Cryptocurrency News

BitMEX Set to Introduce Guilds – Unique Social Trading Feature with Lots of Benefits

By July 13, 2023 No Comments
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The world’s leading derivatives exchange, BitMEX, is set to introduce a distinctive social trading concept that promises so much. Aptly named Guilds, this brand new concept will enable professional traders to come together to achieve more than if they traded alone.

According to the latest information, Guilds is currently in βeta (testing) stage, meaning it will launch soonest. The best part of the news is that it will be available to all BitMEX customers, including new, existing, and returning users. Traders of all experience level, therefore, can enjoy the benefits.

What Guilds is all about

BitMEX’s Guild is simply a dedicated space where users can come together to form a guild. This space will enable them to exchange ideas, insights and trading strategies, as well as trade competitively as a group. It gets better than that – the objective of a Guild is ultimately to outperform other Guilds.

Depending on the performance of a Guild, it can claim its position on the Guilds Leaderboard. The coveted top three positions come with their perks, and members will win a share in the Guild Pot, which is a weekly prize pool for participants.

To form a Guild, a leader needs to step up and take responsibility. Such leader (preferably an experienced trader) will have to customize and define the identity of the Guild. Afterward, other traders can join the Guild. Conversations are held in a dedicated chat room, which is seamlessly integrated into the trading UI (user interface).

“Guilds is not just designed to drive collaboration amongst the BitMEX trading community, it stands as a testament to our commitment to helping our traders thrive and recognizes the power of social trading. By being part of a Guild, we hope that our traders can unlock their full potential by learning from their cohort.”

—CEO and Group CFO of BitMEX, Stephan Lutz

Current State and What to Expect Next

The βeta launch of Guilds was initiated on June 29, 2023. Quickly, it attracted over 230 testers, who had collectively earned nearly $330,000 in PnL as of last week. Obviously, this is a good testament to the efficacy of the concept and its ability to uplift traders. It also marks a significant and inspiring milestone for BitMEX, which is striving to provide the best experience for its users.

When Guild will launch properly, every BitMEX user will get the opportunity to join any Guild of their choice. Any confident trader can also choose to start a Guild as a leader. A Guild will be able to host up to 49 members.

To start a Guild, a potential leader should have at least 10,000 BMEX staked. He/she must also possess the skills and authority to manage participants of the Guild. When the Guild wins, the leader must also see to the equitable distribution of the Guild Pot.

Wrapping Up

While the community continues to test Guilds, we can expect that more developments will evolve. At the moment, the βeta (testing) stage is going smoothly. One can agree, therefore, that BitMEX is poised to take the social trading experience of its users to the next stage.