Cryptocurrency

An Intelligent marketing and business move – Bibox Perpetual Contract trading competitions

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It is not hidden to anyone that the cryptocurrency has revolutionized the financial sector all around the world and still seeking newer heights. This naturally places a lot of power in retail investors and traders. Lately, when the bear market affected the retail investors, it had an enthusiastic effect on the crypto traders.

The traders rather climbed up to greater profits amidst the bearish tendency of the market through offering trading services. It was seen that the crypto exchanges started to offer trading equipment to traders as well as generating user-friendly market place and best suits the traders. This gave birth to the cryptocurrency derivatives marketplace and  Perpetual Contracts, as the popular market place and product respectively.  Perpetual Contracts makes the majority of transactions on the derivatives marketplace as they offer predetermined price, long shelf life, and huge leverage.

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The exchanges that are making a big impact are Bibox, BitMEX, Houbi, and OKEx. Bibox is stirring the market with innovative ways such as the contest that encouraged the adoption of the crypto market. Its innovative trading products and services made a good roar soon after the launch of the exchange. Resultantly, it holds $300 million of the entire crypto sphere, comes in the top five exchanges, has a global presence in countries such as Estonia, the United States, China, Switzerland, Canada, South Korea, Singapore, Japan, Vietnam, etc., and has more than 200 trading pairs to offer great liquidity.

Bibox released its derivates products in early March. With the market traction and focus on Bitcoin BTC and Ethereum ETH. These contracts are priced in the largest stable coin by market cap- Tether USDT. Here you also get leverage of 50x which is leaps and bounds ahead of other spat market leverage which usually ranges around 3x to 20x. Here the margin can also be adjusted by the traders at any point of time.

Another feature that sets Bibox apart from the regular crypto exchanges is that its contracts ask for funding rate on neither the sellers nor the purchasers. Further Bibox makes sure that it can tackle the market manipulations smartly, by pegging the spot price instead of crypto price. The rates will be dependent on the weighted-average price of the top five crypto exchanges that includes- Binance, Bitfinex, OKEx, Huobi, and Bibox. The forced liquidation process by Bibox will seek reference from the spot markets. This is done to protect the traders from losses and bad market players.

There are two ongoing competitions that the exchange has released in the Perpetual Contract market domain-

The early access competition

It was released on February 18, 2019; the same completion will go on for next two weeks till March 4th. There are zero transaction fees for these contracts. Also, the traders will get a 30 percent discount on the transaction fees after the perpetual contracts are launched.

The exchange has gone beyond above the trading volume of 100 Million U.S. Dollars for the perpetual contract within seven days. Overall the competition has 1K positions. The experience officers (traders with 25 BTC to 740 BTC in their perpetual contracts) are offered 10 USDT. The trader’s portfolio of gains and losses will decide the rank. The first rank will be rewarded with 1 BTC. The ranks from 2nd till 30th will be rewarded 50 USDT per trader.

The second competition-

It is based on the first session, and it is a team competition. It has already gained a lot of popularity and following. The competition will go on for the next twenty days. The ranking of this competition will be decided based on the profit rate of the perpetual contract.

  • The reward for this competition is more exciting and way higher than the first competition at 10 BTC, along with additional 500USDT for the team that will win the event.
  • Teams with the second and third sport will get 3000 USDT and 2000 USDT respectively.

Bibox has market research and customer care on its mind in through these competitions too, as it will take their feedback on the trading experience. The users can give feedback to the developers on bug optimization. Further to maintain the traction, after the official launch of the derivatives product, Bibox will offer a 40 percent discount on the transaction fees.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
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