The Complete Guide & Review

Bit.com brings ahead a full-suite cryptocurrency alternate that’s powered by Matrixport. The latter is an built-in monetary providers company that’s headquartered in Singapore.

Launched in 2020, the alternate already helps a myriad of options reminiscent of perpetual contracts, futures contracts, in addition to choices merchandise on BTC, ETH, and BCH, the place the particular spotlight is centered on launching BCH choices.

By technique of quantity, Bit.com ranks amongst the leaders in Bitcoin choices. Interestingly sufficient, the company behind it – Matrixport – is already a unicorn company with a valuation of over $1 billion. It was based by Jihan Wu – the co-founder of Bitmain – the most important computer chip producer for BTC mining.

The platform has been constructed with safety in thoughts and has built-in essential threat administration options to ship a handy buying and selling expertise, leveraging excessive liquidity.

The following is a information on learn how to use the spot alternate of Bit.com, in addition to a more in-depth take a look at a few of its different merchandise.

How to Register and Deposit/Withdraw

Registering is simply as simple as it’s on the vast majority of centralized exchanges, and also you’d have to offer your e mail handle and a verification code despatched to it:

Once you could have your account registered, you need to instantly head to the safety tab of your account and full all of the steps to ensure you’re effectively protected against any wrongdoers. What’s extra, in the event you already personal a Matrixport account, you may merely log in to Bit.com utilizing your Matrixport account and vice versa.

The alternate has carried out the next extra safety steps that you could take:

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

Some of those it is advisable full to have the ability to withdraw funds – the 2FA and the cell phone verification, for instance.

Bit.com takes rules significantly, and earlier than you may think about depositing funds – it is advisable full an Identity verification. You must submit photos of a government-issued passport, driver’s license, or an ID card and full a facial verification. The course of takes not than a couple of minutes.

Once you’re performed with this, it’s time to get some funds into the account. Doing so could be very simple as all it is advisable do is choose the cryptocurrency of choice and hit the deposit or the withdraw button – relying on what you wish to do:

For the sake of this information, we’ll deposit some USDT to the account. This is what the dashboard appears like:

Once you could have deposited funds, it’s time to start out buying and selling.

How to Trade Spot?

Trading on Bit.com is kind of intuitive. This is what the primary spot alternate interface appears like:

In the center, you may see the primary buying and selling chart, and proper above it, you may observe varied metrics for the chosen cryptocurrency, reminiscent of:

• 24-hour low/excessive/quantity
• Borrowing Daily Rate

On the correct aspect, there’s the order e book, in addition to the various kinds of orders.

Order Types

There are two order sorts for the spot alternate.

• Limit orders can help you purchase at a specified worth (restrict worth) that may be completely different than the present market worth:

• Market orders are the best sort of orders as they’re executed instantly at one of the best obtainable market charges:

How to Open a Position?

For the sake of this information, we’ll present you learn how to open a spot position utilizing a primary market order. All it is advisable do is fill out the USDT value of BTC that you just wish to purchase at present charges:

In our case, now we have chosen to purchase $30 value of BTC, and as quickly as we hit the BUY button, the order will likely be executed.

How to Close a Position?

You can observe your positions within the Order History tab:

This can also be the place yow will discover extra particulars reminiscent of the common fill worth, the entire spent, the stuffed ratio, your order sort, and the charges you paid.

To shut the position –  you merely need to promote the identical quantity that you just purchased utilizing both a restrict or a market order, as proven above.

How to Trade USDT-Margined Futures?

This information will deal with USDT-margined futures, however the alternate additionally helps coin-margined contracts the place the denomination is in cryptocurrency.

This is what the buying and selling interface appears like:

Although comparable, you’ll discover some variations, particularly above the order fields. This is the place you may choose the kind of margin you wish to use, in addition to the leverage.

It’s value noting that the platform doesn’t help handbook leverage adjustments, however slightly the leverage is routinely decreased as you improve your position dimension. More data on this may be discovered here.

Using excessive leverage is especially dangerous, and it’s not suggested for freshmen. Advanced merchants make use of very strict threat administration. Leverage buying and selling carries a critical threat of capital loss, and you need to by no means threat greater than what you may afford to lose.

Futures buying and selling additionally helps restrict and market orders.

How to Open a Position?

To open a position with a market order, merely fill out precisely how a lot BTC you wish to purchase utilizing the routinely assigned leverage.

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

How to Close a Position?

You can as soon as once more monitor the position beneath the chart:

Here, additionally, you will discover essential stats reminiscent of your entry particulars, PNL, unrealized PNL, in addition to the preliminary and upkeep margin.

The alternate doesn’t appear to calculate the liquidation worth for you, which suggests you need to calculate it by yourself – it’s a setback.

Options Trading

This is what the choices buying and selling interface appears like:

At the time of scripting this information, the alternate helps BTC, ETH, and BCH as underlying property of its possibility contracts. There are a number of fundamentals that it is advisable find out about choices buying and selling:

All the choice contracts which are listed on the alternate are European-style. This signifies that they’ve a specified expiry date, and the train of the choice can solely occur at expiry. There are day by day, weekly, and quarterly possibility contracts on the alternate.

This is oftentimes known as the train worth – it’s the predetermined worth of the asset at which it could be purchased or bought in response to the choice contract.

This is the worth that the choice purchaser pays for purchasing the contract. In flip, the choice vendor earns the choice premium as a reward for his or her obligation. There are a number of components that decide the premium.

What Other Features Does the Exchange Offer?

Insurance Fund

Bit.com’s insurance coverage fund is the platform’s second line of protection. The first one is their liquidation methodology. In any case, you may monitor the present state of the insurance coverage fund here.

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

Portfolio Margin

The platform evaluates the danger of your portfolio via sophisticated computations of the more than likely loss that might happen to a portfolio underneath a sequence of speculation. After the PM account has been activated, it is possible for you to to seek out the completely different threat parameters on the “Porfolio Margin” web page of the alternate.

Compared to common fashions, the PM one is extra rewarding towards individuals who do heavy hedging.

Unified Margin

The unified margin system represents an upgraded risk-management system that provides a one-account resolution to customers by permitting them to make use of all property within the account as collateral when buying and selling all merchandise.

The manner it really works is that every one currencies in your account will likely be calculated of their USDT worth. There can even be a sure haircut ratio that may ship margin to all positions.

While this can be helpful in sure conditions, for novice customers, it may also be very dangerous, particularly in the event that they don’t know learn how to use stop-losses. It may result in the liquidation of their complete account and must be practiced with substantial warning.

The detailed migration course of might be discovered on the official website.

It’s value noting that aside from the above, the alternate provides different options reminiscent of:

• Savings – it helps a lot of the standard tokens. There aren’t any charges or lockups, and it offers aggressive rates of interest.
• API Connectivity – customers are capable of cancel on disconnection. It helps post-only orders, batch orders, and cease/set off orders (just for futures and choices).
• Block Trading – that is an ultra-fast transaction function for futures and choices in giant volumes that avoids excessive slippage.
• Rebalancing Market Maker Strategy (RMM) – it’s a subset of automated market makers that presents a technique to extend portfolio worth in a range-bound market.

Security: Is Bit.com Considered Safe?

There aren’t any stories on-line that point out any safety breaches of the alternate, and it appears that evidently safety is among the many priorities of the staff. As we talked about above, extra safety measures that every consumer can take embrace:

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

On the opposite hand, there’s an everyday KYC process that additionally means the alternate takes rules significantly and is abiding by current native frameworks. Moreover, it employs institutional-grade safety protocols whereas the funds are being safeguarded by Cactus Custody. The platform additionally helps Ukey {hardware} safety.

Trading Fees

Trading charges are significantly essential to think about when deciding on a cryptocurrency alternate to work with.

Bit.com makes use of a tiered strategy primarily based on the buying and selling quantity of the consumer. The charges for the spot alternate are as follows:

However, there are completely different charges for USDT and crypto-margined futures, in addition to for possibility trades. You can check them out here.

Conclusion

All in all, Bit.com appears like a handy alternate with a ton of various merchandise and options to reap the benefits of. Jihan Wu’s involvement can also be one thing to think about.

The alternate helps quite a lot of completely different options, which makes it applicable for each freshmen and skilled merchants alike.

Some of its superior options may also make it a superb cease for extra institutional-grade buyers – such because the Rebalancing Market Making Strategy and so forth.