Cryptocurrency is one of the most suitable assets for day trading. Not only because the markets are open 24 hours a day, 7 days a week, but also because of the market’s relatively high volatility.
Take Bitcoin as an example, it has gained 7% in the past 30 days, but it lost 50% of its value in a week back in March 2020. While the high volatility could result in massive liquidation, on the other hand, it presents savvy traders with juicy opportunities to increase their profit.
Bitcoin is now at a new all-time high near $44,00. If you want to get into the market, here are the first steps for you to make the transition from a beginner to a veteran.
1. Understand Futures Trading
Futures trading can help traders to hedge potential losses and profit from market volatility rather than be stuck simply stashing their coins. Traders can borrow from exchanges to greatly leverage their positions and enhance their buying power. Futures trading with leverage can be extremely profitable during market sell-offs, where large quantities of bitcoin are dumped into the market.
For instance, if you use 1 BTC and 100x leverage to short bitcoin at $12,000, when bitcoin drops to $11,000, you will earn ($12,000 – $11,000) * 100 BTC/$11,000 = 9.09 BTC.
However, make sure you use stop losses to protect your positions from great volatility. Taking profit is also a useful tool when you can’t monitor your positions as often as you’d like. It’s important to understand that during periods of extreme volatility, stop losses may fail to trigger at the right time.
Experienced traders are able to profit off of such volatility, although most traders may fail to do so. Using leverage can be risky as liquidation is easier.
2. Sign Up
Bexplus is a leading crypto trading platform operating across over 30 countries, which allows you to take advantage of both the ups and downs of the markets. Bexplus is famous for its beginner-friendly interface and help desk.
Bexplus requires no KYC so you only need to open an account with an email address, in just 1 minute. Once registration is complete, a trading account and a demo account with 10 BTC are opened automatically.
3. Risk-Free Trading: Demo Account
Successful traders are those who learn to analyze the market and can always keep a clear head. When trading, traders often find themselves being controlled by emotions either because the prospect of losing money is too scary, or because the possibilities of earning more by stacking more investment is too tempting. The best way to improve your skills and mindset is by practicing in the free demo account.
Every user is given 10 BTC at the beginning and they are replenishable, so you can try out different strategies as much as you like.
4. Make A Deposit And Claim Bonuses
No deposit fees have to be paid. You can start depositing from 0.001 BTC. Bexplus supports Bitcoin, ETH, and 11 other cryptocurrency deposits, as well as USD, EUR, and GBP deposits. With one Visa Card, you can start your journey of accumulating bitcoin.
To enhance traders’ profitability, Bexplus offers a 100% deposit bonus to every trader. Deposit 1 BTC and you will get 2 BTC, and up to 10 BTC is available for each deposit. The bonus is not withdrawable but can be used as margin.
5. Earn Passive Income With Bexplus
When you are not trading, you can transfer your BTC to the interest-bearing wallet and enjoy up to 21% annualized interest.
The interest is calculated daily and the revenue of the deposit will be settled monthly. The monthly interest is calculated as (S*I/365*21)=MI. S represents the sum of the deposit, I stands for interest, and MI is the monthly interest.
If you deposit 10 BTC in your wallet, the monthly interest you would receive is (10*21%/365*30)=0.24 BTC. While most lending platforms require traders to deposit at least 1 BTC, traders can make a deposit starting from 0.05 BTC on Bexplus.
Bexplus platform has everything you need to become a successful trader, from educational materials to your own account manager. If you want to ride with the bull run, don’t hesitate to join Bexplus now.
Advantages of Bexplus
- No KYC requirement, registration with email verification
- Demo account with 10 BTC for traders to get familiar with leverage trading
- 100% bonus for every deposit and 10% off of transaction fees
- Intuitive and full-featured App on Apple App Store and Google Play
- Affiliate program with up to 50% commission rewards
- 24/7 customer support
Meanwhile, if you want to improve your trading skills, pls feel free to contact our analyst’s telegram. Telegram: https://t.me/Bexplus_Jane
Follow Bexplus on:
Apple App Store: https://bexplus.page.link/fVKs
Google Play: https://bexplus.page.link/kJE8