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Topic: Digitex Futures Exchange - Commission-Free Bitcoin Futures Trading (Read 198 times)
December 29, 2017, 10:07:18 AM
December 22, 2017, 06:52:51 PM
Digitex Futures Exchange - Commission-Free Bitcoin Futures Trading With Zero Trading Fees and Decentralized Account Balances
Overview
Digitex is a commission-free futures exchange with its own native cryptocurrency, the DGTX token. Traders buy and sell futures contracts on the price of BTC, ETH and LTC against the US dollar, but their trading profits and losses are in DGTX tokens. Traders must hold a balance of DGTX tokens to pay their margins, and so the token is in demand from traders who want to trade futures with zero trading fees.
Digitex covers the cost of running the exchange by creating a small number of new DGTX tokens each year instead of charging transaction fees on trades.
Commission-free futures markets on a stable, fast and secure trading platform will attract large numbers of traders who must buy DGTX tokens to participate, creating increased demand for DGTX tokens that offsets the small inflationary cost of creating new tokens.
High trading costs of Bitcoin futures
Bitcoin’s booming price and the launch of CME’s Bitcoin futures contract has caught the imagination of millions of people who are becoming interested in trading cryptocurrency prices online.
But the fact is that trading on regulated US exchanges like the CME is prohibitively expensive for most people. The CME’s contract size for 1 futures contract is 5 Bitcoins, currently worth almost $100,000, and you’ve got to put down 50% margin to be able to buy or sell 1 contract. On top of that you’re paying round turn commissions of at least $10 per round turn on every trade you do.
The alternative to CME is to trade Bitcoin futures on relatively unregulated exchanges like Bitmex or OKCoin where you can trade with much smaller amounts and where your account balance is denominated in Bitcoin. But those exchanges charge percentage based transaction fees on your trades that are getting higher all the time, making it impossible to trade profitably as a short term trader taking small profits.
On top of trading commissions, transaction fees on the Bitcoin network are now very expensive and have made Bitcoin a poor choice for relatively small transactions. Depositing and withdrawing $50 worth of Bitcoin into and out of your Bitmex trading account can actually cost more than $50 in network fees.
Commission-free trading on Bitcoin futures
The Digitex Futures Exchange is a trading environment for the buying and selling of digital currency futures contracts with zero transaction fees. Traders of all sizes compete on a level playing field with no edge working against them. Short term scalpers can pursue highly active trading strategies that eke out single tick profits that are not possible on other exchanges due to commissions.
The DGTX Token
At the heart of the Digitex Futures Exchange is the DGTX token. As a true protocol token, its an integral part of how the exchange can operate without charging transaction fees. All account balances on the Digitex Futures Exchange are denominated in DGTX tokens and the tick value of every futures market is 1 DGTX, meaning that all trading profits and losses are in DGTX tokens. Anyone that wants to use the Digitex Futures Exchange must first buy DGTX tokens, meaning that a busy futures exchange will be a massive source of demand for DGTX tokens. It is this demand from traders that makes it possible for the exchange to create a small number of new tokens each year to cover the costs of running the exchange without charging transaction fees. As more and more traders are attracted to commission-free trading, the price of DGTX tokens will rise sharply from its very low starting point of $0.01 per token.
The Platform
There will be huge demand for a commission-free futures exchange with a stable and secure technology platform where traders can do unlimited round turns with a decent chance of actually making money. Launching such a product into the current cryptocurrency climate will likely attract a lot of users in a relatively short period of time. Also, user growth might occur in rapid spurts that are connected to various news events related to the current cryptocurrency boom.
The software must therefore be able to handle large numbers of concurrent and active users without any loss of performance in the order matching engine and in the display of live prices. For this reason we are building the Digitex Futures Exchange platform using the Erlang/OTP stack. The Erlang/OTP stack is a robust, lightning fast, fault tolerant programming language that is especially well suited to broadcasting real time updating data to high numbers of concurrent users with very low latency. Erlang powers 70% of the world’s telecommunications software with nine nines of reliability, and is the programming language in which WhatsApp is built, an app that successfully scaled up to hundreds of millions of active users.
A distinctive feature of the Digitex Futures Exchange will be the one click ladder trading interface. Built specifically for short term traders to be able to get in and out of the market very quickly, the ladder displays prices in a central column. Bids and offers move up and down the price column, meaning the price literally moves up and down, allowing the trader to visualize the price action. A single click to the left or right side of your price submits your buy or sell order, without needing to take your eyes from the price action or use the keyboard for anything.
The Team
The Digitex Futures Exchange is the idea of Adam Todd, a programmer and ex futures trader and betting exchange trader. As a full time trader on Betfair.com’s horse racing markets, his bets would sometimes account for up to 10% of a horse race’s total matched bets volume, and his longest winning run was 240 consecutive winning days. During this period, Adam developed a one click ladder trading interface that allowed him to submit his bets faster with only a single click. Originally built for his own use, BetTrader soon became a popular trading interface for thousands of Betfair traders, and 14 years later the software and its 25,000 strong community of traders are still going strong.
As a very successful short term trader who has also successfully developed his own trading software and built a loyal community of users around it, Adam is uniquely qualified to create the Digitex Futures Exchange. It was the authenticity of BetTrader that led to its popularity, because it was built by Adam to scratch his own itch. Digitex will have that same authenticity because it is being built for the same reason.
Mickael Salabi is the Founder and General Partner of Tokenpot, a cryptocurrency hedge fund diversified across a wide range of cryptocurrencies and blockchain projects that produced returns of over 3,000% in 2017. Mickael offers invaluable help and advice on the many aspects of running a blockchain project. He was an early investor in Digitex who loves the idea of sustainable, commission-free futures markets that use blockchain technology to eliminate transaction fees.
Lee Mayne owns RacingTraders, a 25,000 strong community of Betfair traders. Lee is a software developer and a designer. He is actively involved in a wide range of cryptocurrencies and ICOs and enjoys the mechanics of being an active token investor. Well known in the online gambling world, Lee is ideally situated to introduce Bitcoin futures trading to a large group of active sports traders.
Main Features & Benefits of Digitex
Zero Trading Fees
Decentralized Account Balances
Highly Liquid Futures Markets
Automated Market Makers
Digitex Native Currency
Token Issuance Revenue Model
Bitcoin, Ethereum & Litecoin Futures
One Click Ladder Trading Interface
Large Tick Sizes
High Leverage
No Auto Deleveraging
The Best Technology
Off-Chain Price Discovery, On-Chain Settlement
Decentralized Governance by [Suspicious link removed]plete Privacy
Blockchain Driven
Zero Trading Fees
There are no transaction fees of any kind on the Digitex Futures Exchange. Traders can submit Maker orders or Taker orders at any time under any circumstances and pay 0% commissions on all trades forever. Digitex’s revolutionary token issuance model makes commission-free trading fully sustainable indefinitely, and it actually thrives as the exchange gets busier, ensuring the long term success of the Digitex Futures Exchange.
Decentralized Account Balances
Traders do not need to trust Digitex with holding their account balance in order to trade on the exchange. Your account balance is held by a decentralized, independent smart contract on the Ethereum blockchain, not by the exchange. Digitex cannot freeze/mismanage/lose your funds because we physically don’t have access to your money. And in the unlikely event that Digitex is hacked there are no funds for the hackers to steal.
Highly Liquid Futures Markets
When you remove the constraints of transaction fees you get highly liquid markets because traders engage in high volume, single tick trading strategies that are not viable on other exchanges due to commissions. Liquidity is further enhanced by the presence of automated market makers, funded with 20% of the total supply of DGTX tokens, that are programmed to break even whilst keeping spreads tight at all times, even in volatile market conditions.
13
Automated Market Makers
Digitex market makers are automated trading bots with algorithms that are programmed to break even. With their highly active trading strategy and a large trading bank of 20% of all tokens in circulation (200M DGTX), they help create liquid futures markets that have tight bid and offer spreads, even in volatile market conditions, giving traders the confidence of always being able to enter and exit positions which further enhances liquidity.
Digitex Native Currency
The Digitex Futures Exchange has its own native cryptocurrency, called the DGTX token. The tick value of each Digitex futures market is 1 DGTX token, meaning that all trading profits and losses are denominated in DGTX tokens. Margin requirements are payable in DGTX tokens and traders account balances, deposits and withdrawals are denominated in DGTX tokens. Therefore, traders must own DGTX tokens to trade on Digitex’s commission-free, trustless futures markets, which creates demand for the DGTX token.
Token Issuance Revenue Model
The Digitex Futures Exchange is revolutionizing futures trading by eliminating transaction fees on trades and instead generating revenue through token issuance of its native currency, the DGTX token. Because the DGTX token is in demand from traders, the exchange is able to create and sell a small number of new DGTX tokens each year to cover costs. The inflationary cost of a small increase in the DGTX supply is offset by demand from traders who must own it to participate in Digitex’s commission-free futures markets.
Bitcoin, Ethereum & Litecoin Futures
Digitex has 3 futures markets: BTC/USD, ETH/USD & LTC/USD. Each futures contract has a large tick size, which eliminates a lot of noise and allows prices to be displayed on a one click ladder style trading interface, even in volatile market conditions. The Tick value of each futures contract is 1 DGTX token, meaning that all trading profits and losses are settled in DGTX tokens.
One Click Ladder Trading Interface
Digitex futures markets are displayed on an intuitive ladder interface that allows traders to submit buy and sell orders instantly with a single click. With minimal mouse movement and without needing the keyboard, traders never need to take their eyes from the price action. Bids and offers move up and down a central price ladder that allows traders to visualize the market as the price literally moves up and down.
Large Tick Sizes
A distinctive feature of Digitex futures markets are their large tick size. In futures trading, a tick is the minimum price increment that a futures contract can move up or down. For example, the tick size on the BTC/USD futures contract is $5. This removes noise and allows volatile futures contracts to be displayed on a scalper-friendly one click ladder trading interface without the price constantly disappearing off the top of the page and off the bottom of the page.
High Leverage
Digitex futures markets offer traders very high leverage of up to 100x, allowing them to realise large percentage gains (and losses) from relatively small price movements. But unlike other
Bitcoin futures exchanges, Digitex does not cancel your winning trade to protect itself from losses if your counterparty’s losing position gets stopped out because he was too highly leveraged.
No Auto Deleveraging
Unlike other Bitcoin futures exchanges that offer high leverage, Digitex will not close you out of a winning position to protect itself from losses when your counterparty’s losing trade is stopped out because he was too highly leveraged. It’s out of your control whether the counterparty to your trade is at maximum leverage or not and you shouldn’t miss out on a profitable move that you correctly predicted because the exchange canceled your winning trade.
The Best Technology
The Digitex Futures Exchange is built on the Erlang/OTP stack, the same technology that powers 70% of the world’s telecommunications software - and WhatsApp. The futures trading interface updates prices in real time and is completely web browser based with nothing to download. The Digitex order matching engine matches trades in less than one millisecond. The software architecture is being built with the capacity to scale to millions of concurrent users if needed.
Off-Chain Price Discovery, On-Chain Settlement
Digitex is a hybrid futures exchange that combines the speed and reliability of a centralized order matching engine with the trustless security of decentralized account balances on the blockchain. This offers traders the best of both worlds when it comes to speed of execution and the safety of their deposits. Traders enjoy the benefits of real time trading on a blazing fast order matching engine without needing to trust the exchange with their money.
Decentralized Governance by Blockchain
Digitex uses blockchain technology to eliminate transaction fees by minting a small number of new DGTX tokens each year. This token issuance revenue model is governed democratically by its traders, for the benefit of its traders, through Decentralized Governance by Blockchain. This means that all DGTX token owners collectively decide on when, if and how many new tokens are issued to cover the costs of operating the futures exchange.
Complete Privacy
Traders on Digitex can start trading immediately without needing to submit their name or any identifying documents of any kind. As an offshore exchange that accepts only DGTX tokens, Digitex is not bound by intrusive, ineffective and pointless KYC/AML regulations that intrude on our users privacy and which put them at risk of identity theft by making the exchange a target for hackers seeking personal information. The best way to protect our users personal data is not to collect that data in the first place.
Blockchain Driven
Digitex is driven by blockchain technology. From the use of its own cryptocurrency to eliminate transaction fees, to storing account balances trustlessly in a decentralized smart contract, and allowing its traders to determine the rate of new token issuance, everything that makes Digitex revolutionary is only made possible by embracing the disruptive power of new blockchain technology that until very recently didn’t even exist.
Overview
Digitex is a commission-free futures exchange with its own native cryptocurrency, the DGTX token. Traders buy and sell futures contracts on the price of BTC, ETH and LTC against the US dollar, but their trading profits and losses are in DGTX tokens. Traders must hold a balance of DGTX tokens to pay their margins, and so the token is in demand from traders who want to trade futures with zero trading fees.
Digitex covers the cost of running the exchange by creating a small number of new DGTX tokens each year instead of charging transaction fees on trades.
Commission-free futures markets on a stable, fast and secure trading platform will attract large numbers of traders who must buy DGTX tokens to participate, creating increased demand for DGTX tokens that offsets the small inflationary cost of creating new tokens.
High trading costs of Bitcoin futures
Bitcoin’s booming price and the launch of CME’s Bitcoin futures contract has caught the imagination of millions of people who are becoming interested in trading cryptocurrency prices online.
But the fact is that trading on regulated US exchanges like the CME is prohibitively expensive for most people. The CME’s contract size for 1 futures contract is 5 Bitcoins, currently worth almost $100,000, and you’ve got to put down 50% margin to be able to buy or sell 1 contract. On top of that you’re paying round turn commissions of at least $10 per round turn on every trade you do.
The alternative to CME is to trade Bitcoin futures on relatively unregulated exchanges like Bitmex or OKCoin where you can trade with much smaller amounts and where your account balance is denominated in Bitcoin. But those exchanges charge percentage based transaction fees on your trades that are getting higher all the time, making it impossible to trade profitably as a short term trader taking small profits.
On top of trading commissions, transaction fees on the Bitcoin network are now very expensive and have made Bitcoin a poor choice for relatively small transactions. Depositing and withdrawing $50 worth of Bitcoin into and out of your Bitmex trading account can actually cost more than $50 in network fees.
Commission-free trading on Bitcoin futures
The Digitex Futures Exchange is a trading environment for the buying and selling of digital currency futures contracts with zero transaction fees. Traders of all sizes compete on a level playing field with no edge working against them. Short term scalpers can pursue highly active trading strategies that eke out single tick profits that are not possible on other exchanges due to commissions.
The DGTX Token
At the heart of the Digitex Futures Exchange is the DGTX token. As a true protocol token, its an integral part of how the exchange can operate without charging transaction fees. All account balances on the Digitex Futures Exchange are denominated in DGTX tokens and the tick value of every futures market is 1 DGTX, meaning that all trading profits and losses are in DGTX tokens. Anyone that wants to use the Digitex Futures Exchange must first buy DGTX tokens, meaning that a busy futures exchange will be a massive source of demand for DGTX tokens. It is this demand from traders that makes it possible for the exchange to create a small number of new tokens each year to cover the costs of running the exchange without charging transaction fees. As more and more traders are attracted to commission-free trading, the price of DGTX tokens will rise sharply from its very low starting point of $0.01 per token.
The Platform
There will be huge demand for a commission-free futures exchange with a stable and secure technology platform where traders can do unlimited round turns with a decent chance of actually making money. Launching such a product into the current cryptocurrency climate will likely attract a lot of users in a relatively short period of time. Also, user growth might occur in rapid spurts that are connected to various news events related to the current cryptocurrency boom.
The software must therefore be able to handle large numbers of concurrent and active users without any loss of performance in the order matching engine and in the display of live prices. For this reason we are building the Digitex Futures Exchange platform using the Erlang/OTP stack. The Erlang/OTP stack is a robust, lightning fast, fault tolerant programming language that is especially well suited to broadcasting real time updating data to high numbers of concurrent users with very low latency. Erlang powers 70% of the world’s telecommunications software with nine nines of reliability, and is the programming language in which WhatsApp is built, an app that successfully scaled up to hundreds of millions of active users.
A distinctive feature of the Digitex Futures Exchange will be the one click ladder trading interface. Built specifically for short term traders to be able to get in and out of the market very quickly, the ladder displays prices in a central column. Bids and offers move up and down the price column, meaning the price literally moves up and down, allowing the trader to visualize the price action. A single click to the left or right side of your price submits your buy or sell order, without needing to take your eyes from the price action or use the keyboard for anything.
The Team
The Digitex Futures Exchange is the idea of Adam Todd, a programmer and ex futures trader and betting exchange trader. As a full time trader on Betfair.com’s horse racing markets, his bets would sometimes account for up to 10% of a horse race’s total matched bets volume, and his longest winning run was 240 consecutive winning days. During this period, Adam developed a one click ladder trading interface that allowed him to submit his bets faster with only a single click. Originally built for his own use, BetTrader soon became a popular trading interface for thousands of Betfair traders, and 14 years later the software and its 25,000 strong community of traders are still going strong.
As a very successful short term trader who has also successfully developed his own trading software and built a loyal community of users around it, Adam is uniquely qualified to create the Digitex Futures Exchange. It was the authenticity of BetTrader that led to its popularity, because it was built by Adam to scratch his own itch. Digitex will have that same authenticity because it is being built for the same reason.
Mickael Salabi is the Founder and General Partner of Tokenpot, a cryptocurrency hedge fund diversified across a wide range of cryptocurrencies and blockchain projects that produced returns of over 3,000% in 2017. Mickael offers invaluable help and advice on the many aspects of running a blockchain project. He was an early investor in Digitex who loves the idea of sustainable, commission-free futures markets that use blockchain technology to eliminate transaction fees.
Lee Mayne owns RacingTraders, a 25,000 strong community of Betfair traders. Lee is a software developer and a designer. He is actively involved in a wide range of cryptocurrencies and ICOs and enjoys the mechanics of being an active token investor. Well known in the online gambling world, Lee is ideally situated to introduce Bitcoin futures trading to a large group of active sports traders.
Main Features & Benefits of Digitex
Zero Trading Fees
Decentralized Account Balances
Highly Liquid Futures Markets
Automated Market Makers
Digitex Native Currency
Token Issuance Revenue Model
Bitcoin, Ethereum & Litecoin Futures
One Click Ladder Trading Interface
Large Tick Sizes
High Leverage
No Auto Deleveraging
The Best Technology
Off-Chain Price Discovery, On-Chain Settlement
Decentralized Governance by [Suspicious link removed]plete Privacy
Blockchain Driven
Zero Trading Fees
There are no transaction fees of any kind on the Digitex Futures Exchange. Traders can submit Maker orders or Taker orders at any time under any circumstances and pay 0% commissions on all trades forever. Digitex’s revolutionary token issuance model makes commission-free trading fully sustainable indefinitely, and it actually thrives as the exchange gets busier, ensuring the long term success of the Digitex Futures Exchange.
Decentralized Account Balances
Traders do not need to trust Digitex with holding their account balance in order to trade on the exchange. Your account balance is held by a decentralized, independent smart contract on the Ethereum blockchain, not by the exchange. Digitex cannot freeze/mismanage/lose your funds because we physically don’t have access to your money. And in the unlikely event that Digitex is hacked there are no funds for the hackers to steal.
Highly Liquid Futures Markets
When you remove the constraints of transaction fees you get highly liquid markets because traders engage in high volume, single tick trading strategies that are not viable on other exchanges due to commissions. Liquidity is further enhanced by the presence of automated market makers, funded with 20% of the total supply of DGTX tokens, that are programmed to break even whilst keeping spreads tight at all times, even in volatile market conditions.
13
Automated Market Makers
Digitex market makers are automated trading bots with algorithms that are programmed to break even. With their highly active trading strategy and a large trading bank of 20% of all tokens in circulation (200M DGTX), they help create liquid futures markets that have tight bid and offer spreads, even in volatile market conditions, giving traders the confidence of always being able to enter and exit positions which further enhances liquidity.
Digitex Native Currency
The Digitex Futures Exchange has its own native cryptocurrency, called the DGTX token. The tick value of each Digitex futures market is 1 DGTX token, meaning that all trading profits and losses are denominated in DGTX tokens. Margin requirements are payable in DGTX tokens and traders account balances, deposits and withdrawals are denominated in DGTX tokens. Therefore, traders must own DGTX tokens to trade on Digitex’s commission-free, trustless futures markets, which creates demand for the DGTX token.
Token Issuance Revenue Model
The Digitex Futures Exchange is revolutionizing futures trading by eliminating transaction fees on trades and instead generating revenue through token issuance of its native currency, the DGTX token. Because the DGTX token is in demand from traders, the exchange is able to create and sell a small number of new DGTX tokens each year to cover costs. The inflationary cost of a small increase in the DGTX supply is offset by demand from traders who must own it to participate in Digitex’s commission-free futures markets.
Bitcoin, Ethereum & Litecoin Futures
Digitex has 3 futures markets: BTC/USD, ETH/USD & LTC/USD. Each futures contract has a large tick size, which eliminates a lot of noise and allows prices to be displayed on a one click ladder style trading interface, even in volatile market conditions. The Tick value of each futures contract is 1 DGTX token, meaning that all trading profits and losses are settled in DGTX tokens.
One Click Ladder Trading Interface
Digitex futures markets are displayed on an intuitive ladder interface that allows traders to submit buy and sell orders instantly with a single click. With minimal mouse movement and without needing the keyboard, traders never need to take their eyes from the price action. Bids and offers move up and down a central price ladder that allows traders to visualize the market as the price literally moves up and down.
Large Tick Sizes
A distinctive feature of Digitex futures markets are their large tick size. In futures trading, a tick is the minimum price increment that a futures contract can move up or down. For example, the tick size on the BTC/USD futures contract is $5. This removes noise and allows volatile futures contracts to be displayed on a scalper-friendly one click ladder trading interface without the price constantly disappearing off the top of the page and off the bottom of the page.
High Leverage
Digitex futures markets offer traders very high leverage of up to 100x, allowing them to realise large percentage gains (and losses) from relatively small price movements. But unlike other
Bitcoin futures exchanges, Digitex does not cancel your winning trade to protect itself from losses if your counterparty’s losing position gets stopped out because he was too highly leveraged.
No Auto Deleveraging
Unlike other Bitcoin futures exchanges that offer high leverage, Digitex will not close you out of a winning position to protect itself from losses when your counterparty’s losing trade is stopped out because he was too highly leveraged. It’s out of your control whether the counterparty to your trade is at maximum leverage or not and you shouldn’t miss out on a profitable move that you correctly predicted because the exchange canceled your winning trade.
The Best Technology
The Digitex Futures Exchange is built on the Erlang/OTP stack, the same technology that powers 70% of the world’s telecommunications software - and WhatsApp. The futures trading interface updates prices in real time and is completely web browser based with nothing to download. The Digitex order matching engine matches trades in less than one millisecond. The software architecture is being built with the capacity to scale to millions of concurrent users if needed.
Off-Chain Price Discovery, On-Chain Settlement
Digitex is a hybrid futures exchange that combines the speed and reliability of a centralized order matching engine with the trustless security of decentralized account balances on the blockchain. This offers traders the best of both worlds when it comes to speed of execution and the safety of their deposits. Traders enjoy the benefits of real time trading on a blazing fast order matching engine without needing to trust the exchange with their money.
Decentralized Governance by Blockchain
Digitex uses blockchain technology to eliminate transaction fees by minting a small number of new DGTX tokens each year. This token issuance revenue model is governed democratically by its traders, for the benefit of its traders, through Decentralized Governance by Blockchain. This means that all DGTX token owners collectively decide on when, if and how many new tokens are issued to cover the costs of operating the futures exchange.
Complete Privacy
Traders on Digitex can start trading immediately without needing to submit their name or any identifying documents of any kind. As an offshore exchange that accepts only DGTX tokens, Digitex is not bound by intrusive, ineffective and pointless KYC/AML regulations that intrude on our users privacy and which put them at risk of identity theft by making the exchange a target for hackers seeking personal information. The best way to protect our users personal data is not to collect that data in the first place.
Blockchain Driven
Digitex is driven by blockchain technology. From the use of its own cryptocurrency to eliminate transaction fees, to storing account balances trustlessly in a decentralized smart contract, and allowing its traders to determine the rate of new token issuance, everything that makes Digitex revolutionary is only made possible by embracing the disruptive power of new blockchain technology that until very recently didn’t even exist.
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