This guide will focus on USD-margined futures, but the exchange also supports coin-margined contracts where the denomination is in cryptocurrency.
This is what the trading interface looks like:
Although similar, you will notice some differences, especially above the order fields. This is where you can select the type of margin you want to use, as well as the leverage.
It’s worth noting that the platform doesn’t support manual leverage changes, but rather the leverage is automatically decreased as you increase your position size. More information on this can be found here.
Using high leverage is particularly risky, and it’s not advised for beginners. Advanced traders employ very strict risk management. Leverage trading carries a serious risk of capital loss, and you should never risk more than what you can afford to lose.
Futures trading also supports limit and market orders.
How to Open a Position?
To open a position with a market order, simply fill out exactly how much BTC you want to buy using the automatically assigned leverage.
As soon as you hit the BUY button, the position will open.
How to Close a Position?
You can once again monitor the position below the chart:
As soon as you hit the Instant Close button, the position will close.
Here, you will also find important stats such as your entry details, PNL, ROI, as well as the initial and maintenance margin.
BIT uses a tiered approach based on the trading volume of the user. You may refer here for the trading fee