With one of the largest (and often loudest) communities in the cryptocurrency space, plenty of traders have been waiting for Digitex Futures to finally launch to the public with its promise of commission-free crypto futures trading. At long last, that day has come. Digitex is officially opening up its mainnet to all from 12 pm GMT today, July 31.
Building the first zero-fee crypto futures exchange
Ever since its ICO in 2018, Digitex Futures has been promising its community a trading platform for cryptocurrency futures that operates with zero fees. The journey to get to the public launch has been long with more than a few road bumps in the way. After two highly publicised missed launches and battles with development, Digitex Futures seemed to have lost its way. And a lot of investor confidence along with it.
Yet, the Digitex CEO made a compelling speech assuring that he “would not rest” until he finally delivered the “scalpers’ paradise” and robust commission-free futures exchange he had promised.
Digitex has since worked hard with the right development partners and has managed to claw back trust. After an extensive development and testing period, the company finally launched its testnet in November last year and the closed mainnet with a limited number of traders in April 2020.
Adam told Coin Rivet that the team had learned from its mistakes and that he never wanted to be in the same position again. This is why the company has been uber-cautious about slowly adding more traders rather than launching quickly and discovering problems afterwards.
“We have been testing and developing the exchange in tandem with our testers and our trading community for eight months now and I am so pleased that we took this approach this time around. We’ve now onboarded our massive waitlist of traders to the platform ahead of the launch and we’re already seeing insane 24-hour volume on our BTCUSD perpetual swap market”.
“Insane” it seems is no exaggeration. Digitex Futures’ 24-hour trading volume blasted past $2.9 billion earlier this week, beating most major cryptocurrency derivatives exchanges including OKEx, Kraken, and Deribit before even opening its doors to the public.
The Digitex platform
Apart from the obvious benefit of trading without commission fees, Digitex brings a few more advantages to the crypto trading space. This includes a KYC-free signup, an interface with TradingView charts integrated that is fully customisable in four different colour schemes and Crypto’s first one-click trading ladder interface.
“It’s a much more intuitive way of trading”, Adam says. “Traders can really stay in the zone without having to worry about making additional mouse movements or keyboard strokes. When you’re looking to capitalise on the smallest price fluctuations and rack up single-tick profits, time really is of the essence”.
— Digitex Futures (@DigitexFutures) July 26, 2020
Unlike other derivatives exchanges with a wide product offering, Digitex is opening up with just one market – BTCUSD perpetual swap. Adam explains that this is because “[He] wanted to concentrate all the liquidity on one popular market to give us the best chance of getting the volume cranking, and that’s exactly what we’ve achieved”.
He says that more markets will be added shortly and the ETHBTC market is already live on the testnet. More interestingly, however, is the fact that the next markets that will be added after ETH are traditional markets like gold, oil, and the S&P 500. This is particularly timely during a period of global economic uncertainty in which investors are looking to gain exposure to different markets.
Particularly appealing to day traders
Thanks to the removal of fees, Digitex looks to appeal specifically to day traders and short-term scalpers who trade very frequently and aggressively accumulating small profits over time. This, Adam says, is something that is “simply impossible on all other exchanges because of the crippling fees they charge. Not only do they eat into your profits but they actually turn them into losses”.
He explains that Digitex is the first exchange that now allows traders to keep 100% of their profits with no house edge working against them. “I couldn’t be happier to finally share my dream of commission-free trading with the world,” he said.
What to expect from the public launch
As you might expect from the upstart startup that garnered more than 1 million signups on its waitlist, the zero-fee exchange is commemorating the occasion with what the team calls, “a trading party to end all trading parties”. Adam will be online for six continuous hours today during the event taking part in live trading and interviewing with some of crypto’s best-known influencers.
There will also be massive giveaways with prizes totalling $250,000 worth of DGTX as well as plenty of branded merchandise. The top prizes of $5,000 in DGTX will be rewarded at random every hour with smaller prizes also being continually gifted throughout the day.
Anyone can take part in the Launch Day Trading Event by opening up an account on the Digitex mainnet from midday GMT today and depositing 1000 DGTX. This minimum balance must be retained throughout the day in order to be eligible for prizes. The competition is open to both new traders and existing traders on Digitex’s previously closed mainnet.
While nothing is certain in this cut-throat space, if trading volume indicators are anything to go by, Digitex looks like it may have some serious potential. It has already proven itself to be extremely popular with its zero-fee model and one-click ladder. It will certainly be worth keeping an eye on this project now that it has finally made good on its promise and delivered a working exchange.
For more news, guides and cryptocurrency analysis, click here.