Canadian town now allows Tax payments in Bitcoin
17 Jul 2019
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One of the best ways to make money in the cryptosphere is by trading cryptocurrencies.
Usually referred to as day trading, it can be highly rewarding and extremely risky at the same time, depending on your trading methods and also your competency. Even though margin trading is the riskiest, it is also an enormously rewarding form of crypto trading.
For those who do not know, margin trading is a form of trading in which you trade with an extra amount of money borrowed from someone on the basis of the money you already have. This is also called leverage.
For example, if you have $100 and you leverage (borrow) $1000 on this existing $100 to trade, it is called margin trading. If you want to learn about margin trading in a better way and in more detail, you should read this descriptive guide on the same: What is Margin Trading in CryptoCurrency: Learn How to Get Started
Note: Margin trading is highly risky, crypto margin trading even riskier. So it is a strict NO for beginners given veteran traders also incur huge losses in margin trades.
However, if you are good at regular day trading, you can start trying margins for smaller amounts for crypto trading.
Here is a list of crypto exchanges that allow margin trading on their platform:
BitMEX facilitates margin trading for cryptocurrencies and has gained quite a lot of respect in the cryptosphere in a rather short period of time.
The team comprises of experienced developers, economists, and high-frequency algorithm traders, which makes it a reliable product.
The registration process on BitMEX is simple as you just need your email to get started, plus, you can also secure your funds using the 2-FA authentication feature that BitMEX provides.
You can also get the BitMEX deal-10% Saving for 6 months on trading if you register via CoinSutra.
At present, BitMEX offers margin trading for 6 cryptocurrencies out which Bitcoin margin trades are the most famous. Here is the fee, as well as the leverage schedule for all the cryptocurrencies:
|COINS||LEVERAGE||MAKER FEE||TAKER FEE||SETTLEMENT FEE|
|Bitcoin Cash (BCH)||20x||-0.0500%||0.2500%||0.0000%|
Trade On BitMex
2. Huobi Pro
Huobi Pro is an international cryptocurrency trading exchange known for its international multi-language platform and support. The exchange headquarters in Singapore, and has offices in Hong Kong, Korea, Japan, and the United States and is operating in this space since 2013.
To get started on Huobi you need register with your email ID and submit your documents for KYC. This process might take a day or two.
Post which you can start trading on Huobi Pro and you can also enjoy their margin trade feature where several cryptocurrencies are listed for margin trade. On Huobi one can leverage up to 5X in BTC and margin trade following cryptocurrencies for BTC:
Check Out Huobi Pro
Poloniex is undoubtedly one of the pioneer exchanges out there in the cryptosphere. Founded by Tristan D’Agosta, Poloniex is based out of the US and has been operational since 2014. It is currently owned by Circle, an internet financial limited.
Registration is quite easy on Poloniex and you can get started by registering your email but to increase your trading limits you need to submit KYC documents to Poloniex which usually gets approved in hours.
Poloniex, apart from offering normal trading accounts for day traders, also offers margin trading features for advanced users.
On Poloniex one can leverage up to 2.5X in BTC and margin trade following 11 cryptocurrencies for BTC:
Remember: As soon as you sign up for Poloniex using your email, make sure you enable two-factor authentication!
Check out Poloniex
Based out of San Francisco, Kraken is one of the largest Bitcoin and altcoin exchanges in the USA.
It is also the biggest exchange in terms of EUR volume where anyone can register using their email ID and get started after proper KYC verification. It typically takes up to 7 days to get the verification done from Kraken after which you can deal with fiat currencies like USD, EUR, GBP, CAD etc.
One can also margin trade on Kraken and get the benefit of different leverage options that it provides for different pairs. Here is the summary of 6 cryptocurrencies that can be margin traded on Kraken in 16 different pairs:
Learn how to margin trade on it in the video:
Create Kraken Account
Whaleclub is another platform that is based in Hong Kong. It allows margin trading of cryptocurrencies, commodities, and forex.
Operational since 2016, it has earned a good name in the crypto margin trading market. For now, you can deal in five cryptocurrencies over Whaleclub which are BTC, LTC, ETH, XMR, and DASH.
Here is the margin trading schedule for all the five cryptocurrencies and the supported pairs:
Exchanges are good but they are also a honeypot for hackers to attack.
And when we talk about margin trading and leverage exchanges, the risk of getting attacked increases manifolds because these exchanges usually have huge volumes of money.
Therefore, even if you simply day trade or margin trade, never keep your money or cryptocurrencies on these exchanges. It is not a safe practice.
Also, the exchanges mentioned above provide extra security features such as 2-FA authentication which you should never forget to use.
Now it is time to hear from you: Do you trade cryptocurrencies? Do you indulge in margin trading? Where do you trade or margin trade cryptocurrencies?
Please share this article with your network if you find it useful!
News appeared first on: Coinsutra.com