‘Trade with Ease’ is the name of the game when it comes to cryptocurrency trading at the BigoMex exchange.
Centralized cryptocurrency exchanges are an integral part of the entire industry as they allow investors with access to the most popular digital assets. They deliver a simplified user experience as well as the tools necessary to invest and speculate on the price of cryptocurrencies.
This is exactly where BigoMex steps into the picture. It’s a centralized derivatives cryptocurrency exchange that aims to make it as easy for the user to trade as possible. Hence the bylines “Trade with Ease.”
UX is far from being the only focus of the exchange, however. As a reliable service provider, BigoMex is registered in Singapore under the ACRA and is also supervised by the MSB in the United States. The team behind it takes security and compliance very seriously.
BigoMex Leverage Trading
As mentioned above, one of the focal points of the exchange is the simplicity of its interface. Indeed, trading on BigoMex is very easy.
The trading panel is very straightforward, and it caters to both novice traders and experienced professionals. Keep in mind that the minimum trading limit is set to 2 USDT. However, you can leverage that with up to 100x on some pairs, opening a rather considerable position.
Of course, you should be well aware that leveraged trading carries a very high risk of liquidation. It’s entirely possible to lose your capital, and it should only be carried out by people with sufficient market experience. Using leverage of more than 10x is very dangerous, and you should always proceed with care.
It’s also worth noting that BigoMex is a derivatives trading platform, meaning that you don’t buy the underlying asset such as Bitcoin but rather a perpetual futures trading contract. The benefit of that is you can use leverage, while the downside is that you don’t actually own Bitcoin.
The contracts on the platform are denominated in USDT, and there are approximately 23 trading pairs to take advantage of.
How to Long and Short Bitcoin on BigoMex?
Once you log into your account and open the exchange, you will see a trading chart in the middle and the order box on the right. This is how the orders look like:
As you can see, there are a few things that this allows you to do. First, there are two types of orders that you can place:
- Market Order – this one executes the trade immediately at the best available market price at the moment of execution.
- Limit Order – this one is used to set a pre-determined price at which you want to open a position.
You can set the leverage from the scale. In the given example, we’ve selected a 10x leverage and 5 USDT margin, which will open a contract worth 50 USDT (10 x 5 = 50). You can see the total position size in BTC, as well as the margin that you’re using.
Right below the margin field, you can see TP and SL. These stand for Take Profit and Stop Loss. They are very helpful to maximize your earnings and limit your downside. So, in the given example, the position will close automatically once BTC is up 500% or if it goes down 80% – whichever is first.
Another thing to keep in mind when selecting a derivatives platform to trade on is the fees. With this in mind, BigoMex doesn’t charge a fee when opening a position, but it does charge a 0.1% when closing one.
So, in the above example, if we open a position with 5 USDT and 10x margin, giving us a total of 50 USDT, the fee to close it would be 0.1%*50 = 0.05 USDT.
There’s also an overnight fee. It’s 30% of the trading fees for an open position, and these are the conditions for it:
The overnight fee will be charged from balances at 00:00:00 SGT. The position will be closed automatically at 00:00:00 SGT if not hold overnight. (for holding time less than 12 hrs, position will not be closed automatically until next 00:00:00 SGT).
BigoMex appears to be a user-friendly cryptocurrency derivatives platform that offers some serious perks for its users.
Some of them include, but are not limited to:
- No KYC requirement
- Various promotions for new users: $5 sign-up bonus and trading bonus of up to 268 USDT
- Captain Mining
- Variety of trading tools catering to beginners and expert traders
- Users can sign up here for a $5 Bonus.