Huobi’s Crypto Derivatives Platform Launches Contract Trading For Litecoin
Huobi DM, the cryptocurrency contract trading service of crypto exchange Huobi, has announced that its users will now be able to trade Litecoin (LTC) on the crypto asset contract service.
Launched in November 2018, Huobi DM allows users to earn profit from the rising/falling of digital currencies prices by going long or selling short based on their own judgment. Currently, the platform offers weekly, bi-weekly, and quarterly cryptocurrency contracts for bitcoin (BTC), ethereum (ETH), and EOS (EOS). In addition to a 20,000 BTC Huobi Security Fund to protect users against catastrophic security failures, Huobi claims that it also has a dedicated Risk Management Insurance Fund for each trading pair against unfilled liquidation order losses.
The inclusion of Litecoin, currently the seventh largest cryptocurrency by market cap, means Huobi DM traders will now be able to take both long and short positions on LTC, allowing for arbitrage, speculation, and hedging. The company said that the platform will offer competitive fee structure for LTC: 0.02% to open or close for makers and 0.03% to open or close for takers with a delivery fee of 0.05%.
“Given the huge changes in price Litecoin and other digital assets regularly experience, Huobi DM can be a powerful tool in managing risk and uncertainty,” said Livio Weng, CEO of Huobi Global, adding that more coins will be added to the platform as 2019 progresses, with Ripple next on their list.
Earlier this month, Huobi DM announced that the platform surpassed $20 billion in cumulative trading volume. The milestone came 15 days after the platform racked up its first $10 billion in trading volume in its first full month of operation.