BitMake: The Crypto Trading Platform Game Changer
Bitcoin hit $31,000 this week after rising steadily since the beginning of 2023.
This is a clear indication that the crypto market is on the rise again after a brutal bear season that saw Bitcoin drop to a low of $15,000. Several other coins have doubled and even tripled in value since. Crypto is clearly the future of money.
There are several crypto exchanges in the market where you can buy some Bitcoin and trade other tokens and coins. Having been trading crypto for a few years now, I make sure to check out new platforms to keep myself updated on innovations in the industry. The recently launched CEX BitMake is a game changer.
Launched in July 2022, BitMake improves a lot on what other crypto exchanges in the market are offering.
It offers professional traders innovative design, interactive user experience, and a simplified account structure.
You can trade on the spot market, trade using margin, trade perpetual futures contracts, and management lending.
Its game-changer feature is a unified trading account.
Unified Trading Account
The unified account function on BitMake allows a trader to trade from a single account as opposed to several other exchanges such as Binance where one has to transfer funds from one account to another.
On BitMake one can trade spot, margin, and perpetual futures using one single account.
If you had your funds on the spot market, for example, to trade margin or futures in a nonunified account you would need to transfer funds from the spot account to the other account. This can be time-wasting from experience. The seconds or minutes it takes to complete such a transfer can cause one to miss out on potential profits as crypto markets move fast.
The unified trading account on BitMake consolidates all trader funds into a single account making trading across different markets fast, simple, and more convenient. This could translate to better profits due to the speed and ease of trading.
It also helps when using collateral to trade as it allows a trader to use their full account. This gives a trader higher collateral and helps avoid liquidation since the risk is spread in the unified trading account.
On BitMake too, a trader can borrow funds automatically when trading, and can also over withdraw which makes trading even more convenient.
A unified trading account on BitMake
- Is more convenient and flexible
- Removes the need for fund transfers within the platform
- Reduces the risk of liquidation
- Helps a trader maximize their capital utilisation
- Could lead to better profits
Risk Management
BitMake uses USDT as its settlement standard when trading perpetual futures contracts on its unified trading account.
The high volatility of crypto markets makes it a high-risk high-reward venture. Remember that the unified account allows a trader to spread their risk by using all the funds in their account as collateral, therefore reducing the risk of liquidation or avoiding it entirely. This helps in ensuring that in the event that a trade goes badly against a trader, they do not lose all their capital in a liquidation.
On BitMake also, in case a trade goes badly against a trader, forced liquidation is triggered only when the risk rate reaches 100%.
BitMake also converts unrealised profits and losses of traders’ current positions into realized profits and losses daily at 00:00 UTC during the automatic position settlement.
Professional services
The platform’s other key game-changing feature is its innovativeness in professional services targeting professional traders.
On BitMake, professional traders can create upto five sub accounts and upto five sub users.
This flexibility in the account system helps them isolate their risk and helps them have greater control over their fund management.
Its powerful API function of 10ms which is available for VIP improves accuracy when trading and further secures fund security.
For lower fees and reduced trading costs, institutional traders can also apply for certification on BitMake’s official website.
Excess Withdrawal
BitMake also allows traders to withdraw more than their available balance by using their assets as collateral.
This helps traders
- By reducing the transaction costs of currency exchange
- Increasing flexibility through allowing easy withdrawals
- Helps traders manage their assets better and improves their utilisation of them.
The crypto industry is fast-paced. And even though launched recently, BitMake has managed to make a name for itself through its innovative game-changing products, particularly in the derivatives field, its professional services, and its unified trading account.
The platform has also managed to acquire some significant market share evidenced by its daily trade volumes, particularly in the derivatives market which is projected to keep rising in the current bull season.
Creating an account is simple and fast as I was able to create an account within seconds.
After creating an account you can complete the KYC process by uploading your documents inorder to verify your identity.
How To Trade on BitMake
1. Deposit funds
Before beginning to trade, furnish your account with funds.
Simply click on 'deposit' available on homepage and select your preferred deposit address. Ensure that you also select the matching network to avoid losing your funds.
2. Choose to trade spot or futures
With a variety of trading pairs to choose from, decide whether to trade spot or futures.
It is recommended that beginners begin to trade on the spot market before proceeding to using leverage which is riskier.
3. Identity a pair to trade
To turn in profits a trader who is scalping should select a pair that is at the beginning of a rise for spot trading and when trading long on futures. They can also buy the dip and wait for the pair to rise. A trader can also make profits buying one that is falling by shorting in futures trading.
A good trading strategy and a thorough understanding of fundamental and technical analysis will help a trader identify profitable entry and exit points.
4. Place an order
You can place a market order, limit, or stop-limit order etc.
A market order gets you the best available price at the moment while a limit and stop limit orders allow you to select the specific entry and exit points you would wish.
After selecting the pair and your order type, to enter a trade, click 'buy’. To exit the trade click 'sell’.
When spot trading you can borrow up to 10x your principal.
5. Futures trading
When trading futures on BitMake a trader can adjust their leverage up to 125x.
Even when using a unified trading account to mitigate risk it is advisable that a trader sticks to the leverage amount they can handle based on market conditions.
BitMake’s user interface is superb and well organised making it easy for users even beginners to navigate through. Exploring the platform has been a crisp experience for me. Among these reasons I particularly love the non crowded nature of its interface which makes performing transactions there fast and efficient. It also reduces distraction and allows traders to focus on trading.
Make sure to check out BitMake today.
This is story is a sponsored post. It may also contain the personal opinions of the author and is intended for guidance and informational purposes only and should not be taken as professional advice. Please do your own research by checking out the platform and take charge of your own trades.
