We've noticed the questions and discussions following our recent maintenance window and the launch of the F.A.S.T. Exchange. Your curiosity matters, and we're here to provide straightforward answers. Let's dig into the details and demystify the F.A.S.T. Exchange for you! 🚀✨
Why was your Exchange upgraded in the first place?
The upgrade was initiated with a primary goal – a revolutionary enhancement of transaction speeds, propelling us 1500 times faster than before. In comparison, we've outpaced leading crypto trading venues by 100 times with the F.A.S.T. upgrade. The legacy Bitpanda Pro platform faced latency challenges, creating delays between order placement and execution. By addressing this, we're now at the forefront of the industry, catering to the needs of advanced, API, and institutional traders. Our enhanced speeds attract diverse traders, fostering deeper order books and tighter spreads. This not only benefits institutional traders but also enhances the trading experience for retail customers. Beyond the present, this upgrade is a strategic move. We're gearing up for future offerings, with plans to introduce derivatives (pending license approval) alongside our spot trading. This ensures a comprehensive suite of trading options for our valued users. It's not just an upgrade; it's a forward-looking step towards redefining your trading experience.
Why have you been down for so long? What was the delay?
The comprehensive rebuild involved intricate rewiring to seamlessly integrate with downstream services. As part of our commitment to providing cutting-edge advantages, we introduced new trading modules in Tokyo. These modules were designed to offer customers a side-by-side arbitrage speed advantage over existing trading venues. The ambitious Tokyo modules brought an unexpected level of complexity during the server migration process. This complexity extended the transitional period beyond our initial expectations, resulting in the extended downtime. While we understand the frustration caused by the delay, it was paramount for us to ensure that every aspect was fully functional before relaunching the markets. This careful approach prioritizes our customers' experience and protects their interests. With F.A.S.T. now live, we proudly hold the title of the world's fastest exchange. This achievement spans both crypto and traditional financial exchanges, reflecting our commitment to providing unparalleled speed and performance. We appreciate your patience and look forward to delivering an exceptional trading experience.
Why didn’t you switch back to the old version until all issues were resolved?
Switching back to the old version wasn't feasible as the new F.A.S.T. exchange operates fundamentally differently, with numerous improvements from the data layer to UI connectivity. The migration process, once initiated, prevented any possibility of rolling back to the old infrastructure. We aimed to deliver a significantly enhanced trading platform, and although it introduced challenges, moving forward was the only viable option for lasting improvements. We appreciate your understanding as we continue refining and optimizing the F.A.S.T. exchange.
When you did launch, why was everything so slow for a few days?
Upon launch, we encountered issues with cross-region communication. The presence of servers in both Japan and Ireland introduced minor latency problems on the UI that weren't evident during testing. Swiftly addressing the challenge, we worked to resolve it, but it resulted in the UI being slower than anticipated for approximately three days. We appreciate your patience and understanding during this period as we fine-tuned and optimized our systems for an improved user experience.
Why are you only launching one market initially? When will the others be online?
We've chosen to launch F.A.S.T. with eight of the most liquid spot markets, starting with BTC/USDT and BTC/EUR following closely after. The selection of BTC/USDT over BTC/EUR as the first pair was based on the consideration of complexity. Working with a crypto-crypto pair is inherently less complex than working with a crypto-fiat pair. BTC/USDT was chosen as the initial market to streamline the launch and testing process, with BTC/EUR following soon after. This strategic decision has been pre-arranged with our market makers to ensure a swift rollout of the Exchange markets. It allows us to test the platform thoroughly with the selected markets before gradually introducing additional ones. Our goal is to add more markets and products in the future.
Why do the candlesticks take a whole minute to load?
The delay in loading candlesticks on the UI is not up to the speed standards we aim for. This slowdown is due to the unexpected separation of servers, with candlestick servers located in Ireland and UI servers in Japan. We are actively working on a solution to improve this aspect and anticipate implementing a fix within the upcoming week. We appreciate your patience as we strive to enhance your experience on the F.A.S.T. Exchange.
Is this upgrade secure? Are my assets secure?
Absolutely. The upgrade has been executed with a strong focus on security. We go beyond the minimum requirements to ensure the safety of customer assets. As a duly registered VASP in Europe, we take pride in holding a VASP registration in Italy with the OAM and progressing towards securing a MiFID II license in the Netherlands. This demonstrates our unwavering dedication to upholding the highest standards in safeguarding your assets. Your security is our top priority, and we are dedicated to providing you with a secure trading environment. We want you to trade with confidence, knowing that your assets are protected with the utmost care and diligence on the F.A.S.T. Exchange.
What is the compensation for having very long downtime?
We are excited to announce that our commitment to providing a user-friendly experience includes maintaining zero trading fees for all markets and all users. This ensures a cost-effective and efficient trading environment for all our users. Thank you for being a part of our community, and we look forward to continuing to offer you exceptional service on the One Trading. Learn more about our fees here.
Why was the downtime at a crucial moment for the industry?
Our planned downtime for the F.A.S.T. upgrade was scheduled months in advance as part of our comprehensive strategy for enhancing the platform. We invested considerable time and effort into the development of F.A.S.T. to improve transaction speeds and overall user experience. The planned downtime was a crucial step in achieving our goal of providing the fastest and most efficient trading venue. External factors did not influence the timing of our downtime.
Why wasn’t this communicated more extensively?
We acknowledge that our communication regarding the market closure and maintenance window could have been more effective. We initiated direct emails to customers starting on the 30th of November, providing details about the upcoming maintenance in January. Additional emails were sent throughout December. However, we understand they may have landed in spam folders. In addition to email communication, we displayed a platform banner 48 hours before the maintenance window to alert users and posted social media alerts. Unfortunately, this occurred during the holiday season when some users weren't active to see it. The maintenance window was prolonged, as explained above. Despite the extended downtime, it’s crucial to note that users were still able to log in, swap on Instant Trade, and perform deposits and withdrawals. Recognizing the importance of clear communication and taking your feedback into account, we commit to making every possible effort to enhance communication. This includes ensuring that users receive timely and comprehensive information about any planned maintenance or upgrades. Thank you for your understanding, and we remain dedicated to improving your experience at One Trading.
What are One Trading’s plans for the future?
We are under application for a MiFID 2 license to offer derivatives with crypto-assets underlying to retail and institutional customers in Europe. Upon the granting of the MiFID II license, we would be able to provide investment services under this license across the EEA. We are also preparing for MiCAR, where we see ourselves in a strong position as a full-scale MiFID 2 investment firm. By December 2024, we will be fully operative to provide services related to derivatives and structured products under MiFID 2 and crypto-assets services under MiCAR.