Tafabot is a cutting-edge crypto-trading robot helping traders take a more systematic and mechanical approach to trading in the crypto market.
The company’s founders, Samuel Benedict and Victor Otubo in an interview with BusinessDay’s deputy editor, Lolade Akinmurele, spoke about the product and how it is changing the fortunes of crypto traders.
Can you tell us about Tafabot? How can people use the platform or learn to use it?
Tafabot is a cutting-edge crypto trading robot. We first developed it just for ourselves, to automate our trading decisions. It was a desktop software and required your computer to be on to operate. Eventually every friend who found out, wanted it installed. It was a very frequent thing. So, we decided to rebuild it into something scalable, and that was how the mobile app came about, and it could run whether your device was turned on or off, whether you were on-screen or off. The App just runs. And for our users today, it has helped to take the guesswork out of their trading, adopting a more systematic and mechanical approach.
Of course, It did not happen overnight, it took us two years of development and trials before we launched on 12th September last year. Today, we have one of the most advanced trading algorithms with unique features, including real-time adaptability.
This is actually one of the many things that sets Tafabot apart from other crypto trading bots. It is able to adapt to changing market conditions in real-time, providing tools and solutions for different market trends (Bullish, bearish, or sideways). This allows our users to continue to make profitable trades even when other systems might fail.
Who are the partners you work with?
Tafabot has been fortunate to work with a wide range of partners at every stage of our growth, including technological and marketing partners. One of our top partners is Huobi, an industry leader in the field. This partnership allows Tafabot users to benefit from faster trade speeds and receive a portion of the trading fees paid to Huobi.
Additionally, we have other major partnerships in the works that we will be announcing at different stages of our product development. We are grateful for the support and collaboration of these partners, which has played a significant role in our success.
The idea of Tafabot seems to be one of its kind in the crypto industry, since all we’ve seen so far are mirror trading and social platforms, why did you think at the time of setting up that people in Africa will buy the idea of automated trading?
Scam traders have plagued Africa and the rest of the world, promising high returns and taking people’s money to trade on their behalf. Many people have lost money to these scams, including beginner traders who have had a few lucky trades and present themselves as professionals. It is clear that people are tired of these scams and are looking for more secure and reliable trading systems.
That’s where Tafabot comes in. We offer a secure platform that allows users to keep their money with them on their exchange while also earning passive income through our sophisticated tools. These tools can help users earn profit in the crypto market in bullish, bearish, or sideways markets with just a few clicks, giving them more control over their money and their financial future.
How does the current economic turmoil and market conditions, especially with Luna and FTX affect your business?
Like any industry, the crypto industry faces its own set of challenges. There will always be good actors and bad actors in any field, and this is not a reflection on the industry or the technology itself. While there may be setbacks, the industry has shown time and again that it can grow and thrive in the face of challenges.
In fact, these challenges can make us stronger as we learn from them and adapt.
At Tafabot, we believe that current economic turmoil and market conditions, such as those involving Luna and FTX, do not necessarily have a negative impact on our business. In fact, these events presented opportunities for us to demonstrate the value of our platform. Our exchange integrations can help users easily manage their trades on multiple exchanges without relying or putting all their funds on one exchange.
And in the case of Luna, our Smart Invest bot (SI bot) would have helped users avoid losses and potentially even make profits in such situations.”
Was TafaBot in any way exposed to FTX?
No, we were not in any way exposed to FTX, we are rock solid.
Since you’ve made a lot of success from marginalized and futures trading, What advice do you have for new traders trying to succeed in marginalized and futures trading?
One important piece of advice for new traders entering the industry is to understand the industry and the level of risk they are comfortable with. A risk management strategy is crucial for successful trading, which is why we recommend that traders approach their trades with a systematic approach.
Understanding the industry and your risk level is essential in developing a strong risk management strategy and achieving success in marginalized and futures trading.
Have you raised any funding yet and how do you plan to access capital?
We have not raised any funding yet, but we have been able to sustain ourselves through personal investments and business revenue. Initially, we wanted to see if our product had the ability to sell itself without external influence. So far, it has been successful in doing so. In the future, we may raise funds for more expansion.
When did you come up with the idea of Tafabot and how is the company structured?
Our team currently consists of 22 members, with a large portion of our business structure and growth being handled by my co-founder and Tafabot COO, Victor Otubo.
We came up with the idea for Tafabot in 2020 during the COVID-19 pandemic, as more people were seeking new ways to earn passive income through the cryptocurrency market due to traditional jobs being on hold.
We wanted to provide a safe platform for these users to enter the industry, which led to the creation of Tafabot.
What’s your relationship with the co-founder like and how did you get to work on this idea with him?
Victor Otubo is Tafabot co-founder and professional business leader who has extensive experience working with various government organizations and businesses to improve their internal operations. He has brought his expertise and leadership skills to Tafabot and played a crucial role in building the business brick by brick.
Our journey has been an exciting one and we are just getting started. We have faced challenges along the way, but we have always worked together to overcome them and continue to grow. Through hard work and determination, we have been able to develop Tafabot into a strong and successful business.
We are excited to see what the future holds and are committed to continuing to grow and improve.
Where do you see TafaBot in the next three years?
We have big plans for Tafabot and a strong technology foundation to support it. Our goal is to become the leading platform for automated trading and a tool that investors can rely on. We will continue to enhance and establish ourselves as the standard for trading automation. In the next three years, we see Tafabot as the go-to platform for automated trading and we look forward to expanding into other markets beyond crypto.