As part of our mission to revolutionize futures trading, we are constantly innovating in our approach to building a highly secure platform that’s protective of user funds. We take platform security very seriously, which is why we’re integrating Chainlink’s Price Reference Contracts as an anchor to backup the existing price feeds on our platform. This marks the first time a centralized cryptocurrency futures exchange is relying on decentralized oracles to improve its platform security.
Incorporating Chainlink price reference contracts brings heightened transparency and reliability to a critical component of our platform. It provides traders with strong protection against price manipulation, ensuring that traders don’t become overexposed to slippage should our internal price feeds deviate too far from the global market price, as reported from Chainlink’s highly reliable and tamperproof price reference contracts.
The Importance of a Price Anchor
We have gone to great lengths to ensure that our internal price feeds are accurate by developing an index based on a variety of trusted spot market sources. However, price feeds can be subject to vulnerabilities and negatively impact users during situations of exchange manipulation or faulty data sources.
We aim to prevent any such incident from occurring by using a highly reliable and manipulation resistant price anchor. A price anchor is used as a frame of reference from which to detect deviations in other prices. We will use Chainlink’s Price Reference Contract as a price anchor and monitor if our internal feeds ever deviate from it by more than a defined percentage.
Why Chainlink Price Reference Contracts
When researching various solutions, Chainlink’s Price Reference Contracts stood out as the most secure and accurate cryptocurrency price feeds in the market.
Chainlink is a decentralized oracle network, responsible for connecting smart contracts to data outside the blockchain in a secure manner. Chainlink’s Price Reference Contracts are a collection of financial price feeds, containing all the cryptocurrency trading pairs needed by our platform. Chainlink uses a decentralized network of independent, Sybil resistant nodes, which each source price data from numerous high-quality data aggregators with strong market coverage, such as BraveNewCoin and Kaiko. All the nodes’ responses are aggregated together to produce a global market price for a trading pair, such as BTC/USD, with updates occurring every 1% change in price.
Chainlink’s Price Reference model provides Digitex with three important features: accurate prices, manipulation resistance, and liveness guarantees. Its decentralized design ensures that a malicious or incompetent actor cannot hinder the quality of the price data or the reliability of the price update. Additionally, the use of high-quality market data and secure node operators enforces high standards on each individual component of the network. Chainlink’s infrastructure is already relied upon for the security of millions of dollars by many leading DeFi applications.
We plan to start using Chainlink’s Price Reference Contracts to support trading of our initial market of BTC/USD Perpetual Contracts, and add additional price feeds as we launch more products. Unlike other centralized cryptocurrency futures exchanges where their backend processes are hidden, we’ve created a level playing field for traders. We provide new levels of transparency into how Digitex’s contracts function, with backup security to protect against abnormal events.
“Chainlink provides Digitex with highly reliable and transparent price feeds that protect our users against the negative outcomes of abnormal market conditions or internal complications. Using Chainlink price data enables us to deliver stronger security and performance guarantees to our users, furthering our vision to revolutionize futures trading.” – Adam Todd, Founder and CEO of Digitex.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. It is well known for providing highly secure and reliable oracles to large enterprises (Google, Oracle, and SWIFT) and leading smart contract development teams such asPolkadot/Substrate,Synthetix,Loopring,Aave,OpenLaw,Conflux, and many others.
The last few weeks have flown by in such a whirlwind that we suddenly realized this week – nobody has yet even seen Adam fulfilling his vision of zero-fee crypto futures trading! So our final post of this week is a video from the man himself. Plus, news on our next mainnet group… Enjoy!
Adam opens the video by saying how happy he is with the mainnet performance – aside from a few minor bugs, we’ve had a very smooth start.
He also expresses his gratitude to the mainnet trading group for their enthusiasm and participation, and confirms we’re bringing on board another 100 traders this week! At the time of publication, we can confirm that the 100 in question are already on board and trading away. If you’re one of our newcomers and wondering how all this works, then you should definitely watch this video! For everyone else, we’ll be providing an update from the latest group after the weekend.
Adam is also impressed at the level of liquidity our traders and market makers are managing to achieve – imagine how it will be when we have thousands of traders on the ladder!
He does a few trades, demonstrating how easy it is to literally play around on the ladder without the fear of losing out to trading fees. He quickly scalps out 160 DGTX and demonstrates how easy it is to get filled even with the liquidity of just 120 traders on the mainnet.
Remember – not all of them are necessarily online at all times, so we really are expecting to have one of the most liquid exchanges out there!
With an exchange like the DFE, traders have ultimate flexibility over their work/life balance. Adam used to trade on a betting exchange for a living, working out of internet cafes around the world. With a platform like the DFE, anyone can replicate that lifestyle, scalping out profits to buy the freedom they want.
Adam finishes his trading activities 360 DGTX up in just a few minutes on the ladder. Not bad!
News from DFE Development
Now to some updates from the DFE. Adam tells us how the API is currently a big focus for development activity. Also, we have four separate audits happening for the exchange itself, which (along with the home working) is part of the reason we’ve been slower to onboard that we perhaps would have liked. The audits are helping us locate minor fixes that need to happen to fine-tune the exchange to its best performance. We’ll be publishing the results of the audit as soon as we can.
He then elaborates on the progress being made by the new team in Kyiv, including our CTO and Director of Exchange Operations on the leadership team. We’re making headway on new features, including ETH deposits and stop-loss. The fact that development is now coming along under the supervision of Alex and Yuliya is a testament to how well things are going with the new team in place.
Adam teases an announcement coming up on Monday that will help us with our spot price calculations – watch this space for news!
We have a few more small developments in the pipelines, such as being able to drag an unmatched order to a new price. These are minor changes, but they’re all designed to make the scalping process as clean and slick as possible.
Similarly, users will soon be able to set hotkeys for defined quantities, meaning they can place orders with fewer mouse clicks. All these developments may seem small, but they add up to a stellar user experience on an addictive UI.
Overall, the current version of the mainnet is very much the first version, although Adam is quick to praise SmartDec for the delivery of an outstanding trading platform. Everything we’re doing now is aiming to create the best possible iteration that the DFE can possibly become.
There’s plenty more to come from Digitex, but in the meantime, thanks for sticking with us and making this journey to mainnet worthwhile!
As regular readers will know, we’ve been building up a stellar team in preparation for the mainnet launch. Ensuring that we open the doors on a world-class crypto futures exchange means we need an extremely slick operation behind the scenes. So, for the latest in the Team Spotlight series, we’re delighted to introduce our Director of Exchange Operations, Yuliya Sporysh!
What’s Involved with Yuliya’s Role at Digitex?
As the Director of Exchange Operations, Yuliya’s role has an incredibly broad scope, spanning virtually every department in the company. She works closely with developers, designers, support, marketing, and management. She’s responsible for coordinating the interactions between different functions to ensure that the running of the exchange itself goes smoothly.
At the same time, her efforts help to ensure that new features are implemented in a way that ensures they’re a success from the off. For example, having Yuliya as a bridge between development and marketing helps to deliver timely and transparent messages to our community.
So, what does this mean in terms of a typical working day and how does she keep on top of everything?
Yuliya’s role essentially involves planning and organizing. She works with the relevant team leads to develop a plan for the upcoming ten days, including prioritizing tasks as they come in. This involves close coordination with Digitex’s CTO Alex, as well as the development team at SmartDec. Each request that comes in from the team supporting mainnet users needs to be analyzed and prioritized, and with the mainnet currently in a critical stage, she does a lot of work in fixing urgent issues.
She explains that it’s always a careful balance between sticking to a plan and creating a flexible pipeline that can respond to urgent tasks.
“I use my right to say no for what might be “pseudo-urgent tasks” and this involves approaching everything from the question “Is it useful for Digitex’s business in the long term?” And a small secret: I always work with people, not with roles or positions and I see the person, not the business unit.”
How is it working with the talented team at SmartDec?
“SmartDec is a very professional team, so its a pleasure to work with people who speak your language. Together we transform business requirements into technical tasks, with a view to creating an advanced trading platform.”
Zooming out to the big picture, what does Yuliya see for the future of the DFE? She says:
“My number one target is to make the DFE one of Top 10 derivatives exchange in terms of volume within three years of launching. Doing this will deliver the ultimate goal – creating value for DGTX token holders.”
A Fast-Growing Team!
As a senior member of the Digitex management team, Yuliya is actively involved in the current extensive hiring activities focused on Kyiv, Ukraine. We’re bringing on board teams of support and maintenance staff to make sure the exchange doesn’t experience downtime and outages, and that any routine bugs or issues are solved before they create problems for our users.
What’s it like working in her home city of Kyiv to source this kind of talent?
“Ukraine is full of bright brains, and I’m happy Digitex found Max [Maxim Bashmakov, our Creative Director] and decided to build its own tech team here. Now we’re building a strong, multi-functional team.”
She elaborates on some recent recruitment activities:
“We’ve just hired a very experienced security guy, who thinks like a criminal, which is exactly what you need for someone who understands how to keep the platform secure! We’ve also brought in some stars who are working on the API and algorithmic trading solutions.”
However, there is still a lot of work ahead to finish building out the team. Yuliya says:
“We still have more than 15 open positions right now. So if you would like to work with us, please apply!”
How Yuliya Came to Crypto
Yuliya brings her 15 years of experience working in the IT and digital space to Digitex, and she also holds a Ph.D. in sociology. Her and CTOAlex go back a long way, having worked and co-founded several companies together. Yuliya was previously CEO at fintech firm TRDATA, and in 2017, she and Alex founded a blockchain startup called CoinIndex. They also co-developed a market tracker called ContractMarketCap, putting them in the possibly unique position of being connected to every single futures trading platform in the world.
It was also down to Alex that Yuliya became hooked on crypto. As she says:
“One day, Alex told me about bitcoin, and I started reading about blockchain technology and cryptocurrencies. Eventually, I decided to jump into this new industry, and I haven’t looked back.”
It was undoubtedly to the benefit of Digitex that Yuliya decided to make the leap!
How Yuliya Came to Digitex
Yuliya learned about Digitex back at the start of 2018 when we were doing our ICO. She explains:
“Around the time of the Digitex ICO, we were looking out carefully for any crypto derivatives projects and were very excited how fast Digitex closed its hard cap, selling $5 million worth of tokens in a matter of minutes.”
Now, she says Digitex is by far her favorite cryptocurrency project, along with her own contractmarketcap.com.
So what does Yuliya enjoy most about working at Digitex?
“The speed and drive. Adam is extremely energetic and dedicated to the success of the project.”
As you’d expect for someone with a long history of working with fintech and crypto startups, Yuliya is an extremely active member of the local crypto scene in her home city of Kyiv. As she says, the blockchain community is huge. She’s a regular speaker at blockchain conferences both in Ukraine and in other European countries.
And if there is life beyond crypto, what does that look like? Yuliya explains:
“As a working mom, I don’t have so much free time, so whatever time I do get, I prefer to spend it with my kids, family, and friends. I like forest walking and travels. If I have an opportunity for a city break, I like to visit museums and theaters. “
As a successful fintech entrepreneur, Yuliya is also involved in shaping and empowering the next generation of young women into following her footsteps. Along with her tech ventures, she’s also a founder of an educational project for teenage girls aged 11-17. She tells us:
“Our goal is to encourage girls to build their life strategies knowingly taking into account the specificities of women’s physiology and modern opportunities for professional realization.”
She elaborates on why she decided to dedicate part of her busy schedule to motivating future female superstars:
“I believe that only we can change the world we live in.”
Adam is also a huge proponent of supporting more women in leadership roles within the highly male-dominated crypto space. So Team Digitex is proud to have added such an experienced and inspirational female leader from the tech space to its senior management group.
Thanks, Yuliya, for the opportunity to get to know you better!
Right on schedule last week, we onboarded another group of 50 to the mainnet, meaning there are now 120 eager traders scalping profits with zero fees. To kick off this week, we have a raft of announcements, including updates from the development team, a contest for our mainnet users, and a brand new listing with a trading competition!
First off, as you’d expect by now, our newest group of traders is loving the mainnet experience. Here are a few snips from the Telegram group:
The mainnet group is evidently doing a great job in promoting the DFE to the broader Digitex community. Our Community Managers are now facing a barrage of daily requests from community members, begging to be next in line!
All this anticipation is proving to be great news for the price of DGTX. Over the previous week, it’s gained nearly 40%, compared to a 16% increase in the price of Bitcoin and 17% in Ethereum.
As much as we’d like to include everyone on the mainnet immediately, it’s important that we keep the onboarding at a steady pace. It’s proving to be an excellent opportunity for the development team to fix any minor bugs that crop up.
Our new Director of Exchange Operations, Yuliya Sporysh, has also shared that the team is fleshing out the overall maintenance and support operations for the mainnet, in preparation for the platform becoming fully loaded with traders. This development isn’t only on the technical side – it also involves staffing up the necessary teams to ensure that Digitex can remain up and running without hiccups 24/7. As such, we are hiring extensively for our hub location in Kyiv.
Yuliya also provided an update on some of the focus areas for the development team right now. They’re working hard to implement the API, which will enable algorithmic traders to deploy bots on the mainnet. They’re also progressing on the necessary work to bring ETH deposits and withdrawals to the exchange. These developments will follow with introducing the stop loss feature, and we will share an update on this soon.
As you’d imagine, with all this going on, Yuliya is a busy lady. However, we’re looking forward to when she can find a gap in her schedule to share more details about herself and her role in an upcoming Team Spotlight.
New Exchange Listing with CoinDCX!
As we mentioned above, the DGTX token is currently outperforming the market. Now, it stands to get a further boost with a new token listing on the CoinDCX exchange!
The partnership with CoinDCX aims to expand Digitex’s footprint in India, where it is among the biggest and most secure crypto trading platforms. Earlier this year, the company gained backing from Polychain Capital, Bain Capital Adventures, and HDR Group in a $3m seed funding round. Last week, it was announced that BitGo would be providing custodial services to CoinDCX, offering insurance protection to all funds stored on the platform.
CoinDCX offers users instant fiat to crypto conversions with zero fees. Users can choose from a range of different services, including decentralized lending service DCXLend and margin trading with up to 6x leveraged trades with DCXMargin.
And now, traders can also buy DGTX instantly with Indian Rupees, thanks to a DGTX/INR pair available on CoinDCX! The new listing, along with a DGTX/USDT pair, will be open to trade soon. There will also be a Trading Battle, with a giveaway of over 300,000 DGTX tokens, for which we will share more details as soon as we can.
Mainnet Photo Contest
Finally, we’re running a mainnet contest of our very own, where our group of traders can compete to win a share of 50,000 DGTX tokens! All of our mainnet users are invited to post a photo of themselves trading in unusual or unique places. (No cliff-edge selfies, no other life-threatening jaunts, and obviously no bathroom shots!)
At the end of the contest, on May 30, we will select a shortlist of 5 photos. Our Telegram community will then have the opportunity to participate in a poll to choose the top three photos! The first prize winner will take 30,000 DGTX, with second and third place receiving a runners-up prize.
That rounds up all our Monday news! As you can see, the Digitex engine is now well and truly firing on all cylinders. And we have plenty more coming up over the next couple of weeks, so watch this space for more news and updates from the DFE!
We’re pleased to confirm that, right on schedule, we onboarded another 50 traders to the mainnet yesterday. We’ll be reporting back on progress after the weekend, but in the meantime, Cryptrader is back with one of his informative videos. This time, he shares some of his top tips for managing the differences in liquidity on mainnet compared to testnet.
Cryptrader opens this video by explaining the progress in liquidity on the mainnet as we’ve onboarded new traders. Currently, we’re seeing anywhere between $20 million and $40 million in daily volume. We’re also seeing the average liquidity per tick increase to around 1,000. Bearing in mind, this is only the very beginning. Once we have thousands of traders on the ladder, we’re going to see one of the most liquid order books in the crypto space!
However, remember that currently, with only a small group trading, liquidity is far lower than it will be once the DFE launches to the public. Trading in a lower liquidity environment comes with some particular challenges.
So Cryptrader’s tips are aimed at helping traders to understand these challenges and avoid some potential pitfalls.
#1 Don’t Overleverage Yourself
Cryptrader explains that with higher leverage, there’s a greater chance of being liquidated. On the mainnet, leverage is currently limited to 10x. Lower liquidity means there’s less chance of you being able to exit your position when the price moves. So keeping leverage low offsets the risk of your position being liquidated.
Last weekend we saw epic drops in the BTC price. Cryptrader explains that with 10x leverage, a trader could be liquidated within a five-minute candle. So use leverage cautiously, particularly when liquidity is lower.
#2 Be Cautious of Market Executing Orders
Cryptrader explains with lower liquidity on the ladder, market executing orders should be used with caution, particularly if you’re working with a bigger order. Instructing a market executing order can eat through much of the liquidity on the ladder and result in slippage.
He illustrates this risk with a live trade. If you were working with an open position of 25,000 long contracts, and clicked a market executing order, the liquidity on the entire buy-side of the ladder would only be one-tenth what’s needed to close out his position.
Hopefully, these two tips will help newcomers arriving on the mainnet to understand the challenges of trading in a lower liquidity environment.
Less than two weeks after we opened the doors on mainnet to our initial group of 20 traders, we’re pleased to announce we’ve just upped the ante! Today, a fresh group of 50 traders has joined, bringing the total up to 70.
And they’re already loving the experience of live, zero-fee trading! From the moment they made it in, the positive comments have been rolling in:
Joel was also happy, particularly so given the impressive 85% gains he managed to reap in his first trading session!
And Tom was eager to share his screenshot showing gains of 70% from his starting balance of 1,000 DGTX:
Onboarding Continues to be Development-Led
We’ve increased the numbers thanks to the fact that the platform has been running so smoothly. Although there’s still the odd bug materializing here and there, we haven’t seen any serious issues.
However, the development team is being very cautious, ensuring that we’ve seen multiple different trading scenarios take place on the platform before we onboard new users, as a robust way of testing the mainnet.
Although we’d still love to throw open the doors right now, this approach is necessary to ensure we’re delivering the very best platform that we possibly can.
Expect More Positive Feedback to Come!
Our community manager Gary has been very pleased with the way that the onboarding has progressed today. He said:
“The DFE Mainnet rollout continues, the 20 initial traders are joined by 50 new recruits, and the liquidity continues to increase. No major issues have been identified on the client side, and it appears to be smooth sailing toward the full public launch.”
He went on to say:
“Traders are slightly more cautious on the mainnet rather than the testnet; real money at stake means that people are a little pickier with their trading setups. More and more of the familiar faces in the main Telegram chat are happy with being onboarded and are spreading positive words about the platform.”
You can expect to see some of these positive words manifesting in the form of new reviews and content being shared from the latest recruits. With BTC going off on a tear pre-halving, we can expect everyone to be wildly speculating on how high the price will go. We’ll be adding reviews to the blog and social channels as much as we can, so watch this space!
As waitlist contest winners, everyone has been automatically allocated their 1,000 DGTX tokens to kick-start their trading. A reminder that tokens have to be traded for a total of 10,000 round turns before they can be withdrawn.
The Next Steps
So, the burning question for the rest of the community is, “when can we get in?”
The plan for the next round is that we’ll bring in another 50 in a week’s time, and a further 50-100 the following week. We’re targeting Thursdays for the day we’ll bring in new groups to keep it more scheduled.
The onboarding continues to be development-led, so you’ll know as soon as we get the green light for bringing in more users after that.
For the next round, we’ll also be allowing some strategically selected influencers from the trading community to join, as they can help spread the word about zero-fee trading and drive the value of the DGTX token.
For now, sit tight and be patient – it will be your turn soon!
As you saw from Cryptrader’s video yesterday, our first group of live traders has been having a ball on the mainnet. So when one of them approached us with a request to create some blog content to ensure that the DFE is accessible and usable even to complete newcomers, we jumped at the chance. So, a big welcome to Sulla, who’s kicking off with some guides to Digitex for absolute beginners. If you have non-crypto friends and want to introduce them to the wonders of zero-fee trading, this piece is a great place to start!
“What is Digitex Futures? Why do I want it? Where do I get it from? How much does it cost? Where do I keep it? Where can I use it?”
It’s April 2020 and my Ledger hard wallet holds DGTX tokens for 11 people. Myself, girlfriend, father, brother and seven friends. I feel like the next generation banker. From day one, I advise each of them to buy a hard wallet to store their tokens. And each comes back with the same question – what’s a hard wallet?
Clearly, I have a lot of work to do.
For those of us who have been part of the cryptocurrency community long enough to know the difference between a HODLer and a hardware wallet, it’s easy to forget that there is a huge learning curve involved in joining this space. Questions that seem so obvious to those following the Telegram channels are the exact obstacles that scare newcomers away from this opportunity.
This article will take it down to the very basics, outlining some fundamentals. Ultimately, it aims to help in the understanding of what this technology can achieve, and support those who have little to no knowledge of cryptocurrencies.
What is Digitex Futures?
Digitex Futures is an online cryptocurrency exchange platform that will allow its users to buy, sell and trade cryptocurrencies with no transaction fees or commissions on trades of any kind. To understand the significance of this you have to understand what a cryptocurrency is.
To keep it simple – a cryptocurrency is an internet-based virtual currency that has a predetermined quantity and use case. Some say that virtual currencies are the next revolution of the financial system.
Adoption of cryptocurrencies is ever-growing. Offering the best and most cost-effective platform to exchange these currencies sets Digitex Futures up to be a leading brand in the coming growth of cryptocurrency trading. To compare this to traditional index investing, Digitex Futures is the Vanguard of the cryptocurrency exchange platforms – it will be the only free to use platform within the entire cryptocurrency sector.
Why Do I Want It?
Why pay investment and trading fees when you don’t have to?
There are two main types of people who want to buy this currency: Traders and Investors. The Digitex Futures token (DGTX) is required to place trades on the Digitex platform, also known as the Digitex Futures Exchange. If you want to trade with zero-fees, you must use the DGTX token to buy and sell futures on cryptocurrencies.
Now, this begs the question – what are futures? Futures contracts are used to bet on the growth or decline of cryptocurrencies, commodities, indices, and stocks without actually owning any of the underlying entities.
We will look at futures in the coming weeks and how Digitex gives its users the edge versus its competition, but for now, the important aspect is zero fees being facilitated by the use of the DGTX token.
This simple use case creates value for traders as they will be able to save on fees, making their trading more efficient and lower risk. This creates demand for the DGTX token because it offers a cost saving compared to trading on alternative exchanges with high trading fees. Over time, these savings will compound to generate significant increases in profitability which we will outline in a future report so stay tuned!.
Demand drives growth, and growth attracts investors. As an investor, you can buy and hold DGTX tokens the same way you would buy and hold a Vanguard ETF or company stock anticipating a return in investment due to compounded growth. In this case, that return on investment is through the growth of the Digitex token. After all, Digitex is simply a company that wants to make profits and provide for its investors.
Where Do I Get It From?
As of now, the most efficient way to buy the DGTX token is using Ethereum.
What’s Ethereum? It is the blockchain that the Digitex token is built upon.
What’s the blockchain? It is the technology that allows for secure transactions across the internet.
So Ethereum is a cryptocurrency that allows other cryptocurrencies to develop by renting its infrastructure. In crypto, Ethereum is the road that Mercedes, Ford, Toyota and other vehicles drive on. So, you buy Ethereum (ETH) and then you exchange it into Digitex (DGTX).
Here is the breakdown of how to do this.
Set up a Coinbase account. What Netflix has become to streaming, Coinbase is to access cryptocurrencies. If you have a friend get them to send you an invite link and earn a little reward.
Make sure you set up a 2-factor authenticator process for security, with codes sent to you by either phone, email, or via an app.
Submit Identification. This is part of what is known as KYC (Know Your Customer) and is done for taxation and fraud purposes.
Set up your payment details with Coinbase. A word of advice, use your bank account if possible, and not a credit card. Credit cards incur a 4% transaction fee on Coinbase and should be avoided if possible. Some countries cannot avoid this but if you can, you should.
Buy Ethereum (ETH). When you purchase Ethereum you will see an exchange rate. At the time of writing, 1 Ethereum is worth $200USD so if you’re like my girlfriend, and you buy $3 worth of Ethereum, after fees you will only get 0.00711342ETH.
Congratulations, you now own a cryptocurrency! It currently lives in your Coinbase account wallet and you can see it in the Portfolio tab.
Open a new tab in Google, type in ‘Mercatox’, hit enter. This will bring you to an exchange called Mercatox where you can use Ethereum to buy the DGTX token. There are other exchanges that you can also use called HitBTC, Changelly, and CryptoSouk but my personal favorite is Mercatox because there are Zebras in the troll box.
(You can buy DGTX coins from the Digitex Futures Exchange itself if you own a cryptocurrency hard wallet by simply sending Ethereum to the Digitex Treasury. However, if you do not have a hard wallet or do not know what a hard wallet is, keep it simple and go to Mercatox for now)
Set up your 2-Factor Authenticator on Mercatox. Always do this to increase the security of your account.
When you have the Mercatox account setup, login and navigate to the E-WALLET tab at the top of the page. This is where your cryptocurrencies are stored on the exchange. Now, you want to send your recently purchased Ethereum to this wallet. To do this, click on the green deposit button seen below.
This will open the following view, which is known as your wallet ID. This is essentially the routing number for your Mercatox Ethereum Wallet. Copy this number by clicking the copy button on the right.
(Note: Your number will be unique to your address and will not be the same as below. This is my wallet address, do not send Ethereum to the below address – unless you want to send it to me.)
Go back to Coinbase and Navigate to your Portfolio. In this you will see Ethereum, click on it and you should see the below screen.
Paste the Ethereum Wallet ID that you copied from Mercatox into the ‘To:’ section on the right. Click send all. Then Send.
Confirm your transaction – security password.
Wait a few minutes…
Ethereum will arrive in your account on Mercatox and look as follows.
Go to the Trade section of Mercatox. On the right you will see a list of trading pairs. This is where you can swap different cryptocurrencies at their given exchange rate. Click the star beside DGTX / ETH to favorite it, and click on DGTX / ETH to be able to trade it.
You will now see a chart for the DGTX price compared to ETH. When you scroll down there will be the buy and sell panes. This is where you can add orders to the book. The book is a list of buy orders (bids) and sell orders (asks) that are above and below the current market price. The bidders want to buy as cheap as possible and the askers want to sell as high as possible. So there’s a constant stand-off until one side of the book gives in. Now, if you want to buy, click on the top sell order. In this case somebody is looking to sell 614.96DGTX at a price of 0.00021830 ETH. We have 0.0069ETH and so we can afford to buy 31DGTX at this price. Hit buy.
Congratulations you now own DGTX! You will be able to see it on the exchange in the E-WALLET section.
It is advised that you do not keep large sums of money on an exchange, instead you should buy a hard wallet and transfer the DGTX to your hard wallet. A hard wallet is like a USB stick for accessing your funds and means nobody can access them without first stealing your physical stick and passwords.
How Do I Use them?
In upcoming blog posts, I am going to demonstrate the functional use of the Digitex Futures Exchange and break down what all the different numbers that you see when you log onto the exchange mean. I hope to really help those who find it confusing the first time they use it so that they can get the most out of this platform.
As of now, the Digitex platform has opened its doors with what is called a soft launch. It has onboarded 20 traders who have been willing to trade their DGTX tokens on the platform to test its function before full-scale adoption. Luckily for me, I am one of those traders.
Very soon Digitex will be onboarding more traders to add to this and then we will see it open to the masses. So, grab some Digitex before it’s opened to all, sign up, and join the queue to be part of the early traders on the platform that is the future of futures trading.
If you’ve been reading all about the Digitex mainnet and have been dying to take a look for yourself, then your wait is over. Cryptrader is one of the first 20 traders using the DFE on mainnet, and in this video, he showcases some of the live trades that happened over the first week since we opened the doors.
Cryptrader opens the video by saying that the platform has worked exceptionally well, with zero-lag or freeze times over around 18-20 trading hours in the first week.
We’re also seeing crazy volume considering there are only 20 traders online, upwards of $10 million each day. So, once we start onboarding more and more users, you can see how the volume will quickly start to rival some of Digitex’s biggest competitor exchanges.
Cryptrader explains that with the small number of traders, he has been limiting his position sizes to make sure his orders get filled efficiently. Nevertheless, he still turned a profit of 13,800 DGTX in the first week – around $600, representing a gain of over 27%.
Scalping Profits on the DFE – in Action
We then dive into some of the videos shared by the live traders in the last week. Blocks of Freedom demonstrates how scalp trading can be used to ride a wave of price action. With an initial long position of around 3,000 contracts, he takes full advantage of zero-fee trading by continuing to buy low and sell high, scalping out gains along the way. In this way, he reaped more profits than he would have done by only buying and holding the same long position.
WhyLose is next up, using similar tactics in a short trade to generate a fast $150 in profit. He also opts for a bare-bones setup with only the ladder and his own trades visible on the screen.
Cryptrader then shares one of his own sessions, with his preferred setup showing a lot more information such as order flow and charts. He also demonstrates a short trade, waiting for a head-and-shoulders pattern to break down so he can start scalping profits from the order.
He finishes up by saying that he’s blown away by the profitability he can achieve on the DFE. This is exactly what we had hoped to hear from our traders as it fulfills the Digitex vision – to create more winning traders.
Cryptrader is live streaming many of his own trading sessions, so if you want to see more action from inside the mainnet, you can follow along on his YouTube channel.
And if you don’t yet have an account on testnet, then sign up now to make sure you’re on the mainnet waitlist!
As Adam mentioned on his most recent AMA, Digitex has been hiring. One of our newcomers is Ali Martinez, a longtime trader and experienced analyst, who will be a regular voice on the blog going forward. For his first post, Ali tells us about his background and experience, and shares some of his own analysis of the DGTX token.
My name is Ali Martinez, I’m a Boston native who became involved in the cryptocurrency industry in early 2014. I started as a day trader in the foreign exchange (forex) market in 2012, but the high levels of volatility within the cryptocurrency market made me change my strategy.
By the time I came across Bitcoin’s whitepaper, I was a profitable trader who was not emotionally attached to any particular asset. However, the idea of a decentralized, borderless, and censorship-resistant currency was so fascinating that I began stacking satoshis.
During the ICO mania of 2017, my investments were already paying off so I began traveling to spread the word about Bitcoin everywhere I went. As the flagship cryptocurrency moved above $5,000 for the first time in its short history, I became too overconfident about the market.
I certainly sold some of my holdings when I saw BTC reaching $17,000 in October 2017 because the signs of a market top were too obvious. But, my belief in the bellwether cryptocurrency was so great that I “hodl’d” the majority of my BTC bags. Then, the inevitable happened: the bubble burst and the bear market began.
While many were affected by the meltdown, I believe that it actually helped me become a better trader. I started perfecting my trading strategies and studying a handful of technical indices in full detail. I shared my analyses via Twitter and Instagram to help educate others about trading.
In early 2019, CryptoInsider became aware of my work and contacted me to start writing technical analyses for them. Shortly after, I joined CryptoSlate, CCN.com, Crypto Briefing, and NewsBTC to share my views on the future market valuation of different digital assets.
DGTX – An Exchange Token with a Difference
Now, I have joined the Digitex content team to help users and subscribers benefit from what it has to offer. This is one of the first mainstream futures exchanges designed to work with zero fees and allowing you to trade with up to 100x leverage. Long gone are the days when a third party is entitled to a percentage of your profits.
As a trader, I’m excited about this commission-free cryptocurrency futures exchange, but its native cryptocurrency, DGTX, is what interests me the most.
With the upcoming official launch of the Digitex exchange, demand for DGTX is expected to increase rapidly. Since traders will rely on this token to have access to the platform, the buying pressure behind it will be likely to rise, pushing prices further up.
DGTX Is Poised for a Significant Price Movement
Following the recent market crash on March 12, DGTX skyrocketed 267% recovering all the losses incurred during the marketwide downturn. This altcoin went from trading at a low of $0.015 to reaching a high of $0.055 approximately 27 days later. Since then, it is consolidating within a narrow trading range.
This consolidation area is defined by the upper and lower Bollinger bands that sit at $0.050 and $0.040, respectively. As the Bollinger bands squeeze on DGTX’s 1-day chart, one could expect that a period of high volatility is once again on the works.
The inability to determine the direction of the breakout makes the range between $0.050 and $0.040 a reasonable no-trade zone. A daily candlestick close above resistance or below support will confirm where DGTX is headed next.
Breaking above the $0.050 resistance level would likely be followed by a spike in the buying pressure behind DGXT that allows it to test the recent high of $0.055. A further increase in demand for this altcoin around this price level may have the strength to send it towards a new yearly high of $0.066 or higher.
Nonetheless, moving below the $0.040 support level could open a range of opportunities for sidelined investors to get back into the market. Such a downward impulse might see DGTX fall to the 38.2% Fibonacci retracement level that sits at $0.030.
Here, IntoTheBlock’s “In/Out of the Money Around Price” model estimated that 1,000 addresses bought more than 40 million DGTX. This massive supply barrier could serve as a rebound zone that sends this cryptocurrency to higher highs.
As Bitcoin’s halving approaches, the cryptocurrency market is expected to enter a period of exuberance and extreme volatility. This erratic behavior can present highly profitable opportunities for those trading DGTX.
Now that you know which critical levels to watch out for, waiting for confirmation of a break of support or resistance will likely help you benefit from DGTX’s next major price movement.
It’s been one hell of a week for Digitex, so what better way than to end it with a bang by announcing a brand-new exchange listing for the DGTX token! To celebrate the listing, we’re also teaming up with our new exchange partners for a massive giveaway of DGTX to the most active traders. Topping it all off, CEO Adam has once again taken to our YouTube channel to answer all your questions about the mainnet launch.
New Exchange Listing with ProBit
First off, we are absolutely delighted to announce our newest exchange partners – Korean trading platform ProBit! ProBit is a global top 20 exchange in real daily trading volume.
It features over 300 trading pairs, putting at the top of its game for the range of tokens on offer. The exchange is operating in eight key languages and markets and has over 300,000 monthly active users. This increases to 40,000,000 users once all the partnering aggregators and wallets such as CoinMarketCap are factored in.
Starting from today, ProBit is listing the DGTX/ETH token pair, and deposits are already open for ProBit users. Trading will begin from Monday, May 4, at 15:00 KST (0600 UTC).
Trading Contest – Your Chance to Win Up to 25,000 DGTX
As a way to celebrate the ProBit partnership and the opening of the DFE on mainnet, Digitex Futures is launching a give away of more than 85,000 DGTX tokens in prizes for a Trading Competition!
This contest will prove who’s the biggest trader of them all. The users will be ranked in terms of the total DGTX volume traded on their Probit account (including both buy and sell orders) across the DGTX/ETH trading pair during the campaign period.
The Top 10 Traders will be rewarded as follows:
1st Place: 25,000 DGTX
2nd Place: 15,000 DGTX
3rd Place: 10,000 DGTX
4th-10th Place: 5,250 DGTX each
The rewards will be sent to the winners’ wallets within two weeks after the end of the campaign.
ProBit also offers additional incentives to traders. For example, you can get a discount on trading fees as low as 0.03% if you pay in the exchange’s PROB token. You can also earn 10-30% of trading fees if you refer your friends to ProBit.
So if you’ve been killing time waiting for your chance to get on the DFE, this is your chance to trade to win your share of the DGTX prizes!
Mainnet AMA with Adam
Adam opens the AMA by talking about his delight about the mainnet launch and elaborates on some of the challenges leading up to Monday. Even despite everyone having to work remotely, the developers have said we’re seeing no major problems with the platform and we hope to start onboarding more users as soon as possible, maybe even next week.
Adam also gave huge thanks to SmartDec for delivering the DFE, and on time. He explained how we now have a fully trained support desk with four different levels of specialists ready to make sure that all users have help on hand in case of any issues.
We’re also building out a team in Kiev, Ukraine. This includes a Director of Exchange Operations Lead and a Technical Leader of Operations who liaise with SmartDec.
Now, we’re also hiring in Kiev for some more market makers and operations staff. We already have a well-developed marketing and advertising team who can generate up to 1,000 signups per day, that we can turn on and off on demand.
A little teaser of what’s in store. Adam has realized that his job is creating demand for the DGTX token and to do that, he wants to create more utility for the DGTX token. Therefore, we have plans to expand Digitex beyond it’s original functionality, but we’ll be in a position to share more soon. There’s so much to come from Digitex over this year.
However, the focus for now is the Digitex Futures exchange, so Adam starts taking your questions!
By when can we have other markets up on the exchange?
We can’t give a date but we are currently working on ETH and XRP markets.
When will stop-loss and increased leverage be put live?
Work is underway. Unfortunately, the coronavirus interrupted our development schedule but we want to implement this as soon as possible.
When will the API become available?
In about a month.
Is the market maker extra conservative at the moment, to be safe?
Yes, at the moment the market makers are set to lose. The first users have an edge working in their favor to compensate for the fact that there’s only 20 traders on there. We’re currently hiring more market makers for the team in Kiev.
What was the first thing you did when the DFE went live?
Adam says he wasn’t sleeping much so its a bit of a blur!
Many exchanges have been hacked before – how does Digitex plan to prevent this?
We have various different audits happening, internal and external, and are hiring operations staff who will also help to ensure that security is tight.
Do we need to make 50 trades or 50,000 trades to get the airdropped tokens?
10,000 round turns and then you can withdraw your DGTX winnings.
After the onboarding process, how long will it take to deliver the spot markets?
Adam wants to get it done by fall of this year but at the moment, it’s difficult to say for certain when it will be ready.
Why not increase the market maker fund to 200 million by printing more tokens? If not in circulation, they won’t affect the market cap.
Adam says this is an idea we’ve been considering. Having the token under our own control is a very powerful tool at our disposal so we’re looking at a lot of different options. Whatever we do has to play into our overall concept and branding, and be unique.
What is the roadmap plan for the next two quarters?
We can’t share it right now. We have a lot of big plans but want to focus on the futures exchange right now.
Could we have a blog post explaining volume on the DFE comparing to volume on exchanges like BitMEX?
Yes, we can do that.
When will you start marketing Digitex to traders on other exchanges such as BitMEX?
We have been getting up to 150 signups per day on testnet, just as a result of some advertising experiments we’ve been running as tests on different platforms. We haven’t been running hard marketing campaigns because we knew the initial onboarding would be in small groups. But we will ramp up marketing as soon as we’re ready for a full opening.
In future, would it be possible to have a CDP and a liquidity pool for DGTX? E.g. Using DAI to borrow DGTX?
Adam has explored this in the past and even wrote a paper describing how to make DGTX into a stablecoin. It does come with various issues, such as exposure to manipulation, but it needs further investigation.
Can you talk about the trading arm of DFE?
The trading arm is just the bots right now, but as we said, we’re bringing in an operations team in Kiev for market-making. Whether they’re bots or human market makers, everything is about creating liquidity and not taking profits from our traders.
Can the team vesting tokens also be sold through the Treasury?
Any tokens sent to the Treasury can get sold. The team can do whatever they like with their tokens once they’re vested.
Can you talk about the funding of the DFE?
We have plenty of funding. We’ve been hiring employees this month – around 14 people so we aren’t running out of money.
Can we have forex markets on the DFE?
Yes, we want to but we don’t yet know when that will be.
Can the developers remove the mainnet restriction when the PnL is negative 100k or more, it’s not possible to open another trade until the next funding event?
Adam says yes we could do that, he will check.
How many hours are you trading on the DFE?
If you consider the market makers, we’re always trading on the DFE. Adam personally is keeping an eye on it constantly.
What is the timeframe interval between onboarding users?
Adam says we’re thinking of opening to another group of 50 next week. Timing is ultimately up to the development team though.
What happens if the insurance fund goes to zero?
Adam explains that in the worst-case scenario, we could potentially mint tokens via a community vote if holders approved. This would be an absolutely worst case scenario though, assuming there is no other alternative for funding.
Can we have a roadmap for the next six months?
We will publish a roadmap soon.
Can we get crypto YouTubers to promote the DFE?
We have plenty of plans for user-generated content.
Any updates on the exchange listing?
Yes, we have a few in the pipeline. We have someone who is only working on exchange listings full-time. See our ProBit announcement!
Since everything in DFE is calculated in DGTX, will the exchange be ranked on CoinMarketCap?
Yes, we need to perform a recalculation into USD so that we can get ranked on CoinMarketCap and other aggregators.
Do you have the funding to manage all of your employees?
Do the market maker bots use leverage or just 1x?
Just 1x right now.
How does SmartDec fit in once the DFE has launched?
We will be working with SmartDec on further development, but once the exchange is live they will hand over to our operations team and only work on future updates.
What’s the biggest thing in the last two years of bringing the DFE to life that stands out for you?
April 27 of this year. Bringing the DFE to mainnet is the defining moment for Adam personally.
What’s your next move with marketing?
There’s a lot happening but we can’t talk about it all yet.
One of the testers reported bugs, but not critical. Can you elaborate?
All testers are helping us find bugs but overall the exchange is running smoothly. There are no major issues.
Have you guys thought about listing rules for alts?
Not right now. We are putting together specs for the spot markets but we haven’t really had the resources to spend on it while we’ve been working on the mainnet launch.
How is the market maker performance for the first 20 traders?
The market makers are losing at a slow but steady pace, and the traders are winning.
How does Digitex store user deposits?
We have a cold and hot multi-sig wallet system in place. We have field experts working on our security.
One of the lead developers mentioned the end of May to complete the onboarding. Is this realistic?
It’s a development-led decision. We want to onboard as quickly as possible but it might be longer than end of May before everyone can get in.
What are your thoughts on the Treasury buyback?
The Treasury buyback simply ensures that traders can access DGTX as soon as they log in. It’s designed to make it as frictionless as possible to start trading on DGTX.
Could we introduce a toggle to show the PnL in DGTX or USD?
Yes, please use the support tickets to make suggestions like these in the future. We will assess all of them, and if we like them, they’ll get implemented.
Is a DGTX/stablecoin pair still a solution for traders to avoid the volatility in the price of DGTX?
We have looked at it but it’s not a priority right now.
What if the 10,000 token winners don’t claim their tokens?
I don’t know.
Will there be a PnL ladder button clickable, like some kind of fast way to close out on the ladder?
Again, these kinds of questions can be directed to support.
Will you implement something to show how much has been saved by DFE users in trading fees?
We can do that, it’s a good idea.
Will the DFE be connected to TradingView once the API is released?
We want to connect Digitex everywhere we can.
When will there be a social platform?
Wait and see!
Is there any lending feature in the Digitex exchange in future?
All good ideas are under consideration, so maybe in future.
Adam wraps up the AMA by saying that he couldn’t be happier with the way the first week has gone, and we’ll continue to work and improve the DFE as much as we can. Ultimately, Digitex will become a world-class exchange with a brand to match.