BaseFEX crypto futures

BaseFEX cryptocurrency derivatives trading platform offers its customers futures on Bitcoin, ether and other popular cryptocurrencies. The company was founded in 2018 by a group of cryptocurrency traders who were dissatisfied with the status quo and the way companies were running their exchanges.

BaseFEX derivatives trading platform claims to have used the most advanced technology in developing the platform. Let's try to find out if this is true. BaseFEX is backed by InBlockchain, China's largest venture capital fund in the cryptocurrency space, and Big.ONE, one of the largest spot cryptocurrency exchanges with a daily trading volume of over $500 million. 

 Key features of the platform: 

• Trading pairs with several cryptocurrencies are available: BTC, ETH, XRP, BCH, LTC, BNB, USDT. 
• No requotes or other delays that prevent you from opening/closing a position when you really need it. 
• Absolute confidentiality, no KYC/AML requirements. 
• System transparency. No hidden charges or settings. Payment and trading structure is completely transparent. 
• Simplicity and reliability. The platform interface is available to any user. All client assets are stored on cold, multi-signed wallets. All withdrawals are manually verified by exchange moderators. BaseFEX has never been hacked since its launch in October 2018. 
• 24/7 access to customer support. 
• Comprehensive API. Support for millions of trades per second Interface languages: Russian, English, Korean, Chinese, Japanese. 

 Trading features: 

• Profits and losses are calculated in BTC or USDT. 
• High leverage - up to 100x. 
• There is a mobile app for Android and iOS for easy and fast access to trades anytime, anywhere. This ensures that traders never miss a market opportunity, even when they are on the move. BaseFEX's trading interface for mobile users is simple and user-friendly.

BaseFEX crypto futures in the Philippines 

A futures derivative governs the sale of an item at a predetermined price in the future. On cryptocurrency exchanges, such agreements are actively traded, with the exchange functioning as an intermediary. As with any contract, it is not possible to change the terms once it is made.Exchange contracts are made:

• in specifically defined volumes
• in a specifically defined form
• for certain terms of validity

On exchanges, it is also standard practice to have a daily reporting system, which means that all derivatives gains and losses are resolved on the day they are received. Credit risks are reduced in this way. It should be emphasized that while dealing with futures, the seller and buyer contract with the exchange rather than each other.

Options

The concept of options is quite different from that of futures.

While both parties to a futures contract are required to buy or sell on a specific date, the option contract has an asymmetry feature. An option contract binds one party while allowing the other to decide later when the contract expires. As a result, the advantaged party who has the option pays.

There are two types of options: call options and put options. The former gives the right (but not the obligation) to buy the cryptocurrency at a given price at a later date, while the latter gives the right to sell at a predetermined value. Options, like futures, are traded on cryptocurrency exchanges.

Swaps

Swaps are considered to be the most difficult market instruments to master. Such BaseFEX cryptocurrency derivatives allow participants to exchange their financial flows. One party can transfer cash flow to the other party. The most common example of such an action is changing a fixed interest rate to a floating rate. Traders can also decide to swap the underlying cryptocurrency or interest rates.

Working on BaseFEX platform 

Registration on the platform takes a few simple steps. All you need to do is enter your email address and nickname. After that you will receive a confirmation email with a code to be entered on the exchange website. That is all. After that you can enter the exchange with your details, transfer the cryptocurrency (BTC or USDT) to your account and start BaseFEX derivatives trading. 

 Cryptocurrency deposit and withdrawal 

• Deposit and withdrawal are in BTC and USDT only. Exchange does not support fiat channels, including credit cards or electronic payment systems. 
• Minimum deposit or withdrawal amount is 0.002 BTC (currently around $15). Deposits below the minimum amount will not appear in your account and cannot be refunded. 
• For security reasons, BaseFEX only processes withdrawals manually, once a day. 

While many cryptocurrency enthusiasts do not perceive Bitcoin futures as a reliable trading tool, in fact, a futures is a purpose-friendly derivative that allows traders to not have to think about the additional costs of holding funds and fully supporting BaseFEX crypto futures trading. Moreover, Bitcoin futures are an ideal tool when it comes to bear markets. BaseFEX trades perpetual contracts with settlement in BTC, USDT and cross-currency rates. The minimum contract amount is 1 USD(T) and the maximum leverage is x100. 

How to start trading BaseFEX derivatives in the Philippines?

You can start BaseFEX cryptocurrency derivatives trading  as soon as you have registered and confirmed your email. No further verification (or even more so the uploading of documents) is required and the platform promises that this will never be necessary. The standard order types available on Basefex are familiar to any trader. 

A limit order is set to the price at which you want to trade. It will be executed if the price reaches the set level and another trader buys or sells the volume you set. When you open a limit order you become a passive trader (maker), thus increasing the liquidity of the trading pair. A market order is filled at the current price as soon as it is placed. Market orders are used to execute limit orders of other traders and you become a taker. 

A trigger allows you to set a price at which you are ready to execute a trade, but is not added to the market rate. The order will only be executed "in the market" if the criteria you set are met. 

For limit order and trigger, you can set a number of additional parameters: expiry date and time, execution only to close position, mandatory full execution, etc.

To make a trade, select the desired instrument, indicate the type of order you want, enter the required parameters and click Buy/Long or Sell/Short in the trading panel.

Orders are placed instantly and the platform guarantees execution at the price you specify. The main thing is to have enough funds on your balance to support the position. You can monitor the execution status of the orders in the order history:

The size of the leverage is adjustable in the panel on the left, but you should not overestimate this parameter, because the higher the leverage, the higher the risks (which means that as the leverage increases, not only the potential income increases, but the losses can also be commensurately high).

That's it. It takes two or three clicks to execute a trade on the platform. However, to fully understand how the whole process of execution and liquidation of positions takes place - you need to study the relevant help section on the company's website.

Affiliate programme

The partner programme consists of a referral offer. The BaseFEX Affiliate Programme offers clients the following benefits:

• A percentage of commissions paid by referrals.
• Referrals receive a discount on commissions for a limited period.

Users who follow a referral link get a 10% discount during the first 6 months of activity on the exchange. Please note that a referral account will be assigned to a client only if the referred user registers within 7 days of clicking on the link. Referrals can earn up to 35% of commissions.

For example, users can receive a 10% discount during the first six months.

Note that remuneration may vary depending on the type of contract. For example, partners will receive a percentage of the commission paid by referrals. The commission itself is paid in BTC, and is transferred to the purse of the referral.

Access to historical data

Users can create their own accounts on the platform and easily access detailed logs of historical data on previous trades on the platform. This data will act as essential investment advice for users.

Insurance fund

It has an insurance fund function that takes over the user's unfilled positions before Auto-Deleveraging is triggered.

Commissions and Security 

All information on commissions can be found on this page. As you can see, in some trading pairs the commission or funding rate of the contract can be negative. This means that the trader receives a small "tribute" from his counterparty on the other side of the trade when he opens a position or makes another payment on the contract. When a position is held in the right direction for a long time, betting games can provide additional profits. All exchange traders' funds are stored in multi-signed cold wallets, i.e. on separate hardware without internet access, and at least 5 people's signatures are needed to make a transaction from such a wallet. Even if the trading platform is hacked, attackers will not be able to access traders' funds. The withdrawal of cryptocurrencies is made manually once a day to all traders who have applied since the previous withdrawal.

The site's advantages include the following factors

• Ensuring complete anonymity. 

There is no need to provide AML or KYC details on the exchange, much less the administration passing on any client information to authorities or governments.

• Integrity. 

So, you can count on transparency in the exchange system. "System errors" never occur, there are no clandestine manipulations.

• Personal support for each user. 

So, everyone can go to the chat, which works around the clock, and get the answers you need for your questions.

• Transparency. 

There are no hidden charges or commissions on the exchange.

• Small commissions. 

Note that BTCUSD and BTCUSDT have a commission of only 0.07%. On competitive platforms, this fee can be as high as 3% or 5%.

Brief conclusions 

The trading and security organization of the site looks fairly convincing. BaseFEX is registered with CoinMarketCap, which suggests some level of transparency in data sharing, as the terms of the listing require it. However, the only data BaseFEX promises to share is total trading volumes. Of course, the site's presence on Coinmarketcap and other integrator services does not indicate that the exchange is regulated and that the managing entity and owners are known. The company takes a decentralized view and does not require customers to undergo KYC and AML checks, which for many traders is quite important.

Nevertheless, the platform's fast operation, low commissions, no hidden fees, security of client deposits speak in favour of BaseFEX for comfortable trading.