[ANN] BaseFEX - Crypto Derivatives Exchange You Can Trust

[sockpuppet1911]

No Suspicious Wicks

Nothing suspicious here. Move on. But seriously, i didn't see many real buys on your exchange. Just bots playing.

[target]

I wouldn't really have to comment negative here but I just want you to know about the  Accusations to BaseFEX which is about them Plagiarized text from bitmex site and with the Anonymous Team posted in this thread https://bitcointalk.org/index.php?topic=5127951.0

There is also a scam accusation which a user lost 3BTC which he said in this post https://bitcointalk.org/index.php?topic=5127951.msg51681576#msg51681576

[RandG]

I wouldn't really have to comment negative here but I just want you to know about the  Accusations to BaseFEX which is about them Plagiarized text from bitmex site and with the Anonymous Team posted in this thread https://bitcointalk.org/index.php?topic=5127951.0

There is also a scam accusation which a user lost 3BTC which he said in this post https://bitcointalk.org/index.php?topic=5127951.msg51681576#msg51681576

Refer to our official statement here. https://blog.basefex.com/uncategorized/a-statement-on-malicious-activities/

[BaseFEX]

I could be interested if you don’t use internal MM like BitMEX. Because when internal MM is happening, an exchange has incentive to cheat on users to be on the profitable end of the trade.

Absolutely no internal MM. That will eventually be a conflict of interest and some of our founders were burnt by that on MEX.
All of our MM are external.

[BaseFEX]

To sockpuppet1911:

Forgive my candor but it does seem like you are new to crypto futures. It is a large deal that, if you know how crypto futures trading works, you will understand no trader is, will be, or was affected by it.
PNL is calculated with mark price which has nothing to do with a specific large deal because it is calculated this way:
Mark Price = Index Price * (1 + Funding Basis)
Funding Basis = Funding Rate * (Time Until Funding / Funding Interval)

and Funding Rate usually is very small itself like 0.0100%(source: https://www.basefex.com/docs/fees) so basically the Mark Price is just the Index Price in number. Index Price, in case you don't know, is the averaged spot market price from major spot market exchanges such as Binance, OKEX, Huobi and etc.

[indexprotocol]

Awesome work, great!

We are the world's first derivative market data platform - ContractMarketCap.com and we hope listed your exchange and adding your data to our markets overview.

If I have o some questions about API and some details, who can help me? Lot of thanks!

[BaseFEX]

Awesome work, great!

We are the world's first derivative market data platform - ContractMarketCap.com and we hope listed your exchange and adding your data to our markets overview.

If I have o some questions about API and some details, who can help me? Lot of thanks!

Just DMed you. Thanks!

[indexprotocol]

Good news, today we starting connection to your exchange. Announce will be soon.

Can you check from your side, after 1... 2 day - accurateness  of market data and announce for your users at news feed|blog/twitter etc.?

Updated: Connected and your data represented at our portal - announced there (and few analysis moments).

First place at BNB market - Awesome! 💪

[BaseFEX]

Good news, today we starting connection to your exchange. Announce will be soon.

Can you check from your side, after 1... 2 day - accurateness  of market data and announce for your users at news feed|blog/twitter etc.?

Updated: Connected and your data represented at our portal - announced there (and few analysis moments).

First place at BNB market - Awesome! 💪

Thanks for including us!
I took a look at https://test.contractmarketcap.com but it doesn't seem the data is being properly synced right now. I will check it again next week.

[indexprotocol]

Products added per market (e.g. BTC or BNB). And exchange page for each connected platform.

[BaseFEX]

See it now. Thanks a lot!
Wish you guys good luck and become the CMC of futures and contracts

[Naster]

What is the country of origin?

- We  are registered in the Republic of Seychelles with a company number of 205276. Operate from Beijing - That's why we have Alibaba and Huobi former employees among us.

Please show us some information about team, and are some countries forbidden for registration.

- You can search BaseFEX on LinkedIn. But most team members don't have LinkedIn profiles as its penetration rate is quite low in China - we got 20+ employees in total. I will try to take a picture with the people working in our office later. But I guess I will need to blur the faces otherwise I would need permission from everyone.
- https://www.basefex.com/docs/terms-of-service

KYC info.
- no requirements

I have just two questions:
- how does it come that you don't require any KYC?
- What are the limits?

• 100% Cold Storage. All your assets are held in multi-signatured cold wallets. All withdrawals are checked manually.

You said all withdrawals are checked manually, which isn't bad. However how long does it take?
I remember having seeing withdrawals on Huobi which took 48 hrs because no one was able to check it and approve.

[BaseFEX]

I have just two questions:
- how does it come that you don't require any KYC?
- What are the limits?

We consider ourselves believers of the original spirits of cryptocurrency. Therefore respect for our users' privacy and data security are more important for us than what all these exchanges get in return from KYC obedience.
No limits associated with no KYC at all. We do not require KYC for any of our services.

You said all withdrawals are checked manually, which isn't bad. However how long does it take?
I remember having seeing withdrawals on Huobi which took 48 hrs because no one was able to check it and approve.

Currently we have one manual withdrawal audit everyday at 3pm UTC+8.So let's say you submit a withdrawal request at 2pm UTC+8, your request would be handled in 1 hour. If you do that at 4pm, your request will be handled 23 hours later, which is the longest you can wait.
And we plan to increase the frequency of manual audits in respond to users' feedback. Hopefully that can happen soon.