Poloniex enters the derivatives market by launching Poloniex Futures

The major crypto exchange, Poloniex, made a move to join the crypto derivatives market. The exchange launched a new platform, known as Poloniex Futures. The platform recently saw its beta launch, and those who already have a Poloniex account can start trading right away.

What does the new platform offer?

Following the platform launch, Poloniex revealed that traders can start trading Bitcoin futures immediately, and with 100x leverage, at that.

Traders can also start by using a Demo account, where they will be allowed to experiment with 10,000 USDJ.

Considering the highly-competitive crypto derivatives market, Poloniex is doing everything in its power to attract traders from competitors. Some of the features that are making it stand out to include the highest maker rebates, and extremely low taker fees. In fact, the exchange has offered better rates than any other platform.

The launch of the new, competitive platform comes at a rather good time, seen as derivatives trading volume skyrocketed by over 300% since 2019. The daily high exceeds $62 billion, according to a recent Medium post.

Traders are becoming more comfortable with using the possibilities provided by high leverage. This allows them to try out advanced strategies, and significantly increase their earnings.

This is also seen from the fact that the derivatives trading volume exceeded $2 trillion in Q1 2020 alone.

Traders can only work with Bitcoin for now

Meanwhile, Poloniex itself stands as a fairly old and very reputable platform. Its aim is to provide traders with the ability to join and experience its exchange right away, especially for its existing userbase.

However, the new futures exchange currently only works with Bitcoin, while accepting Tether (USDT) as collateral. Even so, a large number of traders are expected to come to the platform, if not for other reasons, then only to test it and compare it to other existing derivatives exchanges.