As many have understood, Bitcoin (BTC), although it offers many opportunities, is an unstable cryptocurrency that is no stranger to price fluctuations. As with other volatile assets in traditional markets, many traders turn to derivatives trading to reduce some of this risk. However, the same variety of professional financial derivatives that investors are familiar with have not always been present in the digital space of cryptocurrencies.
BitMEX, a platform created in 2014, was born to meet this need as a Bitcoin-only platform for margin and settlement. Since then, the development of the cryptocurrency landscape against stablecoins has led to a strategic shift affecting stablecoin Tether (USDT).
In light of the latest news, Alex Höptner, CEO of BitMEX, shares:
“Trading on BitMEX has never been easier since we added Tether for margin and settlement. For years, BitMEX was just Bitcoin. But no more. This is an important step in our transformation, which will allow us to go beyond derivatives and offer diversified services. to all.Loveers of cryptocurrency, no matter where they are.
The platform announced that it will now accept Tether (ERC-20-USDT) ahead of the launch of USDT contracts with spreads starting November 10 at. 04:00 UTC. Currently, they will list nine contracts: seven linear perpetual swaps for Bitcoin (XBT), Ethereum (ETH), XRP, Litecoin (LTC), Dogecoin (DOGE), Solecon (SOLE) and Bitcoin Cash (BCH), in addition to this . On two-line futures contracts on XBT and ETH.
After trading starts, all USDT margin contracts will be available to users for free for 30 days (until December 9). To further stimulate early deposits, the first 8,000 users who made a deposit before November 10 and traded during the commission-free period will receive a $ 50 bonus. The only caveat is that users must maintain a minimum balance of $ 250 in their account until December 9th.
Prepare for the user experience
The platform began with an ambitious goal of becoming the largest cryptocurrency derivatives exchange in the world and a powerful enough catalyst to drive change in the financial industry, a mission that was only achieved by placing traders at the forefront of their business. While Tether was one of the ways the team put its community first, history has shown that many other initiatives have led to the platform’s success so far.
Another notable achievement occurred in August this year. At this point, the BitMEX team announced an increase in rewards for traders as they updated the commission structure. Since then, BitMEX’s fees have been reduced to 5 basis points (0.05%) from 7.5 basis points (0.075%) on all their products. This trading commission will then apply to all traders who qualify for higher levels to reach certain volume limits.
More information about BITMEX here
In addition, as the number of offers increases, users expect a certain level of performance during periods of high volatility. The BitMEX engineering team has continued to improve the trading engine, platform rules and overall infrastructure to meet this standard.
BitMEX has also been committed to the security of the platform and users. They share their belief in strict safety measures that create a balance between safety and comfort.
The platform’s latest milestone is the user verification program, which makes BitMEX one of the few cryptocurrency derivatives exchanges outside the United States to implement the Know Your Customer (KYC) requirements before a user can complete their first deposit and participate in their first trade. This advantage is only possible thanks to many years of hard work and strict compliance with international standards. After verifying all users, the team was able to demonstrate its commitment to achieving a new level of compliance for the industry.
The team continues to leverage this institution to expand its offering with five global business segments: Spot, Brokerage, Custody, Information Products and Academic. While the team is focused on diversifying their products, derivative offerings will remain the core of their business.
As they continue to double in size, the team believes they are well positioned to shape the cryptocurrency industry now and in the future.