A St. Petersburg-based financial technology startup is raising awareness and funding for its automated cryptocurrency trading bot that hopes to eliminate the fear of missing out (FOMO) and make users a passive income.
At Wednesday’s 1 Million Cups event, hosted by Thrive DTSP, brothers Chris and Justin Chang introduced their local startup to a panel of community business leaders. According to its website, Turbo FinTech’s mission is to boost a person’s trading performance, and its first product, TACBOTZ, will launch by the third quarter of this year.
Justin Chang explained that trillions of dollars change hands in the financial markets every day, and with the right tools and knowledge, someone can make a “small fortune.” He said over 100 million new day traders, many using mobile apps, decided to try their hand in the stock market in 2021. The meteoric rise in the value of “meme stocks,” such as video game retailer Gamestop (GME) and the AMC movie theater chain, fueled much of the frenzy.
“As cool as that looks, and as profitable as that might have seemed … at the end of the day, statistics don’t lie,” said Justin.
He relayed that 90% of those new traders failed to turn a profit in the first year, and the losses forced millions to give up on their dreams of striking it rich in the markets.
For those without the time to properly study the markets and conduct in-depth analysis, Turbo Fintech created TACBOTZ. Justin said users simply need to turn the bot on, enter what ticker they would like to trade and let the artificial intelligence run in the background. The bot will then trade in and out of positions using Turbo Fintech’s signals and algorithms.
After raising $250,000 through their initial round of funding, the Changs are seeking an additional $500,000 for additional staffing and marketing. Justin believes the company can achieve $17 million in revenue in the first five years of operation through a tiered membership package.
Chris said Wednesday that the brothers’ bot ran continuously for the last three days, and the co-founders measure the average win-rate or positive trades.
“Right now, we’re at about a 65% win rate,” he said. “But our average profitability, looking at all those things stacked together, is about a 75% profitability.”
Justin explained the bot looks at technical analysis more than fundamental analysis. Fundamental analysis studies the company and its operations, while the technical side focuses more on the underlying statistics surrounding a coin or stock. While the bot concentrates on short-term trading, he said they plan to include more fundamental analysis as it grows and adds more long-term investing options.
TACBOTZ currently only trades in cryptocurrency. Chris said barriers to entry are much lower with digital currency, as the stock market has many day trading and access to margin rules. He said crypto also allows instant access to liquidity, and most decentralized exchanges do not impose fees on users.
“I think the path of least resistance will be crypto first, Forex (foreign exchange market) next,” said Chris. “Because there are already so many bots in the Forex space.”
Chris said developers built risk management features into the bot’s programming code, and users can set limits to mitigate losses, either by percentages or dollar amounts. Justin clarified that when they use the term bot, they mean it robotically replaces the need for humans to enter data and scan charts.
Chris relayed that algorithms now control 89% of all trading activity, with hedge funds and Wall Street brokers employing the majority of that technology. He said TACBOTZ is competing for the smallest piece of that pie, and he hopes to increase the odds of the average retail investor finding success.
“Day traders and retail traders have a very bad disadvantage,” said Chris. “They’re outnumbered, and they don’t have the resources.”
Turbo FinTech is offering its trading signals on its website here.
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March 18, 2022 at 02:34AM
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St. Pete fintech startup introduces new crypto trading bot - St Pete Catalyst
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