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2019 will be opportune for cryptocurrency: Sovy's Allen Walters

Published: Feb 5, 2019 04:10:23 AM IST
Updated: Feb 5, 2019 11:22:09 AM IST

2019 will be opportune for cryptocurrency: Sovy's Allen Walters

Sovy Inc. is a fast-growing global financial institution based out of Dubai. As one of the financial institutions that has a global reach, Sovy Inc. facilitates trading investments of private and institutional clients by accessing global markets and providing a variety of asset classes and trading tools. All this is owed to the powerful and intuitive trading platform of the Sovy Inc., ranging from personalized lists of attention to customized charts, news filters and risk management tools. The firm works with various financial products, our newest being CFDs and cryptocurrencies. The CEO of Sovy Incorporated, Allen Walters, provides his insights on managing a high-powered, successful financial firm in today’s extremely competitive climate.

Q. What are some of the major crypto and company trends that you feel would happen in 2019?
There are many indicators which show that 2019 will be the opportune year in which institutional monies will enter the market, with many favouring a conservative short-term approach rather than long term positions. As ICO and new cryptocurrencies start to become increasingly regulated, investors should look at credible companies with innovative business model and more importantly, companies that are able to gain traction from the end users and produce stable track records. For example, we at Sovy Inc, a fintech company under the jurisdiction of Dubai’s government organization, provide a new way of trading cryptocurrencies for aspiring crypto traders. For the past two years, our user database has been constantly growing. Ultimately, we believe that more global regulations will be enforced on this industry and eventually, the crypto market will form a vital part of the financial world.

“As many people continue to regard Gold as a safe haven during times of economic crisis, I believe certain cryptocurrencies which are not correlated to the price movements of traditional financial markets have the potential to be even better alternatives. ”

Q. When cryptocurrencies are not performing, how should a trader manage their trading to ensure profitability?
In general, I would recommend that all traders use a conservative approach and trade in short term positions, earnestly monitoring their positions. I also recommend going for derivative products instead of one-way products with underlying assets, so that the trader has the option to trade both ways - long and short.

Q. What is your firm doing to mitigate risks in general?
2 main things. People and Protocol. From the start, we feel we need to work with the best traders in industry. We have very stringent standards and control decisions during our selection process. We also do in-depth KYC background checks not only looking at these traders’ backgrounds, but also analyse the performance history of these traders. In our day to day, I can share several risk control mechanisms, such as regular and unique exit strategies for unforeseen circumstances, such as flash crashes, periodical crises and the like.

“One example on how we reduce risk is to create reserve requirements for exchanges transacting in cryptocurrencies.”

Q. From what we know, Sovy uses a system called Autotrade. Could you share with us more about how this works?
Autotrade enables traders and followers or subscribers to become the “same” people, which makes the marginal cost close to zero . When traders trade and share their trades, other new or experienced traders can choose to follow their trades, and essentially making the same trades as these traders. Sovy Inc. auto trading system is the world's leading shared financial trading platform. In addition, it is a cross-market & cross-capital integrated trading management platform developed for retail customers and investment institutions. It is committed tobuilding a low-cost, low-threshold, multi- market shared investment platform for capital providers, investors and the world's major exchanges.

Q. What is Sovy doing in the near future and what are you developing in the Fintech environment?
We are discussing with private institutions, fund houses and private equity firms and will be bringing exciting products to our unique portfolio. We are also working with 3rd party financial firms like insurance and reinsurance firms to develop the next phase of this new financial markets.
Q. Fantastic. Now give us a summary of what you and your team are all about for the year.
Sure! I would say: Customer Centric, Professional, Secure, Supportive, Knowledgeable and Skilled, and lastly, Winners. Our goal is to be let our team and our clients be winners in today’s financial era.
Q. Lastly, any advice for the new comers out there?
Firstly, don’t blindly follow the hype and do your own research, set aside a sum for alternative investments and stay updated in the crypto universe. Of course, everyone can check Sovy’s Autotrade and other products from our official site at www.sovyinc.com

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