Currency Economy

This Platform Lets Newbies Copy Experienced Crypto Traders

Cryptocurrency31 minutes ago (Mar 08, 2021 01:00AM ET)

This Platform Lets Newbies Copy Experienced Crypto Traders

Like any new task, crypto trading can be daunting and confusing. However, it can also be fun and highly rewarding. As a concept crypto is fairly young having only been started in 2009. As a young sphere, crypto is still evolving and thus subject to many changes and volatility.

There are many different kinds of cryptos of which Bitcoin (BTC) is the most popular. Recently, the BTC market cap surpassed $1 trillion. This means that Bitcoin now has the 8th highest-ranking market cap which is higher than Facebook (NASDAQ:FB), Tesla (NASDAQ:TSLA), and Samsung (KS:005930).

In addition, Bitcoin is trading $50,929.63, at the time of writing. This is after the BTC price dropped a bit since reaching an ATH of $58,640.77 on February 21. As such, the price of Bitcoin and other top cryptos like Ethereum make them out of reach for the average investor.

In addition, the volatility of all cryptos makes them a risky investment. Thus, exchanges like Bingbon offer investors access to derivatives as an alternative way to gain exposure to their favourite cryptos.

Derivatives are a type of traded security and contract that gets their value from an underlying asset. The underlying asset can be a commodity, currency, or even other securities. In this case, crypto derivatives get their value from cryptos.

Newbie Problems Solved: Introducing Copy Trading

Apart from crypto being a tricky concept to initially grasp, trading can also take a while to master. In addition, most trading platforms are geared towards expert traders and have interfaces that are not newbie-friendly. This means that most newbie investors take a long time to master crypto trading.

Though experience might be the best teacher, in crypto trading, learning from your mistakes can be costly. In fact, derivatives like options can offer an unlimited profit position provided the market price is higher than the contract price, but short selling can also result in an unlimited loss position.

However, exchanges like Bingbon help mitigate this risk that comes from learning to trade. Bingbon reduces the risk for newbie traders by using trading strategies like copy trading and by utilizing a beginner-friendly interface.

Copy trading works in a way that you can connect your portfolio to another portfolio of another person. Of course, you choose based on your own preferences and volition. Once you have chosen a portfolio to copy, you will automatically open trades based on the portfolio’s current strategy. Basically, that’s how copy trading works. Thankfully, Bingbon users can enjoy this feature.

History Overview

Bingbon exchange was founded in 2018 and is registered in the Republic of Estonia. The platform’s headquarters are located in Singapore. However, the exchange has offices globally with a strong presence in Singapore and Taiwan. It aims to provide fair, transparent, and secure trading that is also efficient and cost-effective.

Although it is only a few years old, Bingbon has over 340,000 users with about $500,000 in daily trading volume in China alone. The exchange has also received $10 million in funding from Hong Kong-based tech giant Grand Shores.

Bingbon currently offers its users derivatives based on crypto, global indices, FOREX, and commodities. The exchange is also very user-focused: it offers high speed, low fees, and is ever-evolving. In line with user focus, Bingbon launched its copy trading feature in October 2019.

Platform Interface (NASDAQ:TILE)

The Bingbon interface is easy to use and intuitive. Setting up an account takes less than a minute. All you need is a mobile number or email address to start. Bingbon sends you a code to confirm your registration. Once your account is verified, you have the option to claim up to $120 in bonus points.

For new traders, Bingbon offers multiple options to buy crypto. In fact, Bingbon recently partnered with BANXA to add top payment methods like Apple (NASDAQ:AAPL) Pay, Mastercard (NYSE:MA), and VISA to the platform. In an official post, Bingbon revealed that the partnership is part of the exchange’s growth plan beyond the Asian market.

Key Features and Functions

Bingbon offers over 30 trading pairs, global access to copy traders, mobile and desktop access 24/7, low fees, little to no slippage, and two-factor authentication for logins and withdrawals.

Bingbon trading dashboard

FeaturesLow barriers to entry as the exchange allows users to use fiat currencies to buy cryptos. This means that the exchange serves as a direct onramp into crypto trading.Crypto deposits are supported for BTC, ETH, USDT (ERC-20), USDT (Omni), and USD Coin.Competitive fees from as little as 0.075%, but the exchange is currently charging a discounted rate of 0.045%.Wide leverage range from 1x to 150x allows users to trade on margin according to their personal risk tolerance and experience. Bingbon also sets a limit to limit user exposure.Multiple account options allow users to open multiple accounts. Users can trade using BTC, USDT, VST, or USDT bonus accounts. Bingbon also allows users to trade USDT contracts or Coin-M standard contracts. Coin-M contracts enable users to open positions and settle positions in BTC, while USDT contracts do the same in USDT.Real-time price quotes are shown on the Bingbon charts allowing users to quickly open and close positions accurately.Automated trading with the option to set pre-set take profit and stop loss positions ranging from 5% to 150% for profits. On the other hand, it has options ranging from 20% to 70% for stop-loss positionsLong and short positions users can also use easy tabs to switch between long and short positions. The function also makes it easy to set, make order, and trigger price positions.Multi-lingual support including English, Spanish, Bahasa (Indonesia), Mandarin (China), Hangul (Korea), Japanese, Russian, Turkish, Vietnamese, and Japanese.Mobile App allows trading flexibility. The mobile app is available on both iOS and Android.

FunctionsContract Trading (30+ pairs) offers four different types of derivative contracts based on cryptos, FOREX, indices, and commodities.Crypto Trading (10+ pairs) is based on either USDT contracts or Coin-M standard contracts.Indices Trading based on global indices like Nasdaq 100, Nikkei225, DOW, Hang SengRussell 2000, S&P500, DAX, and FTSE 100.Commodities trading exposure is supported for gold, silver, and crude oil.FOREX Trading derivatives for the US dollar, Canadian dollar, Australian dollar, Euro, British pound, and Japanese Yen are currently supported.Copy Trade Bingbon allows for copy trader account history to be fully visible to allow for full transparency. Thus through copy trading, Bingbon allows new traders to learn from expert traders.

Withdrawal/Deposit/Trading Fees

Withdrawal fees are charged as follows

The exchange encourages users to make withdrawals using the Tron network. Bingbon also encourages traders to note that gas fees can fluctuate based on how busy the network is.

Standard Contract (Spread) Trading Fees

Spread fees depend on the number of long positions vs short positions and vice versa. Thus Bingbon calculates the spread ratio based on market demand and supply.

Currency Exchange Fee

The Cryptocurrency Exchange Fee rate is a standard 0.2%.

Summary

In conclusion, Bingbon pays a lot of attention to user experience. The exchange aims to provide a high level of user support to empower new traders. In addition, low barriers to entry make it easy for anyone to start trading within minutes. The availability of margin trading also caters to a diverse user group. Low transaction fees also make a great user benefit.

Bingbon also offers several trading contract options including none crypto-based derivatives that can help diversify users’ portfolios. The ability to make deposits in fiat and cryptocurrencies is also a notable benefit.

This Bingbon offers great security, excellent user support, and an opportunity to trade crypto derivatives on a beginner-friendly platform.

Disclaimer: This material must not be used as the basis for making any investment decisions. This serves only as informative material about the crypto exchange. Trading digital assets involves risk and can result in the loss of investment capital. Always make sure to do in-depth research prior to engaging or investing in any cryptocurrencies.

This article first published on coinquora.com

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