Cryptocurrencies have undeniable benefits, but established enterprises are adopting it with an oddly slow pace. The few that do take the leap and pioneer the adoption of this technology will soon reap the benefits.
Recently, JP Morgan announced the launch of a native coin, JPM Coin. The bank, whose CEO was once a stern opponent of cryptocurrencies, now believes Crypto can change payments forever. This is a testament to the potential of cryptocurrencies in the years to come. Meanwhile, a few visionaries in every industry will lead the way in Crypto adoption.
JP Morgan is not the only financial institution that is dabbling with cryptocurrencies. A rising online Forex broker, SimpleFX, has grown its product portfolio to provide traders across the world the ability to make leveraged trades on both fiat and Crypto, on one platform. While the Crypto trading space is competitive, SimpleFX is one of the few platforms to offer cryptocurrency CFDs alongside fiat CFDs, and that too at up to 1:500 leverage on the Crypto trades.
Far Beyond the Competition
The addition of SimpleFX into the Crypto traders' arsenal brings a trading option unlike the ones that had been present in the market till now.
Beyond BitMEX
There are only a few exchanges that provide margin to traders, and most of them can provide a maximum leverage of or below 1:10. BitMEX had long been the exception in the market as it could support a 100x leverage on derivatives.
This monopoly on high leverage support made BitMEX get away with poor service and low support mechanisms for traders.
Despite offering only derivatives, BitMEX provides far higher leverage than any spot exchange, and it has thus gained the ability to attract users on the mere basis of having no competition. The platform has abused this status and its insurance fund has grown exponentially. This is because BitMEX continues to liquidate positions before their true point in an effort to boost the size of its insurance fund.
SimpleFX isn’t just giving Crypto traders a means to trade Crypto contracts at 5 times the maximum leverage available at BitMEX, the platform’s trade system is built with a native protocol to protect users’ from negative account balances. Thus, SimpleFX provides the ability to trade with far greater margin than BitMEX while ensuring customers get a better trading experience.
Better System
One other key problem with BitMEX is that, despite offering a highly time-sensitive trade arena, its system often fails to handle the amount of in-bound trade requests and thus fails to fulfill trade placements or cancellations. Some traders who wait for the optimal entry and exit points fail to claim their gains simply because BitMEX is unable to handle a high traffic of traders.
SimpleFX’s robust back-end is able to easily handle the vast amount of orders that pour in. Traders are able to strike positions without any issues of missed opportunities. As trading derivatives like CFDs requires a lot of patience, SimpleFX makes it possible for traders to enjoy the fruit of their patience.
The trading platform is available via web application or on mobile applications for both Android and iOS. Traders can be a part of market movements at will on any device of their choice.
Optimal Features
As SimpleFX is several tiers ahead of traditional Crypto spot and derivative exchanges, it offers traders with all the tools they’d need to execute optimal analysis to enter their positions.
Market News: The trading platform offer’s a native stream of market news that ensures traders are kept up to speed without ever having to leave the platform.
Market Sentiment Data: Sentiments drive the market just as much as news—perhaps even more than news. Thus, SimpleFX provides traders access to market sentiment so that they may strategize their entries based on not just news, but also aggregate sentiment.
Tools: As raw data alone isn’t enough, traders have to create charts that match their trading strategies. SimpleFX provides an in-built solution for charting so that technical analysis is accessible to all traders on its platform.
Chat: Sometimes, a little feedback from peers can go a long way. Moreover, highly skilled traders can eavesdrop on the general market’s discussions to enhance their entries. Irrespective of whether a trader is a novice market player or a whale, SimpleFX provides a chat box to ensure traders of all elvels are able to access peer communication at will.
While the above features seem great, SimpleFX goes the extra mile to ensure deposits can be made with cryptocurrencies to ensure traders are able to maintain the anonymity that is centric to many members of the blockchain community.
Beyond Cryptocurrencies
On a closing note, it’s worth noting that many Crypto traders dabble in other markets too, especially when they have the opportunity to leverage their positions at a 1:500 rate.
SimpleFX accommodates the needs of traders who want a diverse menu of options. Thus, not only does the platform offer CFDs for a variety of Crypto pairs, but it also gives traders the opportunity to take leveraged positions in the Forex, commodities, and equity markets.
SimpleFX is an example of how the traditional market players can bring great resources to the Crypto space. The trading platform disrupts BitMEX’s monopoly while providing far greater leverage on a much wider range of assets, all the while maintaining a powerful trade engine that is enhanced by a set of high-utility trade support tools.
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I might look deeper into this SimpleFX...
Posted using Partiko iOS
How does it compare to Deribit exchange?
While I've heard Deribit has a good customer support policy, its user base is far behind BitMEX because it offers a limited menu of derivatives to trade and a lower max margin.
Meanwhile, SimpleFX just hit 200k users because it is able to outdo BitMEX's leverage while being able to offer even more trading pairs. Hence, it stands a much stronger shot at disrupting BitMEX's dominant market share.
Thanks @hatu! Will definitely check out SimpleFX. Great that BitMEX is getting some competition. Are you familiar with Digitex Futures exchange?
I have heard of it; it has hype but the platform hasn't launched yet. It'll definitely be interesting to see how it performs in terms of functionality and UI.
Though, when it does launch, its leverage won't exceed 100x, as has been stated by the founders.
Am also very interested to see what the platform looks like. They are scheduled to launch April 30th. Have been keeping an eye on $DGTX since $0.03 and saw it hit $0.09 the few days ago and busy retracing now, so will keep an eye to see how far it dips down. Didn't buy in, because I don't like HitBTC or Mercatox, but would like to see how they preform over the next couple of years.
For now, it's purely speculation. Can't say how Digitex will turn out.
I don't think I would trust either of these categories:
I like Kraken for leverage trading, they have been around since 2011 which is 1,000,000 years in the crypto-world... Time is something you can trust.
That stands in stark opposition to the typical desire of the Crypto community: mainstream adoption.
Regardless, the platform has been servicing cryptocurrencies for some time now. It's different from an exchange, like Kraken, since it offers derivatives, which can offer a lot more leverage, and that too on a wide variety of pairs.
It’s all about the lad level!
Posted using Partiko iOS
we are 6 months away from any big change this is just the beginning.
Thank you for the information @hatu. Unfortunately, SimpleFX does not do business with the USA. Too bad, this one looked good.
Thanks for the information, interested in cryptocurrency more and more and this is good news for users....
Hope bitcoin xrp eth and bcc price will go to the top
Thanks for the information. It is worth reading this
Woow
Posted using Partiko Android
thanks for hinting us!
right said
the scope of crypto currency is increasing by big institutions like JP Morgan.
Encrypting digital currency since 2019 is the final sprint phase, and I believe that the future steemit will surpass Facebook.
the cryptocurrency is the future
thank you for this good information @hatu
SimpleFX is a joke,
Low grade bucket shop.
Comparing it to Bitmex earn you a flag.
They'll might also end up like 1Broker.
SimpleFX is very friendly to new market participants. And come on, a comparison with 1Broker is just odd.
Hello @hatu sir, thanks for giving us information SimpleFX no doubt is having more options, it looks very promising.
Thanks @hatu! Great that BitMEX is getting some competition change this is just the beginning.
Totally agreed with you that Cryptocurrencies can change mindset of anyone, who is refusing to adopt it today will join us in near future for sure.
Posted using Partiko Android
Well if I can learn at the age of 12 that cryptos are made for future how the others can't. Crypto and blockchain potential is amazing.
Posted using Partiko Android
Thank you for the information. It always ends up badly when a company owns monopoly. I will return to this article, when I will be opening my longs in awaiting bull run.
When we leverage, we aggregate and organize existing resources to achieve success.
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Excelente trabajo amigo, te sigo...
Bitmax and Quantfury also doing their own bit of this biz... What do you think of them two?
Posted using Partiko iOS
thank you
Very nice article! Keep up the good work :)
Congratulations @hatu!
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