Cryptocurrency exchange BitMEX has Announced the launch of options trading in partnership with derivatives platform PowerTrade.
Cryptocurrency exchange BitMEX has Announced the launch of options trading in partnership with derivatives platform PowerTrade.
Options are popular derivatives that allow traders to buy or sell the underlying cryptocurrency at a predetermined price in the future.
The exchange offers options for Bitcoin (BTC) and Ethereum (ETH), as well as more arcane cryptocurrencies like Dogecoin (DOGE), Ripple-affiliated XRP, and Solana (SOL).
By launching these new products, BitMEX takes on Panama-based crypto giant Deribit, which accounts for the vast majority of total crypto options volume.
All options products are priced in Circle USDC, which is currently the second largest stablecoin by market cap. Options can be margined with Bitcoin, USDT and USDC.
The relatively low minimum trade sizes (just 0.01 for Bitcoin) are supposed to be the key selling point of BitMEX options.
This month, BitMEX users will be able to trade options without fees. Those who deposit at least $1,000 and execute at least a single trade will be able to get a 20 USDC bonus.
BitMEX has also touted its “industry-leading security,” stating that it has never lost cryptocurrency since 2014.
In 2022, PowerTrade partnered with British custody company Copper to offer custody services to institutions.
Last December, BitMEX announced a strategic partnership with PowerTrade to improve the trading experience for professional players.
