Futures exchange BitMEX has finally announced its entry in the spot trading market. The exchange has launched ‘BitMEX Spot Exchange’ which allows traders to buy, sell and trade crypto via an orderbook.
The platform initially offers seven spot trading pairs, with Bitcoin, Ether, Polygon’s MATIC, Chainlink’s LINK, Axie Infinity’s AXS, Uniswap’s UNI and Bored Ape Yacht Club’s APE being traded against Tether (USDT).
And, for a limited time only, you may purchase USDT with no costs through Banxa, one of BitMEX’s fiat gateway partners.
“We are hoping to break into the top 15 spot markets over the next 12 to 16 months,” said BitMEX Vice President of spot Genia Mikhalchenko. “We want to ride this wave back up as the market turns around.”
Since the platform is quite late to enter the spot market as compared to its competitors Binance and FTX, the platform plans to fulfil the target of being one of the top spot markets using incentives.
The platform will give away $1 million in crypto and prizes to its new users. The platform has also priced its trades very strategically. For example, the platform will charge 0.10% for a trade under $100,000 compared to FTX.US’s 0.20% for the same type of trade.
BitMEX also informed its users that they will soon be able to access BitMEX Spot via their new crypto app.
BitMEX on one hand is introducing new features, while on the other hand its co-founders were fined $30 million by CFTC for illegally operating a crypto derivatives platform and violating money-laundering rules.
Two of the three founders, Arthur Hayes and Ben Delo are also due to be charged in a few days for violation of the Bank Secrecy Act.
