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'''
Hi All, I'm writing a paper about crypto exchanges' handling of Bitcoin forks, for example the Aug 1, 2017 SegWit UASF. I'm trying to summarize if exchanges allow users to withdraw their coins around the event, and how soon to let users trade the coins after the event. I'm only working on exchanges based in the US and I'm afraid my information won't be complete. Please help me by providing information or your personal experience, like if any exchange didn't allow you to withdraw/trade or delay it for whatever reason. Any help will be much appreciated!!
'''
Help Needed about Crypto Exchanges' Handling of Bitcoin Forks
Author: /u/millemile
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The following post by millemile is being replicated because the post has been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/r/ Bitcoin/comments/arhht6
The original post's content was as follows:
Hi All, I'm writing a paper about crypto exchanges' handling of Bitcoin forks, for example the Aug 1, 2017 SegWit UASF. I'm trying to summarize if exchanges allow users to withdraw their coins around the event, and how soon to let users trade the coins after the event. I'm only working on exchanges based in the US and I'm afraid my information won't be complete. Please help me by providing information or your personal experience, like if any exchange didn't allow you to withdraw/trade or delay it for whatever reason. Any help will be much appreciated!!
Posted at: February 17, 2019 at 11:45AM
By:
@BitcoinSpeaks @djinnius That's why people who study history have much more knowledge about current events than tho… https://t.co/ssWLZuJcuN
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This Chinese Crypto Mining Guru Predicts the Bitcoin Price Will Surge 20000%
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Bitcoin Price | Blockchain | ICOs
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
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Original Source: Here
When the 30-year-old founder of a Canadian cryptocurrency exchange died suddenly, he took the whereabouts of some C$180m ($135m; £105m) in cryptocurrency to his grave. Now, tens of thousands of Quadriga CX users are wondering if they will ever see their funds again.
In 2014, one of the world's biggest online cryptocurrency exchanges - MtGox - unexpectedly shut down after losing 850,000 Bitcoins valued at the time at nearly $0.4bn (£0.3bn).
Its meltdown shook investors in the volatile emerging marketplace - but the calamity at the Tokyo-based company proved a boon for a new Canadian online cryptocurrency exchange.
"People like the fact we're located in Canada and know where their money is going," Quadriga CX founder Gerald Cotten said at the time.
Some five years later, Cotten's sudden, untimely death has left thousands of his customers scrambling for information about their own missing funds.
"We don't know whether or not we're going to get our money back," Tong Zou, who says he is owed C$560,000 - his life savings - told the BBC.
"There's just a lot of uncertainty."
This month, Quadriga - which had grown to become Canada's largest cryptocurrency exchange - was granted temporary bankruptcy protection in a Canadian court.
The firm said it had spent the weeks since Cotten's death trying desperately to "locate and secure our very significant cryptocurrency reserves".
Broken representations of the Bitcoin virtual currency
In court documents, Quadriga says it owes up to 115,000 users an estimated C$250m - about C$70m in hard currency and between C$180m a C$190m in cryptocurrency, based on recent market rates.
It believes - though it's not certain - that the bulk of those millions in reserves was locked away by Cotten in cold storage, which is an offline safeguard against hacking and theft.
For now, all trading has been suspended on the platform.
Bernie Doyle, CEO of Refine Labs and head of the Toronto chapter of the Government Blockchain Association, calls what's happening at Quadriga a "seismic event" in the industry.
The world of digital currency has little regulatory oversight and a history of volatile prices, hacking threats, and minimal consumer protection.
Mr Doyle says this only adds to the nascent sector's already "checkered history".
But he says "it's really unfortunate that the ecosystem takes a hit" amid one firm's problems.
Court documents filed in late January offer some insight into the company.
Quadriga had no offices, no employees and no bank accounts. It was essentially a one-man band run entirely by Cotten wherever he - and his laptop - happened to be, which was usually his home in Fall River, Nova Scotia.
It used some third-party contractors to handle some of the additional work, including payment processing.
His widow, Jennifer Robertson, says she was not involved in the company until her husband died suddenly on 9 December in India from complications related to Crohn's disease.
In an affidavit, she says she has searched the couple's home and other properties for business records related to Quadriga, to no avail. The laptop on which he conducted all the business is encrypted and she doesn't have the password or recovery key.
An investigator hired to assist in recovering any records had little success.
It was also recently revealed the company somehow inadvertently transferred Bitcoins valued at almost half-a-million dollars into cold storage in early February and now can't access them.
But Quadriga's troubles didn't start with missing coins. The company's liquidity problems began months earlier.
In January 2018, Canadian bank CIBC froze five accounts containing about C$26m linked to Quadriga's payment processor in a dispute over the real owners of the funds, an issue that ended up in court.... Continue Reading
Hey guys i recently upgraded to the latest version of lnd using the stadicus guide. It all seemed to worked fine but after i restarted the lnd client and checking `lncli getinfo´ it sasys that all my channels are inactive and it has not changed after 20 minutes. I then proceeded and checked the logs but i keep getting this ERROR: [ERR] LNWL: Failed to process consensus server notification (name: `blockconnected`, detail: `failed to store sync information 000000000000000000292da098ed8906603f3c7cf313f733d08d20c9c9601800: failed to fetch block hash for height 563340: block not found`)
https://i.redd.it/iw26bwmnc0h21.png
Any particular reason for that? The Bitcoind client seem to be working as expected (i did not stop it when i upgraded the lnd client tho), regarding the upgrade i followed the steps exactly as recommened by stadicus only that i didnt unlock the wallet with the bitcoin user (i did it with the admin user) once i upgraded but i dont know if that can even be a problem, Im not sure if all this is caused cuz the lnd is supposed to create new macaroons files??...
Whatever you can tell me to help that will be much appreciated. I dont know how much longer those channels can stay inactive before that becomes an issue...
Thanks for the help in advanced.
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Hey guys,
I run a sock company and we're looking to donate/sponsor some events by donating some of our bitcoin socks. I conducted some research myself and reached out to a few, but am having trouble determining which events are real and genuine, and which are scammy.
We created quite a few of these socks for an event and have some left over. They are good quality and have an orange bitcoin logo with a dark grey background. I'll share a link of what the socks look like if you DM me, don't want to spam my business here...
DM me if you are an organizer or comment any conferences/events I should reach out to! Anywhere in North America works. Thanks :)
Max and Stacy discuss the US Federal Reserve finally admitting that Quantitative Easing (QE) will be permanent and not just during “emergencies.” They also look at the rise of the service sector economy and collapse in wealth-creating, value-adding manufacturing jobs since 11 December 2001 when China joined the World Trade Organization.
In the second half, Max interviews early cryptocurrency investor, Brock Pierce, about his ‘Gox Rising’ plan to make whole those who lost all when the MtGox bitcoin exchange collapsed in 2014. Max asks him about the claims by Mark Karpeles, the former CEO of the collapsed exchange, that Brock actually owns no part of the company and, therefore, has no say. Brock says that MtGox is the ‘Bitcoin Lehman,’ and that the brand is synonymous to bitcoin in the minds of many new to the space, his intention is to restore the brand. more: http://www.maxkeiser.com/
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Latest Bitcoin News:
SEC could include Bitwises Bitcoin ETF in federal registers; proposal under review for approval
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Bitcoin Price | Blockchain | ICOs
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
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Posted at: February 17, 2019 at 03:45AM
By:
Why the SEC’s ‘ICO Guide’ Paints a Dark Picture for Cryptocurrency... #cryptocurrency #bitcoin #eth sec… https://t.co/9t5G6jPPj5
Automate your Trading via Crypto Bot : http://bit.ly/2GynF9t
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The following post by Crypto_guide is being replicated because the post has been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/r/ Bitcoin/comments/ar83mx
The original post's content was as follows:
Based on Crypto Coin Junky Materials
Let’s get you started making some of that BitMEX “short trade with 100X leverage” money you’ve heard so many people talking about (btw, never do that…and if you do, you’re an idiot).
Whether you love them or hate them, BitMEX has the potential to take you from zero to hero faster than any other trading method out there. This is potentially the biggest draw to the BitMEX trading platform.
I highly recommend you open up your BitMEX trading account by using the link here in order to register. You receive a 10% discount on all your transaction fees for the first six months at no additional cost to you.
I’ll start off by defining a few terms that you’ll need to be familiar with in your early stages ….
Margin trading — this is the method of conducting a purchase using cash that is provided to you (the trader) as a loan. In reality, you’re not really “borrowing funds” from any centralized entity, you’re merely swapping out “contracts” with others utilizing the platform.
If you’re shorting, you’re swapping out with someone going long. If you’re going long, you’re swapping out with someone that is shorting.
That’s the gist behind it all. For the sake of this guide, I’ll loosely use the term borrowing.
Leverage — the amount of funds that you decide to borrow. The higher the leverage, the more funds you borrow, and the more risk you take at getting liquidated.
Example: $1,000 with 5X leverage = $5,000 your trading with. Your liquidation price is given to you before and during your transaction, so you should never be surprised at where it’s at.
Liquidation price — this is the price at which your account balance (or amounts of funds you’re using) is completely wiped out.
Example: $100 with 25% leverage at BTC entry price of $7,500 = $6,002 liquidation price.
Don’t worry about calculating all this stuff by yourself. BitMEX was nice enough to provide you with a calculator. You’ll never be left in the dark when it comes to your profit, loss, or liquidation price.
Long position — betting that price movement will increase.
Short position — betting that price movement will decrease.
Limit order — (aka market maker) set a price and have it filled once the market reaches your set price. 9 times out of 10, you should be using this for all your trades to prevent paying high fees.
Market order — (making you the market taker) this is where you’ll immediately exit your trade. For having this convenience, you pay 3X the fee (%0.0075 as opposed to %0.0025).
Take Profit — like the name implies, this is where you start taking profits as the price value increases. The opposite applies for shorts. You want to start taking profit below your entry price.
Stop Loss Limit — this is to prevent you from completely losing all your capital from a sudden drop (for longs) or sudden spike (for shorts) in price action. Once a stop loss trigger has been reached your trade initiates your stop loss limit price. Once this limit price has been reached, you’re exited out of the trade. This will ensure that your loss is minimized.
Stop Loss Market — the same as stop loss limit, however your trade will be “immediately exited” at the market price. I highly recommend using this over the stop limit when you’re not close to your computer (or on any occasion for that matter).
When price drops, it drops fast. There’s a good chance that your stop limit price will not activate and you’ll be left holding the bags (debt). Using the stop loss market, ensures you that during a strong dip, you keep your losses to a minimum. You’re guaranteed an exit out of the trade, which again, is not always likely with stop loss limits.
Trailing Stop — think of this as a “moving stop loss” that follows the current price by a set value.
Example: $1,000 at BTC entry price of $6,500 with a trailing stop loss of $250 would mean that if the price action decreases to $6,250, you would be stopped out (exit the trade).
However, if your price increases to $7,000 and then drops $250, it would be stopped out at $6,750. This is a great feature to use when you are trade is already in profit. Trailing stops will ensure that you take advantage of quick spikes in price if you’re not by your computer.
BitMEX not only allows you to trade with borrowed money but enables you to make a profit on both an uptrend or downtrend. No longer will you be confined to bull markets once your familiar with this trading platform. Hell, you might actually look forward to bear markets. You can make just as much during these periods of margin trading than you can within bull markets, if you play your cards right.
Now let’s look at the various ways to leverage your trades on BitMEX …
The cryptocurrency exchange allows you to create anonymous accounts without giving your real name or information. In order to start trading on BitMEX, all you really need to do it is deposit Bitcoin on your account. No other currency is accepted as a deposit, so don’t send you’re Ethereum, Litecoin, Ripple, or any other altcoin for that matter. Deposits are fairly quick, but this is highly dependent upon how busy Bitcoin miners are. I typically receive my deposited funds within 15 to 30 minutes.
Be aware that BitMEX doesn’t actually trade in Bitcoin, it trades in contracts. Contracts are an agreement to buy or sell an asset (in this instance cryptocurrency) without actually owning the actual currency. Once you withdrawal your funds, your contract for those funds are awarded to you and therefore “real Bitcoin” is sent to your destination address.
BitMEX offers two types of contracts…
Perpetual Contracts
Created specifically by the BitMEX team, this type of contract is also known as a “perpetual swap”. This is the type of contract you’ll be primarily trading when you’re first starting out, especially when you’re day or swing trading on a shorter timeframe (like 4 hour and below).
These contracts don’t have a specific date at which they will expire, so they are great for short term trading. They have a variable interest rate where cash flow is added or subtracted from your current equity.
As the name suggests, these contracts are continuously renewed. Perpetual contracts are also known supposed to be less volatile; however you wouldn’t think that’s the case when looking over their charts.
Futures Contracts
This is basically an agreement between a buyer and seller to exchange a currency at a defined date in the future for an agreed upon price. Futures contracts tend to have a fixed interest rate which makes them great for longer term trading, like swing trading (using the 4 hour charts) or shorter term investing.
The great thing about these contracts is that they have a fixed interest rate which doesn’t fluctuate over time.
Now that you have a basic concept of margin trading terms, let’s move on to the next step and cover short trades.
BitMEX offers quite a few cryptocurrencies to short as of the release of this guide. The altcoins they include within their platform change constantly.
Bitcoin (BTC) is the only crypto that you can leverage up to 100X leverage.
Shorting works in the same way as a long position except you’re placing trades on the decrease in value of a particular currency. This would’ve been the ideal way of taking advantage of the extended 2018 bear market.
One of the more significant facets to margin trading with BitMEX is that you can leverage your trades with as much capital as you want. With that said, I recommend you keep the leverage to around 3X-10X to start. Anything above this and you’re risking liquidation. One false, call with a bit too much leverage, and your account can be wiped out in no time. If you’re trading with 20X and over on a longer term trade, you’re just looking for trouble.
If you do decide to leverage more than 20X, make sure you do it with a small amount. Experienced traders who scalp trade with 20X-40x are typically watching the charts like a hawk for any dramatic movements. If or when the trade moves against the trader, with strong full-bodied candles, stop losses are typically put in place. Never try this unless you have at least several months of BitMEX trading experience.
Always plan your trades out ahead of time and never trade in a rush. Typically, when you try to “catch a falling knife” or “catch a moving rocket”, things don’t end up going very well for you. The more adrenaline coursing through your body, the more idiotic your decisions become.
Use the following link to open the BitMEX account https://www.bitmex.com/register/Q1nfNX
Based on Finder.com materials
Bitcoin and many other cryptocurrencies are famous for the volatility that sees their prices fluctuate substantially in a short period of time. If you’d like to turn a bear (falling) market into the opportunity to make a profit, you may want to consider leverage trading.
BitMEX is a popular cryptocurrency exchange that allows its users to trade with leverage of up to 100:1, providing traders the opportunity to amplify their gains, as well as potential losses.
If you want to know how to trade cryptocurrencies using leverage on BitMEX, read on for a step-by-step guide.
Sometimes referred to as margin trading (the two are often used interchangeably), leverage trading involves borrowing funds to amplify potential returns when buying and selling cryptocurrency. When you leverage trade, you can access increased buying power and may open positions that are much larger than your actual account balance.
For example, if you have an account balance of 5 BTC and you want to place a trade with leverage of 10:1, you can open a position worth 50 BTC. This means that if the market moves in your favor, you’ll be able to access 10 times the profits; however, it also has the effect of magnifying losses when the market moves against you.
Different exchanges impose different limits on the amount of leverage available, and BitMEX offers leverage of up to 100:1 on some contracts. However, the amount of leverage you can access also depends on the initial margin (the amount of BTC you must deposit to open a position) and the maintenance margin (the amount of BTC you must hold in your account to keep a position open).
When leverage trading cryptocurrencies you have two options:
Going long. Opening a long position involves buying a contract because you believe it will increase in value.
Going short. Shorting is when you sell a contract because you think its price will go down, and then you can buy it back at a reduced price at a later date.
When you open a position, a portion of your account balance is held as collateral for the funds you borrow from the exchange. If your trade is successful and you close the position at a profit, your collateral is returned to you along with those profits minus any fees. However, if the market moves against you and you’re in loss, your trade will automatically be closed and your collateral liquidated when the market reaches a certain price — this is known as the liquidation price.
How can you trade using leverage on BitMEX? Follow these simple steps:
Click through to the BitMEX website and register for an account by providing your email address and creating a password in the box at the right of screen. You’ll then be emailed a link which you’ll need to click on to verify your email address. Once that’s done, make sure you enable 2-factor authentication to provide an increased level of security for your account.
Click on the “Account” tab at the top of the screen to be taken to your wallet. Click the green “Deposit” button and scan the QR code or copy your wallet address. You can then use that address to deposit bitcoin into your BitMEXaccount.
Step 3. Navigate to the trading screen
Click the “Trade” link at the top of the screen. You’ll be taken to the trading screen where you can click the tab of the crypto you want to buy or sell — Bitcoin, Cardano, Bitcoin Cash, Ether, Litecoin, EOS, Tron, and Ripple are all available.
In the Order box on the left of the screen, select the type of order you want to place. For this example, we’ll be using a Market Order. Enter the quantity of your trade, that is the amount you want to buy or sell in US dollars (USD).
Step 5. Set your leverage
Use the slider below the Order box to set the desired level of leverage for your position.
Step 6. Review the details of your transaction
Take a moment to review the full details of your transaction. The “Quantity” field shows the value of your position, but because you’re trading with leverage, the money you’re putting at risk is less than this. The “Cost” field details the maximum amount you can lose on the position if the market moves against you. “Order Value” shows the value of your position in XBT.
Step 7. Open your position
If you think the price will rise and you’re going long, click on “Buy Market”. If you’re shorting because you think the market will fall, click on “Sell Market”. An order confirmation screen will appear and contains information such as the level of leverage, order value, cost and the estimated liquidation price. Review all details carefully before clicking on “Buy” or “Sell” to confirm your order.
Use the following link to open the BitMEX account https://www.bitmex.com/register/Q1nfNX
Based on Aaron Kent Materials
Bitcoin Mercantile Exchange (BitMEX) is the biggest online trading platform that provides its users with the opportunity to trade Bitcoin with 100x leverage. There are various types of contracts that are offered by BitMEX. We will take a closer look on this in our BitMEX trading guide. Out of all platforms that offer cryptocurrency trading, BitMEX is the only one that provides users with a “Perpetual P2P Swap, which is a contract that is traded like a future, with the only difference that it has not expiry date. The platformhas seen exponential growth since its establishment, an aspect that could be partly attributed to their capacity to provide traders with access to derivative markets and their ability to command loyalty among its users through their user-friendly yet highly advanced platform, increased security, open communication, and transparency.
Getting Started on BitMEX
The first step towards using BitMEX involves creating an account with the platform by filling the registration form provided on their signup page. The company asks for basic information that would allow one to login into their account and to create a trader profile. Individuals are not required to go through any submission of KYC/AML documents. All individuals need to do is to sign up and they can immediately start trading. After setting up an account, it should be funded with the amount that one wishes top trade with.
After successfully setting up an account, it is important to take all necessary measures to ensure that the account is safe. Such security starts with keeping one’s login credentials confidential. Hackers increasingly attempt to gain access of user accounts and defraud them. Nevertheless, there are various measures that could be upheld to prevent such hackers from breaching one’s account:
BitMEX provides users with an option for two-factor authentication, which they can enable on the exchange account to prevent hackers from accessing one’s account, even in the event that they get access to one’s login credentials. 2FA allows users to add an extra layer on the process of authentication by requiring them to either use email authentication or SMS authentication upon an attempt to log in. the use of 2FA exponentially reduces the risk of one’s account being compromised.
Apart from using 2FA, it is important for users to ensure that they set strong passwords that would not be easily guessed or predicted by hackers. Such passwords should not be used on any other platform as a breach of such a platform could result in the same passwords being used to access one’s BitMEX account. Users should not use their names, date of birth, or any other personally identifiable information as a password.
Like other cryptocurrencies, Bitcoin is known for its volatility, which is informed by the substantial fluctuation in its prices over a short period. For traders who wish to turn a market that is falling into a profitable opportunity, leverage trading provides such an opportunity. BitMEX allows traders to leverage up to 100:1 in trade, providing them with the opportunity to extensively increase their gains or potential losses. This section will provide a step by step guide on how one can use leverage to trade
Leverage trading uses a margin, which is a deposit, to increase a trader’s exposure to given assets. In essence, a trader only puts down a part of their trade’s full value and they receive a loan of the rest from their provider. The leverage ratio compares a trader’s total exposure to their margin. BitMEXprovides individuals with margins of up to 100:1. Nevertheless, the leveraged amount that a given trader has access to is dependent on their initial margin, which is the quantity of BTC that one has to deposit prior to opening a position, as well as their maintenance margin, which refers to the BTC quantity that they ought to hold in their account to ensure that a given position remains open. Traders who wish to leverage are presented with two options including going long and going short. In this case, going long refers to opening a long position by purchasing a contract based on the belief that its value will increase. On the other hand, going short involves selling a contract based on the belief that the price will decline, with the option of purchasing back the contract at a later date when the prices are lower.
Step 1: Depositing funds into a BitMEX Account
After creating a BitMEX account, traders are required to deposit money in their account. This is done by clicking on the “Account” tab that is located at the top of the dashboard, which will allow one to access his or her wallet. Within the wallet is a “deposit” (green in color) button that should be clicked, followed by copying of the wallet address or a QR code scan. The address can then be used to deposit bitcoin into the user’s BitMEX account.
Step 2: Go to the trading page
The trade should then proceed to select the “Trade” tab on the dashboard, which will open the trading screen. The trader will then proceed to select a crypto that they wish to trade, which could be Bitcoin, Ripple, Litecoin, EOS, Ether, Bitcoin Cash, Cardano, and Tron, among others.
Step 3: Enter your position’s details
The left side of the trading screen has an Order box. The trader is supposed to choose the type of order they wish to place in this box. The diagram below shows the selection of a Market Order. After selecting the order type, the trader proceeds to enter the amount that they want to sell or buy in U.S. dollars, which is the quantity of trade.
Step 4: Set leverage
Users are provided with a slider in the Order box, as shown in the diagram below, that they use to set a level of margin that they desire for their position. Understanding the implications of the leverage, it is important for traders to exercise much caution when adjusting the margin.
Step 5: Review the transaction details
It is critical to take time and review the details entered for the transaction prior to proceeding with the transaction. In this case, the amount included in the “Quantity” field indicates the value of the trader’s position, including the leverage, in case the trader adjusted the leverage. As such, if the trade is using leverage, then the risked amount should be less than what is shown in the “Quantity” field. On the other hand, the “Cost” field shows the amount that a trader can lose in case the market prices drop. The “Order Value” demonstrates the position’s value in bitcoin.
Step 6: Opening of the position
In the case where the trader wishes to go long based on the belief that the market price will increase, they should select “Buy Market”. However, in a case where the trader believes that the market prices will decline and wishes to go short, they should select “Sell Market”. After making the appropriate selection, a screen will appear that requires confirmation of the order. All the details should be carefully reviewed by the trader before he or she clicks on “Sell” or “Buy” to confirm the order.
Start trading on BitMEX using the following link: https://www.bitmex.com/register/Q1nfNX
It is evident that BitMEX provides users with a highly interactive platform from which they can trade on all currencies, with all the payments made in Bitcoin. One of the distinctive features of the platform is leverage trading, which could prove highly beneficial for experienced traders, but a major challenge and source of magnified losses for inexperienced traders. It is important for traders to consider gaining much information about the markets prior to making leverage trades. Traders are also provided with the option of setting up limits on their trades, which minimizes the portion of their capital that they are likely to incur in terms of losses.
Based on Aaron Kent Materials
Bitcoin Mercantile Exchange (BitMEX) is the biggest online trading platform that provides its users with the opportunity to trade Bitcoin with 100x leverage. There are various types of contracts that are offered by BitMEX. We will take a closer look on this in our BitMEX trading guide. Out of all platforms that offer cryptocurrency trading, BitMEX is the only one that provides users with a “Perpetual P2P Swap, which is a contract that is traded like a future, with the only difference that it has not expiry date. The platformhas seen exponential growth since its establishment, an aspect that could be partly attributed to their capacity to provide traders with access to derivative markets and their ability to command loyalty among its users through their user-friendly yet highly advanced platform, increased security, open communication, and transparency.
Getting Started on BitMEX
The first step towards using BitMEX involves creating an account with the platform by filling the registration form provided on their signup page. The company asks for basic information that would allow one to login into their account and to create a trader profile. Individuals are not required to go through any submission of KYC/AML documents. All individuals need to do is to sign up and they can immediately start trading. After setting up an account, it should be funded with the amount that one wishes top trade with.
After successfully setting up an account, it is important to take all necessary measures to ensure that the account is safe. Such security starts with keeping one’s login credentials confidential. Hackers increasingly attempt to gain access of user accounts and defraud them. Nevertheless, there are various measures that could be upheld to prevent such hackers from breaching one’s account:
BitMEX provides users with an option for two-factor authentication, which they can enable on the exchange account to prevent hackers from accessing one’s account, even in the event that they get access to one’s login credentials. 2FA allows users to add an extra layer on the process of authentication by requiring them to either use email authentication or SMS authentication upon an attempt to log in. the use of 2FA exponentially reduces the risk of one’s account being compromised.
Apart from using 2FA, it is important for users to ensure that they set strong passwords that would not be easily guessed or predicted by hackers. Such passwords should not be used on any other platform as a breach of such a platform could result in the same passwords being used to access one’s BitMEX account. Users should not use their names, date of birth, or any other personally identifiable information as a password.
Like other cryptocurrencies, Bitcoin is known for its volatility, which is informed by the substantial fluctuation in its prices over a short period. For traders who wish to turn a market that is falling into a profitable opportunity, leverage trading provides such an opportunity. BitMEX allows traders to leverage up to 100:1 in trade, providing them with the opportunity to extensively increase their gains or potential losses. This section will provide a step by step guide on how one can use leverage to trade
Leverage trading uses a margin, which is a deposit, to increase a trader’s exposure to given assets. In essence, a trader only puts down a part of their trade’s full value and they receive a loan of the rest from their provider. The leverage ratio compares a trader’s total exposure to their margin. BitMEXprovides individuals with margins of up to 100:1. Nevertheless, the leveraged amount that a given trader has access to is dependent on their initial margin, which is the quantity of BTC that one has to deposit prior to opening a position, as well as their maintenance margin, which refers to the BTC quantity that they ought to hold in their account to ensure that a given position remains open. Traders who wish to leverage are presented with two options including going long and going short. In this case, going long refers to opening a long position by purchasing a contract based on the belief that its value will increase. On the other hand, going short involves selling a contract based on the belief that the price will decline, with the option of purchasing back the contract at a later date when the prices are lower.
Step 1: Depositing funds into a BitMEX Account
After creating a BitMEX account, traders are required to deposit money in their account. This is done by clicking on the “Account” tab that is located at the top of the dashboard, which will allow one to access his or her wallet. Within the wallet is a “deposit” (green in color) button that should be clicked, followed by copying of the wallet address or a QR code scan. The address can then be used to deposit bitcoin into the user’s BitMEX account.
Step 2: Go to the trading page
The trade should then proceed to select the “Trade” tab on the dashboard, which will open the trading screen. The trader will then proceed to select a crypto that they wish to trade, which could be Bitcoin, Ripple, Litecoin, EOS, Ether, Bitcoin Cash, Cardano, and Tron, among others.
Step 3: Enter your position’s details
The left side of the trading screen has an Order box. The trader is supposed to choose the type of order they wish to place in this box. The diagram below shows the selection of a Market Order. After selecting the order type, the trader proceeds to enter the amount that they want to sell or buy in U.S. dollars, which is the quantity of trade.
Step 4: Set leverage
Users are provided with a slider in the Order box, as shown in the diagram below, that they use to set a level of margin that they desire for their position. Understanding the implications of the leverage, it is important for traders to exercise much caution when adjusting the margin.
Step 5: Review the transaction details
It is critical to take time and review the details entered for the transaction prior to proceeding with the transaction. In this case, the amount included in the “Quantity” field indicates the value of the trader’s position, including the leverage, in case the trader adjusted the leverage. As such, if the trade is using leverage, then the risked amount should be less than what is shown in the “Quantity” field. On the other hand, the “Cost” field shows the amount that a trader can lose in case the market prices drop. The “Order Value” demonstrates the position’s value in bitcoin.
Step 6: Opening of the position
In the case where the trader wishes to go long based on the belief that the market price will increase, they should select “Buy Market”. However, in a case where the trader believes that the market prices will decline and wishes to go short, they should select “Sell Market”. After making the appropriate selection, a screen will appear that requires confirmation of the order. All the details should be carefully reviewed by the trader before he or she clicks on “Sell” or “Buy” to confirm the order.
Start trading on BitMEX using the following link: https://www.bitmex.com/register/Q1nfNX
It is evident that BitMEX provides users with a highly interactive platform from which they can trade on all currencies, with all the payments made in Bitcoin. One of the distinctive features of the platform is leverage trading, which could prove highly beneficial for experienced traders, but a major challenge and source of magnified losses for inexperienced traders. It is important for traders to consider gaining much information about the markets prior to making leverage trades. Traders are also provided with the option of setting up limits on their trades, which minimizes the portion of their capital that they are likely to incur in terms of losses.
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If you know what you’re doing, you can make a LOT of money when prices fall in a very short period of time.
Want to know how to make these numbers as well? Get yourself a coffee, because it’ll be your life changing read on making money when the bitcoin price falls.
Thousands of people stumbled into cryptocurrencies before it’s parabolic rise at the end of 2017, and some even sold near the all-time highs.
Furthermore, a very small number of investors had the wherewithal and experience to short (bet against) the market.
While a majority saw their bags plummet, a handful of pros made some serious gains on both the bull run of 2017 and the 2018 bear market.
Looking at the gains of top traders on the platform we will cover in this guide — it is mind-boggling, to say the least.
For those who are unaware, the profits in the image above are listed in XBT, which is equivalent to BTC… That means Heavy-Autumn-Wolf is sitting at $22,411,268.65 in Profit at the time of writing.
While these results clearly aren’t the norm, the fact remains that you have access to the same set of tools and could continue building your portfolio if those tools are used correctly.
Simple exchanges like Coinbase offer a simplified user interface and an easy-to-execute process. ‘Intermediate’ exchanges, like Binance, offer more cryptocurrencies.
Advanced exchanges like BitMEX typically attract more professional traders due to the array of advanced features they offer, like short positions and leverage. This article will show you how to bet against the Bitcoin with BitMEX, but before we dive in, it’s important to understand 2 things.
Firstly, since we’re dealing with advanced financial investment features, it’s very important to understand the risks involved with advanced exchanges. If you’re unsure about something, take a step back and ‘go to school’ until you’re confident you understand what you’re doing.
Secondly, BitMEX trading platform has certain restrictions for U.S. traders.
Where Whales Make Money — Let’s Sign Up for BitMEX
BitMEX makes it extremely easy to sign up for their exchange.
Using any link to BitMEX in this article will save you 10% on trading fees for 6 months! That’s a lot and we will tell you why in a second.
To make the process as simple as possible, sign up for BitMEX now, before reading the rest of this article, so you can follow along.
First, go the BitMEX registration page, enter an email address, create a secure password (short sentences with numbers and special characters work great) select your country of residence, then enter your first and last name.
Accept the Terms of Service, then click the Register button.
You should receive a confirmation with further instructions. Then you will be directed to a verification screen, which will direct you to your email inbox.
Log into your email inbox and wait for your confirmation email.
Click the Verify My Email button and you’ll be redirected to a confirmation page, which will then redirect you to the main BitMEX trading page.
How To Make Your First Profitable Trade on BitMEX
Now that you have your account, it’s time to learn what you can do with it. Trading strategies are typically honed over many years of trial and error, and it’s common to see new and intermediate traders practice with paper trading before introducing emotion with live trading.
With that in mind, if the price of Bitcoin falls, here’s what you need to do to make your first profits.
1. Funding Your Account
First, you’ll need to deposit Bitcoin into your account.
Go to the account tab, click deposit in the menu on the left-hand side, and your exchange wallet address will be generated.
Now that you have your BitMEX wallet address, you’ll need to send BTC. If your BTC funds are coming from a smartphone, from the Coinbase app for example, you can send the funds using their QR code scanning feature.
Alternatively, you can simply copy and paste your BitMEX wallet address to send funds from your smartphone or computer.
Before sending your BTC, check to make sure the address is correct. Failure to do so could result in the loss of your funds, so make sure to check the first and last 4 characters at least, to verify you’ve entered the wallet address correctly.
Your BitMEX account will be credited after 1 confirmation on the Bitcoin network, and when the funds are available in your account, you should see a notification at the top of your screen.
2. How to Create a Short Position on BitMEX
In this step, we will teach you exactly step by step how to create a short position on BitMEXor in other words, how to bet on bitcoin price fall.
Before you jump right into entering the trade, there’s a very useful tool available that allows you to calculate relevant information with ease. This makes it simple to confirm you’re making a good trading decision, and even easier to actually enter the trade.
After everything checks out on the calculator tool, you enter and confirm your trade. Of course, this is optional but also recommended.
3. Your First Real Trade
Now that you’ve carefully calculated each segment of your trade, it’s time to purchase the contracts.
Go to the left-hand side of your screen, and under the Place Order tab, click the Market tab. This allows us to enter the market at the current price.
Next, enter the amount of contracts you wish to purchase.
The total cost in XBT will be displayed under the red Sell Market button. The funds you deposited earlier will also be displayed in the Available Balance row, right beneath your Order Value, which is determined by the Quantity of contracts entered.
Next, select the leverage you’d like to trade with. It’s worth noting that the leverage you choose will change the Cost of the contract. Try changing just the leverage to see its effect on the Cost, and notice how the Order Value remains the same.
The price at which contracts are being exchanged is different than the BitMEX Index price of Bitcoin. The contract price is displayed with large digits and will flash red or green in color depending on whether the live trade was a sell or buy, respectively.
Note: Liquidation prices are executed based on the BitMEX Index price. At this point, your trade information has been calculated and entered into your browser, and now it’s time to officially go short on Bitcoin.
After clicking the button, a confirmation box will pop up, which allows you to confirm the information entered was correct. You can also change the leverage at this stage for whatever reason.
After verifying everything is accurate, click the light blue Sell button at the bottom right-hand of the pop-up.
You should see a submission confirmation pop up at the bottom right-hand corner of your screen that looks like this:
You’ll also see green boxes pop up once the order has been filled. It’s worth noting your entry will sometimes partially fill, which will cause multiple green Order Filled boxes to pop up until the entire order is filled.
Congrats! You’ve just shorted Bitcoin.
Now that you know how to make a short position, let’s learn how to close it.
How to Close a Short Position on BitMEX
Since entering your short position required you to contractually sell the market, to exit your position, you’ll need to buy the market.
You’ll want to exit the market for 1 of 2 reasons: either you’ve made enough profit or lost too much and want to avoid liquidation. You can easily keep track of how well your trades are doing near the bottom of your dashboard or on the left-hand side of your screen.
Once you decide it’s time to exit, there are 2 different ways to do so, and BitMEX makes both of them very easy to complete.
First, let’s look at where on your screen it will happen. Take a look at the red box, highlighting the bottom right-hand corner of your screen.
Both methods of closing your order are located in this box. You can either close at the current market price or enter a specific price you’d like to close it at.
Take a closer look below.
Market Close
By clicking the red Market button, you’ll exit the market at the current market price. This is called a Market Close.
Click the light blue Market Close Position Button to exit the market.
Next, you’ll see an Order Submission box pop up on the bottom right-hand corner of your screen, with green Order Filled boxes popping up as your contracts are bought.
Limit Close
Alternatively, by entering a number in the text field to the left of the gray Close button, you’ll choose the price you want to exit the market at. This is known as a Limit Close.
Enter your desired exit price in the text input field and click the gray Close button. You’ll then be prompted with a confirmation box.
Click the light blue Limit Close Position button to set the price you’ll exit the market.
After you set your Limit Close Position, you’ll see a confirmation pop up in the bottom right-hand corner of your screen.
It’s worth noting you can easily cancel your Limit Close by clicking the little red ‘x’ button in the Close Position section of your dashboard.
Keeping Track of Your Positions
From position entry to exit, your trading information is conveniently stored directly on the dashboard.
For example, you can keep track of all your orders with the Order History tab.
Click through 6 tabs in the same box you used to close your order to get comfortable with all the information provided.
Simple as that! Now you’re familiar with how to make and close a short position on BitMEX.
If you want to bet on the Bitcoin price rise, you can easily open your long position by going through the same process but the difference is that you have to press the green button as marked below in yellow.
Congrats! You’ve successfully signed up for BitMEX, created and closed a short position.
How To Open A BitMEX Account?
Use the following link to open the BitMEX account:https://www.bitmex.com/register/Q1nfNX
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Other Related Bitcoin Topics:
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The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
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This tipping point: QCX announces Gerry's death and says they can't access funds:
https://www.quadrigacx.com/gerald-cotten
News/media/blogs:
Court grants QCX creditor protection, names Ernst and Young as monitor:
https://bitcoinmagazine.com/articles/court-grants-quadrigacx-bankruptcy-protection/
Creditors start mounting legal action, representation is split between four firms which the Nova Scotia court will have to choose from:
Globe and Mail's overview of Gerry's assets:
In first report as monitor, EY reveals that QCX sent $460k to cold wallets "inadvertently"; EY seizes rest of funds in hot wallet to put in a cold wallet that it controls and takes over the de-encryption process for Gerry's hardware:
https://bitcoinmagazine.com/articles/court-grants-quadrigacx-bankruptcy-protection/
Industry professionals in disbelief that QCX moved ~$500k to "lost" cold wallet:
Blockchain anlysis reportedly identifies 5 bitcoin addresses for QCX (CoinDesk, I believe, claims these are cold--ProofofResearch, though, has refuted this research):
https://www.coindesk.com/blockchain-analysis-ties-5-bitcoin-addresses-to-quadrigacx-exchange
Jen Robertson moves four properties into trust:
QCX clients report deposits from RNC Inc., a company tied to Jen, and hard-cash received in the mail:
Judge delays decision on choosing creditor's legal counsel:
Jen sells Kinross property, (possibly) yacht:
Chronicle Herald discusses skepticism around Gerry's death, citing India death certificate scams:
https://twitter.com/MitchAirey/status/1096509683089752064
A really, really well researched and in-depth piece by Globe and Mail where they travel to India to investigate Cotten's death:
Amy Castor's timeline of events (good resource for keeping all of the info in line/the timeline straight):
https://amycastor.com/2019/02/12/how-the-hell-did-we-get-here-a-timeline-of-quadrigacx-events/
Blockchain Analysis/Research:
"Quadriga Was Never Legitimate":
https://medium.com/coinmonks/quadrigacx-was-never-legitimate-e17c98d6c46f
ProofofReasearch argues that there never were cold wallets:
https://blog.zerononcense.com/2019/02/04/quadrigacx-chain-analysis-report-pt-1-bitcoin-wallets
Going even further, PoR ties Quadriga's wallet activity to a handful of illegal markets:
Taylor Monahan's chain analysis for Ethereum that, in part, corroborates ProofOfResarch's findings:
https://docs.google.com/spreadsheets/d/184W71QFKyJsCzd5oX16VFb8i5YGg_1QdlBCLDo507qM/edit?usp=sharing
And lastly, a bit of fun courtesy of Mitch Airey:
https://twitter.com/MitchAirey/status/1096509683089752064
If I left anything important out, please let me know
Couldn't crosspost from r/QuadrigaCX, so here it is again:
This tipping point: QCX announces Gerry's death and says they can't access funds:
https://www.quadrigacx.com/gerald-cotten
News/media/blogs:
Court grants QCX creditor protection, names Ernst and Young as monitor:
https://bitcoinmagazine.com/articles/court-grants-quadrigacx-bankruptcy-protection/
Creditors start mounting legal action, representation is split between four firms which the Nova Scotia court will have to choose from:
Globe and Mail's overview of Gerry's assets:
In first report as monitor, EY reveals that QCX sent $460k to cold wallets "inadvertently"; EY seizes rest of funds in hot wallet to put in a cold wallet that it controls and takes over the de-encryption process for Gerry's hardware:
https://bitcoinmagazine.com/articles/court-grants-quadrigacx-bankruptcy-protection/
Industry professionals in disbelief that QCX moved ~$500k to "lost" cold wallet:
Blockchain anlysis reportedly identifies 5 bitcoin addresses for QCX (CoinDesk, I believe, claims these are cold--ProofofResearch, though, has refuted this research):
https://www.coindesk.com/blockchain-analysis-ties-5-bitcoin-addresses-to-quadrigacx-exchange
Jen Robertson moves four properties into trust:
QCX clients report deposits from RNC Inc., a company tied to Jen, and hard-cash received in the mail:
Judge delays decision on choosing creditor's legal counsel:
Jen sells Kinross property, (possibly) yacht:
Chronicle Herald discusses skepticism around Gerry's death, citing India death certificate scams:
https://twitter.com/MitchAirey/status/1096509683089752064
A really, really well researched and in-depth piece by Globe and Mail where they travel to India to investigate Cotten's death:
Amy Castor's timeline of events (good resource for keeping all of the info in line/the timeline straight):
https://amycastor.com/2019/02/12/how-the-hell-did-we-get-here-a-timeline-of-quadrigacx-events/
Blockchain Analysis/Research:
"Quadriga Was Never Legitimate":
https://medium.com/coinmonks/quadrigacx-was-never-legitimate-e17c98d6c46f
ProofofReasearch argues that there never were cold wallets:
https://blog.zerononcense.com/2019/02/04/quadrigacx-chain-analysis-report-pt-1-bitcoin-wallets
Going even further, PoR ties Quadriga's wallet activity to a handful of illegal markets:
Taylor Monahan's chain analysis for Ethereum that, in part, corroborates ProofOfResarch's findings:
https://docs.google.com/spreadsheets/d/184W71QFKyJsCzd5oX16VFb8i5YGg_1QdlBCLDo507qM/edit?usp=sharing
And lastly, a bit of fun courtesy of Mitch Airey:
https://twitter.com/MitchAirey/status/1096509683089752064
If I left anything important out, please let me know
