Bitcoin exchanges are facing more scrutiny than ever before, which is only normal when considering the slew of issues we have seen across multiple platforms over the years. At certain times, it even looked as if people were just throwing together an exchange as a “get rich quick” scheme, and their customers were taking the fall in the end. But things are looking up again, as a “new generation” of Bitcoin exchanges is slowly seeing the light of day. UMEX, a Bitcoin exchange currently in an open beta stage, is one of those exchanges.
It is becoming increasingly hard for a Bitcoin exchange to offer something it’s competitors cannot, and UMEX is leading the charge on that front. Over the past few weeks, several order types have been added to the Bitcoin exchange platform, including Good Till Canceled and Day orders. Furthermore, the platform developers are also trying to take care of Bitcoin’s price volatility by switching off regular Bitcoin trading and replacing it with an auction-like interface.
Earlier today, the UMEX exchange announced their new feature aimed specifically at “major traders” in the world of Bitcoin. This feature would protect these big traders from facing liquidity problems, which is an issue present across multiple Bitcoin exchanges over the past few months. Especially with the recent price decline, people seem to be hoarding Bitcoin more than ever in the hopes of another price increase in the near future.
Even the major Bitcoin traders are having a hard time to execute orders on the market. Once they put up a big order [on either the buy or sell side of the order book] on any exchange, people will try to avoid using that exchange until the big order is either filled or cancelled. As you can guess by now, those types of actions create liquidity issues, which is something UMEX wants to avoid at all costs.
A solution to the liquidity issue comes in the form of a FAK (Fill and Kill) order type on the UMEX Bitcoin exchange platform. Said order type has many benefits, including not attracting unwanted attention from other traders on the platform. Furthermore, a FAK order is executed based on the current quotations on the market, and the unexecuted remainder of the order will be cancelled immediately, leaving no trace of it ever being there in the first place.
Major Bitcoin traders will no longer have to break up their big orders into small chunks and spread it out across multiple exchanges in order to fly under the radar. With a FAK order type at your disposal, UMEX is looking to become the new Bitcoin exchange platform for both small and major traders alike.
More information on FAK order types can be found here : https://www.umex.com/descriptive?alias=operation-manual#creating-a-fak-fill-and-kill-order-in-the-trading-terminal
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Website : https://www.umex.com
Source : Press Release