I recently wrote an answer to How can I trade cryptocurrency profitably?
It was one of my first answer on Quora and it got 7k views in just 7 days. so I thought I’d share my story of margin trading.
I started buying my first bitcoin when it was less than 400$.
Since then, I’ve evolved as a trader and the tools I used have also evolved.
- As a beginner - Bitfinex
I used to trade at Bitfinex for a long time. If you’re a beginner, I’ll suggest you should create an account and start margin trading on Bitfinex. It’s faily simple and you’ll understand what is margin trading.
What is Margin Trading, you ask?
According to Investopedia, Margin trading refers to the practice of using borrowed funds from a broker to trade a financial asset, which forms the collateral for the loan from the broker
You borrow funds from exchange by depositing some money (either USD or BTC) into your margin wallet. The funds you get are a multiple of money deposited.
- As an evolved trader - Bitmex
After I started earning some hundred/thousand dollars everyday trading on Bitfinex, I was happy but I wanted more.
Bitmex provided me that.
Bitmex gives you 100X leverage on your deposits - which means, if I deposit 1 BTC, I can trade with 100BTC of money. This gave me wings. For just a measly 5% increase, I was earning 500% money.
So now, I trade on Bitmexhttps://www.bitmex.com/register/qsALhX now and you can too - you should seriously consider signing up - https://www.bitmex.com/register/qsALhX (10% fee discount for first 6 months)
I hope I answered your question. I wish you good luck trading. Remember, perseverance is the key.
I still make bad trades but I learn and make sure I don’t do the same mistake again. :)
You can follow me on twitter to see what trades I’m doing :)
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