October 25, 2019, | AtoZ Markets – Crypto asset exchange Trade.io has announced that they are shutting down their exchange operations. Since the company is linked to tiomarkets and fxprimus CFDs brokers, they commented that traders can migrate to Tiomarkets. So, is Trade.io completely Shutting down? What happened to $31 million the company raised from its ICO?
Is Trade.io Shutting down?
On October 22, Trade.io announced a complete suspension of trading on its platform. The exchange cites low volume and activity in the crypto markets. However, the announcement reassured investors that the suspension would only be transient.
"Trade.io is not going out of business. The crypto exchange will be archived securely and pending the financial opportunity will be reopened at a future date."
In addition to unfavorable market conditions, Trade.io said there was pressure from massive marketing budgets and increased infrastructure costs. They also called out the abundance of scam projects in cryptocurrency resulting from the lack of regulation, including exchanges posting artificially inflated volumes.
The announcement continued:
"This is purely a profit and loss decision. Despite the success of our re-launch, it has become clear to us that in current market conditions the exchange is a long way from turning a profit. Profits (and losses) directly affect the LP payouts."
The platform is suspending all activities on the exchange on October 28, nevertheless, users can withdraw funds till October 31.
Thereafter, the liquidity pool would continue to operate with only TIO markets. The exchange also informed that its TIOx token would be listed on IDAX, Mercatox, and ABCC exchanges and will remain the key to accessing its liquidity pool.
Want to trade CFDs with a reliable broker? Open an account with any of the below AtoZ Markets approved CFD brokers:
Trade.io ICO fundraising
While Trade.io announcement comments about low liquidity, they are not commenting about their own fundraising. In early 2018 the company finished its ICO fundraising. They raised $31 million as a result of TIO ICO.
However, in 2018 founders also launched another Forex broker called Tio markets. At the same time, the project went through a token fork from TIO to TIOx. The TIO team is an experienced Forex team. It is therefore not a surprise that the company leaning back towards the CFDs market.
TIOx current market cap is $2.5 million.
TIOx coin price forecast
Trade Token (TIO) is a cryptocurrency token and operates on the Ethereum platform. Trade Token has a current supply of 223,534,823 TIO with 89,921,436 TIO in circulation. The last known price of Trade Token is $0.084280 USD. The token has almost complete dead liquidity.
It is fair to note that Trade.io is not the only exchange struggling. In the recent past, a number of exchanges shut down, including cryptoexchange.io and many others. It is due to the fact that many of these companies have failed to create a real ecosystem. With a dead platform, no token utility investors often start calling projects scam. As a result, the founders start focussing on token prices instead of the product.
At AtoZMarkets, our analysts project that TioMarkets is likely to migrate to the Trade.io domain in the coming period.
Should you trade CFDs on your own at all?
Before you start trading CFDs, you'll want to read this.
Our in-house trading expert Dr Yury Safronau, PhD in Economic Sciences, gives you daily his best forex, metals, and cryptocurrencies to buy and sell signals right now.
His trading strategies which are based on non-linear dynamic models have achieved more than 65 000 pips of profits since 2015. And right now there are some very strong buy and sell signals across several markets you don't want to miss.
Want to see which ones?