What's up guys and welcome back to another video? So in today's! Video! We're, going to be going over a full guide on the by bit exchange. This basically allows you to margin trade with Bitcoin and other assets as well, so it's, going to be a full beginner's guide and also intermediate guide on the by bit exchange.
I'm, going to show you how to create your account, how to fund your account how to go ahead and set up a long or a short position. On Bitcoin, we're, going to be going over some of the leverage options that you have with by a bit and a little bit of inside information about how you should be trading with by bit to make a profit that's.
Whether you're going long or whether you're going short, so sit back, relax. This video is gonna, be about ten minutes long and it's, going to teach you a to Zed. Absolutely everything you need to know about by bit, so after this video you can make your account and go ahead and start trading profitably.
So without further ado, I'm going to disappear. I'm just going to have the full screen available, so my camera face isn't interfering everything sit back, relax and enjoy the video all right guys. So now we are in the computer.
Let's. Take a look at by bits, so the first thing you're gonna want to do is open up by bit. So in the video you're watching now, simply scroll down and in the description or in the comments it's. Gon na have a link and it's.
Gon na allow you to get a bonus when you sign up it. Doesn't cost you anything and it helps out the channel. So there's, pretty much. No reason why you shouldn't use it. You're, getting free money. Why not use it? So click the link down below and it's.
Gon na. Take you to this page. All you do is type in an email and a password, or you can use mobile registration after you & # 39. Ve done that you're gonna be entered into your account and then simply you have to fund your account.
So the funds, your account once you've logged in confirmed your account and everything all you have to do - is come up here and go on my assets. Now, when you click on my assets, it's. Gon na show 0 0.
0. 0. I obviously have some funding in my account right now, but all you have to do to fund it. If you want to fund BGC, which I recommend you simply go to deposit click on deposit and you're, going to get a BTC address, come up, you just simply copy it to your clipboard like so, and then you paste it in to wherever Your BTC wallet is whether it's on another exchange, whether it's, a ledger, razor Exodus, whatever it may be, you just simply send the Bitcoin the BTC to this address.
Then you wait a few minutes, maybe 10 minutes for the big con transaction to confirm and you're, going to see an account balance here in your account. Now this account balance is live, so you can see the price going up and down as the market moves.
So the first thing you're going to want to do is enable two-factor authentication. This is really really easy to do. You just go into your account account on security and an enable 2fa. It's. A Google authentication app it's.
Gon na give you an extra added level of security for your account, which I highly recommend once you've done that all you have to do is go over to trade and it's. Gon na bring you to a screen like this now do not get scared.
You don't get worried. I know there's, a lot of stuff going on here and if you're a beginner, it definitely can look a bit daunting. However, if you use an exchange before like buying outs like coin based Pro like big tracks, whatever it may be, this is pretty much the same principle.
Apart from here, we have the option to trade with leverage, which is why we're interested in this video and this platform. So over here on the Left, we have the the chart here, powered by trading view.
I don't actually use this chart at all. If I want to do some price analysis, I'll, go to trading view calm and we can, and you can look at the analysis and it's. Basically, a full-screen chart and it's just way easier to use, and then I'll go back over to buy bit to fulfill my order, the chart.
That is useful, though, if you just want to take a quick look over here, we have the order book. These are all the people who want to sell Bitcoin. These are all the people who want to buy Bitcoin over here.
We have where you actually would make it for order. It's, the order area we have limits, which is basically a limit by you, set what price you want to buy at, for example, if the price right now is 8208, the market price - maybe you don't want to buy at This price - maybe you want to buy eight thousand two hundred - you would simply just type in eight thousand two hundred, but we're gonna get that into that.
A little bit later in the video market price is basically you just buy at whatever price the market is. I don't recommend using this, because there is, there are higher fees when you use this, so I always recommend using limit.
But if you really want to just rush into the market for some reason which I don't advise, can use a market the market. By here I always recommend a limit, as the fees are less and you can kind of customize and control your order, a lot more so below that we have the leverage.
When you first join your account, it will start on 1x and you can just simply slide it up to 2x slide it up to 3 X, 5 X, 10x, 100x, or you can click this little pencil here and you can go to like 17 X.
If you want or whatever it may be, you can customize it. So it's, really really easy to use. You just simply slide the leverage meter. One thing about leverage I want to get into is that I personally wouldn't recommend trading more than 10x unless you are a seasoned trader, if it's, your first time probably use three or five, maybe even less, but I'm just gonna go over a brief description about the leverage box here and then we're gonna get into a live trade.
So first of all, your account is gonna start on 1x leverage. I'm gonna use an example here that you have one Bitcoin. Now you do not need one Bitcoin to be to start trading. You can start trading with very, very a very little amount because you're leveraged trading.
You kind of you're allowed to trade with more Bitcoin than you actually have. So you don't actually need that much to get started. But I'm gonna use the example of one Bitcoin, because it just makes the math way easier.
So when you're trading with 1x leverage that's like you're trading with warm Bitcoin there's, pretty much no point doing this, because you can just do that on another exchange. 2X. You're trading with you're trading with your one Bitcoin, but you're trading with, like you have to Bitcoin.
3 3x is like you have 3 Bitcoin 5 X, like you have 5 Bitcoin and 10 X is like you have 10 Bitcoin, so you're only trading with one Bitcoin that you have, but if you put it on 10 X, the power of Your trades is, like you have 10 Bitcoin, because you're trading 10 X.
So, for example, if the market goes up, if the market goes up 1 %, let's. Let's use this very example. If you're on 1 X and the market goes up 1 %, you make a 1 % game. If the market goes up 1 % and you're on 10x, you make a 10 % game.
If you start to understand where that is same with losses, if the market, if you're on 1x, the market goes down 1 %. You make a 1 % loss. If it's on 10x, the market goes down 1 %. You make a 10 % loss, so I'm gonna use 10x for this example, and we're gonna go ahead and make an order.
So we can see right here. The price I'm, really not going to be making this order to make a profitable trade. I'm just making this order simply for the purpose of this video if it makes a profit cool if it makes a loss that's.
Fine, I'm just using it for this video, so we can see right here. We have the order book. This is all the people who want to sell Bitcoin at the price. This is all the people who want to buy a Bitcoin at this price.
We have the price of by -- but Bitcoin. Then we have the market price a Bitcoin, and you can see this about there's, usually a little bit of discrepancy here. Usually about a dollar, something like that, maybe a little bit less, we're gonna go with 10x leverage.
Here we're, then going to go down to. We can choose a price you want to buy up just for the ease. I'm gonna go with this. I'm, then gonna go ahead and long Bitcoin, which means when you long Bitcoin it means you think the price is gonna go up.
If you short, brick Bitcoin means the price. You think the price is gonna go down, so I've set the quantity to 50 % and of my available account. Balance is 0.5 Bitcoin, but because I & # 39, ve set the thing to 50 %.
It's like I'm trading with 2.5, a Bitcoin. If I set it to 100 %, we can see that it & # 39. S like I'm trading with 5 Bitcoin. So, even though my account balance is only 0.5 Bitcoin, I can trade as if I have nearly 5 Bitcoin.
However, I'm. Just gonna go with 25 % for now, so I'm trading like I have $ 10,000 right now. My entry price is gonna be 207. Maybe not! I'm gonna go ahead and put 2 0 4. I'm gonna put sell short click on this.
Like so, and then we're gonna. Have this box the box that pops up now this is pretty interesting here we can allow to use a take profit and we can use a stop loss as well. This is something that something like bit tracks it has, but it's, just not as easy to use it's way easy to use on this.
We can put 25 percent. So when Bitcoin reaches 8,000, that's. When I will make twenty-five percent profit, the price currently now is at eight thousand two hundred and four or something like that. Depending if it's changed or not stop-loss, I can put five percent.
So if the price goes up to eight thousand two hundred and forty five, that's, where my stop-loss will activate so we can see. The price now is at eight thousand two hundred and four dollars, and it only has to go up forty dollars from YouTube for my five percent stop-loss to hit so that's.
Not actually that much. To be honest, the order value here is one point two four BTC because I chose I believe it chose 25 % of my balance and what it's costing me is 0.12 bitcoins, so I'm trading is, if I have one Point two four, and it's, costing me 0.
12, that's. The available account balance position 10x leverage position executed. This is the ten thousand two hundred and twenty dollars. I'm, going to be trading with take profit. Is here, stop-loss is set here: market price right now is two hundred and eleven dollars.
So I'm, pretty sure I would already be not doing too great there because the price has gone up. So I made changes before I execute the order. Extra mated liquidation price - this is very, very important.
You need to be paying attention to this. This is the price. If the market price hits this, I will lose all the money I've been traded with. Liquidation basically means you lose everything. So let's, say, for example, the Bitcoin hits nine thousand and sixty five dollars.
I will lose everything I will lose this amount here: 0.12 Bitcoin. If the market hits this price, now that's, why we've set a stop loss because the market it's, not gonna. I'm, not going to be liquidated because I've set a 5 % stop loss on this.
You can also set a 15 %, stop loss and so on and so on. Here it says price until liquidated, I have 800 or there is an 853 dollar leeway until the price actually gets or liquidated, so that's, pretty much it for this.
I'm gonna go ahead and hit confirm. All of us. Emissions failed that's, probably because the price has changed for going here and click. This go on short all we can do long, it doesn't. It doesn't really matter.
I'm, just you doing it for the purpose off of this video, let's. Do that and that we can see. This is changed again. All the prices at that price. 10X, the liquidation price - this is something you always need to be: checking gonna go ahead and click confirm and we see the order has been submitted.
Now all we need to do is scroll down and it's on active here, and we can see that this actually hasn't published as a position right now and we can see there, we go order has been fulfilled and the Order is active, so we can see here in positions has actually been activated.
The liquidation price is 7500. I'm on 10x leverage. I'm. My personal funds that I'm trading with is 0.125 Bitcoin, but I'm trading as if I have nearly 10,000 bitcoins, I'm on 10x leverage. You can see the unrealized profit and loss over here.
If you hover over this, it's, actually going to show you the market price. If you hover over it, that will be the market price. If you move your cursor over, that is a buy bit price. We can see over here the profit or loss on the day and also the the stop loss and take profit over here.
Let's, say for example, we want to go ahead and do a market sell. That will just completely sell your your position at the market price or we can do a limit sell, which you can do as well. So I'm just gonna let this run for a few minutes, see where it goes.
I'm, not expecting anything, because this is just simply for the purpose of this video, so I'll, get back with you in just a few minutes. I thought it should be in just a few minutes and you can see. I can already retire from this trade.
It's. A six dollar profit pretty much. I'm gonna go ahead and click market sell. This is gonna sell. I'm just going to click, confirm it's, going to close out the position and we can go over to closed and see the profit and all you have to do if you want to work out your profit.
This is the way I do it. You just simply copy and paste this here go over to google and type BTC to USD and paste it in there and look at that guys. I made four dollars profit. This was already worth it I mean come.
I can retire no, but in all seriousness it's, really good to margin trade. Actually, if you kind of get a an incline for it and learn it a little bit there's, a lot of potential profit to be made from it, so that's, pretty much it for this video guys.
If you do have any comments, questions or concerns, definitely let me know down below in the comment section. Also don't forget to scroll down on the video use. The limited time offer you can get up to $ 200 free.
I believe, with a current promotion, use the affiliate link here and help out the channel. That would be absolutely great thanks for watching this video guys. I'll catch you in the next one and good luck with your margin: trades, [, Music, ], [, Music, ]