Home
News
- The Singapore-based exchange becomes the first cryptocurrency derivatives exchange that lets investors trade gold contracts up to 100 times leverage.
- The perpetual contract trades are almost close to the basic market price of Bitcoin.
- CEO of Phemex, Jack Tao, addressed that gold trading duo is the beginning of non-crypto asset trading on the exchange’s platform.
The fastest Bitcoin trading platform Phemex launched its latest product on March 17. It is an exclusive everlasting contract connected to gold and is stable at a nominal US dollar price to safeguard its users against BTC fluctuations risk.
The Singapore-based exchange becomes the first cryptocurrency derivatives exchange that lets investors trade gold contracts up to 100 times leverage. Singapore-based reliable global crypto exchange established by eight crore developers of prior Morgan Stanley that offers Bitcoin, Ethereum, and Ripple perpetual contracts.
The Launch of GOLD/USD perpetual contract
Each contract carries a value of 0.001 troy ounces of gold. Its price is rated by a combination of the below-mentioned indexes:
- 1Forge.com (40%),
- GoldPrice.com (20%),
- itBit.com (15%),
- Bitfinex.com (15 %), and
- Kraken.com.
Each indicator is updated and released every second. If the data source is disconnected, it is deleted for the time being from the calculation until the connection is re-established.
The weight of the disconnected data source is further redistributed equally to the outstanding data sources.
The perpetual contract trades are almost close to the basic market price of Bitcoin as the capitalization process requires both long and short contract holders to exchange payment every eight hours.
CEO of Phemex, Jack Tao, addressed that gold trading duo is the beginning of non-crypto asset trading on the exchange’s platform. The plan commencing the year 2020 includes stock indexes, interest rates, foreign exchange, commodities, and other precious metals and energy.
Adding to this, Tao said that looking at Bitcoin’s current situation, the Phemex team has launched this fresh product to help its users go risk-free with as many options as possible.
Although several crypto exchange platforms have indicated their excessive interest in the derivatives market, Phemex is one of them. As, it is developed to be the most reliable, fully transparent, fair pricing mechanism coordinated with unparalleled speed and the fastest matching engine.
