Copy trading is finally here to stay! Alpha Impact finally launched recently and we got a chance to speak with Hayden Hughes on the issue. Copy trading will also change the way traders position their digital assets and how these digital assets affect the web3 space.
Here is what Hayden had to say.
Hayden Hughes CEO of Alpha Impact
What is Alpha Impact bringing to the table that no one else has?
Hughes: Alpha Impact is building a social media network to help people understand the ‘why’ behind top trader strategies.
Traders have all integrated their exchange portfolio, meaning that it’s easy to see who is an expert and who isn’t.
As well, traders can take advantage of our monetization features that allow them to charge followers for access to a members-only, premium newsfeed where they share their most actionable insights with a close community.
Please, can you tell us more about your integration with Binance?
Hughes: We’re thrilled to be connected with Binance, as they’re the largest exchange by liquidity.
What this means for our users is that they never need to send funds to us; their funds remain in their Binance.com account and our platform merely executes trades.
This is a safer option for many users who are just getting started in crypto, as we do not need to ask anyone to send funds to us.
Are there any other cryptocurrency exchange platforms you have integrated with? Please, can you tell us more about them?
Hughes: We’re shortly launching an integration with FTX, a major derivatives exchange.
Boy, I am personally excited about this one due to FTX’s prolific futures market, easy access to derivatives and the number of tokens they list.
From there we will explore the next exchanges our users ask us for.
Our approach has always been to let the users drive the bus in terms of which exchanges they want us to integrate with, so we’ll be integrating with whichever exchange our users want us to connect to.
Apart from copy trading, what tools does Alpha Impact have to help traders understand how the markets work?
Hughes: Alpha Impact is a social media network, not a crypto exchange. We are building a community for crypto traders and enthusiasts to come together.
In addition to social media we’re also building an educational platform, the Alpha Impact Academy, which will be a gamified platform that allows people to learn about crypto, compete against one another, and earn prizes in crypto.
What has the impact of investment recommendations from social platforms like Reddit TikTok and Twitter?
Hughes: Reddit, Tiktok and Twitter are a mainstay of information in crypto, but there’s a problem: there’s no transparency.
People getting investment advice from these platforms have no way of knowing if their ‘expert’ is truly an expert, or if that person even holds the assets they’re talking about.
Our platform links the expert to the expert’s portfolio, meaning that users can have some safety in mind knowing what their top trader has in their portfolio.
Do you have any tools to track the accuracy of investment tips made on these platforms?
Hughes: Our platform integrates and allows traders to publish their Alpha Impact details, including portfolio composition, to Twitter and other platforms.
Unfortunately, most participants on those platforms are anonymous, and we have no way of knowing who the real users are.
Our approach is to KYC all traders and share their portfolios, so we have a slightly different approach to Twitter where ‘anything goes.’
How can trading platforms tap into the immense power these new social influencers hold over their followers?
Hughes: Our philosophy is that anyone can become a trader.
We have many top traders earning 10-20% monthly who are young university students or even single parents at home.
Our goal is to allow some of these traders to become traders and gain influence.
I would think that harnessing the new generation of traders who have verifiable track records would be a major initiative for social media networks, and I’m proud Alpha Impact is leading the way on this.
Congratulations on the live launch of Alpha Impact! What’s next?
Hughes: We’re heads down focused on growing Alpha Impact’s list of exchanges, assets, traders, and much more. In 2022 we’ll be launching a series of NFTs which will each have functionality on our platform, creating a positive social loop of adoption.
All the traders on our platform get paid a share of our fees, so this is a great way for traders to earn money.
Please, can you tell us more about Alpha Impact’s free model?
Hughes: For traders, the equation is simple: we share all of our fees with the trader, depending on how many followers they have.
For the first month, everyone can get access to our platform for free.
This includes copy trading as well as access to premium insights from top traders which includes their trading history, current portfolio, and percentage breakdown of what assets they’re holding.
Does Alpha Impact have any automated trading tools? Please, can you tell us more about them?
Hughes: There are some great automation tools out there for advanced users, but our users tend to be beginners so we focus on building a connection between the top trader and the beginner, to truly fast-track the beginner’s learning.
Users can automatically copy a top trader, and when the top trader makes a trade, the user will make a trade.
How can any trader become a top trader? Any advice?
Hughes: Follow one of the top traders on the Alpha Impact platform, learn how they do technical analysis, and try it out yourself!
What is the impact of cryptocurrency trading on the projects themselves? What benefits do traders bring to the cryptocurrency industry?
Hughes: Cryptocurrency trading underpins the entire blockchain ecosystem.
There are very few disruptors that do not have their own token.
The result is that the feedback loop has been extended to 24/7/365.
If a feature on a platform breaks, the token price will be immediately affected.
Cryptocurrency traders have an important role to play breaking down barriers between companies and customers because they shorten this news cycle.
For example, just last week I noticed the price of BADGER started to decrease and exited a position. This was about 20 minutes prior to the disclosure that a hack had occurred.
The market warned me!
Please, can you tell us more about your follow/unfollow feature?
Hughes: Users on our platform can follow their top trader and copy their trades, and also get access to the trader’s expert insights, analysis, technical analysis, portfolio data and trades in real time.
We’ve made this free for the next two weeks, but after that each person will only get access to 5 traders.
What are your plans for Gen Z?
Hughes: Several members of our marketing team are Gen Z and have never used Facebook.
This group prefers to communicate anonymously over Discord, Reddit and other channels.
We’ve got some great partnerships with these communities coming up, and this is the basis for our outreach.
On the product side, we have several Gen Z traders who have never built a following but their trading is amazing. So we’re working with them to monetize their trading.
How can millennials take advantage of your launch?
Hughes: We’ve had several millennial traders successfully lead our communities into some gaming coins including DAR.
Millennials have insights about Metaverse, gaming and NFT projects that others may not.
Since we share our fees with our top traders, this is a great way for users who have a specific area of knowledge to monetize their expertise.
Do you have a social platform where top traders and their fans can interact? Do you have any plans for this?
Hughes: Yes, Alpha Impact is a social media network.
This is our entire business.