With Alpha testing making fantastic ground every day, the public testnet confirmed for November 30, a sold-out treasury and a platform as good as we all hoped (but even better than expected), Digitex is a hugely exciting project with a very bright future.
A Comeback Two Years in the Making
For faithful ICO holders, it’s been a very long and eventful road. However, as I write this, Digitex Futures is again starting to build serious momentum. After two years of pure tech start-up drama, that has traversed both the extreme highs of expectation and the very depths of disappointment, the Digitex project is making a comeback that perhaps even Rocky Balboa could be proud of.
Of course, getting to this stage has not been easy, but as they say, nothing really worth doing is. You cannot underestimate Adam’s tenacity, dedication and sheer determination to see this through. His founder’s journey has seen him steer the ship almost entirely in the public eye through the kind of stormy waters that would sink most projects.
So when I received my Alpha testing details on Friday 15 Nov at around 21:45, I can safely say that clicking that login button was a big moment.
My First Impressions of the Digitex Testnet
Immediately you could tell things were in great shape. Not only did we get actual access to a functional exchange but we also got a beautifully revamped website. From the harmony of the fantastic design language, right through to the functional UX, here was a product that had clearly been built with a great deal of passion, care and focus.
After a quick scan around the website, I dropped into the exchange to be greeted with the ladder interface. Immediately I have to say I felt right at home, having had some limited experience of ladder trading. I quickly scanned around at the essentials, Current Traded Price – check! 24hr Volume – check, Profit & Loss – check! 2 million play DGTX tokens – check!
Then I moused over to the much-discussed ladder, which if you haven’t traded before, is something of an eye-opening experience. Immediately active trades and prices ebb and flow in waves in front of you like a fast-flowing river, it’s almost hypnotic.
I dropped down to my quantities, selected 1000 contracts at 100x leverage and jumped in. In those first minutes, I lost about 3k in tokens. However, as I started to get more comfortable with things, I got into the flow and started to make gains. Before I knew it, I had been trading for around 4 hours, eventually and begrudgingly having to stop around 2 am in the morning.
In that first session a few things stuck with me:
- Trading on DFE is incredibly addictive, time literally disappears as you get in the zone and focus on the ladder and price movements of BTC. It’s great fun, especially if you’re making profits!
- It promotes highly active nip and tuck strategies that are impossible on any other exchange I’ve ever used in crypto and retail CFDs
- It allows you to make a profit within previously untradable ranges. It doesn’t matter what BTC is doing, there’s an opportunity for disciplined traders to carve out gains
- Because it’s possible to get in and out of a trade quickly and without the penalty of commissions, you can make quick, on-the-fly risk calculations. This allows you to lower your exposure or take profit and loss quickly to protect your gains. This truly is game-changing on an exchange that isn’t actively trading against you
- If the market moves fast then your losses can be eye-watering (as well as your gains) so exercising risk control is paramount and shows the importance of the ability to place bracket orders with stop losses – something that has been promised in future updates.
If you want to see more detail, check out a sped-up 30min trading session video I put together.
This Time It Is Different
Now as a long-term holder and content contributor I will, of course, have a certain bias toward the project. I know there will be a large number of you reading this (or not) that have likely written Digitex Futures off. And to be honest, given the history, I don’t blame you for being cautious of the hype train. However, to use a famous Bitcoin meme, “this time it really is different” and here’s why.
In both previous launches, I think it’s fair to say that optimism trumped progress. As a result, the project fell short of high market expectations. However, since Digitex’s clearly excellent development partners have taken over, we have seen bi-weekly incremental progress delivered without hype, by a pragmatic and focused team. In short, product and progress have trumped optimism and hype.
Digitex is breaking new ground for the first time in two years. That pragmatic and systematic new approach has delivered an actual physical, tangible world-class product.
Not only is the platform in fantastic shape but the draw this is having for early testers is a huge sign of how popular this exchange will be. So fun and addictive is the exchange that I joked I may as well set up the Digitex Detox Centre now so traders can take a break from the ladder!
So What’s Next?
With the public testnet confirmed for 30 November, updates will continue apace as the platform goes through various aspects of stress testing and bug fixing. Many of the reported issues have already been fixed and I’ve found the developers responded quickly and efficiently to any issues I’ve reported. It’s another great sign of a focused and engaged development team.
With new features and UX improvements already in the pipeline, it’s clear this is a world-class exchange being developed by a world-class team. And I’m confident enough to say that the future for this project has never looked so good.
It’s been said that in life, it’s not really about the destination, it’s about the journey. When it comes to Digitex Futures, it seems the real journey has only just begun.