The cryptocurrency exchange Bithoven is already offering margin trading services for users on its platform. The exchange wants to remain competitive in the crypto market and attract new users. This announcement was made by the exchange a few days ago.
Crypto Exchange Bithoven Launches Margin Trading
Bithoven’s users have been requesting for several months the implementation of margin trading to the exchange. With this new feature, individuals will be able to improve their trading strategies and increase their profits.
With the use of the latest MetaTrader 5, traders will have access to a large number of charts, timeframes and many other features such as market depth. Furthermore, they are also going to be able to trade larger amounts of virtual currencies with small capital. Although margin trading can be very profitable if used properly and by advanced traders, a wrong decision could result in the loss of all the funds the user had.
At the moment, the maximum leverage level for margin trading is 1:20. That means that it is possible to deposit just 0.1 BTC and trade with 2 BTC. Users can bet on the market going up opening a long position, or falling, which is called a short position.
In order for users without experience to learn how to trade with leverage, they can open a free demo margin trading account that would allow them to gain experience without being worried about the risks involved with this activity. Moreover, they can polish their strategies and learn how to improve their trades in a market that is highly volatile.
The exchange is also not imposing maximum trading limits for margin trading on Bithoven and all the currencies are going to be denominated in BTC, the largest and most valuable currency in the market. As the exchange expands, new cryptos could be added in the future to cover all the demands from clients The crypto platform also allows for the use of trading robots/expert advisors, allowing trading to be more fluent, scalable and personalized.
There are going to be fourteen different trading pairs with margin trading enabled, including the following: BTC/USD, ETH/USD, LTC/USD, XMR/USD, BCH/USD, ZEC/USD, DASH/USD, XRP/USD, EOS/USD, BCH/BTC, DASH/BTC, ETH/BTC, XMR/BTC and ZEC/BTC. In the future, many other trading pairs could be supported by the recently added feature.
Another strong point of the exchange is related to the services that it offers to users. The margin trading is not only going to be available for web traders but also those using desktop and smartphone versions of the platform. Their multi-platform approach and a 24/7 customer service make of Bithoven a great exchange where users can trade virtual currencies.
It is worth mentioning that the trading with margin is very risky due to the volatility in the cryptocurrency space. The market tends to fluctuate every single day and in just a matter of hours, the price of a virtual currency could skyrocket or fall 20%.
U.S. residents are not allowed to use the new margin trading service.
