BitMEX will offer a new crypto spot trading option, which will enable users to transact between fiat currencies and crypto-assets as well as crypto trading pairs. BitMEX has been focused on providing the most complete trading service possible and the addition of spot trading will help to achieve that goal.
BitMEX Spot Exchange
BitMEX will launch the new spot exchange with the aim of enticing new customers, as well as providing a service to help retain its current customers. At launch, the exchange will offer support for seven trading pairs, with the following coins; Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), and Axie Infinity’s AXS and APE. All of these currencies will be traded against the stablecoin Tether (USDT).
The news came via a press release, with BitMEX claiming the main objective of spot trading integration is to cater to the growing demand for retail trading across Europe, APAC, and Latin America userbase.
At launch, BitMEX aims to incentivise users to sign-up and try out the new product by giving away $1 million in crypto to new users. In a statement released by Alexander Höpner, the CEO of BitMEX, he said“Last year, we introduced our Beyond Derivatives strategy, and the launch of BitMEX Spot is the centrepiece of this vision. Today, BitMEX is one step closer to providing our users with a full crypto ecosystem to buy, sell, and trade their favorite digital assets. We will not rest as we aim to deliver more features, more trading pairs, and more ways for our clients to take part in the crypto revolution.”
Changing The Face Of BitMEX
Cryptocurrency derivatives trading has seen a huge increase in trading volumes in recent years, with 2021 marking the first year when trading volumes for derivatives surpassed that of spot or cash trading.
BitMEX has established itself as one of the go-to platforms for trading bitcoin derivatives. The emergence of Binance futures and FTX derivatives has taken a chunk of the BitMEX customer base away, resulting in the company adjusting the direction of its service and creating a new product.
The hope is that with the launch of the spot trading product, the exchange will break into the top 10 exchanges within the next year or so. But, with the BitMEX court cases looming, with the former executive Arther Hayes facing down a $10 million fine.