Before start trading, you need to deposit BTC to your account.
There are 4 cryptocurrency to trade on BitSeven Platform (BTC, ETH, LTC, XRP), but if you want to trade ETH, LTC or XRP you have to exchange BTC to any of this cryptocurrency first.
Before we start, it is important to understand that we have only 2 types of orders on our platform (Market and Limit)
What is a Market Order?
A market order is an order to quickly buy or sell at the best available current price.
Unlike limit orders, where orders are placed on the order book, market orders are executed instantly at the current market price
What is a Limit Order?
A limit order is an order that you place on the order book with a specific limit price. The limit price is determined by you. So when you place a limit order, the trade will only be executed if the market price reaches your limit price (or better).
Therefore, you may use limit orders to buy at a lower price or to sell at a higher price than the current market price. Unlike market orders, where trades are executed instantly at the current market price, limit orders are placed on the order book and is executed in order when market price will reach your set limit price of order.
How to open a position
To place an Up / Down order:
- Choose a market or limit;
- Enter the amount within the available balance in your wallet;
- Choose leverage size;
- If you have chosen a “limit“, enter the desired order execution price, If you select a “market“, you will not be asked to enter the desired execution price, since the order will be executed at the market price;
- By clicking the “Buy” button Up or Down, your order will be placed.
How to close a position
To close position by market price, you need click on “Sell” button at the market section (1).
To close position by specific price, you need click on “Sell” button at the limit section (2) and set the price for trigger order (3), the input field will appear after clicking “Sell”
If you have an open UP position, you can send SELL Limit order only above the market price, if order is sent below the market price, it will be executed immediately.
If you have an open DOWN position, you can send SELL Limit order only below the market price, if order is sent above the market price, it will be executed immediately.
SELL Limit orders can perform a take profit function, but they cannot be used as a stop loss, otherwise they will close position at a market price.
You can also enable the option to automatically sell profits (4). When the profit from the average price of a position becomes 100%, the corresponding position will be sold at the market price by an automatic selling system.
The automatic profit selling function can be turned on or off (4) in the lower right corner of the leverage trading section, by clicking on gear (1), then choose between 100%, 200% and 300% (5) & (2) and clicking on “Confirm” (3). This feature is useful for responding effectively to rapid changes in market prices or for planned sales.
Q: Do you have a demo account?
A: Unfortunately, BitSeven platform does not have the function of working on demo accounts, trading takes place only on a real account.
Q: Do you have a stop-loss?
A: Unfortunately, there is no stop loss function on BitSeven platform. There is a liquidation price. When the average price of a position reaches the liquidation price the corresponding position will be sold at the market price by the automatic sales system.
Q: What’s trading fee?
A: The trading fee is charged at the time of opening and closing a position; these fees will be taken into account at the time of closing a position. Trading fee is calculated as follows:
Fee = Order amount x Trading fee% x Leverage x 2.
You can also calculate the percentage of fees at different leverage levels using the following formula: Fee = Trading fee% x Leverage x 2
PNL and PNL% does not include trade fee.
You can see the full history of your orders on the “Account” tab, select the “Order History” section on the right side of the screen.
Q: Are the market orders fees higher than limit orders ones?
A: On BitSeven platform, trading fees for market and limit orders are the same.
Q: If I open another same-direction position, what will happen?
A: Positions opened in the same direction will be merged into one. The leverage and the amount of the order do not matter, your position will be averaged, you will get a new average leverage, a new average price and accordingly, the Loss cut price will also change. This position can only be closed completely, partial closing of positions on our platform is not available.
Q: Can I close part of the position?
A: You can close only the entire position as a whole. Partial closing is not available. If you close your position, it will be closed completely.
Q: I’m trying to close a position, but there is some kind of error, why doesn’t it work?
A: Such an error appears if you have already sent a limit order to sell a position. Check the list of open orders on the “Open Orders” tab.
Close all limit orders and try closing the position again.
Q: How long can I hold my order?
A: An open position has a validity period of up to 240 hours. Positions that you do not sell at the end of their validity period will be automatically sold at the market price. Automatic sales occurs during the last hour between 239 and 240 hours.
If you add a new same-directional order to your position, 240 hours will be extended from the last order added, regardless of its volume and leverage. Also keep in mind that when adding a new order, your entry price and leverage will be averaged, and, accordingly, the Loss-cut price will also change.
Q: Is the margin only used to a position or to the whole account?
A: The balance in your wallet will not be used as margin. Only the amount used in the position is taken into account, regardless of the size of the leverage.
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