BaseFEX Launches Perpetual Contracts for 3 Major Exchange Tokens: BNB, HT, OK

[MattBerglund]

Source: https://coingape.com/basefex-launches-perpetual-contracts/

A professional crypto derivative trading platform, BaseFEX, has announced that the perpetual contracts of 3 most popular exchange platform tokens became available on March 28th, 2019. The 3 new contracts support up to 20x leverage.

Binance relaunched its Launchpad with several new tokens: Fetch.AI (FET) has seen 5 times growth since a series A round, and BitTorrent (BTT) 10 times. The success of Initial Exchange Offerings (IEOs) was inspiring, Huobi and OKEx, 2 other major platforms followed to launch their own offering projects, Huobi Prime (DPO) and OK Jumpstart. TOP Network, the first token of Huobi Prime was just launched and sold out in a few seconds on March 26th, Tuesday. Huobi announced that over 130,000 people participated in the IEO of TOP Network, and only 2968 of them made successful purchases. The TOP price soared for 26 times on Day 1.

The platform tokens of the 3 major exchanges became once again popular on the market, due to the success of these new IEO-alike projects and repurchase policies of the exchanges. Binance Coin(BNB) has seen roughly 300% growth in 3 months, Huobi Token(HT) rose by about 40% after the announcement of TOP Network, and OK Blockchain Token (OKB) rose by about 60% after the announcement of OK Jumpstart.

Huobi and OKEx have both opened leverage trading to help users trade on spot markets, but the high lending rate rejected a big portion of investors. BaseFEX, a new crypto derivative exchange, launches the perpetual contracts of the 3 tokens, providing more flexibility for investors, with the support of up to 20x leverage for the 3 tokens. For investors who hold great expectations, such a contract allows long positions with low leverage in the long run; for those who already hold a big amount of tokens, such a contract can be a risk hedge with short positions at high prices.

BaseFEX is one of the only two cryptocurrency futures exchanges in the world that support the cross-margin mode (the other being BitMEX, based in Hong Kong), a popular feature among professional traders. BaseFEX is already seeing a daily trading volume of over 200 million USD and increasing. The exchange supports 100x leverage for Bitcoin perpetual contract, and the world’s lowest commission fee, 0% for makers and 0.05% for takers.

BaseFEX development team uses a lot of cutting-edge internet technologies to make sure the trading engine is extremely reliable and fast, with 0 glitches processing buy and sell orders. By far the server overload probability has reduced to nearly 0%, while most of its competitors, such as BitMEX, are still harassed by this issue.

Before June 30th, 2019, all BaseFEX users can enjoy a 20% discount on their commission fees. Furthermore, big traders who reach 35 million USD trading volume in 7 continuous days can enjoy an additional 50% discount.

[MattBerglund]

The cryptocurrency derivative exchange BaseFEX has launched BNB, HT, OKB perpetual contracts on March 28th, last Thursday, with the support of up to 20x leverage. Over 2,500 users have already traded these new contracts in the first week alone, driving the total trading volume of the 3 altcoin contracts combined to over 1 billion USD. BaseFEX’s 24-hour trading volume has made a 60% growth from 240 million USD to about 390 million USD.

There is more to it. The utility token platform of OKEx, OK Jumpstart, has announced its first IEO project: Blockcloud, alone with detailed token sale rules on Monday, April 1st, the price of OKB surged 30% from $1.8 in reaction. Over 1,400 traders longed OKB this week using 5x to 20x leverages on BaseFEX, making even bigger profits than Bitcoin contracts.

Binance announced its new IEO rules, too. A user of Binance can claim up to 5 tickets for a lottery according to the amount of BNB she/he holds, in order to get a chance to participate in a new token sale. Is it necessary to make it so difficult to buy an altcoin that previous unknown to the public? Check the 7-second-sold-out project Huobi had just a few days ago. These new IEO policies require traders to hold the platform tokens for a considerable duration, which means an IEO participant faces not only the risk of failing to get a ticket for the IEO, but also the risk of price volatility of the platform token she/he has to hold to get the ticket first. Take HT for example, HT price surged about 10% right before the sale of Huobi’s first IEO project, TOP Network, then fell for 11% in a few minutes right after less than 3% of over 130,000 participants actually purchased TOP Network successfully. This is due to a drastic yet logical change of supply and demand during the IEO.

BaseFEX designed the perpetual futures contracts of the platform tokens to provide a risk hedge for IEO participants. A crypto investor can always protect himself from the multiple risks during an IEO using such contracts, especially the panic selling after a sold out.

According to BaseFEX, more perpetual contracts of platform tokens are to be launched in the near future due to the high demand. BaseFEX will continue to provide the fast and reliable service with the lowest commission fee rate (0% for makers, 0.05% for takers), up to 100x leverage and minimum server overload. All traders enjoy a 20% rebate before June 30th, 2019, and another 50% rebate for clients with trading volume over 35,000,000 in 7 days.