We've got something a bit different today. We have been approached with the opportunity to have an interview with the CEO of Overbit, Chieh Liu.
Where are you from and where is Overbit based?
I am from Hong Kong and Overbit is based in Singapore.
When did you first get into cryptocurrency and what attracts you to the space?
I first learned about Bitcoin in 2013 with my college community and started to invest and mine Bitcoin. I realised that the emergence of blockchain and crypto, had a high potential to revolutionise the digital finance market and gain mass adoption. Hence, I started to become heavily involved in crypto during the end of 2016.
The way I keep myself updated on the latest crypto trends is the same as most from the crypto community - by following news sites and through Twitter.
What’s your favorite cryptocurrency?
The one and only Bitcoin!
What is Overbit?
Overbit is an easy-to-use Bitcoin margin trading platform, providing 100x leverage on crypto and 500x leverage on forex and commodities. Our goal is to provide the best trading experience for any type of trader, be it professional or novice traders.
When and why did you start Overbit?
Overbit was officially launched in late 2018.
We noticed there were some challenges for new and inexperienced traders to onboard crypto margin trading. With that pain point, we developed a simple-to-use platform with an extremely easy onboarding process. More importantly, we launched the demo account with features for everyone to use before migration into the live trader.
With the demo account, each trader is given 8 BTC and USDT 50,000 for them to practice trades.
Even now, we still have thousands of traders who are new to crypto and would like to make some investment in crypto margin trading.
What do you want to achieve with Overbit?
We want to provide the best trading experience to everyone.
Traders should not be worried about security, stability and practicality while using Overbit.
What markets do you serve with Overbit?
Overbit offers crypto, forex and commodities markets globally. We offer 26 crypto pairs including BTC/USD, ETH/USD and more.
We also offer more than 15 forex and commodities pairs and you can see the full list here: https://www.overbit.com/en/markets/
What makes Overbit unique compared to the competition?
Overbit is a Bitcoin margin trading platform. We offer a simple trading experience to the users who can use Bitcoin as the underlying asset to trade against crypto, forex and metals with leverage.
Most of the existing exchanges have complex functions and interfaces, which only experienced traders can fully understand, and over 50% of traders are less than 34 years old and over 80% have less than 3 years’ of trading experience.
Overbit only offers the most popular and straightforward contract, that is, perpetual swap, to the users. Nothing fancy. Users can also practice trading on our Demo Trader, which provides 8 virtual Bitcoin for everyone.
What are your thoughts on Bitcoin’s and its potential/price predictions for 2021?
I wouldn’t do a price prediction on any cryptocurrency.
As you know, we have seen massive Bitcoin adoption from institutions (such as MicroStrategy) and DeFi developments which have greatly improved last year. However, there is still a lack of practical cases of Bitcoin and blockchain, and now more countries just started to get involved with CBDC. Indeed the potential is there and we are still in the early stages of Bitcoin’s adoption journey.
What is your biggest learning in the last 12 months?
The COVID-19 virus has been with us almost a year now, and it is fortunate that the crypto market and trading industry did not get disrupted as much compared to other industries. In fact, we saw an increase of almost 40% in trading activities during the pandemic as more people stayed at home to work.
For the safety of the team, I enforced the team to work from home since early February. As for me personally, I am a hands-on CEO, and with COVID-19, it has been quite challenging for me to engage with new business partners and manage the team without any travelling. As I am writing to you right now, I reflect on and miss the time I used to talk to my team and partners in person.
In the midst of doom and gloom, I wanted to inject fun and cheer to traders. Hence, I invested a five-digit budget to launch Overbit Sketches - a series of educational trading commercials with a funny spin on it. Check Sketches out and have a laugh!
Here is our latest Sketches commercial on Security. Have a good laugh! https://youtu.be/-J6ol-ntE4Q
Overbit Rewards Hub on the other hand is another long-term investment to bring joy daily to our traders’ lives. Traders can now have fun playing different types of games to earn crypto perks or even BTC or USDT without having to trade in the hub.
Being a gamer myself, I understand the principle of gamification and know the potential in gamifying trading. A trading ecosystem such as this can help build trust between Overbit and traders as it has been proven by the success of many blockchain-based gaming platforms.
What are your future plans for Overbit?
We are planning to add more crypto and commodities pairs, such as TRON, Tezos for the crypto market and Oil for commodities. Please stay tuned to this space!
We are going to launch both the Android and IOS mobile apps this year. This will not be just another app launch. The Overbit app will come with a lot of surprises including rewards and gamification style trading so watch this space.
Tier Points are our users’ favourites, and in the next update, we will introduce a new reward system to allow users to earn their Tier Points in a much faster way and earn BTC.
Lastly, Overbit is committed in providing quality content for traders on a frequent basis on the latest industry insights and trends throughout the year across all our channels! This series is called Overbit Education . Overbit Education launched its first article today and I have attached it here for your reads. Keep a lookout as there will be many more educational content coming your way.
So, stay tuned as we have quite a lot in store for traders in the upcoming months.
(Included at the bottom of our website)
Overbit does not accept applications from residents of the United States of America, United Kingdom, Quebec (Canadian province), Cuba, Iran, North Korea, Singapore, Seychelles, Crimea and Sevastopol, Sudan and Syria.
Social Media Channels:
- Twitter: https://twitter.com/officialoverbit/
- Facebook: https://www.facebook.com/Overbit1
- Telegram: https://t.me/OfficialOverbit
- Reddit: https://www.reddit.com/r/Overbit/
- LinkedIn: https://www.linkedin.com/company/overbit/
- Instagram: https://www.instagram.com/officialoverbit/
- Youtube: https://www.youtube.com/channel/UClt81V91NPD12ENliF9FOBQ/
- Blog: https://blog.overbit.com/en/
About Chieh Liu - CEO
Hackernoon Account: https://hackernoon.com/u/cl-overbit
Chieh Liu developed a strong interest in blockchain and cryptocurrency while he was studying computer science at California State Polytechnic University in 2011.
After graduating, he worked as an advisor for several financial investment firms across several Asian markets for almost a decade. As an avid forex and crypto trader, Chieh realised that there was a gap when it came to trading across the various financial markets.
Chieh founded Overbit in 2017 and launched it in 2019 to become the world’s first cross-market trading platform.