Singapore-Based Crypto Exchange BingX Launches ALTCOIN Index, the First Futures Index Involving Altcoins Like ETH, XRP, SOL and DOGE

BingX's new ALTCOIN Index provides users with the opportunity to monitor the current market trends for multiple altcoins displayed on one index.

Singapore crypto exchange BingX has launched an ALTCOIN Index, a first-of-its-kind futures index that includes ETH, XRP, SOL and DOGE. BingX users can now track the current market trends for multiple altcoins on one index.

The index features some of the top cryptocurrencies by market cap, excluding Bitcoin (BTC) and stablecoins, according to a press release from BingX on Dec. 13. The ALTCOIN Index includes ETH (ETH), XRP (XRP), SOL (SOL), BNB, DOGE, ADA, TRX, AVAX and SHIB.

Users can track trends and price changes through the index without having to buy individual tokens or exchange-traded funds (ETFs). Traders can buy or sell USDT trading pairs with the altcoins on the index.

A futures index is an instrument that is typically used to monitor stock markets, allowing traders to track the performance of certain assets in the market, such as commodity shares. This helps investors monitor the market movements to determine the best course of action, whether it be hedging against the market or making trades.

In the case of altcoins, BingX’s new platform allows traders to directly assess the market using tiered leverage options and competitive rates without the burden of managing multiple positions at once. This enables users to further diversify their asset choices and mitigate trade risks linked to individual asset volatility.

According to Vivien Lin, chief product officer at BingX, the new futures and altcoin trading feature will offer a number of major cryptocurrencies and compile them into a singular list to make it easier for users to monitor market trends.

“This index trading pair should help our less experienced users with their trading goals more easily, particularly when they are unsure which asset to trade and just want to trade major altcoins in general with leverage,” said Lin.

The platform will ensure that the index composition is updated regularly on a quarterly basis to showcase current movements in response to market conditions.

In October, BingX unveiled a new security feature called a wallet firewall to protect the system against external threats, following a major hack that led to a $43 million loss for the exchange one month prior.