Bit.com cryptocurrency derivatives
What is Bit.com?
Bit.com is a relatively new exchange launched on August 3, 2020 by Matrixport, a Singapore-based full-service financial services company.
Founded in February 2019, Matrixport was a subsidiary of Bitmain Technologies, the world's largest mining hardware manufacturer, and backed by a league of leading investors such as Jihan Wu, John Ge, Standard Crypto, IDG Capital, Lightspeed Venture Partners, Polychain, Dragonfly Capital, and Paradigm.
Since the founding of Matrixport, the company has expanded its presence in the Asia-Pacific region, Europe and Russia, providing a wide range of products and services, including OTC trading, financial solutions, qualified institutional custody ("Cactus Custody") and numerous innovative market and investment products.
Bit.com was created with an institutional level of security and risk management to deliver superior trading with best-in-class liquidity. BTC / USD perpetual swap was launched on August 3, 2020, and BTC options were launched on August 17, 2020. Later, the platform added futures and options to other popular tokens.
Bit.com serves a wide range of institutional and retail clients including miners, primary brokerage firms, hedge funds and professional traders from around the world. This broad client base helps the company represent each of the parties, as well as provide the lowest spreads, the best customer service and access to all trades and strategies.
Bit.com is built on a state-of-the-art 10,000 TPS order matching mechanism with less than 50ms round trip latency. This speed of order execution will expand trading opportunities for both private and institutional traders.
In addition to ensuring smooth trading, Bit.com has developed user protection as a core value. The platform also has a 200 BTC insurance fund (one of the largest among new exchanges).
The Bit.com derivatives trading platform also implements a phase-out mechanism to provide additional protection to users in extreme market conditions. This robust risk management framework has been built by a team of the best derivatives, risk management and top technical experts worldwide.
What are crypto derivatives?
A derivative is a type of agreement (transaction) based on the potential value of a certain valuable asset. In the digital money market, the underlying asset is cryptocurrency.
A derivative financial instrument does not mean the asset itself (cryptocurrency) that underlies such a contract, but only the right to perform actions with this asset. This is one of the fundamental differences between the spot market and the derivatives market: in the spot market, if you bought a token, then you own it - you can sell it, donate it and perform other actions.
Such manipulations cannot be performed with a derivative until the contract expires and the underlying asset is delivered to you. At the same time, perpetual futures are now actively traded on the crypto market, which, in fact, do not have a maturity date.
How to trade Bit.com derivatives in India?
It's easy to start trading on Bit.com derivatives in India. To do this, you need to register an account. You then have access to all the features of the marketplace and can trade Bit.com derivatives in India.
How to register?
The registration process on the Bit.com derivatives trading platform is quite simple and does not differ from other exchanges.
On the main page, click the register button. Next, you need to fill out the registration form and specify the mailbox. After that, a confirmation code will be sent to the mail. Enter it in the appropriate line and click Sign Up. Registration on Bit.com derivatives trading platform is now complete.
For the security of your account, it is highly recommended that you use two-factor authentication (SMS verification or Google authentication). Thanks to this, you will significantly increase the security of your account and protect it from unauthorized access by third parties.
How to open a demo account?
The Bit.com cryptocurrency derivatives trading platform does not currently support demo trading.
Perhaps this function will be added in the future, but so far there is no information on the official website of the exchange. Therefore, if you decide to use Bit.com derivatives trading on a demo account, then you are better off using the services of other exchanges that support this feature.
How to replenish a deposit?
To replenish your trading account, you need to go to the Spot section. In the upper right corner there is a large Deposit button. By clicking on it, you will be taken to the page for replenishing your trading account. Here you need to select the asset and the corresponding network (if necessary) to which you want to deposit. Copy the address or scan the QR code to get the deposit address to complete the transaction.
After completing the transfer, you can check your balance on the left side of the Bit.com derivatives trading platform page.
Minimum deposit amount
Bit.com does not charge any deposit fees for cryptocurrencies. To withdraw cryptocurrencies from Bit.com to other platforms or wallet addresses, a flat transaction fee per block is required. Detailed information on fees is available on the Bit.com cryptocurrency derivatives trading platform.
Also, the minimum amount of deposit and withdrawal of funds varies depending on the type of cryptocurrency. For example, for Bitcoin, the minimum deposit amount is 0.00001, and the minimum withdrawal amount is 0.0005.
For Ethereum, the minimum deposit amount is 0.0005 and the minimum withdrawal amount is 0.05.
How to withdraw money?
Withdrawing funds from the Bit.com cryptocurrency derivatives trading platform is as easy as making one.
You can withdraw funds from the trading platform in the Spot section. In your personal account in the upper right corner, click the "Withdraw funds" button. Select the coin you want to withdraw and click the “Withdraw funds” button. Next, enter the amount and enter the address.
Bit.com derivatives list
At the moment, the platform has a rather meager selection of trading instruments. The exchange was created only in 2020 and is at the stage of active development. Therefore, the platform is significantly inferior to other platforms in terms of the number of traded instruments. You should know this before you start trading on Bit.com crypto derivatives in India. If you need a large set of tools, then Bit.com is not for you.
Currently, the platform supports options and futures for BTCUSD, ETHUSD and BCHUSD.
Perhaps in the future, the list of instruments will be expanded and trading on Bit.com crypto derivatives in India will become more attractive.
How does Bit.com crypto derivatives trading work?
In general, the Bit.com crypto derivatives trading platform has fairly convenient functionality. It is intuitive and not very different from the competition. This is good for advanced users who have previously worked with other platforms. They can easily start Bit.com crypto derivatives trading.
For futures trading, Bit.com cryptocurrency derivatives trading offers a fairly wide range of order types:
- Market order. It is usually executed immediately and can lead to price slippage when the volume / amount of the order is large.
- Limit order. A limit order is an order to buy or sell at a specific price. Limit order execution is not guaranteed.
Bit.com offers three different limit order options: Good Till Cancellation (GTC), Fill or Kill (FOK), Immediate or Cancel (IOC):
- A Good Till Cancellation (GTC) order is a type of limit order placed by a trader to buy or sell at a specified price, which remains active until canceled by the trader.
- Fill or Kill (FOK). FOKs must be executed immediately and in full at the limit price or higher, or not executed at all, which means that FOK orders cannot be partially executed.
- Immediate or Cancel (IOC). An IOC is a buy or sell at a price limit that is executed in whole or in part immediately and cancels any unfulfilled portion of an order.
Alternatives to Bit.com cryptocurrency derivatives
There is a lot of competition among cryptocurrency derivatives exchanges. This is a positive moment, since high competition makes trading platforms move forward, introduce new functions and solutions, increase speed, quality of service, improve trading conditions, etc. Only in this case the trading platform can survive in this market.
Bit.com is a young exchange, so it has a tough time. It initially loses a lot in the competition compared to such giants as:
3. Huobi Global,
4. Coinbase and others.
Nevertheless, Bit.com offers its customers certain advantages that force users to make a choice in favor of this platform.
The site offers high protection and security, fast and high-quality order execution and excellent trading conditions. All of these factors drive interest in the site, and many users choose to trade on Bit.com cryptocurrency derivatives in India.
But if factors such as the number of instruments available for trading or the presence of a large number of additional services and functions on the exchange are more priority for you, then Bit.com is not your option. In this case, you should take a closer look at the trading platforms from the top 10. They have been on the market for a long time and offer a wide range of tools and functionality that is not yet available on Bit.com.