Hopex is a centralized crypto derivatives trading platform that was launched and registered in the Republic of Seychelles in October 2018 by Hopex Fintech Corporation. The website is available in English and two Chinese dialects. The users can download a desktop client that provides full support for iOS, Android, Mac, and Windows systems.
At the time of writing, the platform supports 10 tokens: USDT, BTC, ETH, XPR, ETC, EOS, LTC, BCH, DOT, and LINK. The only allowed fiat currency is USD. All tokens are paired with USDT and some of them are paired with USD. The most active trading pairs are BTC/USDT, BTC/USDT, and XRP/USDT.
The Hopex exchange focuses mainly on derivative trading. It started its work in 2018 with the USDT Perpetual Contracts. In 2020, Hopex officially launched the Callable Bull and Bear Contract (CBBC). At the time of writing, there are three types of derivative trading offered on the platform: perpetual contracts, CBBC, and inline warrants.
All the contracts offered by Hopex are perpetual swaps. Their specific feature is that they don't expire and don’t have a settlement date. This means that a trader can hold his or her position forever. It is necessary to make a deposit in BTC, ETH, or USDT to fund the margin account before starting the trade. The trading fee for perpetual contracts consists of the market maker fee, market taker fee, and the liquidation fee.
Callable Bull and Bear Contracts (CBBC)
CBBC offered on Hopex is a type of a derivative financial tool that provides investors with a leveraged investment in underlying assets. CBBC price movement depends much on the price movement of the asset itself. CBBC trading fee consists of a service charge and settlement fee.
Inline Warrants represent a type of structured product that enables investors to benefit from the lack of market volatility. Warrants trading fee consists of the service fee and settlement fee. For a certain period of time after the IW launch, the platform was providing a preferential policy towards commission fee to its users.
The perpetual contracts market is the most active on Hopex compared to CBBC and inline warrants.
Hopex programs and bonuses
Hopex offers two programs to its users: the referral program and the partner program. If users invite their friends, they have a chance to earn up to 30% of the commission paid by their referrals. The commission rate depends on the user’s level. The more users are invited, the higher the level is. The project representatives report over 150 partner program participants who are the influencers in the cryptocurrency industry. They can receive up to 70% commissions for their participation in the program.
Active Hopex users can get some bonuses for their participation in the events on the platform. There can be different types of rewards: coupons and Hopex points. Coupons can save up to 50% trading fee for their holders. Hopex Points can be used in Fortune Wheel or Hopex H Code exchange. The rewards can be received for the registration, first trade, first deposit, a certain amount of transaction volume or total deposit. The platform also conducts one-off events from time to time.
Simulated trading testnet
The platform has two nets: the testnet and real trade which are in fact 2 independent systems. The users need to register their accounts on each of them to take the advantage of the simulated trading.
Hopex takes care of their users’ safety keeping 95% of digital assets offline on cold wallets that have no access to the internet. Only 5% of assets are stored in hot wallets. The platform provides multiple risk-control systems, system isolation, and personnel isolation. Spot Price Index and Mark Price System features were introduced to reduce the risks of market manipulations via the Hopex platform.
Operational centers and licenses
In December 2019, a new operational center was founded in Singapore and the company aims to expand its influence on the cryptocurrency market of Southeast Asia with its help. It was its second center, while the first one was created in Hong Kong, and at the time of writing, they have a few more centers all over the world.
The company received several MBS licenses to ensure its full transparency and legality. Thus, an MBS license was obtained in May 2020 after the company was audited by FINTRAC, the financial transactions and reports analysis center of Canada. After it, Hopex’ Canada operation center started its work.
The Hopex team considers these licenses to be a serious step to globalization for the platform. They insist that legalization and globalization are essential for crypto exchanges and inform about their strategic plans on legal operation in other countries.
The information on the company headquarter is contradictory. Singapore and Hong Kong as a place of the platform’s location are both mentioned on the official website while the information on the employees is difficult to find on the open web.
The team members don’t discover their identities. The only information revealed on the website is that they are the experts from Goldman Sachs, JP Morgan, Deloitte, HSBC, MIT, and other widely known institutions. Their experience in global leading financial services allows them to introduce derivative products to the crypto industry.
The only team member who has ever been mentioned in the media is Jenny Zhang. She is a CMO at Hopex derivative exchange. Prior to that, she worked in a number of blockchain asset institutions. Other team members remain unknown.