Revving Up for Round Two
After the smashing success of the August Trading Challenge, BitMEX is back at it again with round two! If you’re wondering what all the fuss is about, well, let me tell you—it’s not just a chance to win two Bitcoins; it’s an opportunity to dive into the trading world without the risk of becoming a cryptocurrency casualty.
Statistics that Speak Volumes
Before diving into the nitty-gritty, let’s take a moment to look at some impressive numbers from the last challenge:
- Over 350 participants
- 33 million contracts traded—worth a whopping 157,620 XBC!
- Nearly 250,000 orders placed
- Just under 100,000 completed trades
- Zero bankruptcies—thank you, smart margin policy!
And let’s not forget the contest winner who turned a pretend sum of 50 BTC into a jaw-dropping 550 BTC, walking away with a five-Bitcoin prize and another five for charity. Talk about being a hero!
What’s New and Improved?
In response to trader feedback and tech tweaks, this new challenge promises even more. While the prize is a touch smaller this time, the real prize is the experience and the lessons learned. Plus, the chat feature allows traders to swap tips like they’re sharing their secret family recipes!
Futures Contracts 101
So here’s the deal with BitMEX: it’s designed entirely for futures contracts. For newbies, this means instead of owning Bitcoin, you hold contracts giving you the right to buy or sell it later. Think of it like making a bet at the track—you may not own the horse, but you can still cash in on that win!
Added Trading Tools
BitMEX hasn’t stopped there! They’ve just rolled out a shiny new charting package for those seasoned traders looking to craft their intricate strategies like artists with a canvas. And for the record, futures contracts are now available not just for Bitcoin but also for Darkcoin (XDK) and Litecoin (XLT). Bet you didn’t see that coming!
Insights From the Head Honcho
We sat down (virtually) with Arthur Hayes, CEO of BitMEX and former equity derivatives honcho, to get the scoop on why futures trading matters:
“For Bitcoin adoption to grow, merchants need an effective way to hedge against fiat currency volatility. No one wants their balance sheet looking like it just came from a rollercoaster!”
He continued, “Investors also crave a liquid and safe way to dabble in Bitcoin’s future. Short selling is a critical market component, and futures contracts facilitate that.”
Staying Safe in a Volatile Market
In a sector known for its rapid ups and downs, how does BitMEX keep traders protected? Arthur introduced us to their Chief Risk Officer, who was entrusted with the essential task of safe-guarding your funds. They employ a sophisticated margin system designed to adapt to market conditions, preventing traders from hitting panic mode.
With measures like iterative order submissions and real-time equity recalculations, traders can breathe a sigh of relief knowing their chances of liquidation have significantly decreased.
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