Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list WHALES (Whales Market) on Feb 1, 2024 (UTC). The details are as follows.
1. Deposit: 07:00 on Feb 1 (UTC)
2. Withdrawal: 07:00 on Feb 1 (UTC)
3. Trading pair: WHALES/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-08:50 Feb 1 (UTC)
Orders can be placed and canceled
08:50-09:00 Feb 1 (UTC)
Orders can be placed but cannot be canceled
09:00 Feb 1 (UTC)
Whales Market is to address the inherent risks of peer-to-peer cryptocurrency trading. While informal methods like social groups, private messages, and some centralized platforms have long facilitated P2P transactions, they often lack robust security measures. This exposes traders to potential scams and fraud, where sellers may fail to deliver promised tokens.
The main reason for this is that these tradings don't require any commitment among the parties involved, as the trading route between them are not penetrable and most likely based on the routes between both parties. Whales Market addresses this issue by bringing OTC trading onto a single platform. This allows buyers and sellers to facilitate mutually agreed upon on-chain transactions. Capital remains locked in smart contracts and is only released to the parties upon successful transaction settlement. This advancement streamlines the trading process and significantly reduces the risk of financial losses due to deceptive practices.
About Automated Market Making (AMM)
AMM is supported for the WHALES/USDT market. CoinEx AMM allows every user to become a market maker. By adding liquidity to the liquidity pool, users can share 50% of the trading fees earned in this market. The fee dividends are calculated daily. Learn about AMM >>
Crypto products are innovative investment products with large price fluctuations as well as high investment risks. Therefore, please evaluate and invest wisely based on your risk tolerance and financial resources.
CoinEx reserves the final interpretation of this announcement.
Feb 1, 2024