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ICO Analysis: Voise

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The current generation is the passionate generation, the creator generation, the founder generation. Where our parents saw things like finding a job as paramount to life, millennials, empowered by technology, seek to create, create, create. The problem has always been: how do you make a living doing this? Most platforms don’t pay for very well, direct distribution requires a platform, and only the rare few actually make it to the “top.” More than one technology has been built with the concept of the blockchain in order to help creators. Creativechain is one we covered recently, and now, enter Voise, for the music industry.

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Let’s start by pointing out that Voise is not the first music-oriented blockchain application. Bittunes has long sought to “represent the other 99%” with the help of the blockchain and cryptocurrency support. Its platform has been in development for a few years now and focuses on a fairer way for artists to monetize their content. From a blog post by Bittunes:

Digital downloads were just too tricky, apparently.. So the Industry opted for Streaming music instead. Pretty good for music fans, terrible for Artists. In short, the industry has not provided any real leadership, and here we all are, heading toward a world in which no one owns any music.. But let’s focus on the real issue, Money.

So we must take into account that, like everything else in the budding blockchain space, Voise will be far from alone in its mission. Now let’s give it a proper look.

We at VOISE think the creation of a decentralized platform that gives 100% of the revenue to the creator of the content is the solution to this problem.

Voise takes a far more technical approach to the problem, and, as stated above, seeks to get the artist a much larger share of their music sales – the whole pie, in fact. This is dissimilar to Bittunes, which has the interesting addition of payments to those who purchased the tracks first. As an example, Bittunes says that out of $1 million made from an artist’s work, Bittunes would take $200,000, users who’d purchased the track would take $400,000, and the artist would take $400,000. This is a 60% loss to the artist, and in some ways less equitable than other models. It would encourage sales in the ecosystem overall, but it’s hard to envision a future where artists are jumping all over something like that.

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Voise, conversely, uses the Ethereum token platform and currently has its own wallet. Its token is called Voisiums (VSM). While VSM can be stored in the traditional Ethereum wallet, it’s more costly to make purchases when VSM are stored in a normal wallet as opposed to the Voise wallet. In true decentralized fashion, the cost of content will not be dictated by the platform itself, rather by the artists. Voisiums will be tradeable on open exchanges supporting them, giving artists an opportunity for secondary and tertiary income through trade. Anyone who sold a few hundred albums for bitcoins over the past few years knows: this can certainly be a benefit if you can stand to wait for the value of a token to appreciate.

The platform will also offer free samples, which is crucial in modern music distribution, so much so that services which pay artists almost nothing per play like Spotify and YouTube are key ways that artists connect with listeners anymore.

Unfortunately, while the idea seems cool, it does not currently seem very well fleshed out. Let’s dive into the team behind it and see if we can rebuild confidence there.

Who is Behind Voise

Voise co-founder Ivan Rosetti graduated with an IT degree in 2008, worked for Dell as a software engineer for four years, and now is working on Voise. Not much to say there. The experience at Dell can mean a lot of things, but one thing it is sure to mean is that Rosetti has experience with building what users want.

Developer Isaac Rodríguez appears to be working on the backend of things. A LinkedIn profile that comes up for him shows him also as a Dell employee, which is perhaps how he and Rosetti met.

Then there is Ying Hao Chen, who is working on the user interface and the graphics for the platform, which will be a very important role in an artist-focused endeavor such as Voise.

So, not a lot here in terms of relevant experience. This is not a death sentence for the thing, of course, as their roadmap calls for ample time to get things together. It definitely raises the hairs on the arms of the investor, though, this lack of development, strategic, or marketing experience.

A member of the Voise team recently commented on their Bitcointalk thread, regarding the difference between them and competing project Musiccoin:

We have a maximum number of tokens to be able to give a value to each one.They focus more on streaming and us in the sale of the author’s content.

To make us bigger we have planned strong marketing plans. Our intention is also to introduce in the community artists who are not involved in crypto.

Investment Details

The ICO is going to go live at 02:00 AM GMT of May 6th 2017. 160 VSM will be generated for each Ether that is invested into the ICO, and a total of 8% of those will revert to the team for the purposes of development. Here are a couple of tables that break down the distribution of invested funds:

As the above chart states, a maximum of 575,000 Ether will be collected, for a total issuance of 100,000,000 VSM.

As you can see, their real minimum to get the project going is 20,000 Ether, or close to $2 million. That is the point where they begin to develop the real objectives of the road map – in theory.

You can get information on investing once the ICO goes live at ico.voise.it.

The Verdict

Unfortunately, while their intentions seem genuine, the thing seems half-baked at present. The Whitepaper is sparse with real technical details, the software is not currently existent (which was not true of Aragon, another Ethereum-based ICO). The team appear to have little to no history developing these types of applications, so problems can arise. This half-bakedness is a huge vulnerability in terms of competition.

While Creativechain has a detailed roadmap and competent blockchain developers in its stable, Voise appears to have little or none of the above. It could, sadly, result in vaporware or exit scam with very little nudging.

The use of the Ethereum platform for this application is a great idea. The Voise team are giving themselves until the end of the year to develop the alpha version of the platform, and perhaps during that time they can build momentum and acquire a sort of first-mover advantage over anyone else who might try to do the same thing. Yet, to do so they are seeking to raise at least the equivalent of more than $75,000, and with their current offering of information and experience it seems less than likely that they will actually achieve this goal.

As such, the safety rating for this ICO is unfortunately low: a 3.4. The platform is very cool and interesting, or has the potential to be, and should be revisited at a later time in order to see if it went anywhere, or is going anywhere, and at that time it may be safer and smarter to invest. But at this point, it would be immoral for the author to suggest that you invest any more than your attention into the project.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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ICO Analysis: Electrify.Asia

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Electricity

According to the Globalist, “developing countries in Asia are now entering their most energy-intensive phase of development. In line with rising living standards, they increase their consumption for industrialization, infrastructure, transportation and development.”

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Analysts expect that by 2030, half of the demand in energy markets will come from China and India – the other countries in Asia will also make up significant percentage of demand. With this in mind, Asian countries will need to provide consumers with energy security at affordable prices. If they don’t, they won’t be able to meet the burgeoning demand of their rapidly growing populations. However, energy security at affordable prices is very difficult to accomplish.

In light of this, Electrify.Asia is looking to capitalize on Asia’s growing energy security needs. The company aims to “enable the decentralization of power production and bring the power of choice to the consumer.” Essentially, Electrify.Asia is using blockchain technology to disrupt the massive energy industry in Asia by providing both transparency and lower prices to consumers.

Token:

The Electrify.Asia token (ELEC) will be implemented using the Ethereum ERC20. ELEC holders generate value from the token in three ways: (1) loyalty rewards for consumers, (2) the ability to pay transaction fees, and (3) the ability to pay listing deposits for access to Electrify.Asia’s ecosystem.

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According to the white paper, 54% of the funds raised will go towards development, technology and research, 20% towards staffing (HR), 10% towards legal and accounting, 10% towards business development and partnerships, and the rest of the pot (6%) towards operations.

ELEC tokens are valued at $0.08 per 1 ELEC token. The total amount of tokens to be sold is capped at 375,000,000 ELEC. However, the total token supply will capped at 750,000,000 ELEC. The token distribution is as follows: 50% for token sale, 18.4% for team and future members (vesting: 50% at each 6 month interval), 9.0% for advisors and partners, 18.5% for treasury and community development, and 4.1% for airdrop to the community.

The company has not yet stated its intention to list the ELEC tokens on any major crypto exchanges.  

Team:

Electrify.Asia’s core team consists of two senior executives, three business development professionals, two developers, and an operations professional. As compared with the majority of ICOs, Electrify.Asia has a relatively solid team.  

The company’s CEO, Julius Tan, was previously a Solar Research Engineer at the National University of Singapore and an energy trader at an unspecified energy company. Tan has also held a variety of positions at the Singapore Economic Development Board, Standard Chartered Bank and Schlumberger. Additionally, Tan received a BA and MA in Engineering at the University of Cambridge. The company’s COO, Martin Lim, is a 20+ year veteran of the mass communication industry. Lim has worked at a variety of companies including: InMobi, HTC, StarMedia, and Sunseap Energy.

The company’s advisors include the CEO of Omise, a VC executive, a solar executive, an AI/ML researcher, a software engineer, and a compliance executive.

Verdict:

Electrify.Asia presents a highly speculative buying opportunity for investors interested in long-term capital appreciation.  

Energy security is the foundation for developing Asia’s economic transformation, prosperity and development. By decentralizing energy markets across Asia, the company will provide a much needed reform that will lower costs and bring energy security to many emerging market consumers.

However, the primary concern is market adoption across developing Asia. While Electrify.Asia’s technology has a strong potential to be adopted across the developed countries in Asia-Pacific (Japan, Singapore, South Korea and Australia), developing countries across Asia are likely many years away from accepting the technology that the company offers.

Basically, there’s a lot of risk for the company in the developing countries across Asia. In contrast, developed countries in the Asia-Pacific region will likely be open to using the technology. While Electrify.Asia has a strong chance of being successful across developed markets, the company will face many tough hurdles in expanding into some of their target markets (such as: Philippines, Thailand, Vietnam, Thailand, China, India, etc.).

Risks:

Scaling across Asia is a long and costly process. Each country requires localization, on-the-ground teams, and extensive regulatory compliance. The company’s team may be underestimating the total time and cost of their overall strategy – it’s likely to be much greater than expected. -2

Energy markets in South East Asia are highly regulated and still have infrastructure gaps. While Singapore may be the first country in the region to liberalize its energy market, developing countries (such as: Philippines, Thailand, Malaysia, Indonesia, etc.) still lack the infrastructure to be able to do so. Meaning, the company’s technology may be too early for their target markets. -2

Beyond technology risk, market adoption risk runs high for Electrify.Asia. Unless governments across Asia liberalize their energy markets, there is no incentive for energy companies to adopt the added expense of using Electrify.Asia’s platform/ecosystem. -1

Localization in emerging markets will require the company to be able to accept over-the-counter cash payments – many emerging market consumers do not use or have access to credit cards. This will require many strategic partnerships across Asia and is not mentioned as a strategy in the white paper. -1

Growth Opportunity:

Provided the company can successfully scale across Asia, the company will benefit from a large and diverse customer base that is increasingly becoming wealthier and larger (relative to the anaemic growth in the West). With this in mind, global spending by the middle class is expected to reach $35 trillion by 2020 and $56 trillion by 2030 – over 80% of this growth is coming from Asia. Asia’s emerging middle class is shifting the world’s consumer spending paradigm (they’re demanding higher transparency) – Electrify.Asia will be a prime beneficiary of this shift, since energy markets are currently opaque. +4

According to the Asian Development Bank, “annual energy expenditure in Asia is expected to grow from US$700 billion to $US1.6 trillion by 2035.” The company stands to benefit from a large, rapidly growing market that is characterized by significant greenfield opportunities and long-term growth potential. +4  

As developed markets in Asia liberalize their energy markets, Electrify.Asia doesn’t have any real competition to tend with. Basically, the company will benefit from a significant first-mover advantage. +4

Disposition:

Electrify.Asia has a great vision and a solid team, however the company’s technology may be too early for many developing countries across Asia. Provided the company can shift focus to solely the developed countries in the Asia-Pacific region (Japan, South Korea, Australia and Singapore), the company will have a strong potential to become successful.

Beyond technology risk, execution risk and the amount of capital needed for large-scale geographical expansion is being understated by the company – a hard cap of $30M isn’t nearly enough. Additionally, there’s a lot of unanswered questions related to the company’s business development model and approach to strategic partnerships.

Overall, even though technology, market adoption, and execution risk runs high, the company still stands a chance to be the dominant player in the newly liberalized energy markets across developed Asia.

Against this backdrop, we believe that a score of 6 out of 10 is warranted.

Investment Details:

  • Type: Crowdsale
  • Symbol: ELEC
  • Pre-Sale: N/A
  • Public Sale: February 23, 2018
  • Payments Accepted: ETH

Disclaimer: The writer has no position in Electrify.Asia at the time of writing.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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ICO Analysis: COTI

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The global payments industry comprises of many different entities, intermediaries, clearing houses, banks processors, gateways, and of course merchants and consumers. COTI is striving to become the de facto payment mechanism for merchants to transmit business in cryptocurrency (their own, XCT, as well as others) and fiat. The COTI overview paper states: “The COTI team was formed to fill this void. COTI combines the best of traditional payments systems with the best of digital currencies — while working around their respective limitations — to provide a comprehensive payments solution that optimizes for the needs of typical consumers and merchants above all else”.

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For those of you that are unfamiliar with the payments industry, there are certain entities involved when conducting payment transactions using traditional payment rails and the use of card brands like Visa and MasterCard. Let’s go through the traditional process; there is a cardholder, aka the consumer, as well as the merchant who wishes to accept payment for products or services and obtains a merchant account to do so. A payment gateway authorizes credit card payments and is what securely transfers payment information between the merchant’s website or POS machine and merchant account. The payment processor works to process the credit card transaction from start to finish. It does this by connecting the merchant account with the payment gateway so it can receive the transaction details and it also connects the gateway to the Credit Card Network for authorization from the issuing bank. The issuing bank issues credit cards to consumers. They are responsible for paying the acquiring bank for the purchases their cardholders make.

The credit card network helps to connect the issuing and acquiring banks by routing the appropriate transaction information between the two banks. The acquiring bank is also referred to as the merchant bank because they create and maintain merchant accounts that allow a merchant’s business to accept credit and debit cards. So, if you ever wondered what happens when you swipe your card, there you go. As you can see, there are lots of opportunity for blockchain based companies in this space because of the multiple entity transaction chains currently involved. These chains drive up costs in the form of fees to the merchant. The question is, how does COTI fit into this trillion dollar industry?  

The overview paper was very well written with detailed descriptions of applications and services of the organization, including a wallet with an internal exchange and virtual debit card for consumers, processing tools for merchants which looks like a virtual gateway and a platform for mediators to review disputes within their network. The COTI fee structure is based on a Trust Score derived from the transaction history of that individual or merchant. 

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The company also states:

“In addition to taking measures to counter Trust Score manipulation, COTI ensures that parties with low Trust Scores have a clear path to achieving higher Trust Scores. COTI has no intention of enforcing low Trust Scores on any one party in perpetuity, and actively encourages network participants to engage in organic, good-faith efforts to increase their scores. If a low-scoring party can demonstrate its value to the network by engaging in honest, trustworthy conduct, over time this value will be reflected in the party’s Trust Score.”

Token

The token is a native currency called XCT; the company has not determined which blockchain they will be connecting to their internal ledger platform per the white paper. COTI’s native digital currency sits at the center of the COTI network and fuels the interactions between consumers, merchants and mediators. XCT was purpose-built to overcome the barriers that have limited the widespread adoption of digital currencies in day-to-day payments. All fees incurred in the course of using the COTI network are payable in XCT. The levying of fees denominated in XCT applies to all transactions, irrespective of the currency being used to affect the underlying payment. Mediator stakes and payouts are always denominated in XCT. As such, mediators will be required to hold XCT units whenever they wish to engage in mediation. XCT functions as a medium of exchange that can be used when making and receiving payments for goods or services.

Team

The core team comprises a few individuals with both a background in payments and the tech sector as well as previous startup experience. The company looks to have many more advisors than core staff, including those from the academic area, banking and payments space to shepherd the project along. Several advisors were also featured in the company’s promo video and are also being featured on the token sale site before the core team. This makes the optics seem like the advisors are the actual team when that is not the case.

Verdict

Risks

  • There are initial doubts about the level of adoption by mainstream merchants – why this crypto payment option compared to all of the others?. –1
  • No mention of target customer segment. The payments industry is massive and this needs to be niche to start if there is any hopes of adoption and eventually network effects. -1.5
  • We are skeptical of the trust score to determine fees of the network. There are claims about stopping trust score manipulation but I wonder about those average consumers without transaction history why is this network attractive for them? –1

Growth Potential 

  • Adding buyer and seller protections through mediators is a strong play for gaps in the existing digital currency area. + 2  
  • COTI will be able to handle a high throughput of transactions from the outset, initially in the order of 10,000 transactions per second (TPS), and its architecture will be able to scale to accommodate far higher throughputs. All transactions will be confirmed instantly +3
  • Low to zero fee approach can attract existing high-risk merchants who can pay fees upwards of 10%. This would be your adult entertainment, online pharmacy, CBD merchants, etc. COTI may prove as a viable option for them but no mention of target segment was revealed. + 3
  • The project claims high approval rates for cross-border e-commerce transactions, which will yield lower cart abandonment rates for e-commerce merchants and higher conversions. +2

Disposition

Based on the above analysis, we arrive at a score of 6.5 out of 10 for COTI. The project has potential to add scalability to the crypto-payments space with the 10,000 TPS upon launch. The technology, the stack of backers, advisors, and concept look strong but can the organization drive merchant adoption? When will there be revenue realized and transactions happening in volumes to produce revenues to generate value for the XCT currency? These are key considerations that are still up in the air.

Investment Details

  • Type: Crowdsale
  • Symbol: XCT
  • Token Sale: ?
  • Platform: ?
  • Tokens Available Via ICO: ?
  • Token Price: ?

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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ICO Analysis: Blockport

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Blockport is creating an easy-to-use cryptocurrency exchange with a social aspect that benefits novice and experienced investors alike. There are two unique aspects to Blockport that you may be interested in:

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1. Hybrid-decentralized exchange

Blockport takes features from centralized and decentralized exchanges to provide the first and only social-based hybrid-decentralized exchange.

On the decentralized side, you’re in full control of your funds and private keys. You don’t have to worry about a third-party exchange freezing your funds or someone hacking into your wallet.

Utilizing centralized exchanges, the trades that you make are executed off-chain on an exchange other than Blockport. This gives Blockport the liquidity it needs to run effectively.

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2. Social trading

On the Blockport platform, you can follow and directly copy the trading portfolios of other investors. This is advantageous for beginner investors who may be overwhelmed by the seemingly infinite number of coins to choose from.

Blockport is attempting to build a community of investors through social trading as well as a community forum and knowledge base.

BPT Token

If you choose to participate, you’ll be purchasing BPT in the ICO. BPT can be used for a few different things on the Blockport platform.

You must pay a BPT fee to follow and/or copy another trader’s portfolio. 90% of this fee is given directly to the trader while 10% goes to Blockport.

You can also use BPT to purchase premium services and pay discounted trading fees.

Ideally, as the social trading platform gains popularity, users will be willing to pay more and more to ride on the coattails of successful traders. Because there’s a fixed amount of tokens, the price of each BPT should rise accordingly.

The Team

The Blockport team is headquartered in Amsterdam. They work out of the Google and KPMG sponsored tech hub TQ.

The team is led by Sebastiaan Lichter and Kai Bennink. Bennink studied blockchain technology at the Delft University of Technology and Lichter has years of experience in IT and business management.

The CFO of Ark, Lars Rensing, is a member of their advisory team. This advisor agreement is part of a larger partnership with the entire Ark ecosystem project. Blockport has also formed partnerships with Deloitte and Luminum solutions.  

Tokens and Distribution

The Blockport ICO pre-sale began on January 3rd and ended within 3 minutes reaching the team’s goal of 1666 ETH. BPT were sold during the pre-sale at a rate of 1 ETH = 3840 BPT.

The ICO crowdsale will start on February 1st and will close at the end of the month. You can purchase 2840 BPT for 1 ETH during this time. The Blockport team has set a 15000 ETH target for the crowdsale.

The token distribution is fairly straightforward. The total supply of BPT is fixed at 69,440,000 BPT:

  • 71.4% (49,600,000) will be distributed to ICO participants
  • 14.3% (9,929,920) will be reserved for the team, advisors, and seed investors
  • 10.0% (6,944,000) will be used in the Token Shop
  • 4.3% (2,985,920) will be given to the community, 3rd-party service providers, and bonus allocation

The Blockport team will receive their tokens (5-10% of the total supply) through a 3-year vesting schedule after the initial release.

In their whitepaper, Blockport also outlines how they intend to use the funds raised in the ICO:

  • 50% is set in a trading reserve managed by the Blockport exchange accountant
  • 16.2% for marketing costs
  • 14.2% for the development of Blockport 2.0 and 3.0
  • 10.4% towards business operations and maintenance of the exchange
  • 9.2% reserved for legal and regulatory costs

The vesting schedule and relatively small amount of coins that the team holds is a positive indicator that they’re in this for the long haul.

The Verdict

Blockport is working to solve a big problem in cryptocurrency investing – initial friction. This initial friction is generally caused by confusing interfaces and lack of general knowledge about the industry.

Blockport solves this first issue by designing a sleek and intuitive exchange interface. Investors of all skill levels should be happy with their trading experience.

The second problem is solved through social trading. Giving new investors the ability to follow and copy the trading strategies of pros empowers them to actively invest even while they’re still learning.

The BPT token has value as a medium of exchange for discounted trading fees, trade portfolio copying, and premium features.

Risks

  1. The crypto exchange space is already crowded, and Coinbase is a behemoth that’s going to be hard to overthrow. -2.5
  2. Blockport has a lot of untested theories with a product that isn’t on the market yet. Concepts like social trading and hybrid-decentralization may fall flat in the real world. -3
  3. BPT tokens don’t include profit sharing bonuses seen in other exchange coins like Binance. -1

Growth Potential

  1. Even though there are numerous exchanges, crypto investing is absolutely massive and is continuing to grow in popularity. There’s room for several success stories. +5
  2. Blockport’s partnerships with Deloitte and Ark will give them strong community, technological, and business support. These established companies want to see them succeed. +4
  3. The most common theme I’ve noticed on trading forums is people asking for advice on which coins to invest in. Blockport’s social trading has huge upside potential if it can convert this interest to the platform. +3
  4. Blockport already had a successful pre-sale that hit its goal in minutes. That’s a strong sign. +1

Disposition

That gives us a +6.5 out of 10 for Blockport – pretty good. The biggest risk involved with this ICO is the stage that the company is at. Without a working product and established user base, it’s hard to tell how successful they’ll be.

Fortunately, Blockport has formed strong partnerships and has seen success (albeit in a limited fashion) so far. If the team continues to hit milestones and deliver on what they’ve promised, Blockport could be a serious competitor to Coinbase.

As always, you should do your own research and read their whitepaper before making any investment decisions.

Investment Details

The Blockport ICO crowdsale will begin on February 1st and end on February 28th. To participate, you first need to get whitelisted by registering here.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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