BitMEX has launched a fresh options trading platform for Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Dogecoin (DOGE) in partnership with PowerTrade, a specialized crypto options provider. This collaboration combines the strengths of both companies to offer a wide range of options for popular cryptocurrencies, expanding BitMEX's product lineup beyond futures and perpetual contracts.

The newly introduced platform caters to institutional traders, featuring top-tier performance and security standards. Mario Gomez Lozada, CEO of PowerTrade, highlighted the synergy between BitMEX's market liquidity and PowerTrade's trader-centric technology, aiming to provide a seamless and high-performance trading experience for serious traders looking for effective tools.

BitMEX Attracts Traders with Zero Fee Options Trading

To entice traders to the platform, BitMEX is running a promotional campaign offering zero trading fees on all options transactions throughout May. Additionally, the first 1,000 new traders will receive a $20 bonus, with further rewards based on trading volume and referrals, including monthly trading competitions to engage users and potentially boost profits.

Post-promotion, BitMEX will align its fee structure for options trading with its existing spot trading framework, ensuring a smooth integration of the options platform into its ecosystem. This move aims to provide users with a consistent and predictable cost model for trading various digital assets on the platform.

Market Response to XRP Price Movement

BitMEX's options platform allows traders to use multiple cryptocurrencies as collateral, with options priced and settled in USDC, simplifying the trading process and reducing currency conversion costs. Despite these user-friendly features, the market response has been mixed, with Ripple's XRP price showing a slight decline of 2.11% to $0.5262 post-announcement. Bitcoin also experienced a modest drop of 1.04% to $62,470, underscoring the intricate dynamics of cryptocurrency markets influenced by news and developments.