Huobi, the popular cryptocurrency exchange based in Singapore, has opened up its Huobi DM platform to Tron futures. The move will see the platform allow its traders to take short and long positions on Tron’s coin TRX in addition to other actions such as arbitrage, hedging, and speculation.
The rollout on the platform will begin with the disbursement of 1 million TRX tokens to its registered traders. It will also include 100% maker free rebate in the deal as well. The press release issued by the Huobi DM exchange promises that assets will receive many of the same functionalities that can be found on traditional derivatives markets.
“The addition of TRON is another big step towards our goal of making Huobi DM the most powerful & flexible platform of its kind"/ Huobi CEO Ross Zhanghttps://t.co/s2mtoCPlgs
— Misha Lederman (@mishalederman) April 26, 2019
The platform looks promising to traders
Huobi DM’s platform, according to the press release that got issued following the announcement of Tron addition, says that the fee structure will be extremely competitive for the Ethereum competitor. The cost for makers to open or close will be set at 0.02%, while it will be 0.03% to open or close for takers.
The platform will give traders superior risk management tools including, but not limited to, Price Limit, Order Limit, and Position Limit. They promise that their price limit mechanism has superior risk control than other platforms, with no clawbacks having occurred since they launched the platform.
The press release also reiterated how closely the platform monitors various data to fully ensure that its risk supervision runs in real time is not just industry competitive, but to be an industry standard. They also go on to say in the press release that all open position limits for all crypto contracts will be at two times their previous level. Order limits will receive the same treatment of getting a double boost. These are only valid for newly raised opens and orders.
They want to put their customer base at ease, which is why they have created a Risk Management Insurance Fund. The RMIF is different for each trading pair, and under wanting to provide the most user protections as possible, they will be giving each trading pair a dedicated RMIF. This would be to cover any losses that occur due to unfilled liquidated order and settle incidents as can happen on a platform that deals with this type of financial trading.
Huobi moving forward quickly, pulling Tron in its wake
The CEO of Huobi DM spoke on the subject a couple of days ago and commemorated the addition of Tron as a “big step to making Huobi DM the most powerful and flexible platform of its kind,” while at the same time promising to add even more coins over the coming year.
This aggressive expansion has been the trend for many crypto exchanges this year particularly among Binance, Coinbase, and Huobi. Binance, in particular, has been in the news leveraging its Binance Chain to establish an ever-growing list of coins into its ecosystem, sometimes in very unsavory ways. This is par for the course for 2019 it seems.
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