When Sparrow Exchange A Leading options trading platform powered by smart contracts first introduced their project to the crypto community many months ago, only a few people really pay attention to what the crypto options trading platform intends to introduce to the world. To some people, it is just like many other random projects that are always announced, why some other people have deeply done a lot of research on it and invested in the project. Today, Sparrow Exchange has successfully introduced itself as one of the first active options trading platforms. At the time this blog is being written, Sparrow Exchange already has more than 2000 registered traders on the platform not to talk of other numerous partnerships and supports from other top firms in crypto space that have seen a lot of potential in this innovative project.
According to Oxford dictionary, the word ‘Option’ means Choice or Preference, and this is exactly what options trading means. It gives traders diversification over their crypto asset by allowing them to trade their choice of crypto coin pairs. Through the Sparrow Exchange, Anyone can buy or create an option in just a few clicks. Their trading platform interface is simplified to give visitors an amazing user’s experience. The platform is reliable and the pricing engine is being driven by a machine learning algorithm that gives the user the best price of the cryptocurrencies listed every time. Multiple solutions provided by Sparrow Exchange will give traders liquidity and risk management.
Through the Sparrow Option trading, traders are offered a simple way in which their cryptocurrencies can be protected or monetized. The selection options available on the Sparrow Exchange platform are branded base on their usage. The TradePROTECT is a buying option while the TradeBOOST is also a sell option. However, Sparrow Exchange Nest system will be responsible for pricing and matching of the parties involved. Also, the ConvertNOW available on the selection option allows instant conversion of cryptocurrencies listed on the platform. Sparrow Exchange currently supports BTC, BCH, ETH and other stable coins. Some selected ERC-20 compliant token will also be added.
When the user selects a TradePROTECT, the buyer will select the asset to be protected and also the expiry date, the option price engine will take over and prices the intention of the TradePROTECT and also invite traders to either accept or decline the price. In case the intention is accepted by traders, the smart contract will be activated and the intending asset will be transferred from buyer to seller. TradeBOOST is the opposite of TradePROTECT which is used by sellers. The seller will select the asset to be monetized, the boost magnitude and expiry date. Then the Pricing Engine takes over the process and matches the seller intent to appropriate TradePROTECT intent. Once this is successfully done, the smart contract will be activated and the intent will be transfer from the seller to the buyer.
Transaction on Sparrow attract just 0.1% fee per trade and this will be a fixed cost. Also, withdrawal may attract a small fee. The traditional token of Sparrow is SPO token. It is ERC-20 compliance utility token which will be used in paying for transaction fee, platform listing fee and also, withdrawal fee. Also, rebate and incentives will be paid in this SPO token.
As part of the means of making the platform standard and compliance with AML, users will compulsorily need to complete the KYC before getting access to full functions of the platform. For more details on Sparrow exchange, you can visit the website at www.sparrowexchange.com or click on any of the links listed below
Telegram Chat: https://t.me/SparrowExchange
Telegram Announcements: https://t.me/sparrow_ann
TradeatSparrow #SparrowOptions #OptionsTrading #HODLSmarter #REKTNoMore
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