Betex Review — all you need to know about Betex
Binary options have come under fire in the past, mainly because of shady brokers who have deceived their users and cheated them out of their money. Scams came in many different forms, from dishonest brokers to rigged robots to falsified reviews. Whether it is the broker that is shady or the trading system that is shady, traditional trading platforms make it difficult to figure out who you can trust. This situation had a detrimental effect on the popularity of binary options. The Betex platform directly addresses the problems that led to the decline of binary options. Betex recognized that this was the right time and place for a change. Their goal is to usher in a new era of binary options trading, defined by new standards for transparency. The result is a truly revolutionary peer-to-peer platform with unparalleled fairness and integrity.
How Is Betex Different?
Traders will always place bets against one another. This is what makes it a peer-to-peer system. The traders will never place bets against platform providers or middlemen. The traditional model is inherently flawed. If traders are betting against brokers, it is in the best interest of the broker for the trader to fail. This means as a trader, you have to trust that the broker has integrity. History proves this is not a safe assumption traders can make. Because Betex is built with blockchain technology, the platform offers more transparency than traditional trading platforms. They do this by providing users with access to real-time data and by keeping third parties out of the direct trading process. Traders are all on the same playing field. With traditional trading platforms, the trading process takes place behind closed doors, so it is not transparent at all. Betex’s transparent, decentralized approach ensures more fairness in the betting process.
Another major difference is that the platform only takes a 5% commission of the total amount of bets made. Users form one common pool of brokers, in which the liquidity is derived. This setup is unique, as this is the only platform where as much as 95% of total funds are distributed across the pool of traders who make correct predictions. The commission is the same no matter what the outcome of the bet is. Therefore, Betex has no incentive to manipulate the outcome of the bets. This gives the system provable fairness. In addition, trades are stored in the Ethereum blockchain, and can therefore be audited in real time. This makes it harder for third parties to alter the result, which in turn, also helps create a fairer trading environment.
Traditional trading platforms typically involve the hassle of making deposits and withdrawals, which both take time. The Betex platform does not require any deposits, and thanks to its use of smart contracts, withdrawals can be made instantly. This makes the process more convenient than other trading platforms. You receive immediate payouts. The payouts are automatically released by the smart contracts and go directly into your Ether wallet.
Betex Tokens
There are two tokens in the system. The main token is BETEX. The second token is a Stable Betting Token (SBT), which holds a stable value of $1.00. The SBT is used in the betting process and in payouts to winners. BETEXtoken is used for profit’s distribution — 100% of the platform’s profit is being distributed among BETEX token holders.
Betex Interface
The Betex team created an interface that is clean and easy to use. Users will be able to access the trading platform via a web-based interface. However, a mobile and a desktop application are both in development. The process looks like this:
A trader selects an asset to bet on. Then, they choose among six intervals of time. They then choose an amount to bet. Lastly, they choose a direction (call or put). The process is quick and simple.
The interface is organized into blocks. The header block tells you your balance. The asset block shows a list of available trading pairs. The composite rate block shows you the trade volume of the asset you chose on the major exchanges. Other blocks on the interface will show you the historical changes of your asset’s composite rate and the strike rate. Two other blocks will let you select your time interval and input your bet amount.
Betex Token Sale
An important thing to note is that you have to pass KYC procedure to be able to buy tokens. Also token sale is available for Americans — only qualified American investors can purchase BETEX.
The BETEX token sale will occur over three stages.
▸ BETEX Token Pre-Sale, Round 1 (04.12.17–08.01.18) — Completed
▸ BETEX Token Pre-Sale, Round 2 (10.01.18–18.02.18) — Completed
▸ BETEX Token Sale (01.03.2018–31.03.2018) — Live!
The token price for the first round of the pre-sale was $2.00. The token price for round two was $2.50. They have just entered their final stage. For the main sale, the price is $3.00. A max of 3,000,000 tokens will be sold. The minimum purchase amount is 0.5 ETH or 0.05 BTC.
Brokers
The main role of brokers will be to attract users to the Betex platform. The company has decided to use the White Label system. The White Label approach is when one company generates a fully operational service or product, but a different company sells it. By using the White Label System, Betex will be able to quickly attract a large amount of users to its platform.
Events
Last December, the team attended the Blockchain & Bitcoin Conference in Malta, where IT specialists, governmental officials, investors, lawyers, and more came together to discuss issues such as upcoming ICOs, trends in the fintech sector, advances in blockchain technologies, and legislative regulations. Around 400 people took part in the event. Developments in blockchain solutions and legislative regulation of blockchain were two of the most widely discussed topics at the event.
The Betex team attended the Dubai International Blockchain Summit in January where tech enthusiasts from around the world gathered to explore the widespread utility of blockchain technology. The conference also explored the range of innovative blockchain technology that are presenting solutions to fields as varied as healthcare, finance, exchange, and supply chain. The experience gave the team invaluable networking opportunities.
Media Appearances
Betex has appeared in a variety of media publications. CCN reported on the announcement of Betex’s new platform, providing details about the benefits that their peer-to-peer platform will have over traditional trading platforms, as well as details about the ongoing coin sale. Bitcoin.com published an overview of Betex’s binary options platform, which discusses the company’s goals for their new platform. NEWS BTC published an account of how Betex is going to create a new way to trade binary options.
Looking Ahead
The Betex platform should bring new life into the field of binary options trading. They have painstakingly developed a system that is founded on transparency, honesty, and fairness. In doing so, their users will now have a safe way to trade binary options without having to worry about scammers and deceitful trading methods.
The Betex team is committed to continuously developing and improving their platform as a way to ensure the quality for its users and as a way to draw in new users. During the first quarter of 2018, the company will undergo testing on its mobile device applications for Android and IOS. They will also test their desktop application. In the second quarter, they will work on developing an application programming interface for trading bots. During this quarter, the tokens will be distributed and the mobile and desktop apps will launch. By early 2019, the company plans to expand out into the global market. Betex aims to become the new global leader in binary options trading. It is the right time for a new system of binary options trading to come along that can allow the innovative trading method to realize the promise it showed when it first came on the scene. No other company is in a better position to reinvigorate the binary options trading field.
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