Broex wallet CPO Joseph Al-Amir spoke in an exclusive interview with ForkLog about the fears of novice crypto investors and the team's efforts to make it easier to enter the market.
Broex is a custodial multi-currency wallet with an Estonian license that supports storage, card purchase, exchange, and withdrawal of 40 cryptocurrencies and over 2,000 tokens.
ForkLog: Good afternoon! First, tell us about your background: how did you get into the crypto industry?
Joseph: When I figured out what blockchain is and the philosophy behind it, I wanted to be part of this movement. I realized I wanted to build products based on the blockchain philosophy and solve Web 2.0 problems.
I started by building a decentralized social network with an international team. Then I joined the Broex team as apart from the functionality I liked the mission of the product - to help newcomers.
ForkLog: Are you investing now?
Joseph: Yes, but only in fundamental projects that solve some kind of problem in the market. For me, it's important to have a strong team and technology behind the token. I don't invest in hype tokens at all.
ForkLog: What is the main difference between Broex and other crypto wallets?
Joseph: We made it as friendly as possible to newcomers. While working on different projects, I noticed that a large part of users are dropped out already at the stage of entering the address.
So I decided to create a beginner-friendly product, and that's how Broex came about. We added a simple interface, purchase and sale of cryptocurrencies from bank cards, and automated token purchase on DEXs.
ForkLog: What exactly causes difficulties during the first purchase of cryptocurrency?
Joseph: Newcomers often want to buy Bitcoin. This is where the difficulties begin: there are many exchangers and exchanges in the market. It's not clear whom to choose and what to look at so as not to fall into the hands of scammers.
Then the KYC procedure comes into play. Media describe cryptocurrencies as an anonymous investment tool, but the service asks to confirm the identity. This requirement is quite confusing, and a potential user starts looking for services without licenses, and therefore risks losing money.
Let's assume that a person is verified and creates an account on a centralized exchange. He will see the spot market, margin trading, derivatives, staking, pharming, marketplaces, bots, and other instruments.
All of this is clear to professional traders. A new user will just be afraid to press the wrong button so as not to lose money by accident. Instead, all he wanted to do was buy bitcoin.
Advanced crypto investors also have difficulties, especially with buying Ethereum sidechain tokens on decentralized exchanges. You have to get ETH, add the network to Metamask, secure the siding phrases, and so on. Any mistake will cost money - not everyone wants to take the risk.
ForkLog: Did you take these challenges into account when developing Broex?
Joseph: We did. I was inspired by Tinkoff Investments, whose team made it easy to interact with the stock market.
We tried to make Broex just as convenient. At first, we started with popular coins like Bitcoin, Ethereum and Tron, then we added support for tokens from DEX. Now users can buy and store 40 cryptocurrencies and more than 2000 tokens, and withdraw them to an external wallet if they wish.
Buying a token on a decentralized platform takes an average of thirteen steps: registration and connection of the wallet, purchase of native cryptocurrency to pay transaction fees, finding pools, confirming transactions, and signing transactions.
We reduced this process to four steps: registration on Broex, identity verification, deposit, and token purchase on the DEX. Beginners may use bank cards, experienced users may deposit cryptocurrency to a wallet.
ForkLog: Advanced users are willing to go through many steps to save on fees. How much does it cost to buy 100 USDT with a card?
Joseph: The user will pay $106.5 to $100 for USDT and $6.5 of fees. Token exchange fees are less and depend on the specific pair. For example, the BTC to USDT exchange rate on Broex and on CoinMarketCap differs by less than 0.001%.
ForkLog: Typically, exchange services require local documents to pass KYC, but Broex requires a foreign passport to register. Why is this so?
Joseph: Unfortunately, it's a requirement of the regulator. We work according to the European license: the user has to provide a document with data in Latin characters when registering.
A passport, a driver's license or a Ukrainian ID-card will be acceptable for verification. We are in a dialogue with the regulator, so users are able to pass KYC with documents in Cyrillic.
ForkLog: Do you help newcomers understand the theory?
Joseph: Yes, we write educational articles. We explain how blockchain works, what addresses and keys are, what specific cryptocurrencies are for, how to use trading indicators, and other topics.
We have high-quality technical support. Usually, exchangers' specialists reply to questions about the functioning of the services. Broex consultants help clients with technical questions as well. They can explain what is the difference between USDT ERC-20 and USDT TRC-20 or what is a public key. But, of course, they do not make investment recommendations.
We do regular research to improve the service. Our goal is to make Broex the most intuitive product in the market, while adding features for professionals. For example, we have already implemented token search by smart contract address, which is convenient when buying a token on a particular blockchain.
ForkLog: And how do you develop the Broex community?
Joseph: We've been running promotions every month since August 2021 and trying to scale them up. Last month we gave away a MacBook and an iPhone and gave all participants up to 27 USDT. In the near future we are planning to hold ETH, BNB, and SOL airdrops for a total of $25,000.