Crypto Academy / S5W6- [Initial Exchange Offering and Binance Launchpad] - Homework Post for @nane15
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Explain in your own words what an IEO is.
Do you consider IEOs an advantageous way to make an investment? Explain.
List advantages and disadvantages of participating in an IEO.
Advantages of IEO
IEO is the best opportunity for the investors to make a handsome profit as they get to purchase tokens at incredibly low prices and sell them once the project is launched as the price of tokens pumps.
The crypto exchange works as a centralized body that makes sure that every token it offers comes from a strong background as if it turns out to be a scam, then it can affect their image and customer base. So, anyone can make an investment without worrying about anything.
Most of the project developers don’t have enough money to continue their work but they can raise a handsome amount of capital by offering tokens on the exchange’s IEO. So, it helps developers to continue their work with ease.
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Disadvantages of IEO
It is not guaranteed by the exchange that the price of every token will pump after the official launch. So, there’s also the chance of loss and it must be considered while investing.
The project developers have to pay a hefty fee to the exchange to offer their token on their platform.
Tokens presale is not available for the general public but only registered users can participate.
A limited number of tokens are available for sale which are bought by investors in just a few minutes of the offer.
Explain how to participate in an IEO, for the process explore various exchanges, choose one of them and explain the process. (Please use screenshots.) (No need to participate, just register, present proof of verified account and explain the whole process, do not use Binance)In order to participate in IEO, a user has to make a profile on the preferred exchange platform and complete the Know Your Customer (KYC) process to become eligible for purchasing presale tokens. The purpose of all these steps is to make sure that the investor comes from legit background.
There are multiple exchanges that offer IEO so you will get a wide array of options and I will show you a list of several coins that are offered in renowned exchanges. Once don’t with that, I will explain the complete procedure of participating.KuCoinHere’s the list of tokens like Chumbi Valley, Velo, and MultiVac that were offered by KuCoin for IEO.BinanceThese are some of the tokens that were offered for IEO on renowned exchange Binance.Huobi GlobalYou can find the list of tokens that were offered for presale on Huobi Global.gate.iogate.io is a famous exchange platform that has offered the below-mentioned tokens on IEO.The procedure of Participating in IEOThe professor has ordered me to show a detailed process of participating in IEO so I will demonstrate how it will be done on KuCoin in a step-by-step manner.
The first thing is to register yourself on KuCoin so that you can explore and make use of its services. So, I visited its official website and clicked on the Sign-Up.Now I will have to provide some required details like email and password. Once done with that, it will ask for a verification code sent to a personal email account. This process can be done using mobile numbers as well. I clicked on Sign Up after completing the entire process.My account will be instantly created I will get access to trading and other services.Now here’s the proof that I have completed the basic verification as per the exchange requirement.After registration and completing the verification, I went to the Spotlight section on the website to show how you can participate in the IEO. You can see that several tokens were available for sale but only 1 of them called Chumbi Valley (CHMB) is in process, so I clicked on it.After clicking on it, I was taken to another page where it showed the total issuance amount of token, spotlight amount, offering time, and eligible time. I clicked on Participate Now to proceed further.However, I couldn’t proceed further as it showed 3 criteria that I failed to fulfill. The first one was KYC verification, the second is that my country is not supported for this service, and the last one is that I failed to sign the purchase agreement.All it takes is a few more steps and I would have shown how you can participate in IEO. However, this was more than enough because you might have understood how to register on KuCoin and find the available token on IEO.As an example of a project that had a successful IEO, explain that project. Be on topic. (Use from screenshots.)In order to show you a successful IEO project, I will show you details about the BTT token which was offered on Binance Launchpad and ended in 2019. Since it was a TRX session, each BTT token was worth 0.00447261 TRX at the time of presale while a total of 35,640,000,000 BTT was offered to the investors. You can find more about the project IEO from the below-mentioned screenshot which also shows that it has been completed.At the time of writing, the price of each BTT/TRX is 0.03446 which means that investors who have purchased during the presale would have been in a great profit right now.Conclusion.The conclusion would be that IEO is much better than ICO as it is secured and profitable. Investors can put their money and get a huge return but it is also advised to research the project and learn about the team background as not all tokens rise to a great extent after launching on exchange platforms. I also showed how to register and participate in IEO while checking the history of successful IEO projects. So, it was an honor for me to learn about this amazing investment opportunity from the professor and I hope that all of you liked my homework post.Thanks For Visiting My Post And Your Appreciation
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@nane15