On 4.3.2021 we participated in an online Zoom event, hosted by one of our Strategists. The 100 participants had several good questions about our product so we decided to follow up with a short transcript.
Does ICONOMI provide any videos that explain how to create and lead Crypto Strategies?
Great question! We used to have detailed videos with clear instructions on creating and leading Crypto Strategies, but it was recorded on our old platform with a different UI. We understand this is very important for all users that are new to the platform, so we have started with a completely new production of instructional videos with the following topics:
- Creating New Crypto Strategy and Funding it
- Rebalancing, Rules, and Quick Look
- How do Crypto Strategies work in the background?
At the moment Crypto Deposits to ICONOMI are incredibly costly;, what can you do about it?
As you probably know, ICONOMI accepts BTC, ETH, USDC and USDT. The chains used for transferring these assets are currently operating with ultra-high GAS fees (on Ethereum), making deposits very expensive. We cannot control this, so we tell our users to utilize our fiat gateway or credit card buy to bypass expensive fees. Since many users come from other exchanges and Crypto deposit is optimal, we are researching ways to expand the list of deposit assets with assets that could provide cheaper transfer in the future.
How can we protect our Crypto Strategy from a sudden drop while not by the computer or during the night?
A few months ago, we introduced Crypto Strategy rules that enable automatic rebalancing of a Crypto Strategy when an asset’s specific price is met. To put it plainly, you can set a structure of your Crypto Strategy that will get automatically set, when a specific BTC price is met.
To read more in depth about how rules work and how to set them up, please read the blog post we published when releasing the feature: https://www.iconomi.com/blog/crypto-strategy-rules-beta/
Currently, rules operate only on fixed prices of the specific assets, so we are getting a lot of requests to trigger rules according to the strategy’s percentual change as a whole. This feature is already in development, and it has a really cool name and design; we are rushing to release it as soon as possible so follow us on Twitter to get notified!
Will ICONOMI support instant SEPA transactions?
We are in discussions with different providers, some of which provide instant SEPA transactions via the new “Open Banking” standard. If we are successful in the negotiations and fulfilling all of their requirements, we will significantly improve how you can deposit money to ICONOMI.
We are hoping to reach this milestone in the next two months.
Why is personal return on the platform different from the return calculated in Crypto Strategies?
Recently, as the market started to move, we have received several questions about this.
Our backend team has reviewed the current formula for all-time performance. While the it is correct and works as expected, it is not optimal for the user experience and understanding of the overall profit.
The current formula uses the same weights of % loss and gains and ads them up. Meaning it might outweigh the end performance amount if you had a long period of loss.
We are aware this is not optimal (the current market pointed this out), so we are working on updating the formula to a more user-friendly version.
Can you implement a central news point with announcements and all the data?
We already have a limited version of this. We aggregate all the posts from our Strategist on
https://iconomi.com/posts. Currently, this view is very limited, but we are working on improving it with the following:
- ICONOMI announcements
- Filtering posts with “Favorites only”
- Strategist's Videos
What is going on with your mobile apps? Some features are missing?
In August 2020, we released a completely rewritten web platform that includes 100% of the new features. We also started on the complete rewrite of our mobile apps to a higher standard, which will be finished by the end of this month (give or take a few weeks of testing).
Until then, we are maintaining existing mobile apps with a “minimum-effort” - which means we are not upgrading them with all the features but keeping them alive for trading purposes. That said, please use the iconomi.com web platform on a mobile device until the new mobile apps release. We have a polished mobile experience and also added PWA support that you can use.