- BitMEX, a leading cryptocurrency exchange, has announced the launch of options trading in collaboration with derivatives platform PowerTrade.
- The new offering includes options for Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies such as Dogecoin (DOGE), XRP, and Solana (SOL).
- This move positions BitMEX as a competitor to Deribit, a Panama-based crypto giant that dominates the crypto options volume.
BitMEX, a renowned cryptocurrency exchange, partners with PowerTrade to introduce options trading, expanding its product offerings and providing traders with more opportunities.
BitMEX Introduces Options Trading
BitMEX, in partnership with PowerTrade, has rolled out options trading, a popular derivative that allows traders to buy or sell the underlying cryptocurrency at a predetermined price in the future. The exchange now offers options for Bitcoin (BTC) and Ethereum (ETH), as well as other cryptocurrencies like Dogecoin (DOGE), Ripple-affiliated XRP, and Solana (SOL).
Competing with Deribit
By launching these new products, BitMEX is positioning itself as a competitor to Deribit, a Panama-based crypto giant that accounts for the majority of the total crypto options volume. All options products on BitMEX are priced in Circle’s USDC, the second-largest stablecoin by market cap. Traders can margin the options with Bitcoin, USDT, and USDC.
Attractive Features and Promotions
BitMEX has made its options more attractive by setting relatively low minimum trade sizes (just 0.01 for Bitcoin). Additionally, throughout this month, BitMEX users can trade options with zero fees. Those who deposit at least $1,000 and execute at least a single trade will receive a 20 USDC bonus. The exchange has also emphasized its “industry-leading security,” claiming that it has not lost any crypto since its establishment in 2014.
Conclusion
BitMEX’s introduction of options trading, in collaboration with PowerTrade, marks a significant expansion of its product offerings. This move not only provides traders with more opportunities but also positions BitMEX as a formidable competitor to Deribit in the crypto options market. With attractive features and promotions, BitMEX is likely to attract a significant number of traders to its new options products.
