bitmex competitor project | Bitcointalksearch.org

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legendary

Activity: 3668

Merit: 3010

Licking my boob since 1970

Quote from: helloworld1933 on May 13, 2020, 03:48:29 AM

Bitmex charges ridiculously too much in fees. I don't want to hear about staff and all of the costs of running a website with that many users. No matter what math you do, they are charging many times more than they have to.

Let me know your thoughts

My first thought is jealously, until you can pull up a budget showing how you can do better.

Zemomtum

full member

Activity: 1316

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CitizenFinance.io

You can challenge any project as long you are going to offer features that are exceeding their own with the simple to use interface and not necessarily charging fee alone. Some people don't care about how much you charge as long they have a good experience using the platform.

btc_angela

hero member

Activity: 2660

Merit: 551

Of course, competition will always be welcome in crypto sphere.

If you can provide better services like lower fees, then it will be good for traders. But if might take some time for your project to really take off and face the competitions. You need to have a good marketing arm as well, or offering trading competitions in the beginning to attract new traders in your platform. 2,500 beta signups will be easy, if you're going to provide them with incentives to test your exchange.

DarkDays

legendary

Activity: 2030

Merit: 1189

There is always a market demand for competitors.

However, you need to understand that it's not all about low fees.

People will pay Bitmex's high trading fees because of the crazy liquidity it provides, and the protection against bankruptcy through its insurance fund. A good chunk of all its fees go to its insurance fund, which hasn't been depleted in years.

There are already plenty of derivatives exchanges that are cheaper than Bitmex, e.g. ByBit and FTX, but they don't offer anywhere near the same liquidity and most are starting to require KYC.

Unless you've got several million dollars to produce an even more efficient trading engine and have contacts with hundreds of liquidity providers, you're almost certainly going to fail.

helloworld1933

newbie

Activity: 3

Merit: 0

Quote from: logfiles on May 13, 2020, 04:52:10 PM

Maybe you would first have to look at the platforms that have been trying to compete against Bitmex. The likes of Bybit, PrimeXBT, Deribit and then you will get answers to some of your thoughts.

Your biggest challenge will be trying to get decent volumes to your platform which makes trading experience exciting for most traders. Many have tried and failed. Bybit has improved in that field so far.

Deribit and Bybit for example are no cheaper than bitmex. They have a 0.075 take and 0.025 maker rebate just like bitmex.

Not much an incentive to switch in that case bitmex is king if you are going to pay the same fees.

Our fees would be 3x cheaper and only really trying to cover expenses of running the exchange not excess greed.

logfiles

copper member

Activity: 2170

Merit: 1827

Top Crypto Casino

Maybe you would first have to look at the platforms that have been trying to compete against Bitmex. The likes of Bybit, PrimeXBT, Deribit and then you will get answers to some of your thoughts.

Your biggest challenge will be trying to get decent volumes to your platform which makes trading experience exciting for most traders. Many have tried and failed. Bybit has improved in that field so far.

helloworld1933

newbie

Activity: 3

Merit: 0

Quote from: ?? on ??

I hope you realize that bitmex pays you 0.025% for maker orders, and doesnt take any money for those... Good luck making a serious competitor without even properly knowing the exchange you are trying to compete with

Boy you can't read huh? our TAKE FEE would be 0.02 compared to bitmex TAKER FEE of 0.075.

Our make REBATE would be 0.01 compared to bitmex REBATE of 0.025.

Can you read?

Our TAKE fee would be 3.75x LESS our maker REBATE would pay HALF of what bitmex does.

pericle_mc

newbie

Activity: 14

Merit: 0

i am tired of scammer exchanger like Vindax ,Yobit ,HitBTC and more . For that reason a couple of guys are making a new exchange as "boot trading resistent" we have it 50% done.

helloworld1933

newbie

Activity: 3

Merit: 0

How many people would be interested in a real bitmex competitor? Bitmex charges ridiculously too much in fees. I don't want to hear about staff and all of the costs of running a website with that many users. No matter what math you do, they are charging many times more than they have to. I can't give many details yet on the project, I am just trying to gauge how many people would be interested in an exchange charging 0.025 compared to bitmex at 0.075 for a taker fee for a perpetual futures contract? For makers we would be paying 0.01 compared to 0.025 at bitmex. Obviously by charging 0.05 less for taking we would have to pay slightly less for making.

Proof of reserves would be public. Withdrawals would not be instant and could take up to 24 hours as the vast majority would be stored in cold wallets to prevent attacks on the exchange. Leaders of the company would be made public and no secrecy if we go forward with this.

We already have the financial backing for the project, we are simply seeking opinions and thoughts. We would need to have at least 2,500 beta signups in order to move forward with this project.

Let me know your thoughts

Topic: bitmex competitor project (Read 198 times)