Dear BitMax.io Users,
BitMax.io will launch its first volatility product on short-term price movement of major coins at 8:00 p.m. EDT, May 31st. The initial product will be offered on BTC/ USDT trading pair through the sales of Turtle Card and Bunny Card.
Please refer to the link for details：https://btmx.com/#/vol (Please view via internet browser.)
· What is BitMax.io volatility product?
With BitMax.io volatility product, users make prediction on the 24hr (UTC 00:00 – 24:00) price movement in either direction for the underlying trading pair.
Turtle Card: The card represents prediction of 24-hour price change within a certain range.
For example, if the user expects the 24-hour price change for BTC/USDT < 1%, the user should purchase Turtle Card.
Bunny Card: The card represents the prediction of 24-hour price change above a certain range.
For example, if the user expects the 24-hour price change for BTC/USDT ≥ 2%, the user should purchase Bunny Card.
Each card has its notional value and sale price, denominated in either USDT or BTMX. Users who correctly predict the range of price movement will receive the reward equivalent to notional value of the card. Otherwise, the card will become invalid after it expires.
· Purchase Rules
- Users can check volatility products on sale under market section on the homepage.
- Only unlocked BTMX in the Cash Account can be used as payment to purchase the card.
- Every card sale ends one hour prior to the beginning of 24-hour window (UTC 00:00 – 24:00).
- Each account is subject to specific purchase quota at every card sale. Please check the details on the pop-up window when placing an order.
- The card sale price is subject to change based on real-time market condition. Notional value for the card is preset as fixed.
- After the 24-hour window, users who correctly predict the range of price movement will receive the reward equivalent to notional value of the card within 1 hour.
· Calculation rules for price change (%)
P1: last reference price before UTC 00:00
P2: last reference price before UTC 24:00
24hr price change % = (P2 -P1) / P1 *100%
In order to mitigate price deviation due to market volatility, BitMax.io uses composite reference price for the calculation of price change. The reference price is computed by taking an average last trade price from the following five exchanges (upon availability at the time of computation)- BitMax.io, Binance, Huobi, OKEx and Poloniex, and removing the highest and lowest price.
BitMax.io reserves the final right on the interpretation and adjustment of these Terms and Conditions.
Thanks for the continued support!
May 29th, 2019