Amidst the fall of FTX, BIT emerges as a professional trading platform with an institutional level of security.
The collapse of the FTX exchange sent shockwaves through the cryptocurrency industry. The collapse of the cryptocurrency behemoth was unexpected.
It also laid the groundwork for cryptocurrency exchanges to fully disclose their reserves. Several exchanges then came forward to provide audit details for proof of reserves. This can help to build trust and provide complete transparency about the assets held by the exchanges.
So now that the FTX empire has fallen to the ground, where can users now trade crypto safely? Let us look at BIT, a professional trading platform with international-level security and risk management.
What is BIT?
BIT is a full-suit cryptocurrency exchange that provides options, perps, spot trading, and savings. It is one of the few exchanges that offer crypto-options trading and offers all the features professional traders seek.
Did you know?
The company was developed with top security and risk management features to ensure an excellent trading experience while leveraging high liquidity. BIT was founded in 2020 and is registered in Mahe, Seychelles.
Let us take a deeper look at why BIT can be your next exchange to trade on. With its array of safety features, the exchange gives importance to the security of user funds.
Safety of funds at BIT
Security is given the top priority at BIT.
Top tip
In order to identify suspicious activity and prevent hacks, active risk control includes the creation, administration, and enforcement of user blacklists as well as withdrawal frequency controls.
The team will also be watching login IP anomalies, transaction anomalies, and a variety of other “risky” activities on the platform.
To oversee and manage the entire platform, they have also partnered with the reputed institutional-grade custodian service, Cactus Custody.
Most importantly, it is capable of identifying and rejecting requests for unauthorized withdrawal signatures because of Cactus’ security features. Another aspect of the service that appeals to both institutional and retail investors is the private key protection.
BIT’s UM system
The exchange has launched the BIT Unified Margin (UM) system, an upgraded trading and risk management system. It gives its customers a single-account solution by enabling them to use all account assets as collateral to trade any product.
The UM trading system has the following features in comparison to the traditional trading system:
- Brand-new account structure
- Multi-currency margin
- Combined calculation of profit and loss for all positions
- Supporting borrowing for trading
What is BIT’s PM system?
By calculating the most likely loss that could happen to a portfolio under a variety of fictitious market scenarios, the BIT portfolio margin (“PM”) evaluates the risk on the portfolio level as opposed to the regular margin, which calculates the margin on the contract level.
Once the PM account is activated, the client can access the risk parameters listed on BIT’s “Portfolio Margin” page and track the level of their overall margin.
The PM model tends to reward hedgers by providing a higher level of capital efficiency to their well-maintained low-risk portfolios when compared to the regular margin model.
To become a part of the BIT, click on this link and sign up with your details.
Conclusion
Post-FTX collapse, users are searching for a trustworthy platform to trade their assets. However, with hundreds of exchanges in the field, picking the safe ones is difficult.
With its proof of solvency, professional trading platform, institutional level of security, and risk management system, BIT is offering users a reliable platform to trade crypto.
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