Seychelles, May 20, 2020 — MyCoinStory (MCS), a new cryptocurrency derivatives exchange recently hosted a BTC/USDT perpetual contract mock trading competition and recorded trading volume higher than Bybit, one of industry’s top 3 players. A total of 867 traders from 73 countries participated in fierce competition.
According to the MCS BTC/USDT Mock Trading Competition Report, the total trading volume of Bitcoin perpetual contracts during the competition period counted approximately 2.7 Billion USDT, which outperformed the trading volume of Bybit, which is industry’s third-largest (1,180,702,158 USD) in the same period. The figure MCS achieved was approximately half of the industry leader, BitMEX (57,123,277,071 USD).
Moreover, MCS, for the first time in the industry, publicly announced the average leverage used by traders. Traders were found using an average of 54x leverage, and the leverages used by the top 10 traders averaged at 61x.
MCS team quoted “the remarkable result was only possible thanks to all our valuable traders who participated in the competition and showed great interest in MCS.” They also added that MCS will listen and implement the traders’ honest feedback and opinions before the official launch.”
Currently, MCS Early Bird Registration Event is open till May 25, 3 am (UTC) for everyone who wants to register before the grand opening to get a maximum bonus up to $75 and a 20% discount on trading fees.
Meanwhile, as the price of Bitcoin is continuously showing volatility after the recent halving on May 12, more and more people are looking for ways to hedge through trading on derivatives exchanges like Bitmex and Bybit.