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Bit.com Cryptocurrency Exchange: The Complete Guide & Review

Bit.com advances a full-suite cryptocurrency exchange that’s powered by Matrixport. The latter is an integrated monetary services business that’s headquartered in Singapore.

Launched in 2020, the exchange currently supports a myriad of functions such as continuous agreements, futures agreements, along with alternatives items on BTC, ETH, and BCH, where the particular emphasize is fixated releasing BCH alternatives.

By methods of volume, Bit.com ranks among the leaders in Bitcoin choices. Surprisingly enough, the business behind it– Matrixport– is currently a unicorn business with an appraisal of over $1 billion. It was established by Jihan Wu– the co-founder of Bitmain– the biggest computer system chip producer for BTC mining.

The platform has actually been constructed with security in mind and has actually incorporated crucial threat management includes to provide a practical trading experience, leveraging high liquidity.

The following is a guide on how to utilize the area exchange of Bit.com, along with a better take a look at a few of its other items.

How to Register and Deposit/Withdraw

Registering is simply as simple as it is on most of central exchanges, and you ‘d need to offer your e-mail address and a confirmation code sent out to it:

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Once you have your account signed up, you need to instantly head to the security tab of your account and finish all the actions to make certain you’re well safeguarded from any crooks. What’s more, if you currently own a Matrixport account, you can merely visit to Bit.com utilizing your Matrixport account and vice versa.

The exchange has actually carried out the following extra security actions that you can take:

  • Security Key
  • Two-Factor Authentication (2FA)
  • Mobile Phone confirmation
  • Fund Password
  • Withdrawal Address Management

Some of these you require to finish to be able to withdraw funds– the 2FA and the mobile phone confirmation.

Bit.com takes policies seriously, and prior to you can think about transferring funds– you require to finish an Identity confirmation. You require to send photos of a government-issued passport, chauffeur’s license, or an ID card and finish a facial confirmation. The procedure takes no longer than a couple of minutes.

Once you’re finished with this, it’s time to get some funds into the account. Doing so is extremely simple as all you require to do is pick the cryptocurrency of choice and struck the deposit or the withdraw button– depending upon what you wish to do:

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For the sake of this guide, we will transfer some USDT to the account. This is what the control panel appears like:

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Once you have actually transferred funds, it’s time to begin trading.

How to Trade Spot?

Trading on Bit.com is rather user-friendly. This is what the primary area exchange user interface appears like:

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In the middle, you can see the primary trading chart, and right above it, you can follow different metrics for the picked cryptocurrency, such as:

  • 24- hour low/high/volume
  • Borrowing Daily Rate

On the ideal side, there’s the order book, in addition to the various kinds of orders.

Order Types

There are 2 order types for the area exchange.

  • Limit orders enable you to purchase a defined rate (limitation cost) that can be various than the present market value:

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  • Market orders are the most basic kind of orders as they are performed right away at the very best offered market rates:

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How to Open a Position?

For the sake of this guide, we will reveal you how to open an area position utilizing a standard market order. All you require to do is submit the USDT worth of BTC that you wish to purchase existing rates:

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In our case, we have actually selected to purchase $30 worth of BTC, and as quickly as we struck the BUY button, the order will be carried out.

How to Close a Position?

You can follow your positions in the Order History tab:

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This is likewise where you can discover extra information such as the typical fill cost, the overall invested, the filled ratio, your order type, and the costs you paid.

To close the position– you just need to offer the very same quantity that you purchased utilizing either a limitation or a market order, as revealed above.

How to Trade USDT-Margined Futures?

This guide will concentrate on USDT-margined futures, however the exchange likewise supports coin-margined agreements where the denomination remains in cryptocurrency.

This is what the trading user interface appears like:

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Although comparable, you will discover some distinctions, specifically above the order fields. This is where you can choose the kind of margin you wish to utilize, along with the take advantage of.

It’s worth keeping in mind that the platform does not support manual utilize modifications, however rather the take advantage of is instantly reduced as you increase your position size. More details on this can be discovered here

Using high utilize is especially dangerous, and it’s not encouraged for newbies. Advanced traders use extremely rigorous danger management. Take advantage of trading brings a major danger of capital loss, and you ought to never ever run the risk of more than what you can pay for to lose.

Futures trading likewise supports limitation and market orders.

How to Open a Position?

To open a position with a market order, just submit precisely just how much BTC you wish to purchase utilizing the instantly appointed utilize.

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As quickly as you struck the BUY button, the position will open.

How to Close a Position?

You can as soon as again keep track of the position listed below the chart:

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Here, you will likewise discover crucial statistics such as your entry information, PNL, latent PNL, in addition to the preliminary and upkeep margin.

The exchange does not appear to determine the liquidation rate for you, which implies you need to compute it by yourself– it’s a problem.

Options Trading

This is what the alternatives trading user interface appears like:

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At the time of composing this guide, the exchange supports BTC, ETH, and BCH as underlying possessions of its alternative agreements. There are a couple of fundamentals that you require to understand about choices trading:

  • Expiration Date

All the choice agreements that are noted on the exchange are European-style. This implies that they have actually a defined expiration date, and the workout of the alternative can just take place at expiration. There are daily, weekly, and quarterly alternative agreements on the exchange.

  • Strike Price

This is usually described as the workout cost– it’s the fixed cost of the property at which it might be purchased or offered according to the choice agreement.

  • Option Premium

This is the rate that the choice purchaser spends for purchasing the agreement. In turn, the alternative seller makes the alternative premium as a benefit for their responsibility. There are numerous aspects that identify the premium.

What Other Features Does the Exchange Offer?

Insurance Fund

Bit.com’s insurance coverage fund is the platform’s 2nd line of defense. The very first one is their liquidation method. In any case, you can track the present state of the insurance coverage fund here

At the time of this writing, there’s over 200 BTC in the fund.

Portfolio Margin

The platform examines the threat of your portfolio through made complex calculations of the most likely loss that might strike a portfolio under a series of hypothesis. After the PM account has actually been triggered, you will have the ability to discover the various threat specifications on the “Porfolio Margin” page of the exchange.

Compared to routine designs, the PM one is more satisfying towards individuals who do heavy hedging.

Unified Margin

The unified margin system represents an updated risk-management system that uses a one-account option to users by permitting them to utilize all possessions in the account as security when trading all items.

The method it works is that all currencies in your account will be computed in their USDT worth. There will likewise be a particular hairstyle ratio that would provide margin to all positions.

While this might be useful in particular scenarios, for beginner users, it can likewise be extremely dangerous, particularly if they do not understand how to utilize stop-losses. It might cause the liquidation of their whole account and must be experimented significant care.

The comprehensive migration procedure can be discovered on the main site

It’s worth keeping in mind that apart from the above, the exchange provides other functions such as:

  • Savings — it supports the majority of the popular tokens. There are no costs or lockups, and it offers competitive rates of interest.
  • API Connectivity— users have the ability to cancel on disconnection. It supports post-only orders, batch orders, and stop/trigger orders (just for futures and choices).
  • Block Trading— this is an ultra-fast deal function for futures and alternatives in big volumes that prevents high slippage.
  • Rebalancing Market Maker Strategy (RMM)— it’s a subset of automatic market makers that provides a technique to increase portfolio worth in a range-bound market.

Security: Is Bit.com Considered Safe?

There are no reports online that suggest any security breaches of the exchange, and it appears that security is amongst the top priorities of the group. As we discussed above, extra security steps that each user can take consist of:

  • Security Key
  • Two-Factor Authentication (2FA)
  • Mobile Phone confirmation
  • Fund Password
  • Withdrawal Address Management

On the other hand, there’s a routine KYC treatment that likewise indicates the exchange takes policies seriously and is complying with existing regional structures. It utilizes institutional-grade security procedures while the funds are being protected by Cactus Custody. The platform likewise supports Ukey hardware security.

Trading Fees

Trading charges are especially essential to think about when picking a cryptocurrency exchange to deal with.

Bit.com utilizes a tiered method based upon the trading volume of the user. The costs for the area exchange are as follows:

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However, there are various charges for USDT and crypto-margined futures, in addition to for alternative trades. You can inspect them out here

Conclusion

All in all, Bit.com appears like a hassle-free exchange with a lots of various items and functions to make the most of. Jihan Wu’s participation is likewise something to think about.

The exchange supports a range of various functions, that makes it proper for both newbies and skilled traders alike.

Some of its sophisticated functions may likewise make it an excellent stop for more institutional-grade financiers– such as the Rebalancing Market Making Strategy etc.

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