BaseFEX, a newly established bitcoin futures exchange based in Tokyo and registered in Seychelles has announced the launch of Beta testing. To commence this phase of development, BaseFEX is holding a demo BTC futures trading competition open to the public.
The testnet trading contest started on September 19th, 2018 and will last until September 26th, 2018 0:00 UTC, 7 days in total. The most profitable trader will be rewarded 10 BTC, with 2nd and 3rd place receiving 5 BTC and 2.5 BTC respectively.
After a whole year of development, the BaseFEX team established the exchange from scratch solely for cryptocurrency futures trading. Dubbed BaseFEX, which is short for Base Futures Exchange was founded by Jesse Wu, a former engineer, and experienced internet entrepreneur, and Isaac Zeng, a former engineer who created the order matching engine at Huobi.
Currently, BaseFEX offers a bitcoin perpetual contract with up to 100x leverage. The exchange plans to next open an Ether perpetual contract trading soon, with more bitcoin and other cryptocurrency derivative products to be introduced in time as well.
– Beta Test website: testnet.basefex.com
– Competition duration: 2018-9-19 0:00 through 2018-9-26 0:00 UTC, 7 days in total.
– Upon registration, each user receives 5 BTC (testnet coin) as the initial funding.
– On 2018-9-26 0:00 UTC when the competition ends, all users will be ranked according to their Margin Balances.
– The top 10 users will share the reward of 20 BTC.
– The winner will receive 10 BTC, the second-place user will receive 5 BTC and the third-place users gets 2.5 BTC. The following winners will receive their reward of half of the user ahead of them until the 10th.
Features of the exchange include:
- High Availability– BaseFEX guarantees that the data handling of every module maintains importance so the same operation being executed multiple times does not have any side effect, this ensures modules can scale out horizontally on demand. Even in a case when one module goes down, the system availability will not be affected.
- High Throughput– To ensure high handling capacity and low latency, the trading system at BaseFEX is 100% modular consisting of order handling, matching engine, clearing system, liquidation engine, and quote system etc. Furthermore, BaseFEX implements optimization for its core modules including in-memory matching and decentralized settling.
- Security– 100% of the user’s bitcoins are stored in the cold multi-signature wallets.
- Fees– BaseFEX charges -0.025% for makers and 0.075% for takers and does not charge fees deposit and withdrawal of BTC.
Visit the BaseFEX website to get more information regarding the exchange and their trading competition.