BitMEX, which used to allow cryptocurrency trading only via derivatives, has now added spot trading to its offering. This new feature will also arrive on the mobile app, just released last month.
BitMEX opens to spot trading
While until now BitMEX’s services have been primarily focused on cryptocurrency derivatives, these can now be directly spot traded on the platform.
This means that it is possible to trade the actual 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 crypto-currencies 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 rolled out, the offer is very limited at the moment. There will be only 7 different assets, exchangeable for USDT:
- XBT, which is the Bitcoin equivalent (BTC) of the platform;
- Ethereum (ETH);
- ApeCoin (APE);
- Axie Infinity (AXS);
- Chainlink (LINK);
- Polygon (MATIC);
- Uniswap (UNI).
More pairs will arrive on the platform as it develops.
Until 17 July, a competition is running with prizes totalling $1 million. A random draw will give 55 people the chance to win rewards up to the first prize of $500,000. To participate, all you have to do is trade for $250 in volume. Each time this level is reached, the user wins a ticket for the draw, up to a limit of 25 tickets per person.
From now until May 31, it is also possible to fund your BitMEX spot account in USDT at no cost, thanks to their exchange partner Banxa.
The launch of a new mobile application
In April this year, BitMEX unveiled a new mobile app available on iOS and Android. While it is currently restricted to derivatives services, it too will soon see the arrival of cash trading. However, no date has been given for this integration.
We are witnessing a diversification of the commercial offer of the platform founded in 2014. Recently, the platform was in turmoil when a legal case forced its three founders to pay a fine of 10 million dollars each.
This episode resulted in the dismissal of 25% of the staff, i.e. 75 people, as well as the cancellation of the project to buy one of the oldest German banks, Bankhaus von der Heydt.
These latest developments could perhaps allow BitMEX to restore its image and balance its finances.
