Ripple Contracts Launched By Huobi’s Crypto Derivatives Platformbr>
Huobi DM, the cryptocurrency derivative trading platform of crypto exchange Huobi, has launched contract trading for Ripple’s XRP on its platform.
Launched in November 2018, Huobi DM allows users the ability to take long and short positions on cryptocurrencies. It offers weekly, bi-weekly, and quarterly contracts for cryptocurrencies, such as bitcoin (BTC), ethereum (ETH), and EOS (EOS). Its real-time risk supervision solution constantly monitors contract prices, index prices, abnormal transactions, and positions. It also has a dedicated Risk Management Insurance Fund for each trading pair.
The addition of XRP, the third-largest cryptocurrency by market cap, will enable users to take both long and short positions on the token, allowing for arbitrage, speculation, and hedging. Huobi said that it will offer competitive fee structure for XRP – 0.02% to open or close for makers and 0.03% to open or close for takers.
“We’re always looking to serve our users – and the broader crypto community – better, so this was a natural decision,” said Ross Zhang, Head of Marketing for Huobi Group. “Adding XRP to our growing list of coin types on Huobi DM and improving our user experience are just further steps in our goal of building Huobi DM into the premier platform of its kind.”
The company also announced that Huobi DM’s user experience has been revamped to include trigger orders and a streamlined user onboarding process.
“The Huobi DM team has also enabled trigger order functionality for the platform. Starting today, users can now utilize this type of pre-set orders to set take profits and stop losses,” the company said. “While trigger order functionality is currently limited to web applications, the Huobi DM team expects to enable it for mobile orders soon. Huobi DM has also streamlined its user onboarding process, eliminating the need for uploaded photos and instituting a handwritten signature requirement instead.”