Cryptocurrency trading is not rocket science; it’s possible to become a pro trader within a short time, if you have the right tools at your disposal, especially if you are following pro trader’s signals. The thought of trading on exchanges may be scary, especially for a beginner, but all the doubts will quickly disappear after you finish reading the article. You can quickly learn the ropes and settle down to business.
If you are relatively new to cryptocurrency trading, it’s good first to understand a few things before you leap into the business in order not to get your fingers burned. The crypto market is volatile, and as such, you need the help of professionals to understand what and what not to do at any particular time.
To start with, exchanges are the platform on which you buy or sell digital coins to make profits. There are several crypto exchanges out there, but one of the prominent ones that have been tested and trusted is BitMex.
In this guide, we shall talk about how to register on BitMex, how to trade on BitMex, where to get free crypto signals and any other information that might be useful to you as a trader, whether amateur or professional.
What is BitMex?
BitMex, one of the top crypto exchanges, was founded by HDR Global Trading Limited in 2014. HDR, as the parent company, was founded by former banking professionals Ben Delo, Samuel Reed, and Arthur Hayes. The company is domiciled in Seychelles but has a presence internationally. Its areas of focus include derivative trading, precisely margin trading.
It’s on record that Ben Delo, who is one of the co-founders, is the first person to become a billionaire in the UK through investing in Bitcoin.
BitMex currently has a daily trading volume of over 35,000 BTC and over 540,000 monthly accesses, making it one of the largest Bitcoin trading exchanges in the world. It has traded more than $34 billion worth of Bitcoin since the commencement of business. Bitcoin is the only acceptable coin for deposits on the platform and then used for buying other cryptocurrencies and altcoins.
How to Register on BitMex
To use BitMex, you need to create a personal account on the platform. You must at least be up to 18 years of age. In case you don’t know how to register on BitMex, all you need to do so is your email address, which must be an authentic one to enable you to receive a confirmation email. This is a necessity for verifying your account.
So, click on the registration link, input your email address and desired password, your country, and your name (starting from your first name). Check the box next to “I accept the terms of services, and I understand the privacy notice.” Click on the link to register. You then get a pop up with the information, “Registration is complete. You have sent an email verifying your address. Please click the link in the email sent to …”
There is no trading limit once your registration is confirmed.
Unfortunately, BitMex does not accept customers who are based in the USA. They make use of IP checks to ensure that the user is not US-based. It is advisable not to register if you are in the US. Using a VPN to bypass the usual process could turn out to be dangerous later on.
How to trade on BitMex
It is quite easy to know how to trade on BitMex. As a registered user, you need to first log in to your account. Simply go to the login page and add your email and password, including the 2-factor token, if you have activated it on your account. You can use Google Authenticator or Yubikey OTP for this.
On BitMex, one can trade different cryptocurrencies against several fiat currencies, such as the US Dolar, Chinese Yuan, and Japanese Yen. You can as well trade on diverse cryptocurrencies like Bitcoin, Ethereum, Dash, Litecoin, Ripple, Monero, Zcash, Tezos, Bitcoin Cash, and Ethereum Classic.
BitMex has a trading platform that is user-friendly but not quite recommended for novices. Experienced traders can click “Trade” after login, revealing trading instruments. Selecting one displays order book, recent trades, and order slip.
You can change the widget on the trading platform to suit your desired style of view. With this, you can manage what should be displayed. BitMex equally has a built-in feature that offers TradingView charting. This feature comes with several charting tools, giving it some edge over its opponents.
You can view your order from the trading platform interface after making any trade. From the available tabs, you can easily select your Active Orders, check the Orders Filled (total or partial), view the stops in place, and the trade history. You can click on the “Cancel” tabs to cancel any order on the Active Order and Stops tabs. You can as well see all positions that are currently open, with an analysis if it is in the red or black.
With BitMex’s auto-deleveraging, liquidated positions can be closed even when the market is unstable. When the position of a trader is liquidated, the BitMex liquidation engine takes over the position. If the liquidation cannot be filled when the market price gets to the bankruptcy price, the ADL automatically deleverages the position of opposing traders by profit and leverage priority. The bankruptcy price of the initial liquidated order is the price at which the positions of a trader are closed out.
Only an Android app is available for users (it is not official), though the platform is optimized for mobile. BitMex does not currently have an iOS app. Users are, therefore, advised to use the desktop version.
To buy a coin, go to the ‘Place Order’ box. The ‘At Market’ tab helps you to trade at the current market prices. With the Limit and Stop options, you can buy/sell at the levels you make up your mind on (if the market gets to those levels).
The amount in dollars that you intend to invest is ‘Quantity.’
- ‘Order Value’ is the amount of cryptocurrency your dollar amount can purchase. For instance, $1000 can buy 6.970 ETH, at $143.46 per ETH.
- Click on the ‘Buy and Sell’ button, based on the direction you predict the market to move. If you believe the value is going to move up, buy. But if you believe the value is likely to go down, then you should sell.
- The leverage gauge is under the place order. It defaults to zero, meaning that if you purchase cryptocurrency worth $500 and the price doubles, your holding would be worth $1000. Your holding goes to zero should the price drop to zero.
- Leverage will increase your risk. If you set the leverage to 5x, it means you can purchase cryptocurrency worth $5,000. Any little change in price will result in a more significant swing in the value of your holding. If the deposit you have in your account is small, it could easily be eroded.
- Leave your leverage at zero if you are not sure of the risks and the advantages of leverage.
Types of order available on BitMex
- Limit Order (the order is fulfilled if one achieves the given price)
- Market Order (the order is executed at current market price)
- Stop Limit Order (It lets users set the price of the order after triggering the Stop Price)
- Stop Market Order (this is a stop order that does not enter the order book, it is not seen until the market gets to the trigger)
- Trailing Stop Order (it is comparable to a Stop Market order, but in this case, a trailing value is set by the users which are used in placing the market order)
- Take Profit Limit Order (Just like a Stop Order, you can use this to set a target price on a position. Here, it is to make gains, instead of cutting losses)
- Take Profit Market Order (same as the above, but in this case, instead of triggering a limit order, a market order is triggered)
How to Place Stop Limit on orders
You can place a stop-limit on buy order or sell order. Here are the steps to follow:
To put a stop limit:
- Go to the Stop Market tab
- Input the quantity and stop price.
Stop price in the sell is the price, lower than which your contract would be sold. You may select close or trigger. You can also enter the stop price, which would trigger your sell order. For instance, if you decided to place a stop price at $8500, this will place an order at $8450 when it is triggered.
- Click on Sell Sell Stop, and this will place your Stop Limit on BitMex
Putting Stop Limit on Buy Orders
- Go to Stop Market tab
- Input the quantity and stop price
When triggered, your Stop Limit for buy price would place your order at a stop limit
- Click Set Buy Stop, and this would place your limit.
Use My Crypto Paradise as your bridge to success
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