cryptocurrency

How to Place a Trade on the Digitex Cryptocurrency Spot Exchange?

Digitex
• Digitex
April 23, 2021

As you may already know, we shared some awesome news last week about the launch of our new spot crypto exchange.

Introducing six new trading pairs, the spot exchange offers users the ability to buy, hold, and sell cryptocurrencies without using a third-party platform.

This also applies to the native exchange token DGTX, which you can now buy with ETH, BTC, or USDC directly on Digitex.

In this article, we will guide you through all the steps you need to take to trade cryptocurrency on the Digitex spot exchange.

How to Trade Cryptocurrency on the Digitex Spot Exchange (a Step-by-Step Guide)

Step 1: Create an Account

The first step to start trading crypto on the Digitex spot exchange is to create an account on the platform.

How to Place a Trade on the Digitex Cryptocurrency Spot Exchange? 1

To do that, head to the official website of the cryptocurrency exchange and click either the “Create Account” or the “Sign Up” button near the top right corner of the page.

How to Place a Trade on the Digitex Cryptocurrency Spot Exchange? 2

On the next page, fill in the form with your email and password as well as tick the two boxes to agree to the terms of use, and confirm that you are not a U.S. citizen.

How to Place a Trade on the Digitex Cryptocurrency Spot Exchange? 3

As the final step, Digitex sends a code to your email address, which you have to enter to verify your email.

How to Place a Trade on the Digitex Cryptocurrency Spot Exchange? 4

In exchange for confirming your identity, Digitex offers $25 in DGTX, which you can use to kickstart your trading journey on the cryptocurrency exchange. However, you need to hurry as the promotion is available only for a limited time!

In addition to KYC, we highly recommend enhancing your account’s security by turning on 2-Factor-Authentication (2FA) in the “Account” menu.

After initiating the setup, download the Google Authenticator app on your smartphone, scan the QR code, and type in the code you see on your other device where you have opened the Digitex platform.

Optionally, you can pass a super quick KYC verification by clicking the profile image icon in the top right corner of the page and heading to the “Account” menu.

Step 2: Deposit Funds

You need to deposit funds into your account to start trading on the Digitex spot exchange.

How to Place a Trade on the Digitex Cryptocurrency Spot Exchange? 5

To do so, click the blue “Deposit” button near the top right corner of the page.

After selecting the cryptocurrency (BTC, USDC, ETH, or DGTX), Digitex will show you an ERC-20 address where you have to deposit the digital assets.

Open your (external) crypto wallet, and either copy-paste or use your phone’s camera to scan the QR code of your Digitex address.

Upon ensuring that you send the right cryptocurrency to the correct address, select the amount to transfer, and execute the transaction.

After reaching the necessary network confirmations, your funds will be automatically credited to your Digitex account.

Step 3: Place a Trade

How to Place a Trade on the Digitex Cryptocurrency Spot Exchange? 6

To start trading, head into the “Wallet” menu and click on the “Transfer” button.

Select the cryptocurrency and the amount to transfer from your main account to your trading account, and click the “Confirm” button when you are ready.

Digitex will automatically move your coins to your trading account so you can start buying and selling cryptocurrency on the platform.

As the next step, select a spot trading pair (e.g., DGTX/USDC) from the top menu.

How to Place a Trade on the Digitex Cryptocurrency Spot Exchange? 7

When you are on the trading page, scroll down to place either a limit or a market order to buy DGTX or any other cryptocurrency available on the Digitex spot exchange.

For market orders, choose the amount of digital assets to purchase – you also need to select the price as well as the type of the order (e.g., Good till canceled) for limit orders – and execute the trade.

Spot Exchange: Digitex’s Next Step in Evolution

Congratulations, you have made your first trade on the Digitex spot exchange!

Be sure to check out Digitex’s futures trading pairs as well to trade Ethereum and Bitcoin derivatives with zero fees and up to 100x leverage.

It’s important to mention that while you don’t need to hold DGTX on the spot exchange, you can only trade futures contracts on Digitex by owning DGTX.

However, with the new spot exchange, it’s easier than ever to buy DGTX, which you can do so now by heading to the following page.

April 23, 2021
Digitex

How to Place a Trade on the Digitex Cryptocurrency Spot Exchange?

Digitex
cryptocurrency

As you may already know, we shared some awesome news last week about the launch of our new spot crypto exchange.

Introducing six new trading pairs, the spot exchange offers users the ability to buy, hold, and sell cryptocurrencies without using a third-party platform.

This also applies to the native exchange token DGTX, which you can now buy with ETH, BTC, or USDC directly on Digitex.

In this article, we will guide you through all the steps you need to take to trade cryptocurrency on the Digitex spot exchange.

How to Trade Cryptocurrency on the Digitex Spot Exchange (a Step-by-Step Guide)

Step 1: Create an Account

The first step to start trading crypto on the Digitex spot exchange is to create an account on the platform.

How to Place a Trade on the Digitex Cryptocurrency Spot Exchange? 8

To do that, head to the official website of the cryptocurrency exchange and click either the “Create Account” or the “Sign Up” button near the top right corner of the page.

How to Place a Trade on the Digitex Cryptocurrency Spot Exchange? 9

On the next page, fill in the form with your email and password as well as tick the two boxes to agree to the terms of use, and confirm that you are not a U.S. citizen.

How to Place a Trade on the Digitex Cryptocurrency Spot Exchange? 10

As the final step, Digitex sends a code to your email address, which you have to enter to verify your email.

How to Place a Trade on the Digitex Cryptocurrency Spot Exchange? 11

In exchange for confirming your identity, Digitex offers $25 in DGTX, which you can use to kickstart your trading journey on the cryptocurrency exchange. However, you need to hurry as the promotion is available only for a limited time!

In addition to KYC, we highly recommend enhancing your account’s security by turning on 2-Factor-Authentication (2FA) in the “Account” menu.

After initiating the setup, download the Google Authenticator app on your smartphone, scan the QR code, and type in the code you see on your other device where you have opened the Digitex platform.

Optionally, you can pass a super quick KYC verification by clicking the profile image icon in the top right corner of the page and heading to the “Account” menu.

Step 2: Deposit Funds

You need to deposit funds into your account to start trading on the Digitex spot exchange.

How to Place a Trade on the Digitex Cryptocurrency Spot Exchange? 12

To do so, click the blue “Deposit” button near the top right corner of the page.

After selecting the cryptocurrency (BTC, USDC, ETH, or DGTX), Digitex will show you an ERC-20 address where you have to deposit the digital assets.

Open your (external) crypto wallet, and either copy-paste or use your phone’s camera to scan the QR code of your Digitex address.

Upon ensuring that you send the right cryptocurrency to the correct address, select the amount to transfer, and execute the transaction.

After reaching the necessary network confirmations, your funds will be automatically credited to your Digitex account.

Step 3: Place a Trade

How to Place a Trade on the Digitex Cryptocurrency Spot Exchange? 13

To start trading, head into the “Wallet” menu and click on the “Transfer” button.

Select the cryptocurrency and the amount to transfer from your main account to your trading account, and click the “Confirm” button when you are ready.

Digitex will automatically move your coins to your trading account so you can start buying and selling cryptocurrency on the platform.

As the next step, select a spot trading pair (e.g., DGTX/USDC) from the top menu.

How to Place a Trade on the Digitex Cryptocurrency Spot Exchange? 14

When you are on the trading page, scroll down to place either a limit or a market order to buy DGTX or any other cryptocurrency available on the Digitex spot exchange.

For market orders, choose the amount of digital assets to purchase – you also need to select the price as well as the type of the order (e.g., Good till canceled) for limit orders – and execute the trade.

Spot Exchange: Digitex’s Next Step in Evolution

Congratulations, you have made your first trade on the Digitex spot exchange!

Be sure to check out Digitex’s futures trading pairs as well to trade Ethereum and Bitcoin derivatives with zero fees and up to 100x leverage.

It’s important to mention that while you don’t need to hold DGTX on the spot exchange, you can only trade futures contracts on Digitex by owning DGTX.

However, with the new spot exchange, it’s easier than ever to buy DGTX, which you can do so now by heading to the following page.

Latest News

Crypto

Digitex Futures Is Helping to Grow the Crypto Space

Crypto Industry
Digitex Futures
• Christina Comben
March 23, 2020

We often talk about Digitex going head to head with cryptocurrency’s major exchanges. Not only is it good to have a goal, but a little competition is healthy. No one wants the blockchain ecosystem to develop like the internet has, with four or five monopolies running the show. However, at Digitex, we never forget that we’re part of something so much bigger. There’s plenty of space for every legitimate project or exchange that wants to bring value to its users.

Let’s Grow This Space Together

Binance’s charismatic leader Changpeng Zhao (CZ) put out a memorable tweet in response to a supporter who stated that BNB was going obliterate ETH. He thanked him for his excitement and positivity toward Binance Coin but reminded supporters that destroying Ethereum is not the goal.

CZ said that there is no need to “diss” other coins, that Ethereum is still a powerhouse blockchain and that we should grow this space together. When one of his followers asked if that was a subtle hint at monopolization, he replied:

“No, we want thousands of blockchains and millions of tokens”

Honestly, he couldn’t have put it better. Yeah, it may sometimes feel as if Binance has an unstoppable influence on the market. But let’s give credit where credit is due. Binance has grown so fast due to its low fee model (note, not zero-fee!), a supportive community, innovative leadership, and a passionate and talented team. 

But just like everything else, people should always have options. Binance Futures is not for short-term, high frequency, low volume traders like Digitex. There’s plenty of room for other blockchains, exchanges, and tokens, as the space grows bigger and better together.

Want to try your hand at trading commission-free on the Digitex Futures exchange? With the beta version handling insane volume, you can practice your skills on our trading ladder interface and hone your strategy before the mainnet release on April 27, 2020.

JOIN NOW
Let’s Remember the Phase of Adoption We’re in

If blockchain were a human being, it would be just about learning to walk by now. When you’re so immersed in an industry, it’s easy to forget that the majority of people are still not even waiting at the gates. Less than 10 percent of the UK uses cryptocurrencies for example.

Facebook has over 2.2 billion users around the world. There were 42 million Bitcoin wallets as of Feb 2020. Inward fighting and social media wars at this stage are not helpful for anyone.

Alex Mashinsky, the inventor of VOIP technology and CEO of Celsius Network, a company that offers high-interest accounts and low-interest loans using crypto as collateral, said at Paris Blockchain Week Summit:

“It’s all about expanding the community, right? So we think about how can we build a large community, how we can always act in the best interests of our community and how we can always build in our innovation and be the opposite of what a bank or financial institution is. The competition is not from inside, the competition is only the banks.”

Every player in the cryptocurrency ecosystem should be concentrating on furthering and improving their own products and on expanding the infrastructure until we reach higher adoption.

What Digitex Futures Brings to the Space

You already know that commission-free and a one-click trading ladder are our main value props. With those two factors alone, we’re already bringing tremendous value to the industry. But we also offer an alternative method of tokenomics to remove commissions. 

We don’t use traditional market makers that need paying or expect preferential treatment and we’ll be extremely well-capitalized thanks to the 10 percent of token supply held back for market makers that are programmed to lose.

As Adam said on his AMA panel at the Paris Blockchain Week Summit:

“As an exchange, because our token is the only currency you can use on there, we are actually a very, very well-capitalized exchange and we’re actually going to have very tight bid-ask spreads because of the market making setup we’ve got.”

Our DGTX futures exchange token has value for both traders and HODLers. Even in bearish conditions, DGTX has bucked the trend and is currently trading at more than 4x its ICO price. But we’re capable of so much more. The world of crypto doesn’t grow in a straight line.

ShapeShift founder and Cryptocurrency thought leader, Erik Voorhees said:

“You can’t change the world in a smooth predictable curve.”

We’ll have our ups and downs, and price fluctuations like anyone else out there, but the focus is on continual growth, attracting more traders, and by default, increasing the demand and price for the DGTX token while building up this industry together.

Do you want to stock up on DGTX tokens ahead of the mainnet launch? You can head over to the Digitex Treasury for a trustless transaction with zero slippage and completely KYC-free now.

BUY DGTX
March 23, 2020
Crypto Industry
Digitex Futures

Digitex Futures Is Helping to Grow the Crypto Space

Christina Comben
Crypto

We often talk about Digitex going head to head with cryptocurrency’s major exchanges. Not only is it good to have a goal, but a little competition is healthy. No one wants the blockchain ecosystem to develop like the internet has, with four or five monopolies running the show. However, at Digitex, we never forget that we’re part of something so much bigger. There’s plenty of space for every legitimate project or exchange that wants to bring value to its users.

Let’s Grow This Space Together

Binance’s charismatic leader Changpeng Zhao (CZ) put out a memorable tweet in response to a supporter who stated that BNB was going obliterate ETH. He thanked him for his excitement and positivity toward Binance Coin but reminded supporters that destroying Ethereum is not the goal.

CZ said that there is no need to “diss” other coins, that Ethereum is still a powerhouse blockchain and that we should grow this space together. When one of his followers asked if that was a subtle hint at monopolization, he replied:

“No, we want thousands of blockchains and millions of tokens”

Honestly, he couldn’t have put it better. Yeah, it may sometimes feel as if Binance has an unstoppable influence on the market. But let’s give credit where credit is due. Binance has grown so fast due to its low fee model (note, not zero-fee!), a supportive community, innovative leadership, and a passionate and talented team. 

But just like everything else, people should always have options. Binance Futures is not for short-term, high frequency, low volume traders like Digitex. There’s plenty of room for other blockchains, exchanges, and tokens, as the space grows bigger and better together.

Want to try your hand at trading commission-free on the Digitex Futures exchange? With the beta version handling insane volume, you can practice your skills on our trading ladder interface and hone your strategy before the mainnet release on April 27, 2020.

JOIN NOW
Let’s Remember the Phase of Adoption We’re in

If blockchain were a human being, it would be just about learning to walk by now. When you’re so immersed in an industry, it’s easy to forget that the majority of people are still not even waiting at the gates. Less than 10 percent of the UK uses cryptocurrencies for example.

Facebook has over 2.2 billion users around the world. There were 42 million Bitcoin wallets as of Feb 2020. Inward fighting and social media wars at this stage are not helpful for anyone.

Alex Mashinsky, the inventor of VOIP technology and CEO of Celsius Network, a company that offers high-interest accounts and low-interest loans using crypto as collateral, said at Paris Blockchain Week Summit:

“It’s all about expanding the community, right? So we think about how can we build a large community, how we can always act in the best interests of our community and how we can always build in our innovation and be the opposite of what a bank or financial institution is. The competition is not from inside, the competition is only the banks.”

Every player in the cryptocurrency ecosystem should be concentrating on furthering and improving their own products and on expanding the infrastructure until we reach higher adoption.

What Digitex Futures Brings to the Space

You already know that commission-free and a one-click trading ladder are our main value props. With those two factors alone, we’re already bringing tremendous value to the industry. But we also offer an alternative method of tokenomics to remove commissions. 

We don’t use traditional market makers that need paying or expect preferential treatment and we’ll be extremely well-capitalized thanks to the 10 percent of token supply held back for market makers that are programmed to lose.

As Adam said on his AMA panel at the Paris Blockchain Week Summit:

“As an exchange, because our token is the only currency you can use on there, we are actually a very, very well-capitalized exchange and we’re actually going to have very tight bid-ask spreads because of the market making setup we’ve got.”

Our DGTX futures exchange token has value for both traders and HODLers. Even in bearish conditions, DGTX has bucked the trend and is currently trading at more than 4x its ICO price. But we’re capable of so much more. The world of crypto doesn’t grow in a straight line.

ShapeShift founder and Cryptocurrency thought leader, Erik Voorhees said:

“You can’t change the world in a smooth predictable curve.”

We’ll have our ups and downs, and price fluctuations like anyone else out there, but the focus is on continual growth, attracting more traders, and by default, increasing the demand and price for the DGTX token while building up this industry together.

Do you want to stock up on DGTX tokens ahead of the mainnet launch? You can head over to the Digitex Treasury for a trustless transaction with zero slippage and completely KYC-free now.

BUY DGTX

Latest News

The Road to Our Testnet Launch - Latest Development Report 15

The Road to Our Testnet Launch – Latest Development Report

Blockchain
Digitex Futures
• admin
September 6, 2019

The 15-strong team of developers at SmartDec has been leaving no stone unturned. In their previous report, we were excited to receive a launch date for the testnet. On 30 November, we’ll be opening the doors at last and onboarding thousands of traders. But it hasn’t been smooth sailing to get here. This latest update straight from Moscow describes all the challenges and issues they’ve had to overcome to reach this point.

Going through the Dublin Code

If you’re familiar with the Digitex project, you’ll know that development has been our greatest challenge. We started out with a team of programmers in Dublin with experience building systems-critical software in the telecoms industry. 
Our team worked hard and did their best. But as Adam has mentioned in several interviews, they simply didn’t have the experience to build something as challenging as a real-time futures exchange and matching engine capable of handling heavy load. However, they shared their code with SmartDec and although there were several issues with it, it still gave the new team a starting point.
If you want to read in greater depth about the technical issues SmartDec uncovered and the work they put in to ensure the system is robust and fast, check out their latest development report here. In a nutshell, our Dublin team sent SmartDec the web back-end, UI, several databases, message queue, and the futures engine itself. Some of it was functional, but much work is still to be done. 

The Work SmartDec Has Done So Far

When you take a moment to consider the many elements that building a robust, high speed and resilient futures exchange takes, it’s not surprising that we’ve hit a few roadblocks. Adam has high standards and knows what he wants. That takes a team of great minds and innovation to pull it all together. It hasn’t been easy but we’ve finally found that in SmartDec.
From adding functionality to the back end to optimizing and debugging the futures engine and building out the ladder interface, the team has been developing the exchange at lightning speed. Rather than thinking of the simplest examples and user stories, they’ve researched and implemented a full 17 user stories so far for the interface and are extensively testing them all.

Building a Back Office and Implementing the Database

The code that SmartDec received was missing a key element–the back office. The new team extensively researched the best methods for implementing this for the Digitex exchange. They did this through back to back meetings with Adam and also by consulting external third parties more familiar with the issue. 
SmartDec have decided to integrate some third party elements into our back office in order to avoid reinventing the wheel and to cut down on development time. One example of this is the integration of Zendesk. And as SmartDec mentions in their report, “Everything that is not a third party component is now in development.”
The existing database from Dublin included many unused tables. The team quickly set about optimizing the code so that it can achieve super-fast performance and optimal uptime. 

Optimizing and Refactoring The Message Queue System and Futures Engine

By optimizing the existing message queue system SmartDec have taken its capacity from 20,000 messages per second to 500,000 messages per second. And extensive refactoring of the future engine means it is now capable of handling 40,000 transactions per second. One transaction consists of order placement, matching, creating a trade and then communicating this to observers, meaning that one transaction consists of up to 4 messages. With further optimization and testing this capacity is expected to rise.

Wrapping It Up

SmartDec points out that this latest report is a collection of notes from over the summer and that since then development has moved further along. In fact, these reports are always at least 2 weeks behind where they are currently at. The team continues building all the components of the exchange together to run them as a whole–as well as testing, testing, and more testing to deliver a fast, stable, and highly resilient futures exchange.

September 6, 2019
Blockchain
Digitex Futures

The Road to Our Testnet Launch – Latest Development Report

admin
The Road to Our Testnet Launch - Latest Development Report 16

The 15-strong team of developers at SmartDec has been leaving no stone unturned. In their previous report, we were excited to receive a launch date for the testnet. On 30 November, we’ll be opening the doors at last and onboarding thousands of traders. But it hasn’t been smooth sailing to get here. This latest update straight from Moscow describes all the challenges and issues they’ve had to overcome to reach this point.

Going through the Dublin Code

If you’re familiar with the Digitex project, you’ll know that development has been our greatest challenge. We started out with a team of programmers in Dublin with experience building systems-critical software in the telecoms industry. 
Our team worked hard and did their best. But as Adam has mentioned in several interviews, they simply didn’t have the experience to build something as challenging as a real-time futures exchange and matching engine capable of handling heavy load. However, they shared their code with SmartDec and although there were several issues with it, it still gave the new team a starting point.
If you want to read in greater depth about the technical issues SmartDec uncovered and the work they put in to ensure the system is robust and fast, check out their latest development report here. In a nutshell, our Dublin team sent SmartDec the web back-end, UI, several databases, message queue, and the futures engine itself. Some of it was functional, but much work is still to be done. 

The Work SmartDec Has Done So Far

When you take a moment to consider the many elements that building a robust, high speed and resilient futures exchange takes, it’s not surprising that we’ve hit a few roadblocks. Adam has high standards and knows what he wants. That takes a team of great minds and innovation to pull it all together. It hasn’t been easy but we’ve finally found that in SmartDec.
From adding functionality to the back end to optimizing and debugging the futures engine and building out the ladder interface, the team has been developing the exchange at lightning speed. Rather than thinking of the simplest examples and user stories, they’ve researched and implemented a full 17 user stories so far for the interface and are extensively testing them all.

Building a Back Office and Implementing the Database

The code that SmartDec received was missing a key element–the back office. The new team extensively researched the best methods for implementing this for the Digitex exchange. They did this through back to back meetings with Adam and also by consulting external third parties more familiar with the issue. 
SmartDec have decided to integrate some third party elements into our back office in order to avoid reinventing the wheel and to cut down on development time. One example of this is the integration of Zendesk. And as SmartDec mentions in their report, “Everything that is not a third party component is now in development.”
The existing database from Dublin included many unused tables. The team quickly set about optimizing the code so that it can achieve super-fast performance and optimal uptime. 

Optimizing and Refactoring The Message Queue System and Futures Engine

By optimizing the existing message queue system SmartDec have taken its capacity from 20,000 messages per second to 500,000 messages per second. And extensive refactoring of the future engine means it is now capable of handling 40,000 transactions per second. One transaction consists of order placement, matching, creating a trade and then communicating this to observers, meaning that one transaction consists of up to 4 messages. With further optimization and testing this capacity is expected to rise.

Wrapping It Up

SmartDec points out that this latest report is a collection of notes from over the summer and that since then development has moved further along. In fact, these reports are always at least 2 weeks behind where they are currently at. The team continues building all the components of the exchange together to run them as a whole–as well as testing, testing, and more testing to deliver a fast, stable, and highly resilient futures exchange.

Latest News

Recap AMA on the Digitex Public Testnet Launch  17

Recap AMA on the Digitex Public Testnet Launch 

Digitex Futures
• Christina Comben
August 29, 2019

Last week, we announced that Digitex Futures will launch our public testnet starting 30th November. So far, the announcement has been met with mixed reactions, but our CEO Adam Todd has never been one to shy away from our supporters. In this AMA, he candidly takes on all your questions about the launch and more.

AMA – The Digitex Public Testnet Launch

Adam opens the video by recapping last week’s launch announcement and openly expressing his surprise that the announcement wasn’t received more bullishly. He admits he misread the perception and hadn’t realized people think November is so far away. He highlights that since April, there has been a vast amount of development progress and November is closer than it may seem. 
From this brief introduction, Adam goes straight into your questions. Let’s take a look at them one at a time. 

Q: Does the BTCUSD perpetual contract market as an initial offering indicate a shift away from traditional futures to perpetual contracts? 

Yes, it does. We’ve been looking into other exchanges like BitMEX, and have sought feedback from experts in the market. As a result, we believe that perpetual swaps are more appealing to retail traders. They’re simpler to understand, with no expiry date. With an eight hour funding period, the swap price doesn’t get that far out from the spot price. 
With a futures contract that may not expire for another month, there’s a premium because the spot price is further away from the contract price. Also, at settlement, there’s a need to settle the old contract and then open a new contract. Perpetual swap futures are the way forward for attracting retail traders and therefore, ensuring volume. 

Q: Will traditional futures with an expiry date be an option, or will Digitex focus mostly on perpetuals? 

We plan to focus mostly on perpetuals. The more markets and products that we offer, the more we’ll end up breaking up liquidity between different offerings. We don’t want to be the Amazon of futures exchanges. So yes, we are going for fewer strong markets to consolidate liquidity rather than offer hundreds of different products.

Q: What are the specifications of the perpetual swap contracts? 

It will be a dollar’s worth of DGTX tokens. The contract specifications will be the same as the other exchanges like BitMEX or Bybit. There’s a simple reason for this – we want traders from those exchanges to come over to Digitex and therefore, it has to be an easy switch. 
Along with manual traders, we expect there will also be many bot traders. We don’t want bot traders to have to reprogram everything for a new set of contract specifications. Bot traders will be able to come over to our exchange easily, using their existing configuration. Having the same contract specifications as other exchanges will also encourage arbitrageurs between exchanges. 

Q: Any further information on the peg system? 

To explain, the Digitex peg system is just another futures market for the price of DGTX against ETH, BTC or USD. It offers a means of hedging the price of your DGTX while you’re holding it so you can trade on our futures exchange. It locks in the price of DGTX. As you’re holding DGTX, you could sell a futures contract for your holdings on the Digitex peg system so if the price goes down, you may lose money on your trades but you’ll gain money on the peg system futures short positions. The same applies vice versa. 
It will be tailored to the perpetual swaps, so a dollar’s worth of DGTX. It will likely be a perpetual swap specification, but we still have to determine all the specs together with SmartDec. Watch this space.

Q: Will there be an API at full launch or even at the test stage? 

This is really a development question so it depends on SmartDec. For the testnet, however, there won’t be an API.  

Q: For the testnet launch, SmartDec’s announcement stated the platform will support 10,000 users. Does this mean only 10,000 users can use the platform? 

Yes, for as long the testnet lasts, there will be a maximum of 10,000 users. We don’t yet know how long the testing will run. It depends on SmartDec as a development-led decision. 

Q: Given that you plan to be non-custodial long-term, does this mean that BTC, EOS, TRON, etc won’t be listed on the spot markets?

Not necessarily, no. We won’t offer a spot market without Bitcoin, it doesn’t make any sense. This may mean we won’t offer BTC spot markets with non-custodial accounts. Maybe in the future it will be possible to offer non-custodial accounts with BTC based on a Bitcoin smart contract layer like RSK. However, this isn’t something we’re actively investigating right now.
As things stand, we want to offer BTC on spot markets, even if it’s on a custodial basis. But spot markets will only be part of our roadmap once we’ve launched. Once we do launch, we’ll work with SmartDec to determine how and when we can develop a spot market solution.  

Q: Any new exchange listings coming up? 

Yes, we have a new exchange listing announcement coming out at the end of this week. We can’t say too much, but it isn’t Binance! There will be an app for mobile trading of DGTX. It’s our plan to get listed on more exchanges. 

Q: What about the DAO? 

We’ve had a lot of questions about this, but it isn’t really a topic for this AMA, as we want to focus on the testnet announcement. We’ll be dedicating a further AMA to this later on. However, we can provide a brief update. 
We were going to issue DigiDAO tokens in October, but we’ve made a conscious business decision to delay this for now.
The reason is that if we start issuing DigiDAO tokens now before the testnet has even launched, there’s a risk that people might start dumping them at any price. Even with the testnet announcement having come directly from SmartDec, there is still a lot of doubt and FUD going on right now which is reflected in the current price. While we understand this, it means that there’s currently too much risk to start issuing DigiDAO tokens. 
To explain further, if we do start issuing tokens and people try to dump them, it creates a further set of problems. The DigiDAO has some characteristics of being a security as it represents equity ownership, so it won’t get listed on any of the big, liquid, centralized exchanges. If people do decide to dump the tokens, their only option will be to sell them on illiquid DEXs. 
We need to make sure that the DAO tokens are tradeable and liquid if the DAO is to be a success. Once we launch our own spot market, we’ll be in a position to manage liquidity. Until then, we won’t be releasing the DAO tokens. It may be disappointing but from a business perspective, it’s the best and most sustainable way forward. 

Q: If the Treasury doesn’t sell tokens for a while if the price is below $0.05c, will Digitex survive? 

Of course, Digitex will survive! Adam and the team are committed to the future of the company no matter what happens. In every sense of the word, we’re better than we have ever been. The current price doesn’t reflect the current state of the company, and our cash flow situation is secure. 

Q: When will we see a demo or screenshots? 

As soon as we have screenshots or a demo from SmartDec, we will share them with you. SmartDec are conservative in their approach, to make sure they can deliver what they promise. So they won’t release anything too early, in order not to build excitement before they’ve ensured the reality matches up. 

Q: Is there a chance that existing exchanges with their own coin will steal the Digitex idea? 

If nobody wants to copy our idea, that’s not necessarily a good thing! Look at the markets – even Binance is entering the futures game, which is great and lends validity to what we’re doing. 
However, remember that for the existing exchanges, their fee model is working for them as it is. There isn’t necessarily any reason for them to change it at this point. Digitex is different in many ways from these companies. We don’t exist to make our stakeholders profit. But if the competition is there, we’re happy to take it on. 

Q: Have you considered offering trading competitions on testnet? 

Yes, once the testnet is open then we’re happy to offer some user-generated content. Anything that can generate interest and engagement is a great idea. It’s not yet confirmed, but we like the idea. 

Q: Is KYC needed for test net? 

There isn’t any reason why we’d need to perform KYC on testnet because we’re not trading real money. There will be KYC on the live launch. 
It’s possible we may keep the testnet open beyond the live launch date. It could be a great training ground for new traders. It’s just an idea at this point, but it’s possible. 

Q: When will the promotion begin? Will you be opening up the waitlist competition again? 

We have so many big plans! We can’t say too much at this point, but we have a viral marketing campaign in store, and starting soon. 

Q: Will there be 100x leverage on testnet? 

Yes, the testnet will have all the features of the mainnet contract, but without real money.

Q: Are SmartDec devs ever going to appear on videos? It would help morale. 

We would love them to, but not everyone enjoys being on camera! Perhaps in the future we may feature some of the developers on our videos.

Q: Will the exchange be in multiple languages? 

Yes, absolutely. We’ve translated our website into Chinese, Japanese, Korean and Russian. Our waitlist and affiliate program is also already translated. We’re looking at more languages, including Turkish, Vietnamese, and Brazilian Portuguese. Our marketing campaigns will also be in multiple languages. 

Q: When will we see a roadmap with future events? 

At the moment the roadmap is just to get us to the beta launch. After that, we’ll put a roadmap together, with timelines for further features, such as a mobile app. 
Bear in mind that this is going to be a long development process. If we do all the things we want to do to make our exchange what we want it to be, we have to take it a step at a time. 

Wrapping It Up

We hope we’ve been able to answer all your questions! Overall, everything at Digitex is going very well. We’re really happy with the development progress and our marketing plans. We will be doing another AMA at some point soon, with more updates on development progress. Thanks everyone for joining this session and if you have any questions, don’t forget to join in the conversation on Telegram.

August 29, 2019
Digitex Futures

Recap AMA on the Digitex Public Testnet Launch 

Christina Comben
Recap AMA on the Digitex Public Testnet Launch  18

Last week, we announced that Digitex Futures will launch our public testnet starting 30th November. So far, the announcement has been met with mixed reactions, but our CEO Adam Todd has never been one to shy away from our supporters. In this AMA, he candidly takes on all your questions about the launch and more.

AMA – The Digitex Public Testnet Launch

Adam opens the video by recapping last week’s launch announcement and openly expressing his surprise that the announcement wasn’t received more bullishly. He admits he misread the perception and hadn’t realized people think November is so far away. He highlights that since April, there has been a vast amount of development progress and November is closer than it may seem. 
From this brief introduction, Adam goes straight into your questions. Let’s take a look at them one at a time. 

Q: Does the BTCUSD perpetual contract market as an initial offering indicate a shift away from traditional futures to perpetual contracts? 

Yes, it does. We’ve been looking into other exchanges like BitMEX, and have sought feedback from experts in the market. As a result, we believe that perpetual swaps are more appealing to retail traders. They’re simpler to understand, with no expiry date. With an eight hour funding period, the swap price doesn’t get that far out from the spot price. 
With a futures contract that may not expire for another month, there’s a premium because the spot price is further away from the contract price. Also, at settlement, there’s a need to settle the old contract and then open a new contract. Perpetual swap futures are the way forward for attracting retail traders and therefore, ensuring volume. 

Q: Will traditional futures with an expiry date be an option, or will Digitex focus mostly on perpetuals? 

We plan to focus mostly on perpetuals. The more markets and products that we offer, the more we’ll end up breaking up liquidity between different offerings. We don’t want to be the Amazon of futures exchanges. So yes, we are going for fewer strong markets to consolidate liquidity rather than offer hundreds of different products.

Q: What are the specifications of the perpetual swap contracts? 

It will be a dollar’s worth of DGTX tokens. The contract specifications will be the same as the other exchanges like BitMEX or Bybit. There’s a simple reason for this – we want traders from those exchanges to come over to Digitex and therefore, it has to be an easy switch. 
Along with manual traders, we expect there will also be many bot traders. We don’t want bot traders to have to reprogram everything for a new set of contract specifications. Bot traders will be able to come over to our exchange easily, using their existing configuration. Having the same contract specifications as other exchanges will also encourage arbitrageurs between exchanges. 

Q: Any further information on the peg system? 

To explain, the Digitex peg system is just another futures market for the price of DGTX against ETH, BTC or USD. It offers a means of hedging the price of your DGTX while you’re holding it so you can trade on our futures exchange. It locks in the price of DGTX. As you’re holding DGTX, you could sell a futures contract for your holdings on the Digitex peg system so if the price goes down, you may lose money on your trades but you’ll gain money on the peg system futures short positions. The same applies vice versa. 
It will be tailored to the perpetual swaps, so a dollar’s worth of DGTX. It will likely be a perpetual swap specification, but we still have to determine all the specs together with SmartDec. Watch this space.

Q: Will there be an API at full launch or even at the test stage? 

This is really a development question so it depends on SmartDec. For the testnet, however, there won’t be an API.  

Q: For the testnet launch, SmartDec’s announcement stated the platform will support 10,000 users. Does this mean only 10,000 users can use the platform? 

Yes, for as long the testnet lasts, there will be a maximum of 10,000 users. We don’t yet know how long the testing will run. It depends on SmartDec as a development-led decision. 

Q: Given that you plan to be non-custodial long-term, does this mean that BTC, EOS, TRON, etc won’t be listed on the spot markets?

Not necessarily, no. We won’t offer a spot market without Bitcoin, it doesn’t make any sense. This may mean we won’t offer BTC spot markets with non-custodial accounts. Maybe in the future it will be possible to offer non-custodial accounts with BTC based on a Bitcoin smart contract layer like RSK. However, this isn’t something we’re actively investigating right now.
As things stand, we want to offer BTC on spot markets, even if it’s on a custodial basis. But spot markets will only be part of our roadmap once we’ve launched. Once we do launch, we’ll work with SmartDec to determine how and when we can develop a spot market solution.  

Q: Any new exchange listings coming up? 

Yes, we have a new exchange listing announcement coming out at the end of this week. We can’t say too much, but it isn’t Binance! There will be an app for mobile trading of DGTX. It’s our plan to get listed on more exchanges. 

Q: What about the DAO? 

We’ve had a lot of questions about this, but it isn’t really a topic for this AMA, as we want to focus on the testnet announcement. We’ll be dedicating a further AMA to this later on. However, we can provide a brief update. 
We were going to issue DigiDAO tokens in October, but we’ve made a conscious business decision to delay this for now.
The reason is that if we start issuing DigiDAO tokens now before the testnet has even launched, there’s a risk that people might start dumping them at any price. Even with the testnet announcement having come directly from SmartDec, there is still a lot of doubt and FUD going on right now which is reflected in the current price. While we understand this, it means that there’s currently too much risk to start issuing DigiDAO tokens. 
To explain further, if we do start issuing tokens and people try to dump them, it creates a further set of problems. The DigiDAO has some characteristics of being a security as it represents equity ownership, so it won’t get listed on any of the big, liquid, centralized exchanges. If people do decide to dump the tokens, their only option will be to sell them on illiquid DEXs. 
We need to make sure that the DAO tokens are tradeable and liquid if the DAO is to be a success. Once we launch our own spot market, we’ll be in a position to manage liquidity. Until then, we won’t be releasing the DAO tokens. It may be disappointing but from a business perspective, it’s the best and most sustainable way forward. 

Q: If the Treasury doesn’t sell tokens for a while if the price is below $0.05c, will Digitex survive? 

Of course, Digitex will survive! Adam and the team are committed to the future of the company no matter what happens. In every sense of the word, we’re better than we have ever been. The current price doesn’t reflect the current state of the company, and our cash flow situation is secure. 

Q: When will we see a demo or screenshots? 

As soon as we have screenshots or a demo from SmartDec, we will share them with you. SmartDec are conservative in their approach, to make sure they can deliver what they promise. So they won’t release anything too early, in order not to build excitement before they’ve ensured the reality matches up. 

Q: Is there a chance that existing exchanges with their own coin will steal the Digitex idea? 

If nobody wants to copy our idea, that’s not necessarily a good thing! Look at the markets – even Binance is entering the futures game, which is great and lends validity to what we’re doing. 
However, remember that for the existing exchanges, their fee model is working for them as it is. There isn’t necessarily any reason for them to change it at this point. Digitex is different in many ways from these companies. We don’t exist to make our stakeholders profit. But if the competition is there, we’re happy to take it on. 

Q: Have you considered offering trading competitions on testnet? 

Yes, once the testnet is open then we’re happy to offer some user-generated content. Anything that can generate interest and engagement is a great idea. It’s not yet confirmed, but we like the idea. 

Q: Is KYC needed for test net? 

There isn’t any reason why we’d need to perform KYC on testnet because we’re not trading real money. There will be KYC on the live launch. 
It’s possible we may keep the testnet open beyond the live launch date. It could be a great training ground for new traders. It’s just an idea at this point, but it’s possible. 

Q: When will the promotion begin? Will you be opening up the waitlist competition again? 

We have so many big plans! We can’t say too much at this point, but we have a viral marketing campaign in store, and starting soon. 

Q: Will there be 100x leverage on testnet? 

Yes, the testnet will have all the features of the mainnet contract, but without real money.

Q: Are SmartDec devs ever going to appear on videos? It would help morale. 

We would love them to, but not everyone enjoys being on camera! Perhaps in the future we may feature some of the developers on our videos.

Q: Will the exchange be in multiple languages? 

Yes, absolutely. We’ve translated our website into Chinese, Japanese, Korean and Russian. Our waitlist and affiliate program is also already translated. We’re looking at more languages, including Turkish, Vietnamese, and Brazilian Portuguese. Our marketing campaigns will also be in multiple languages. 

Q: When will we see a roadmap with future events? 

At the moment the roadmap is just to get us to the beta launch. After that, we’ll put a roadmap together, with timelines for further features, such as a mobile app. 
Bear in mind that this is going to be a long development process. If we do all the things we want to do to make our exchange what we want it to be, we have to take it a step at a time. 

Wrapping It Up

We hope we’ve been able to answer all your questions! Overall, everything at Digitex is going very well. We’re really happy with the development progress and our marketing plans. We will be doing another AMA at some point soon, with more updates on development progress. Thanks everyone for joining this session and if you have any questions, don’t forget to join in the conversation on Telegram.

Latest News

Digitex Futures Is Back on Track and Making Headlines  19

Digitex Futures Is Back on Track and Making Headlines 

Digitex Futures
• Christina Comben
August 27, 2019

At Digitex Futures, we listen to our community. We know that we’ve set your expectations high and you expect nothing but the best. We over-promised and failed to deliver in the past and that’s why we’re doing things differently this time around. Instead of a full bells-and-whistles launch, we’re going to take the time we need to deliver the beast of a zero-fee futures exchange you deserve. And it seems that our more pragmatic and product-lead approach is paying off judging by the response in the press. Check out the headlines we’ve been making since the news came out.

Digitex Futures Launch Date News in the Press

OK, so we’ll admit it, we thought our community would be more excited about the launch news, but on reflection, we know that trust has to be earned. So, while it’s true that this is a public testnet and not a full-on mainnet launch just yet, we’re still extremely happy to be reaching this point with SmartDec so quickly. 
No great platform or game-changing software has ever been launched without a substantial period of testing prior and just as Adam said in his video on Friday, “the huge thing is for the public to be getting on there, for people to see that it’s real… with the delays that we’ve had in the past, a lot of people doubt that.”
So, while we’ll be opening with one market and in test mode while we continue to fortify the engines, you can be 100 percent sure that when we reach mainnet and add the additional markets and features, this will be a killer of an exchange. 

CityAM

While the crypto press was the first to pick up on the news, Digitex has been reaching wider audiences, too. London-based general news publication CityAM featured a “Spotlight” article covering our launch. The piece tells the story of Adam’s career starting as a London pit trader. It goes on to explain how his experiences in the betting markets led him to develop a ladder trading interface called BetTrader, and ultimately funnel everything he’d learned into the development of Digitex. 
CityAM is London’s most-read financial and business newspaper, and its website has two million unique visitors per month. Our feature is on page 18 of today’s edition

ValueWalk

Investment website ValueWalk published a full feature interview with Adam, with Digitex’s 100x leverage offering as the headline. In it, he describes how his idea for Digitex came to life once he discovered Ethereum and had the idea for the DGTX tokenomic model. Even though Adam had faith in his idea from the beginning, he talks about his disbelief when the Digitex Futures ICO sailed through its hard cap in just 17 minutes. 
Adam also discusses how he expects to see more exchange adopting a provably fair matching engine like the one Digitex will offer, as blockchain could potentially perform a regulatory role in ensuring that the exchange operates in a fair and transparent way. 

CryptoBriefing

Crypto Briefing was among the first to pick up the launch news with their article Digitex Announces Testnet Launch Date For Bitcoin Futures Exchange. This writeup mentions that the testnet will be “the first step to creating” the world’s first zero-commission cryptocurrency futures trading platform. It also talks a little about DGTX tokenomics and how we can offer zero-fee trading, concluding with the fact that development is now firmly on track with SmartDec leading the charge.

CryptoSlate

CryptoSlate also ran with the news shortly afterward, posting an article entitled Futures trading platform Digitex prepares for public testnet, announces release date. The text is very matter-of-fact and simply states that we will be launching the public testnet with one market, starting with BTC/USD perpetual swap contracts. The writer also mentions the impact that zero fees and non-custodial accounts will have on the cryptocurrency futures market, which is expanding all the time as Bakkt is slated for launch next month with its physically settled Bitcoin futures contracts.

CryptoDaily

Also noticing the launch announcement was UK-based CryptoDaily in their article Digitex Announces Testnet Launch Date. The writer talks about commission-free trading and how Digitex will remove the fees from all transactions. He also mentions that this is different from all other exchanges on the market:

“Digitex is different in that it will require users to trade exclusively with Digitex Futures (DGTX) tokens”

He also goes into some depth about the Digitex one-click trading ladder interface that will also shake up the way that people trade for good–as well as the fact that we are working with the prime researchers for Ethereum’s scalability solutions to bring traders non-custodial accounts as soon as the technology is ready.

Bitcoin.com

We also picked up a mention in Bitcoin.com’s piece about “The Changing Face of Cryptocurrency Trading in 2019.” The article discusses how the cryptocurrency markets are maturing, and starting to resemble the traditional financial markets in the breadth of different products. 
It goes on to talk about some of the major players in the crypto derivatives space, such as Bybit, Huobi, and of course, Digitex. Describing Digitex as “highly anticipated” the piece mentions our zero-fee model and innovative funding mechanism using the DGTX token

Coverage in International Press 

We’re also really excited that our efforts to reach out to foreign markets are starting to pay off. Not only did Digitex make the English-speaking press, but we also got dedicated write-ups in major international publications as well. 
Some of the key ones were China’s Jinse and Bihu, the number-one Japanese crypto publication Naver, South Korea’s ETNews, CEO Magazine, and Morning News, and Mexico-based AMBCrypto Spanish.

Wrapping It Up

We’re extremely grateful to all the press who covered the launch date news and we’ll be sharing all articles with you as they come in. 
What’s the key takeaway from all of this? As Adam stated simply in the video:

“The Digitex Futures exchange is launching!” We finally have a date to work toward and all the components of our team are coming together. We’re getting closer to making commission-free trading a reality and, no matter the current reaction, that’s epic in itself.

Got questions? Adam will be hosting a live AMA at 11 am EST (4 pm CET) on Wednesday to answer any doubts or concerns. Be sure to tune in and let him hear your thoughts about the latest news and respond to your comments. Thank you for all your continued support!

August 27, 2019
Digitex Futures

Digitex Futures Is Back on Track and Making Headlines 

Christina Comben
Digitex Futures Is Back on Track and Making Headlines  20

At Digitex Futures, we listen to our community. We know that we’ve set your expectations high and you expect nothing but the best. We over-promised and failed to deliver in the past and that’s why we’re doing things differently this time around. Instead of a full bells-and-whistles launch, we’re going to take the time we need to deliver the beast of a zero-fee futures exchange you deserve. And it seems that our more pragmatic and product-lead approach is paying off judging by the response in the press. Check out the headlines we’ve been making since the news came out.

Digitex Futures Launch Date News in the Press

OK, so we’ll admit it, we thought our community would be more excited about the launch news, but on reflection, we know that trust has to be earned. So, while it’s true that this is a public testnet and not a full-on mainnet launch just yet, we’re still extremely happy to be reaching this point with SmartDec so quickly. 
No great platform or game-changing software has ever been launched without a substantial period of testing prior and just as Adam said in his video on Friday, “the huge thing is for the public to be getting on there, for people to see that it’s real… with the delays that we’ve had in the past, a lot of people doubt that.”
So, while we’ll be opening with one market and in test mode while we continue to fortify the engines, you can be 100 percent sure that when we reach mainnet and add the additional markets and features, this will be a killer of an exchange. 

CityAM

While the crypto press was the first to pick up on the news, Digitex has been reaching wider audiences, too. London-based general news publication CityAM featured a “Spotlight” article covering our launch. The piece tells the story of Adam’s career starting as a London pit trader. It goes on to explain how his experiences in the betting markets led him to develop a ladder trading interface called BetTrader, and ultimately funnel everything he’d learned into the development of Digitex. 
CityAM is London’s most-read financial and business newspaper, and its website has two million unique visitors per month. Our feature is on page 18 of today’s edition

ValueWalk

Investment website ValueWalk published a full feature interview with Adam, with Digitex’s 100x leverage offering as the headline. In it, he describes how his idea for Digitex came to life once he discovered Ethereum and had the idea for the DGTX tokenomic model. Even though Adam had faith in his idea from the beginning, he talks about his disbelief when the Digitex Futures ICO sailed through its hard cap in just 17 minutes. 
Adam also discusses how he expects to see more exchange adopting a provably fair matching engine like the one Digitex will offer, as blockchain could potentially perform a regulatory role in ensuring that the exchange operates in a fair and transparent way. 

CryptoBriefing

Crypto Briefing was among the first to pick up the launch news with their article Digitex Announces Testnet Launch Date For Bitcoin Futures Exchange. This writeup mentions that the testnet will be “the first step to creating” the world’s first zero-commission cryptocurrency futures trading platform. It also talks a little about DGTX tokenomics and how we can offer zero-fee trading, concluding with the fact that development is now firmly on track with SmartDec leading the charge.

CryptoSlate

CryptoSlate also ran with the news shortly afterward, posting an article entitled Futures trading platform Digitex prepares for public testnet, announces release date. The text is very matter-of-fact and simply states that we will be launching the public testnet with one market, starting with BTC/USD perpetual swap contracts. The writer also mentions the impact that zero fees and non-custodial accounts will have on the cryptocurrency futures market, which is expanding all the time as Bakkt is slated for launch next month with its physically settled Bitcoin futures contracts.

CryptoDaily

Also noticing the launch announcement was UK-based CryptoDaily in their article Digitex Announces Testnet Launch Date. The writer talks about commission-free trading and how Digitex will remove the fees from all transactions. He also mentions that this is different from all other exchanges on the market:

“Digitex is different in that it will require users to trade exclusively with Digitex Futures (DGTX) tokens”

He also goes into some depth about the Digitex one-click trading ladder interface that will also shake up the way that people trade for good–as well as the fact that we are working with the prime researchers for Ethereum’s scalability solutions to bring traders non-custodial accounts as soon as the technology is ready.

Bitcoin.com

We also picked up a mention in Bitcoin.com’s piece about “The Changing Face of Cryptocurrency Trading in 2019.” The article discusses how the cryptocurrency markets are maturing, and starting to resemble the traditional financial markets in the breadth of different products. 
It goes on to talk about some of the major players in the crypto derivatives space, such as Bybit, Huobi, and of course, Digitex. Describing Digitex as “highly anticipated” the piece mentions our zero-fee model and innovative funding mechanism using the DGTX token

Coverage in International Press 

We’re also really excited that our efforts to reach out to foreign markets are starting to pay off. Not only did Digitex make the English-speaking press, but we also got dedicated write-ups in major international publications as well. 
Some of the key ones were China’s Jinse and Bihu, the number-one Japanese crypto publication Naver, South Korea’s ETNews, CEO Magazine, and Morning News, and Mexico-based AMBCrypto Spanish.

Wrapping It Up

We’re extremely grateful to all the press who covered the launch date news and we’ll be sharing all articles with you as they come in. 
What’s the key takeaway from all of this? As Adam stated simply in the video:

“The Digitex Futures exchange is launching!” We finally have a date to work toward and all the components of our team are coming together. We’re getting closer to making commission-free trading a reality and, no matter the current reaction, that’s epic in itself.

Got questions? Adam will be hosting a live AMA at 11 am EST (4 pm CET) on Wednesday to answer any doubts or concerns. Be sure to tune in and let him hear your thoughts about the latest news and respond to your comments. Thank you for all your continued support!

Latest News

Digitex Futures Proposes the Idea of Token Burning to the Community 21

Digitex Futures Proposes the Idea of Token Burning to the Community

Digitex Futures
Trading
• admin
June 24, 2019

In this latest post and video, CEO Adam Todd outlines a proposal for introducing token burning into the tokenomics of the Digitex (DGTX) token. This is currently just a proposal and whether or not it is implemented will depend on the response from the community. We will post an article later this week that contains more details about how such proposals will be submitted and voted on when Digitex becomes a DAO. Below are the mechanics of how the proposed system would work.

The Concept:

The Liquidation Engine of the Digitex Futures exchange penalizes highly leveraged traders that allow their account balance to drop below the required Maintenance Margin amount needed to maintain their open position, thus forcing the exchange to take over their position and liquidate it. When force liquidating a position the exchange stops out the trader at his bankruptcy price as if he lost his entire Initial Margin but it is probable that the exchange gets a better price. All additional funds made when the exchange gets a better price are deposited into an Insurance Fund. The entire balance of the Insurance Fund is burned every night at midnight UTC.

The Mechanics:

  1. Traders on the Digitex Futures exchange must have sufficient Initial Margin in their trading account to open a futures position.
  2. After opening a futures position, a trader must have sufficient Maintenance Margin in their trading account to keep that position open.
  3. Initial Margin is calculated as: Contract Value divided by Leverage Rate.
  4. Maintenance Margin is calculated as 50% of Initial Margin.
  5. If the trader’s account balance falls below the Maintenance Margin requirement to maintain the current open position, the system will cancel the unmatched orders on that market to free up the margin requirements of those unmatched orders. If after doing this,  the account balance is still below the required Maintenance Margin, the system will take over the trader’s position and liquidate it.
  6. The Liquidation Engine takes over positions from traders whose account balance has fallen below the minimum required Maintenance Margin amount to maintain their open position on a futures market.
  7. After assuming a trader’s open futures position, the system will attempt to immediately close that position by submitting a buy or sell order at the bankruptcy price.
  8. The bankruptcy price is the price at which the trader will lose his entire Initial Margin amount that he posted to open the position.
  9. For Long positions, the bankruptcy price is calculated by subtracting the Initial Margin requirement from the trader’s entry price. For Short positions, the bankruptcy price is calculated by adding the Initial Margin requirement to the trader’s entry price.
  10. After assuming a trader’s position, if the system is able to liquidate that position at a better price than bankruptcy price, the additional funds are placed into the Insurance Fund.
  11. Example trade: Bob places a limit order to buy 1 BTC/USD futures contract at 10,000 at 100x leverage which requires Initial Margin of 100 DGTX. He has exactly 100 DGTX in his trading account and shortly after placing it, his buy order is filled. His Maintenance Margin requirement is therefore 50 DGTX, which means his account balance must have at least 50 DGTX in it to maintain this open Long position. If the price drops to 9,950 his account balance falls to 50 DGTX and the system will take over his position and will submit a sell order at the bankruptcy price of 9,900 (Entry Price – Initial Margin).
  12. In the above example, if the system submits a sell order at 9,900 when the last traded price is currently 9,950, it is probable that the position will be closed at a better price than 9,900. If the position is liquidated at 9,940, then 40 DGTX will be added to the Insurance Fund.
  13. This effectively means that traders who allow their position to be force liquidated by the exchange by allowing their account balance to go below the required Maintenance Margin level will always lose the full Initial Margin amount they posted to open that position, even if the position is closed at a better price than bankruptcy price. Any additional funds that are made by getting a better price than bankruptcy price are added to the Insurance Fund and not to the trader’s account. This will incentivize traders to avoid forced liquidations which are a risk vector for the exchange.
  14. This liquidation system is very similar to how BitMEX takes over and liquidates bankrupt traders’ positions. Note here how consistently their Insurance Fund balance increases with virtually no daily drawdowns of any significance over a period of years, even during periods of high volatility.
  15. The BitMEX Insurance Fund balance has increased 99 days out of the last 100 days and this is typical performance going back for years.
  16. If the Insurance Fund of the Digitex Futures exchange performed in approximately the same way as BitMEX’s Insurance Fund then we would have burned tokens 99 days out of the last 100 days.
  17. Instead of building up a huge Insurance Fund that may never be needed, Digitex can transfer that value to other Digitex (DGTX) token owners whilst still having the safeguard of an Insurance Fund.
  18. All account balances are denominated in Digitex (DGTX) tokens and all trading profits and losses are in Digitex (DGTX) tokens. Therefore, the Insurance Fund balance is denominated in Digitex (DGTX) tokens.
  19. The entire balance of the Insurance Fund will be burned every day at midnight UTC.
  20. This means the Insurance Fund will always be empty, but it has the power to issue new tokens to cover its liabilities. It is highly likely that the number of new tokens that must be occasionally issued to cover losses will be significantly less than the number of tokens that are burned every day.
  21. The token burning process will be fully verifiable and the corresponding number of Digitex (DGTX) tokens that are destroyed will be subtracted from the available supply as displayed on etherscan.io.
  22. In the event of system losses during periods of high volatility when the exchange is unable to liquidate assumed futures positions without suffering losses, the Insurance Fund can issue new Digitex (DGTX) tokens to cover those losses. This process will be fully verifiable and any new tokens issued will be visible on etherscan.io.
  23. The Insurance Fund will have its own page on the exchange where all token burning and token issuance activity and history can be clearly seen and verified on etherscan.io.
  24. Possible variations of this system that can be voted on by the DAO are whether we burn tokens on a weekly, monthly or quarterly schedule instead of daily. Also, the DAO can decide on whether to burn all tokens in the Insurance Fund or whether to keep a certain minimum balance to avoid the need for token issuance after one losing day.

We encourage you all to share your feedback on Telegram and/or Twitter, and we will collect all your questions throughout the week. This Friday, 28th June at 3 pm UTC, Adam will host another live AMA to further discuss the Digitex token burning proposal. Again, whether or not this will be implemented depends on the response from the community. We encourage you all to participate in sharing your feedback!

June 24, 2019
Digitex Futures
Trading

Digitex Futures Proposes the Idea of Token Burning to the Community

admin
Digitex Futures Proposes the Idea of Token Burning to the Community 22

In this latest post and video, CEO Adam Todd outlines a proposal for introducing token burning into the tokenomics of the Digitex (DGTX) token. This is currently just a proposal and whether or not it is implemented will depend on the response from the community. We will post an article later this week that contains more details about how such proposals will be submitted and voted on when Digitex becomes a DAO. Below are the mechanics of how the proposed system would work.

The Concept:

The Liquidation Engine of the Digitex Futures exchange penalizes highly leveraged traders that allow their account balance to drop below the required Maintenance Margin amount needed to maintain their open position, thus forcing the exchange to take over their position and liquidate it. When force liquidating a position the exchange stops out the trader at his bankruptcy price as if he lost his entire Initial Margin but it is probable that the exchange gets a better price. All additional funds made when the exchange gets a better price are deposited into an Insurance Fund. The entire balance of the Insurance Fund is burned every night at midnight UTC.

The Mechanics:

  1. Traders on the Digitex Futures exchange must have sufficient Initial Margin in their trading account to open a futures position.
  2. After opening a futures position, a trader must have sufficient Maintenance Margin in their trading account to keep that position open.
  3. Initial Margin is calculated as: Contract Value divided by Leverage Rate.
  4. Maintenance Margin is calculated as 50% of Initial Margin.
  5. If the trader’s account balance falls below the Maintenance Margin requirement to maintain the current open position, the system will cancel the unmatched orders on that market to free up the margin requirements of those unmatched orders. If after doing this,  the account balance is still below the required Maintenance Margin, the system will take over the trader’s position and liquidate it.
  6. The Liquidation Engine takes over positions from traders whose account balance has fallen below the minimum required Maintenance Margin amount to maintain their open position on a futures market.
  7. After assuming a trader’s open futures position, the system will attempt to immediately close that position by submitting a buy or sell order at the bankruptcy price.
  8. The bankruptcy price is the price at which the trader will lose his entire Initial Margin amount that he posted to open the position.
  9. For Long positions, the bankruptcy price is calculated by subtracting the Initial Margin requirement from the trader’s entry price. For Short positions, the bankruptcy price is calculated by adding the Initial Margin requirement to the trader’s entry price.
  10. After assuming a trader’s position, if the system is able to liquidate that position at a better price than bankruptcy price, the additional funds are placed into the Insurance Fund.
  11. Example trade: Bob places a limit order to buy 1 BTC/USD futures contract at 10,000 at 100x leverage which requires Initial Margin of 100 DGTX. He has exactly 100 DGTX in his trading account and shortly after placing it, his buy order is filled. His Maintenance Margin requirement is therefore 50 DGTX, which means his account balance must have at least 50 DGTX in it to maintain this open Long position. If the price drops to 9,950 his account balance falls to 50 DGTX and the system will take over his position and will submit a sell order at the bankruptcy price of 9,900 (Entry Price – Initial Margin).
  12. In the above example, if the system submits a sell order at 9,900 when the last traded price is currently 9,950, it is probable that the position will be closed at a better price than 9,900. If the position is liquidated at 9,940, then 40 DGTX will be added to the Insurance Fund.
  13. This effectively means that traders who allow their position to be force liquidated by the exchange by allowing their account balance to go below the required Maintenance Margin level will always lose the full Initial Margin amount they posted to open that position, even if the position is closed at a better price than bankruptcy price. Any additional funds that are made by getting a better price than bankruptcy price are added to the Insurance Fund and not to the trader’s account. This will incentivize traders to avoid forced liquidations which are a risk vector for the exchange.
  14. This liquidation system is very similar to how BitMEX takes over and liquidates bankrupt traders’ positions. Note here how consistently their Insurance Fund balance increases with virtually no daily drawdowns of any significance over a period of years, even during periods of high volatility.
  15. The BitMEX Insurance Fund balance has increased 99 days out of the last 100 days and this is typical performance going back for years.
  16. If the Insurance Fund of the Digitex Futures exchange performed in approximately the same way as BitMEX’s Insurance Fund then we would have burned tokens 99 days out of the last 100 days.
  17. Instead of building up a huge Insurance Fund that may never be needed, Digitex can transfer that value to other Digitex (DGTX) token owners whilst still having the safeguard of an Insurance Fund.
  18. All account balances are denominated in Digitex (DGTX) tokens and all trading profits and losses are in Digitex (DGTX) tokens. Therefore, the Insurance Fund balance is denominated in Digitex (DGTX) tokens.
  19. The entire balance of the Insurance Fund will be burned every day at midnight UTC.
  20. This means the Insurance Fund will always be empty, but it has the power to issue new tokens to cover its liabilities. It is highly likely that the number of new tokens that must be occasionally issued to cover losses will be significantly less than the number of tokens that are burned every day.
  21. The token burning process will be fully verifiable and the corresponding number of Digitex (DGTX) tokens that are destroyed will be subtracted from the available supply as displayed on etherscan.io.
  22. In the event of system losses during periods of high volatility when the exchange is unable to liquidate assumed futures positions without suffering losses, the Insurance Fund can issue new Digitex (DGTX) tokens to cover those losses. This process will be fully verifiable and any new tokens issued will be visible on etherscan.io.
  23. The Insurance Fund will have its own page on the exchange where all token burning and token issuance activity and history can be clearly seen and verified on etherscan.io.
  24. Possible variations of this system that can be voted on by the DAO are whether we burn tokens on a weekly, monthly or quarterly schedule instead of daily. Also, the DAO can decide on whether to burn all tokens in the Insurance Fund or whether to keep a certain minimum balance to avoid the need for token issuance after one losing day.

We encourage you all to share your feedback on Telegram and/or Twitter, and we will collect all your questions throughout the week. This Friday, 28th June at 3 pm UTC, Adam will host another live AMA to further discuss the Digitex token burning proposal. Again, whether or not this will be implemented depends on the response from the community. We encourage you all to participate in sharing your feedback!

Latest News

Latest News

Digitex Is Live from Paris Blockchain Week Summit 25

Digitex Is Live from Paris Blockchain Week Summit

Blockchain
Digitex Futures
• Christina Comben
April 17, 2019

Today’s post is coming at you live from Paris. Adam has been non-stop at the Paris Blockchain Week Summit. He’s had interviews with the press, been speaking about Digitex and the upcoming launch, and generally spreading the word about commission-free futures trading! Check it out.

The Paris Blockchain Week Summit

The event is taking place in one of Paris’ most fashionable buildings. As well as a large main stage, there is a separate French Tech stage for the panels, an ample speakers and media room, and plenty of exhibitors including Ledger, Capital, and Tezos. And, as you might expect from Paris, you can pick up a coffee and croissant at all points across the venue!

The striking building at Station F combines glass, steel, and concrete, with comfortable interview booths and raised work pods. It provides just the right amount of space for the large crowd of delegates, with plenty of quiet corners for one-on-one meetings.
It’s modern, yet comfortable, bright, yet far from being cold. In fact, it’s the perfect place for a blockchain conference to stimulate key conversations and discuss interesting ideas.
Adam kicked off day one with a series of interviews which you can catch very soon on video and in print. The Digitex CEO was clearly in his stride. Candid and bright-eyed, he spoke about his excitement and anticipation of finally delivering his project to the world.

One of the interviewees at EAK Digital said, “the hype over the launch is massive, right? You have 1.2 million on the waitlist,” to which Adam promptly cut in “1.4 million!” He also took the opportunity to thank all of Digitex’s loyal supporters and community members, saying:

“Thanks for all your support, thanks for sticking with us, it’s only going to get better from here.”

As well as interviews, networking, and meeting and greeting, Adam participated in a key debate over the need for traditional market makers and brokers and gave his infamous opinion on the bright future of Ethereum! He also took the stage with the charismatic Bad Crypto duo in front of an engaged audience.

AMA Panel on Exchanges and Brokers

Being on at 1 PM, some delegates were gathering to get lunch. At first, there were few people in the audience and we wondered how much interest there was in this discussion… Then the participants took the stage and the room began to fill up until there was a standing-room-only crowd.
Digitex Is Live from Paris Blockchain Week Summit 26
With representatives and founders from Huobi, Woorton, and SeedCX, the future of market makers, liquidity providers, brokers, and exchanges was discussed and debated. As an AMA panel, there were a ton of questions from the audience and the very first directed at Adam. They wanted to know how Digitex was going to become non-custodial.
He explained about the integration of Plasma protocol and how we’re working with Ethereum-approved Matter Inc. to enable a truly hybrid model where users don’t have to trust us with their funds.
All three of his panel participants represent the interests of institutional traders. So, naturally, many questions arose around when crypto will reach the pivotal number of institutional investors to become truly massive.

Adam cut in (in his typical, no-nonsense style) posing the question of why we want institutional traders anyway! They control the market, they create an unequal playing field, and they take away liquidity from the pool. At Digitex, we’re only interested in retail traders where we can really help make a difference to their lives and let them make a living with no mechanical edge against them.
He also explained how Digitex will use automated market makers to ensure liquidity but without the need for giving anyone preferential treatment, payment, or earlier access to trades. You could tell that his participants weren’t all in agreement, after all, their companies are the antithesis of what Digitex is not. However, we recognize that we need institutional funds in crypto–just not on our trading platform!

The Interview on the Main Stage with Bad Crypto

You would think that Adam would have been tired out by all that speaking and action throughout the day. But he took another interview, had a small bite to eat, and prepared himself to speak live on stage.
Adam, of course, is an absolute natural with the microphone and he quickly took control of the stage… Sharing the excitement of what’s to come with the launch of the first-ever zero-fee cryptocurrency futures exchange.

The interview was streamed on Facebook Live, so the quality was as good as we could get it. But you can also catch it again on a Bad Crypto podcast airing later this month. (Adam comes in at about 20 minutes.)
Adam spoke about the need for zero commissions, how it will help high-frequency small-time traders to make profits, without always losing out to the house. He spoke of his excitement for the launch, the development process, and of course, our plans for the future.
Among them, he mentioned commission-free spot trading, the addition of traditional futures markets, 100x leverage, and more. He even hinted at the possibility of “getting into the IEO business”… so watch this space, people, because we always love to step things up a level!
Digitex Is Live from Paris Blockchain Week Summit 27
The conference started with a bang–and we still had more interviews and networking to do on day two! Adam spread the word about Digitex to publications from around the world, from the U.S. to the Netherlands! So watch this space for all the coverage.
We’ll be leaving Paris feeling excited about the launch and ready to give all our supporters the liquid, commission-free platform they’ve been waiting for.

April 17, 2019
Blockchain
Digitex Futures

Digitex Is Live from Paris Blockchain Week Summit

Christina Comben
Digitex Is Live from Paris Blockchain Week Summit 28

Today’s post is coming at you live from Paris. Adam has been non-stop at the Paris Blockchain Week Summit. He’s had interviews with the press, been speaking about Digitex and the upcoming launch, and generally spreading the word about commission-free futures trading! Check it out.

The Paris Blockchain Week Summit

The event is taking place in one of Paris’ most fashionable buildings. As well as a large main stage, there is a separate French Tech stage for the panels, an ample speakers and media room, and plenty of exhibitors including Ledger, Capital, and Tezos. And, as you might expect from Paris, you can pick up a coffee and croissant at all points across the venue!

The striking building at Station F combines glass, steel, and concrete, with comfortable interview booths and raised work pods. It provides just the right amount of space for the large crowd of delegates, with plenty of quiet corners for one-on-one meetings.
It’s modern, yet comfortable, bright, yet far from being cold. In fact, it’s the perfect place for a blockchain conference to stimulate key conversations and discuss interesting ideas.
Adam kicked off day one with a series of interviews which you can catch very soon on video and in print. The Digitex CEO was clearly in his stride. Candid and bright-eyed, he spoke about his excitement and anticipation of finally delivering his project to the world.

One of the interviewees at EAK Digital said, “the hype over the launch is massive, right? You have 1.2 million on the waitlist,” to which Adam promptly cut in “1.4 million!” He also took the opportunity to thank all of Digitex’s loyal supporters and community members, saying:

“Thanks for all your support, thanks for sticking with us, it’s only going to get better from here.”

As well as interviews, networking, and meeting and greeting, Adam participated in a key debate over the need for traditional market makers and brokers and gave his infamous opinion on the bright future of Ethereum! He also took the stage with the charismatic Bad Crypto duo in front of an engaged audience.

AMA Panel on Exchanges and Brokers

Being on at 1 PM, some delegates were gathering to get lunch. At first, there were few people in the audience and we wondered how much interest there was in this discussion… Then the participants took the stage and the room began to fill up until there was a standing-room-only crowd.
Digitex Is Live from Paris Blockchain Week Summit 29
With representatives and founders from Huobi, Woorton, and SeedCX, the future of market makers, liquidity providers, brokers, and exchanges was discussed and debated. As an AMA panel, there were a ton of questions from the audience and the very first directed at Adam. They wanted to know how Digitex was going to become non-custodial.
He explained about the integration of Plasma protocol and how we’re working with Ethereum-approved Matter Inc. to enable a truly hybrid model where users don’t have to trust us with their funds.
All three of his panel participants represent the interests of institutional traders. So, naturally, many questions arose around when crypto will reach the pivotal number of institutional investors to become truly massive.

Adam cut in (in his typical, no-nonsense style) posing the question of why we want institutional traders anyway! They control the market, they create an unequal playing field, and they take away liquidity from the pool. At Digitex, we’re only interested in retail traders where we can really help make a difference to their lives and let them make a living with no mechanical edge against them.
He also explained how Digitex will use automated market makers to ensure liquidity but without the need for giving anyone preferential treatment, payment, or earlier access to trades. You could tell that his participants weren’t all in agreement, after all, their companies are the antithesis of what Digitex is not. However, we recognize that we need institutional funds in crypto–just not on our trading platform!

The Interview on the Main Stage with Bad Crypto

You would think that Adam would have been tired out by all that speaking and action throughout the day. But he took another interview, had a small bite to eat, and prepared himself to speak live on stage.
Adam, of course, is an absolute natural with the microphone and he quickly took control of the stage… Sharing the excitement of what’s to come with the launch of the first-ever zero-fee cryptocurrency futures exchange.

The interview was streamed on Facebook Live, so the quality was as good as we could get it. But you can also catch it again on a Bad Crypto podcast airing later this month. (Adam comes in at about 20 minutes.)
Adam spoke about the need for zero commissions, how it will help high-frequency small-time traders to make profits, without always losing out to the house. He spoke of his excitement for the launch, the development process, and of course, our plans for the future.
Among them, he mentioned commission-free spot trading, the addition of traditional futures markets, 100x leverage, and more. He even hinted at the possibility of “getting into the IEO business”… so watch this space, people, because we always love to step things up a level!
Digitex Is Live from Paris Blockchain Week Summit 30
The conference started with a bang–and we still had more interviews and networking to do on day two! Adam spread the word about Digitex to publications from around the world, from the U.S. to the Netherlands! So watch this space for all the coverage.
We’ll be leaving Paris feeling excited about the launch and ready to give all our supporters the liquid, commission-free platform they’ve been waiting for.

Latest News

Pssst! Don't Forget to Check Your Place on the Waitlist--The Stakes Are Rising 31

Pssst! Don’t Forget to Check Your Place on the Waitlist–The Stakes Are Rising

Digitex Futures
• Christina Comben
April 8, 2019

With 12 days to go until we close the waitlist, and just over three weeks until launch, the stakes are rising in the waitlist competition! On Friday, we gave you seven reasons why DGTX can only go up from here. But in reality, we have tons more plans and announcements in the pipeline to ensure that our exchange is a long-term contender. For now, here’s a quick reminder of why you should be fighting for your free DGTX. Continue reading

April 8, 2019
Digitex Futures

Pssst! Don’t Forget to Check Your Place on the Waitlist–The Stakes Are Rising

Christina Comben
Pssst! Don't Forget to Check Your Place on the Waitlist--The Stakes Are Rising 32

With 12 days to go until we close the waitlist, and just over three weeks until launch, the stakes are rising in the waitlist competition! On Friday, we gave you seven reasons why DGTX can only go up from here. But in reality, we have tons more plans and announcements in the pipeline to ensure that our exchange is a long-term contender. For now, here’s a quick reminder of why you should be fighting for your free DGTX. Continue reading

Latest News

DGTX vs KuCoin Shares (KCS) - An Exchange Token Comparison 33

DGTX vs KuCoin Shares (KCS) – An Exchange Token Comparison

Cryptocurrency
Digitex Futures
• Sarah Rothrie
March 12, 2019

KuCoin burst onto the scene in 2017, after four years of behind-the-scenes development. It had the goal of becoming one of the top 10 exchanges by mid-2019. While it still has some way to go, the exchange has a solid reputation, particularly among fans of its KuCoin Shares (KCS) profit sharing model. But does the KCS token stand up to DGTX? Let’s find out! Continue reading

March 12, 2019
Cryptocurrency
Digitex Futures

DGTX vs KuCoin Shares (KCS) – An Exchange Token Comparison

Sarah Rothrie
DGTX vs KuCoin Shares (KCS) - An Exchange Token Comparison 34

KuCoin burst onto the scene in 2017, after four years of behind-the-scenes development. It had the goal of becoming one of the top 10 exchanges by mid-2019. While it still has some way to go, the exchange has a solid reputation, particularly among fans of its KuCoin Shares (KCS) profit sharing model. But does the KCS token stand up to DGTX? Let’s find out! Continue reading

Latest News