BaseFEX Bitcoin Futures Exchange Offers 20 BTC Trading Competition Reward
BaseFEX Offers Reward for Its Bitcoin (BTC) Futures Trading Competition
The new cryptocurrency exchange, BaseFEX, short for Base Futures Exchange, is holding a Bitcoin Futures trading competition that will see the top ten competitors rewarded with a 20 BTC reward amongst them. The reward will be shared in the following proportions; the best BTC futures trader will get 10 BTC, the runners up will get 5 BTC, third 2.5 BTC and the rest will share the remaining amount getting half the amount of the place before them.
The Tokyo-based cryptocurrency exchange was launched this year after the development team, led by the founders Jesse Wu and Isaac Zeng worked on the project for slightly over a year. Wu is a well re-known personality in the cryptocurrency field, a former engineer and an experienced internet age entrepreneur. Zeng is also a former engineer and has worked on various cryptocurrency projects including the development of the order matching engine on Huobi Exchange.
The company is registered in Seychelles due to the regulatory ease in the country compared to Japan and also has its servers there. The announcement of this competition hopes to boost the overall conversion rates of traders to the exchange.
The BaseFEX exchange
The BaseFEX exchange is still at its early stages but developments seen are moving at a rapid pace. The exchange has integrated Bitcoin perpetual contracts with a leverage offer of X100 and plans to add Ethereum (ETH) perpetual contracts soon too. The roadmap of BaseFEX also shows more cryptocurrency derivative products will be introduced on the exchange in the future.
BaseFEX guarantees that the data handling of every module maintains importance so the same operation being executed multiple times does not have any side effect, this ensures modules can scale out horizontally on demand. The exchange also provides a high throughput ensuring fast transactions even when handling a large number of transactions. In addition, the BaseFEX exchange offers high levels of cryptographically secure wallets and low fees on transactions at 0.025% for makers and 0.075% for takers. Deposits and withdrawals are not charged on the exchange.
The BaseFEX Bitcoin Futures trading competition
The BaseFEX Bitcoin Futures trading competition started in 18th September 2018 and will run through till 26th September 2018, a total of 8 days. The competition involves trading BTC’s futures contracts with the participants given a test net 5 BTC to start. The winners will be ranked on the final day of the competition with the top 10 traders with the highest margin balances announced as winners.
As mentioned above, the winners will be rewarded with 20 BTC shared amongst the top 10 competitors with each competitor getting half what the higher position is getting. The first will get 10 BTC as the reward.