DIGITEX, the 0% commission Futures Exchange with decentralized account balances that is run democratically by its traders

The futures markets have been developed to help the participants to improve their marketing and purchasing practices.

In the Futures market, contracts for certain assets or standardized merchandise (size and price) are negotiated. At the moment of initiating a contract, the agreed price is known in advance to carry out an exchange on a specific future date (expiration date of the contract). The future contract price is derived from a reference asset or an underlying asset. In this market there are many assets or raw materials, such as currencies, stocks, stock indexes, gold, oil, soybeans, rice ...

The existence of these markets dates back a long time, since in China, Arabia, Egypt and India, many of the current characteristics were operated. The first registered use of these markets was in Japan in the year 1697. In the Tokugawa era, the feudal lords had to spend half a year in Edo (present-day Tokyo), where the government was located, in order for the emperor to watch over them and so avoid a rebellion. At that time the rent was paid in rice and the feudal lords were forced to keep two houses of deposit one in the field and another in the city. As they frequently had to face an emergency, they started issuing tickets (certificates of deposit). The merchants began to buy those tickets to anticipate needs (coverage).

Now, Futures are not just for physical assets; the popularity of BTC has increased during the past five years since the price began to move higher, what motivated other cryptocurrencies to enter the picture. Nowadays, there are hundreds of different cryptocurrencies in existence. Despite this boom experienced by Bitcoin, buying and selling the cryptocurrency is not entirely simple. You can install software to have the Bitcoin, and manage everything locally, but you have to be careful with the backups or you can lose everything. On the other hand, you can trust a third party, such as Coinbase, to manage the Bitcoin balance. But it is not a bank and the experiences with the exchanges are not perfect, there have been very bad experiences in the past.

Knowing how complicated it is with the underlying (as with raw materials), it is best to do it with derivative products, such as the futures. But the current futures exchange model is built around the idea of using a broker to act as an intermediary. This broker collects a commission from the customer as a payment for his services. Besides that, the customer must pay fees to each trading exchange, and the transaction fees are significant. That makes difficult for the customer to get profit. The current futures exchange model means a lot of money for the exchanges so they are not interested in making any changes. They don't mind whether traders benefit or not.

Digitex is a commission-free futures exchange in which traders can buy and sell futures contracts on the price of BTC/USD, ETH/USD and LTC/USD without transaction charges. The zero negotiation fees combined with a high level of leverage and an intuitive one-touch trading interface allow traders to pursue high-volume, short-term trading strategies without being killed by commissions. The Digitex Futures Exchange does not collect any of these fees or commissions from its clients. Instead, Digitex traders are allowed to keep 100% of their trading profits, because Digitex is working in with the customer, not against the customer. The firm will be the only exchange that will offer this type of trading experience.

The reason why Digitex Futures Exchange will be able to offer transactions without commission is its own native cryptocurrency: DGTX token. Digitex covers the cost of running the exchange by creating a small number of new tokens each year instead of charging transaction fees on trades. One of the most important aspects of DGTX is that anyone can purchase the token through a cryptocurrency exchange.

In this brilliant strategy of linking the new futures exchange with a crypto token, Adam Todd envisioned a fully functioning futures exchange in which all aspects of the exchange, such as account balance, profit and loss, margin requirement, tick value and settlement process would be denominated in a native cryptocurrency.

"I had dreamed about somehow trading futures with no trading commissions but it was never more than an idle thought. Then I discovered Ethereum which I really liked. Being able to easily create your own currency by piggybacking on Ethereum’s blockchain technology just blew my mind and I couldn’t stop thinking about it.

My mind went into overdrive thinking about how best to capitalize on this amazing new technology that I knew was going to shake up everything it touched.

When it occurred to me that token issuance could replace transaction fees on a futures exchange, suddenly I could think about nothing else and started working full time on creating Digitex. It’s so exciting to be working on this with the resources we now have".  

Digitex already has an amazing program for users to get early access as well as participate in the community to earn tokens.On top of that they are running a Steem Exclusive Bounty! where users can earn an extra 0.5 STEEM!