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The launch of the spot trading platform comes at a time when the market is experiencing a significant downturn.
Cryptocurrency exchange BitMEX has announced the launch of its spot trading platform as it is working its way back into the heart of the market.
A protracted SEC case with Arthur Hayes, Benjamin Delo, and Samuel Reed placed BitMEX in the public eye. The company settled with a fine of $100 million after which it dissociated from the case. It also employed a new CEO Alexander Höptner in 2020.
Since coming on board, Höptner has sought to drive the company’s expansion, suggesting a move away from traditional currency swaps to include additional features like spot trading. These additional features are believed to have contributed to Binance and FTX success in the market.
Prospects of the Spot Trading Platform
The launch of the spot trading platform comes at a time when the market is experiencing a significant downturn. BitMEX Vice President of spot Genia Mikhalchenko stated the company hopes to ride the wave back up even as the market turns around.
“We are hoping to break into the top 15 spot markets over the next 12 to 16 months,” he noted.
The trading platform features an intuitive platform that will guarantee a unique trading experience for users. Traders will be able to choose between limit orders and market orders. For now, they will have access to only seven crypto assets: BTC, ETH, APE, AXS, UNI, MATIC and LINK. These are all paired against USDT to ensure easy movement of money in and out of the exchange. The firm expects to introduce more cryptocurrencies and trading pairs over the coming months.
Mikhalchenko stated that the firm has no delusions about its chances in the market. However, the firm is putting in place multiple incentives that’ll help them crash the spot-trading party in style.
In order to attract many traders, BitMEX has introduced the most competitive trading fees. By charging 0.10% for a trade, the firm is adding to the crypto trading price war that has seen an exchange like FTX lower its fees to 0.20%. Beyond this, BitMEX will automatically enter all users in its first two months into its sweepstakes. With just $250 USD, traders will be eligible to win prizes worth well over $1 million dollars.