Huobi's BitVC Uses Trader Profits to Cover Futures Loss
Alongside its plan to pool 20% of all trading fees into a 'system reserve fund', Huobi informed CoinDesk it has now reimbursed all users who suffered from its "system loss allocation policy" in the form of credit for future trading fees. "BitVC will continue working toward our goal of providing a fair, transparent and stable trading platform, and we always welcome user feedback and suggestions," the platform added. BitVC, the digital currency futures trading platform owned by exchange Huobi, found itself on the receiving end of customer anger last week when it took 46.1% of traders'....
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Huobi is launching a bitcoin futures trading feature on its BitVC platform with a 10-day simulated trading competition to get users involved. The exchange is offering prizes of funded trading accounts to the top 50 traders in the competition, which closes at 12:00 (Beijing time) on 19th September. The only catch is, winners must then turn those accounts into profits to pocket the winnings. BitVC COO Wang Huaiqiang explained the competition's purpose: "We tried to design BitVC Futures to be easy for beginners to understand and convenient for experienced traders. Playing the game is a good....
Huobi's future trading vertical BitVC recently announced to drop Litecoin futures by March 28th in the wake of low user demand. "Dear BitVC users, we have discontinued our Litecoin futures services temporarily after obtaining feedbacks and suggestions from users," read the company's notice. We truly apologize for the inconvenience." In addition to this, the platform also said in a separate Reddit post that it wanted to shift its energy to Bitcoin future contracts instead. It meanwhile confirmed that litecoin trading services (LTC/CNY) will remain to be functional, while the withdrawals....
Futures trading platform BitVC has announced it will no longer offer litecoin futures to its users, as it shifts its focus to bitcoin. The platform, a subsidiary of Chinese exchange Huobi, said that the decision was taken due to a lack of user demand, and the growing consensus that the world will only have one cryptocurrency value. BitVC's announcement came via a Reddit post, which noted: "We believe it is in the best interest of our users and the industry to focus 100% of our attention and energy on bitcoin." It confirmed that litecoin and chinese yuan spot trading and litecoin....
Futures trading platform BitVC has altered the way it handles forced liquidation risk management, replacing the 'socialized system losses' method that was sometimes unpopular with users. The platform, a subsidiary of Chinese exchange Huobi, says it will implement a new method called 'automatic counterparty deleveraging'. A BitVC representative said the system is the first of its kind in the high-leverage bitcoin futures market and, while still not perfect, offers a significant improvement over other risk-management strategies in similar markets. Automatic reduction of leverage. He went on....
As the bitcoin/digital currency landscape in the People's Republic of China continues its evolution, major exchanges are looking for ways to expand their business models to, well, stay in business. Such is the case with the Huobi exchange. At the BTCChina 3rd anniversary celebration that took place this weekend, Huobi CEO Leon Li announced a new platform dubbed BitVc. It's a derivatives-based platform that includes margin trading, though as of current, it's very much still in beta. In fact, Leon Li handed out a few invitations to beta test the service, which launches to the public on the....