BitMEX, which allowed cryptocurrency trading only through derivatives, has just added spot trading to its offering. This novelty will also arrive on the mobile application, just released last month.
BitMEX opens to spot trading
Whereas until now, the services of BitMEX were primarily focused on cryptocurrency derivatives, these can now be directly traded in spot on the platform.
This means that it is possible to trade the real asset and not a financial product replicating the performance of its underlying as is the case with leveraged margin trading, for example. By extension, it is also possible to move the cryptocurrency in question from one account to another.
Boom.💥BitMEX Spot is LIVE.
Users can now buy and sell #crypto on BitMEX with instant settlement…
…and enter our spot trading #sweepstakes to win a share in a prize pool valued at $1 million 🏆
Let’s go 🚀: https://t.co/dcYAPO7wpY
Learn more ⬇️ pic.twitter.com/EALeZKFLws
—BitMEX (@BitMEX) May 17, 2022
Having just been deployed, the offer is very limited at the moment. We will find there only 7 different assetsredeemable for USDT:
- XBT, which is the Bitcoin (BTC) equivalent of the platform;
- Ethereum (ETH);
- ApeCoin (APE);
- Axie Infinity (AXS);
- Chainlink (LINK);
- Polygon (MATIC);
- Uniswap (UNI).
More pairs will come to the platform as it grows.
Until July 17, a competition is in place, the prizes of which amount to a total value of one million dollars. A raffle will allow 55 people to win rewards up to the first prize of $500,000. To participate, simply trade for $250 volume. Each time this level is reached, the user wins a ticket for the draw, up to a limit of 25 tickets per person.
By May 31, it is also possible to fund your BitMEX spot account in USDT free of chargethanks to their exchange partner Banxa.
👉 To go further – Discover our tutorial on BitMEX derivatives
The launch of a new mobile application
Last April, BitMEX unveiled a new mobile app available on iOS and Android. If it is currently confined to derivatives services, it too will soon see the arrival of cash exchanges. However, no date has been communicated regarding this integration.
We are witnessing here a diversification of the commercial offer of the platform founded in 2014. Lately, it was in turmoil when a court case forced its 3 founders to pay a fine of 10 million dollars each.
This episode resulted in the dismissal of 25% of staffie 75 people, as well as the cancellation of the planned takeover of one of the oldest German banks, the Bankhaus von der Heydt.
These latest innovations put in place could then perhaps allow BitMEX to improve its image and of rebalance one’s finances.
👉 On the same subject – The BitMEX platform is forced to lay off a quarter of its employees
Sources: Trading Spot, App
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