The king is dead, long live the king.

By Demox | Blockchain Review & News | 11 Sep 2020


Introduction

As most Bitmex users knows, they are now requiring clients to do a KYC collecting a lot of informations about them. Most, if not all, Bitmex seem to share the same opinion, they will abandon the ship before it sinks. I'll be one of those. We have supported the crazy liquidation engine for years when other trading plateform promised us to make us forget about "system overload". We stayed despite the very limited number of pairs available to trade. (/!\ They added new future contract pairs today, introducing ChainLink and Tezos.). But enough, is enough. I've started a quest of a new derivative exchange.

(Another shit they pulled : Link bitmex blog)

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The quest

This quest was long, hard and perilous. I've managed to doge some scam trying to lure me in, offering me fabulous reward. I stopped for a moment at a decentralized oasis name Uniswap in this desert of centralization. I tasted the luxury of being in control of his keys and therefore his funds, but faced with the exorbitant taxes allowing me to continue to enjoy this oasis, I resumed my quest.

However, the test turned out to be more difficult than the first time. Many oases have marked my course, however, they failed to convince me, exposing me to the same problems as before.

It was during this initiatory journey that I remembered the initial reason for my quest. Find a derivative exchange to make $$$ and therefore to my knowledge it will be a centralized exchange.

 

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The end of the journey

My choice ultimately fell on FTX.com. Why ? Because despite being relatively new (Launched in Febuary 2019), they climbed up to the 6th place in term of volumes. So they have enough liquidity for my usage. Second point, they give access to a lot of financial tools. I won't use most of them and let's be realist most of you won't but some are really interesting. They have in total 52 perpetual swap. I love to be able to short but, I don't like expiry date, so it's a golden opportunity to short most of the defi bubble. What's even better is that you don't have to have any confidence in the coin that you're shorting because the collateral is in stablecoin so you only have to have some USDT as an example to short on any perpetual swap available there. There is a lot to say about this and how to manage risk but this is not why this article was written. Be sure to not act too fast and understand what's your doing. They have a lot of well written guides explaining you really important details. (Bonus, you can even trade on the US presidential result !)

Taker fees are 0.07% for the lowest trading tier and 0.00% maker fees for the rest of 2020. Join me in this adventure with my link to have a promotion of 5% on trading fees : FTX.com (This offer will be reminded to you once you create an account. If no information about a 5% reduction is displayed, you have to use again the link or the promotion have ended.). This offer is compatible with the FTT discount. (The more coin of the plat

Cherry on the cake, Serum is a Decentralised Exchange (DEX) in development by the team behind FTX and Serum ($SRM), the native token to the Serum ecosystem, will be airdropped to FTX users holding 500 FTT tokens or more on the Exchange 

Final review

Pros

  • Made with love by traders, for traders.
  • Unique products, such as trading on political outcome.
  • Lots of derivatives products. A plus if that is what you are specifically interested in.
  • Low trading fees. 
  • No hacks yet.

Cons

  • Only launched for a year.

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Demox
Demox

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Blockchain Review & News
Blockchain Review & News

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