Singapore-based crypto exchange BingX has launched ALTCOIN Index, the first futures index involving altcoins such as ETH, XRP, SOL and DOGE.
BingX’s new ALTCOIN Index offers users the opportunity to monitor current market trends for multiple altcoins displayed on an index. According to BingX’s press releaseThe index will feature some of the top cryptocurrencies by market capitalization, excluding Bitcoin (BTC) and stablecoins.
The ALTCOIN index includes ETH (ETH), XRP (XRP), SOL (SOL), BNB, DOGE, ADA, TRX, AVAX, and SHIB. Through the index, users can follow trends and price changes without having to buy individual tokens or ETFs. Thus, traders can buy or sell trading pair USDT with altcoins on the index.
A futures index is a tool typically used to monitor stock markets. It allows traders to follow the performance of certain assets in the market, such as commodity stocks.
Therefore, investors are able to evaluate or hedge against market movements to determine the best course of action. This is because traders can immediately monitor other assets in the wider market, not just the ones they hold.
In the case of altcoins, BingX’s new platform allows traders to directly evaluate the market using leverage options and competitive rates without the burden of managing multiple positions at once. This allows users to further diversify their asset choices and mitigate trading risks related to individual asset volatility.
Chief Product Officer of BingX, Vivien Lin, said that the new futures and altcoin trading function will offer a number of major cryptocurrencies and compile them into a single list to make it easier for users to monitor the trends of the market
“This index trading pair should help our less experienced users with their trading goals more easily, especially when they are not sure which asset to trade and just want to trade major altcoins in general with leverage,” said Lin .
The platform ensures that the composition of the index will be updated regularly every quarter to show the response of current movements to market conditions.
First in October, BingX revealed its new security feature, the wallet firewall. The feature is intended to protect the system against external threats, following a major hacking attack that led to a loss of $43 million for the exchange just a month earlier.
