then she starts asking me questions about how it works
and I said I have a podcast she said great okay and so we have two new listeners
but you might notice the subscribe account went up by two that’s right just
jump right up yeah it’s an enormous jump I mean you know I’m really excited but
at least she knew what it was I mean I wasn’t expecting my physical therapist
to accept it but my shoulder feels better hey that’s great
that it feels better and we’ve got another podcast listener that’s a win
two wins that’s a double whammy yeah that’s right those who are listening to the podcast
and can’t see us live of course I’m sorry but you know I was wiggling my
shoulder for you just to prove your like this is how it works. Its slightly better than last week yeah so as
you know this week we’re going to talk about exchanges and and how to get
listed on them and why why why don’t you know which exchange you’re gonna be on
and lots of stuff that I see going on every day in these telegram channels so
I thought it might be a good opportunity just to tell people stop asking well
that’s good I mean it’s you know it’s kind of a fair question because if you
you’re putting money into an ICO you want to know when they’re gonna be
on exchange because you want your the value to go up. I just gave you Ether so when am I getting my
Ether back in your coin so it in my hands again. exactly it’s pretty much it
when I get my money back that’s how it works
yeah so I mean first of all there’s about you know a hundred plus exchanges
out there so of course think about it like you’re the you know you’re you’re
the ICO and you’re sitting there saying well I’m gonna I’m gonna launch my my
project and all that and and people are saying well hang on a second you know
when is it going to be listed and you’re saying well I don’t even know which
exchange I’m gonna choose yet I got a pitch and interestingly enough I mean if
you look at all the exchanges there’s there’s a range of exchanges and there
are different users using different exchanges in different places in the
world no the first thing you got to think about as an ICO
or somebody that’s getting their coin listed is which exchange did I actually
be on or how many should I be on which countries and my targeting where are my
users so if you’re launching a global platform like most people are then you want to
get global coverage and and actually you’re sitting there on the telegram
channel not really thinking about the fact that starting point A is I have to
the strategy around where I’m going to put my coin and which and which or how
many exchanges and then I need to consider the costs because you can pay
as little as let’s say one Bitcoin sometimes less because there’s
some deals out there for newer exchanges and you could be you know a lot to get
listed on an exchange 40 Bitcoin or more Wow so which of those which are
like the the highest cost yeah so so there’s the big ones are like Binance
for example where you have to put down an enormous deposit plus you have to pay
for listing and and then you’ve got you know ones like HitBTC which charge a
ridiculous amount for listing KuCoin who will be pro so the big you know Tier
one yeah changes tend to demand much higher and
they do a combination of things like they’re asking for a deposit and they’re
also asking for actual fees and that gets into another interesting point
about what are the fees to get listed on exchange and there are actually a couple
of different things one is you have to pay for a per pair so if you’re gonna
for example if you’re gonna have your coin listed on the Bitcoin trade pair
see Bitcoin coin X then that would be a fee of X but if you’re gonna have two
trade pairs then you have to pay more and now you start to realize there’s a
multiplier here because if you want to be on three exchanges and you want to
have Bitcoin and Ether as your trade pairs that’s six trade pairs you need to
pay for across three exchanges and then all of a sudden you start to realize how
can how can an ICO know how much money they’re gonna spend
until they know how much they’ve raised have they reached their soft cap and their
hard cap and they need to budget accordingly are they going to go for
Tier one exchanges are they going to go for Tier two exchanges you know there’s
a lot of options and then which markets or countries when I say markets I mean
countries or regions do you want to consider so in reality it’s probably not
very fair to even ask people notwithstanding the fact that the
exchanges are generally not going to say oh sure we’re gonna list you and you
haven’t even done your raise yet right so there’s a reality check here which is
of course I get you’re right 100% right people want to
know hey you know I’m gonna be on putting my coins into this where am I
gonna get them out afterwards and I don’t want them in like some you know
dodgy crappy exchange just because that’s all you could afford I want to
know that you’re at least going to be on sort of a tier two like a Mercatox
Livecoin X-Rates or you know or are you gonna be a tier one like BitFinance or Brittix or or you know whatever Kucoin so there’s a lot
there’s a lot of you know implications in terms of deciding how much money have
I got can I afford to you can you know get on those exchanges will I even pass
the test when I apply oh so what’s what’s our kind of the like besides the
fact that I’m gonna give you money what are some of the tests right here Yuris
gonna give me somebody that’s right to be on your exchange is gonna be on your
exchange so how do I get so what I do so yeah that’s a great so that’s a really
good question so here’s the thing I mean not every exchange follow the same rules
but there are kind of more or less I would say two types of exchanges those
who just kind of say pay me money and I list you of course
okay list anybody they still have criteria but they’re the criteria are a
fairly low bar of acceptance often through relationships and then there’s
the other side of things where exchanges say we want to be a little bit careful
who we put on the exchanges and there’s a couple of different ways this happens
so first of all if I kind of just run through I made a little list over here
excited yeah so there’s a couple of things um some of the bigger exchanges
by name like Binance Kucoin they they will they will usually say how much did
you raise did you raise 20 million 30 40 million oh 2 million yeah you were
really a hot ICO guys yeah we really want you on our exchange so already you
can see just by I say how much you’re laughing saying I get it right
so how much you put in is a how much you raised it’s a factor because exchanges
will know you know if it’s a low volume of coins of you know of ICO money raised
it means the trade transaction volume is going to probably be very low
user following will probably be very low and the coin won’t do very well in their
exchange and that means they won’t be making money because they make money
from trades right and they have to make effort to get you listed so why would
they charge you 100 BTC is a deposit and then find out that you know you you
don’t even have the money so that’s one factor they some of them will
look at your smart contracts actually and they will look to see did the trades
that went under the smart contract oh there are lots of zero value
transactions on the exchange or is it more just you know everything’s smiling
and happy lots of entries 1/2 either two ether four ether three ether
going through one by one or are there lots of errors I mean you know you don’t
want to have who wants to take you if you’ve got error after error message on
your on your smart contract and tons of zero value what happens if your smart
contract isn’t designed properly because there’s a number of ways than smart
contracts get designed I’m not an expert in that but I’ve heard stories so you
know you don’t want zero value don’t want errors and you don’t want
transactions fails those are the three and if they were already designing a
smart contract not considering that then you shouldn’t be doing an ICO just
stop don’t do it ICO if your smart contract right and get the smart
contract out in the public at least three days before give your developers
that aren’t going to Github and give them a chance to look at them that rant
finished okay so the next one is some of the some of the exchanges believe it or
not have built their little own algo algorithmic analyzers okay and and what
they do is they look for things like how many posts were you posting on Twitter
Facebook Bitcoin talk they want to know were you active or are you just kind of
waiting for money to come in alright because it’s a show it’s a shows that
how active you were yourselves how agent you had they can’t read out a telegram
so easily but they can certainly read your Twitter and your Facebook posts and
they say number one how many posts mm-hmm
how much hashtags did you use second thing they look for and this is
even more interesting is they look for sentiment oh yeah intimate so they’re
sitting there analyzing positive neutral or negative sentiment generally yeah I
say there’s some of them that do this probably a lot of them that don’t I
don’t know actually which one would don’t do it I know that some doing won’t
name them but I know that some do this and and they’re well cuz I don’t because
I you know I could get it wrong and there could be others that say hey you
didn’t mention me and there’s a lot of comments in the description below which
I’m ugly you know hate mail because you didn’t hit my exchange as algos or
doesn’t do it right anyway the point is you know it’s it’s good that they’re
doing this because they’re looking to find out whether you generally had
positive comments and sentiment about your project while you were running the
ico or whether people were generally negative about you even if you raised
the money doesn’t mean I get a sentiment why would they want a negative coin on
the platform great so I’ve covered off the minimum amount the smart contract
stuff the number of number of posts the sentiment to the post so here’s number
five is that they will need to see how many followers you have on Telegraph
okay and I can track your sentiment but they can track your followers or
whatever file I think they probably do I’m not sure if
they’re doing that one manually okay they just you know because if you just
hit the you if you put the URL for that particular telegram channel there’s like
a window that pops up on the browser to start with it says number of followers
even if you don’t join so I don’t know I don’t know how advanced they are with
this but I’ve heard that some of them are actually looking at total number and
I’ve even heard that some of them will use api’s to look and see how many are
real versus BOTS I don’t know what that’s for real but
I’ve heard these about this so needless to say they are gonna look and see if
you’ve got like you know ten thousand or a hundred thousand people in your
telegram and I think the benchmark is 25k is about what you’re looking for
okay you know there’s a lot of ICOs that
are succeeding with eight or ten thousand which is great you know it
doesn’t suggest you have enough following to justify a big trade volume
when you actually get on the exchange they’re looking to see you’ve got a lot
of followers lots of followers on Twitter lots of
follower so looking at the number count Twitter Facebook bitcoins
milligram do they have a lot of followers or did they not have a lot of
followers and it’s just a metric and then here’s the fun one
okay they check out your profiles on LinkedIn to see that you’re real so they
do the extra work all that other things that we talked about on whether or not I
see a was real they do all that work scam and they’re doing some of the same
kind of stuff they’re checking to see is your LinkedIn profile exist so I think
they look at the website and they do get those from the website and verify that
all the profiles are authentic and then how many people are they connected to
yeah so if you’re them to your project and you’ve never used LinkedIn before
you better get on LinkedIn to start connecting with people let’s do that
anyway because the blockchain community wants to know you it’s normal
hmm some of this is for the ICO’s themselves hopefully those were new iCOs listening realize that you know when you go through a process of
launching an ICO most people are not actually thinking about hey hang on a
second when I finished this thing I want to get listed on the exchange but your
users are already thinking about this they’re already asking the questions
they’re already saying where are you gonna get listed no yeah for god sakes
guys if you’re gonna run an ICO make sure you know where you’re gonna be
think about it think about the things you need to do to plan for that where do
you want to be you know how many users do you want to have on your platform to
begin with is it going to be a successful ICO it will be if you have
lots of user engagement and you’re thinking about designing smart contracts
and you’re thinking about how to create positive rather than negative sentiment
you’re making sure your profiles are all updated all that stuff that we always
talk about how to run a good ICO and how to run a good company generating
awareness that leads to people then saying oh I know who they are I
recognise the image I’m looking at the documentation the fact matching I see
that they’re relevant to me I like what they’re doing yeah I think I want to
invest in this project guess what it’s all the same thing just from the
exchanges point of view now not the users point of view mm-hmm but that’s
good to know they kind of double-check your work on that one yeah I think
they’re doing that so that’s that’s more or less what goes on so so you know for
those of you listening that are asking how come I don’t know if which exchange
are going to be on this is why because the ICOs don’t
know yet they need to finish a process now there are cases where an exchange
will be approached by an ICO who’s finished a pre ICO very strong in
the pre- ICOor in the phase one of an ICO of there’s two or three
phases and if the phase one has been very very strong and they’ve got a
strong following and good connects and good relationships they can get it pre
listed okay okay it doesn’t mean they’re listed officially it means the
announcements have been made there might be conditions in the contract like they
have to still do certain things but I do see examples of projects where they
publicly said yep we’re gonna be on this his exchange and the ice here the
IC O is announced it the exchange has announced it and that’s cool that’s
really nice I like that it’s great to see that that’s happening but it’s just
a it’s part of the whole you know experience I suppose yeah definitely so
once they’re on the actual exchanges themselves do you go on piers about
market makers so yeah right so this is that this is the stuff that I think
probably 99.9% people don’t even know about this stuff actually so okay good
so I’m glad you brought this up actually cuz it is a really important factor so
first of all do you know what a market maker is I do in the traditional
Nasdaq’s Nasdaq right yeah so a real a real market maker in the context of a
Nasdaq or Footsie or Dax or whatever real exchange buying and selling FX like
you know foreign exchange or equity shares Their main job is really
to create a market of buyers and sellers and a market maker makes their money
from the the difference between the by and sell they’re also creating liquidity
so they’re sitting there trying to generate trades not by trying to
generate trades they’re trying to make money as market makers but their main
job is to make sure that there’s a clear buy and sell side and a spread the
spread being the buys higher and the sell side is lower
because you’re not going to immediately buy something and sell if you have to
create a difference between the two the Bible was higher so that’s where market
makers are doing the creating liquidity they’re creating the spread and they’re
effectively by doing that they’re making the market and of course there’s always
people say oh I don’t like market makers and blah blah blah you know the
manipulating and everything else but actually their job is to make sure that
there is it cleared buy and sell spread you know where the difference is not
like 10 points difference it’s like 1 or 2 points since it’s a small gap but
enough that they can make their difference their money on the gap
now here’s where it gets a little bit more interesting is when you get into
crypto because the exchanges interestingly enough are demanding or
asking you to confirm that you can guarantee a certain amount of volume in trading for
the first two or three months oh okay right now yeah is that normal I may be
done tried to find out I haven’t if there’s any guys out there or girls and final
and financial service women financial services who know market
making better than this by all means jump in and share your experiences but I
wasn’t I’m not under the impression that it’s about a guaranteeing volume it’s
about liquidity meaning there’s a certain amount of cash available for a
buy or sell and and making money on the spread yeah but the market makers are
expecting volume as well okay number of trades of you know 10 BTC 100 BTC a
thousand BTC per month and so the market makers in crypto are making their money
per trade pair oh and they’re charging anywhere between ten and fifteen
thousand dollars per month per trade pair so if you get listed on an exchange
not only do you have to pay the fees to get listed on the exchange and the fees
to pay deposits and sometimes the fees for the suppliers who helped you get
listed on the exchange because there was a number of suppliers out there who do
that on top of that you have to pay market makers
Wow right now the way market makers work in crypto is you have to give the market
maker per month a certain minimum amount of ether and amount of your own tokens
or coins Wow okay that’s a good business to be in ya know get me you need traders
who know how to trade this stuff because they have to make sure that they’re not
losing money they’re simply maintaining volume by the
buy and sell in creating the market which is really good you need to park it
anyway so you need market makers in the traditional sense so they have so the
way they work is they have Ether and coins or possibly Bitcoin and coins so
that they can trade on those in individual markets that particular coin
so they have both buy and sell side they’re operating on both buy and sell
side and they’re creating liquidity like normal and they’re creating a minimum
amount of trade volume yeah so that they kind is able to say yeah we did it up to
three months we’re sticky right and the there’s a couple of market makers
out there so I did a little research and I’ll just name them often I’ll give a
shout out to a couple of the guys I’ve spoken to so shout out to ICO Brothers
good group of guys I’ve spoken to I’m into Platinum good group of guys a
different location in the world and the third one I’d not spoken to but by all
means guys if you hear this podcast and you want to talk to me is GSR okay so
those are those are three I know there’s others but those no three of the ones I
see in the market more frequently I’ve spoken to two out of three of them so
just hello guys nice to know you and that’s it I’m not promoting any here but
those do you know ICO Brothers in and platinum both do both exchange listings
as well as market making as far as I know GSR just as the market making I
might be wrong but I looked at their website that seems to be their main
focus but oh all three of them effectively cover this this band on this
face of this conversation so you know it’s interesting to see that there’s
actually companies that are you know creating themselves in this space and
interesting that I don’t or have not come across so far any traditional
financial services companies in the market making space who have moved into
this crypto space yet yeah yeah I’m surprised that hasn’t happened yet but
uh I haven’t come across any every night because I talk to lots of ICOs all the
time and they all pretty much name the same few companies definitely and
there’s lots and lots of independent agents whether these agents are you know
solid in what they do solid agents I mean in terms of exchange listing is one
and the other is in terms of market making them as individuals we’re out
there doing this kind of stuff but okay hard to verify and validate their their
capability their services but has you know they all say give me 30 you know
give me 30 BTC and I’ll get you listed on an exchange X and you’re like yeah and they just trust you I guess yeah
where it’s the larger scale companies that are doing this they generally
broker the relationship with you with the exchanges they know the application
form they do the due diligence initially to help you through the exchange listing
process they help you with having their own market makers to manage liquidity
for you make sure that you have buy and sell sides being you know created of
course if more people are selling than buying they create those buy and sell
sides as it moves but they’re just trading on the difference between buy
and sell sign and making sure there’s a market they’re creating volume I don’t
understand how that works that but that’s okay I’m not a technical trader
so I don’t really need to know yeah that’s the nuts and bolts of it and and
I think I just wanted to share this with people because I’m constantly hearing
about all you know when are you going to be an exchange why aren’t you going to
be less than exchange why you don’t know this is why they don’t know cuz there’s
a lot of money that’s involved and they need to know how much they’ve raised so
so do you guys put your money into the ICO do they get your money back that
is the stark reality of how this works right all right oh good well thank you
so much for going through this process because I know to mention is that you
know when you know ICO and you start the exchange listing process it does take
time it’s you know two to three weeks is part of at the bottom at the bottom end
the minimum side of things but I’ve seen it take
three months okay if and ico goes and does it without an agent generally I think
it takes longer because they’re having to apply on their own they don’t know
what they’re doing they’re just going through an application process and they
don’t know whether the way they’re going about the process is correct or not and
if you go through an agent usually it’s done a little bit faster more
efficiently and there’s actually one other thing I one other thing I forgot
to mention in fact which is that there is there are actually one of the factors
that some of the exchanges are also doing a consensus based voting where oh okay if you hold a tokens for example on kucoin if you have Kucoin coins or if you’re on their exchange and I’m not
exactly sure how it works cuz I haven’t done it myself although I used Kucoin
just generally for trading but I haven’t done the voting side of things but they
will list about ten or fifteen tokens every so often or coins that are ICO’s
that have completed and you get to vote on which one you want to list on the
platform oh wow so not only can you do a direct application process with some of
these guys but you can also just go ahead and get voted into the exchange as
well yeah well that’s good like a popularity contest but that’s a good and
it’s well it’s and it’s actually quite interesting because this goes back to
what I said at the beginning if you’ve built a user community and you could use
your community is twenty five or thirty thousand strong on telegram and you’ve
got ten thousand on your Twitter and okay maybe not Facebook now that most
people aren’t using Facebook for crypto anymore right
Bitcoin talk might be you know sizable that’s a user community that you should
be tapping into and you should easily get a lot of votes if your users that
bump the coins are all really committed to the cause of the project and they
want your coin to succeed of course they’re going to vote for you so you
should get twenty thirty forty thousand votes with ease if you’re already
successful I see oh so it kind of goes back to the same point so who will be
Pro is just started doing the same thing with voting I know another exchange
that’s launching in I think June July timeframe which is called SprintX
alright that’s predicts it’s called SwitchX the same companies yes SwitchX
is the is the new exchange it’s being launched out of
Switzerland but it’s a Central American company and SwitchX is also gonna have
a consensus-based voting process where people that actually hold the tokens
will have voting power based on how many tokens they hold to vote fpr
changes at least that’s what I’ve seen in their white paper yeah so so stop
asking when are you going to be on the exchange we don’t know yet right right but this is good again yeah thank
you thank you so much for breaking this down I really appreciate it
I’m breaking everyone’s souls I’m sorry you’re not getting your money for
another month or two stop asking I know I mean listen you
know when everyone when you invest in something of course you want your money
back that’s normal I get that yeah you know nobody wants to just hand over
their money their Ether their Bitcoin or whatever’s and just wait I mean that’s
horrible and of course you want to get your tokens back because you want to
know the money’s in your control and that’s the message I want to get back to
ICOs right is that if you’re an ICO and you’re launching a project get your
token on the exchange as soon as you can because people have trusted you with
their money but they’re not trusting with you to hold it they are trusting your
project so that means that once that project is done they want their tokens back in
their hands I mean that’s normal it’s their money they’ve invested in you and
it’s like if I buy shares in Microsoft I’m not gonna give my money to the
Nasdaq or to Etrade and sit there waiting for Etrade to give me back
my shares in six months no I get my shares in like two days I mean
officially you know two days on Etrade it shows immediately although there’s
actually a trade process in the background that takes two days or
whatever it is but yeah so you know ICOs need to recognize that as well so
please ICO guys are out there listening well don’t don’t mess about
with your user communities just start the process I’m giving you guys hints
and tips on how to do it for everyone now everyone knows what to go do and
don’t call me right right awesome thank you we
appreciate the hope that’s been useful and helpful for you Yuri and of course
for everyone who’s watching or listening because we’re now on YouTube we are and
I guess we’ll be on Vimeo as well we haven’t you know officially launched
this but this will be posted well I’m saying it will be posted and now that
I’m saying it it is posted so exactly meeting from the future yeah well for
those listening on the podcast it will be up on YouTube shortly and for those
watching YouTube Hi so yeah anything anything else here that you’d like to
cover today about anything or everything previous and past guest no I write no
I think I think for this first go-round I’m good so thank you so much on that
one this was fun I really enjoyed seeing you actually thank you as I might be
surprised to hear me saying that we can’t have fun what can we do exactly
all right well thank you Yuri once again always always a pleasure to see you I
mean thank you sir really is nice and it’s a pleasure to
see you and to all of our users thank you for listening in or for watching
until next time to the moon how do I do it now I set it back to the moon until
next time

One Comments

  • Yash Juma

    October 6, 2018

    This Is Great to share with crypto newbies in East Africa, Tanzania, Great Job Guys, Keep it Up !!

    Reply

Leave a Reply