A new blockchain company based on the Ethereum platform – the Hong Kong-based TakeProfit – is launching cryptocurrency trading signals available to everybody, the company announced.
The idea is similar to that of the forex trading signals, where experienced traders offer their trading advice and signals for a fee.
“TakeProfit provides professional traders with an opportunity to monetize their skills; by directly selling them to their subscribers,” the company said, “Subscribers can earn income using the skills and recommendations of traders.”
TakeProfit claims to be the first aggregating platform of the most up-to-date information on trading. On it traders will be able to publish their investment advice and earn money, while their subscribers will have access to a huge base of market signals and take advantage of them.
The role of the blockchain ledger will be to verify the signals – each published signal will appear on the blockchain. Thus the users will be able to see where a signal came from, when it originated, and compare the predictions to market outcomes. This will also prevent the providers from fixing their predictions to match the market outcome and delete bad advice. Furthermore, the providers of trading signals will be ranked and in accordance with their performance.
TakeProfit says that the trading signals will be useful both for professional traders who need new ideas and for beginners who do not understand the market trends and is afraid of being deceived.
Payments on the platform will be carried out with the XTP token. It will be released as an initial coin offering (ICO) on the Ethereum platform later in February. and is the main means of payment. Users who do not have the token can provide their services for free and at some point start earning tokens. Similarly, traders can also use some of the signals for free.