In an exclusive interview with Cryplogger, Broex Wallet Product Director Joseph Al-Amir talked 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, purchase from a card, exchange and withdrawal of 40 cryptocurrencies and more than 2000 tokens.
Fork Log: Good afternoon! First, tell us about your experience: how did you get into the crypto industry?
Joseph: When I figured out what blockchain is and what philosophy stands behind it, I wanted to become part of this movement. I realized that 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, because in addition to functionality, I liked the mission of the product – helping newcomers.
Cryplogger: Are you investing now?
Joseph: Yes, but only in fundamental projects that solve some problem in the market. It is important for me that there is a strong team and technology behind the token. I don’t invest in hype tokens at all.
Cryplogger: What is the main difference between Broex and other crypto wallets?
Joseph: We have made it as friendly as possible to beginners. While working on projects, I noticed that a significant part of users are eliminated already at the stage of entering the address.
I decided to create a newbie-friendly product, and that’s how it came about. Broex. We have added a simple interface to it, buying and selling cryptocurrencies with bank cards, and automated purchase of tokens on DEX.
Cryplogger: What exactly causes difficulties during the first purchase of cryptocurrency?
Joseph: Beginners often want to buy bitcoin. This is where the difficulties begin: there are many exchangers and exchanges on the market. It is not clear who to choose and what to look for in order not to fall into the hands of scammers.
Then the KYC procedure comes into play. The media describe cryptocurrencies as an anonymous investment tool, but the service asks to verify the identity. This requirement is confusing, and a potential user starts looking for services without licenses, which means they risk losing funds.
Suppose a person has passed verification and created an account on a centralized exchange. He will see the spot market, margin trading, derivatives, staking, farming, marketplaces, bots and other tools.
All this is clear to professional traders. A new user will simply be afraid to press the wrong button so as not to accidentally lose money. But he just wanted to buy bitcoin.
Advanced crypto investors also experience difficulties, especially with the purchase of Ethereum sidechain tokens on decentralized exchanges. You need to get ETH, add a network to Metamask, backup seed phrases, and so on. Any mistake will cost money – not everyone wants to take risks.
Cryplogger: Did you consider these difficulties when developing Broex?
Joseph: Yes. I was inspired by the Tinkoff Investments service, whose team simplified interaction with the stock market.
We tried to make Broex just as convenient. We started with popular coins like Bitcoin, Ethereum and Tron, then added support for DEX tokens. Now users can buy and store 40 cryptocurrencies and more than 2,000 tokens, and, if desired, withdraw them to an external wallet.
Buying a token on a decentralized platform takes an average of thirteen steps: registering and connecting a wallet, purchasing a native cryptocurrency to pay transaction fees, finding pools, confirming transactions, and signing transactions.
We have reduced this process to four steps: registration on Broex, verification of identity, deposit and purchase of tokens on DEX. Beginners can use bank cards, experienced users can deposit cryptocurrency to their wallet.
Cryplogger: Advanced users are willing to go through many steps to save on fees. How much does it cost to buy 100 USDT from a card?
Joseph: The user will pay $106.5 – $100 for USDT and $6.5 in fees. The fee for the exchange of tokens is less and depends on the specific pair. For example, the BTC to USDT exchange rate on Broex and CoinMarketCap differ by less than 0.001%.
Cryplogger: Usually exchange services require local documents to pass KYC, but to register on Broex you need a foreign passport. Why is that?
Joseph: Unfortunately, this is a regulatory requirement. We work under a European license: upon registration, the user must provide a document with data in Latin.
For verification, a passport, driver’s license or Ukrainian ID-card is suitable. We are in dialogue with the regulator so that users can pass KYC with documents in Cyrillic.
Cryplogger: Do you help beginners understand the theory?
Joseph: Yes, we do. educational materials. 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 quality technical support. Usually exchanger employees answer questions about the work of services. Broex consultants also help clients with technical issues. They can explain how USDT ERC-20 differs from USDT TRC-20 or what a public key is. But, of course, they do not give investment recommendations.
We regularly conduct research to improve the service. Our goal is to make Broex the most intuitive product on the market, while adding professional features to it. For example, we have already implemented a search for a token at the address of a smart contract, which is convenient when buying a token on a specific blockchain.
Cryplogger: How are you developing the Broex community?
Joseph: Since August 2021, we have been running promotions every month and trying to increase their scale. Last month played out MacBook and iPhone, and also gave all participants up to 27 USDT. In the near future, we plan to conduct airdrops of ETH, BNB and SOL with a total amount of $25,000.
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In an exclusive interview with Cryplogger, Broex Wallet Product Director Joseph Al-Amir talked 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, purchase from a card, exchange and withdrawal of 40 cryptocurrencies and more than 2000 tokens.
Fork Log: Good afternoon! First, tell us about your experience: how did you get into the crypto industry?
Joseph: When I figured out what blockchain is and what philosophy stands behind it, I wanted to become part of this movement. I realized that 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, because in addition to functionality, I liked the mission of the product – helping newcomers.
Cryplogger: Are you investing now?
Joseph: Yes, but only in fundamental projects that solve some problem in the market. It is important for me that there is a strong team and technology behind the token. I don’t invest in hype tokens at all.
Cryplogger: What is the main difference between Broex and other crypto wallets?
Joseph: We have made it as friendly as possible to beginners. While working on projects, I noticed that a significant part of users are eliminated already at the stage of entering the address.
I decided to create a newbie-friendly product, and that’s how it came about. Broex. We have added a simple interface to it, buying and selling cryptocurrencies with bank cards, and automated purchase of tokens on DEX.
Cryplogger: What exactly causes difficulties during the first purchase of cryptocurrency?
Joseph: Beginners often want to buy bitcoin. This is where the difficulties begin: there are many exchangers and exchanges on the market. It is not clear who to choose and what to look for in order not to fall into the hands of scammers.
Then the KYC procedure comes into play. The media describe cryptocurrencies as an anonymous investment tool, but the service asks to verify the identity. This requirement is confusing, and a potential user starts looking for services without licenses, which means they risk losing funds.
Suppose a person has passed verification and created an account on a centralized exchange. He will see the spot market, margin trading, derivatives, staking, farming, marketplaces, bots and other tools.
All this is clear to professional traders. A new user will simply be afraid to press the wrong button so as not to accidentally lose money. But he just wanted to buy bitcoin.
Advanced crypto investors also experience difficulties, especially with the purchase of Ethereum sidechain tokens on decentralized exchanges. You need to get ETH, add a network to Metamask, backup seed phrases, and so on. Any mistake will cost money – not everyone wants to take risks.
Cryplogger: Did you consider these difficulties when developing Broex?
Joseph: Yes. I was inspired by the Tinkoff Investments service, whose team simplified interaction with the stock market.
We tried to make Broex just as convenient. We started with popular coins like Bitcoin, Ethereum and Tron, then added support for DEX tokens. Now users can buy and store 40 cryptocurrencies and more than 2,000 tokens, and, if desired, withdraw them to an external wallet.
Buying a token on a decentralized platform takes an average of thirteen steps: registering and connecting a wallet, purchasing a native cryptocurrency to pay transaction fees, finding pools, confirming transactions, and signing transactions.
We have reduced this process to four steps: registration on Broex, verification of identity, deposit and purchase of tokens on DEX. Beginners can use bank cards, experienced users can deposit cryptocurrency to their wallet.
Cryplogger: Advanced users are willing to go through many steps to save on fees. How much does it cost to buy 100 USDT from a card?
Joseph: The user will pay $106.5 – $100 for USDT and $6.5 in fees. The fee for the exchange of tokens is less and depends on the specific pair. For example, the BTC to USDT exchange rate on Broex and CoinMarketCap differ by less than 0.001%.
Cryplogger: Usually exchange services require local documents to pass KYC, but to register on Broex you need a foreign passport. Why is that?
Joseph: Unfortunately, this is a regulatory requirement. We work under a European license: upon registration, the user must provide a document with data in Latin.
For verification, a passport, driver’s license or Ukrainian ID-card is suitable. We are in dialogue with the regulator so that users can pass KYC with documents in Cyrillic.
Cryplogger: Do you help beginners understand the theory?
Joseph: Yes, we do. educational materials. 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 quality technical support. Usually exchanger employees answer questions about the work of services. Broex consultants also help clients with technical issues. They can explain how USDT ERC-20 differs from USDT TRC-20 or what a public key is. But, of course, they do not give investment recommendations.
We regularly conduct research to improve the service. Our goal is to make Broex the most intuitive product on the market, while adding professional features to it. For example, we have already implemented a search for a token at the address of a smart contract, which is convenient when buying a token on a specific blockchain.
Cryplogger: How are you developing the Broex community?
Joseph: Since August 2021, we have been running promotions every month and trying to increase their scale. Last month played out MacBook and iPhone, and also gave all participants up to 27 USDT. In the near future, we plan to conduct airdrops of ETH, BNB and SOL with a total amount of $25,000.
Subscribe to Cryplogger news in Telegram: Cryplogger Feed – the entire news feed, Cryplogger — the most important news, infographics and opinions.
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