Bit.com Exchange, A Review

Perhaps, now you know that you can get substantial returns trading digital assets, right? There’s no denying that online trading has plenty of opportunities that earn several individuals millions. Apparently, 2021 was the year of cryptocurrency, and if you’re on the lookout for some financial freedom, then crypto activities are worth it.

However, you should be aware also that not everyone comes out smiling in this space. Therefore, even if you might have heard of individuals who made huge profits, things may not be as they seem; you need to incorporate many strategies to maximize returns.

That’s why you need a reputable broker such as Bit.com. One thing is for sure; a broker is crucial for any successful investor trading digital assets. Besides, you require brokerage services to help you access different tradable assets.

Bit.com is one of the best reputable exchanges available. Even if it doesn’t rank highly like the already established ones, Bit.com has what every trader could be looking for in the crypto industry. Interestingly, it serves both newbie and experienced traders.

What Is Bit.com?

Bit.com is an exchange registered in Seychelles and launched by Matrixport in August 2020, offering spot, options, and futures markets for digital assets. Its chairman is Jihan Wu – who co-founded Bitmain and Matrixport.

Matrixport delivers an extensive suite of easy-to-use and innovative financial services and crypto investment products tailored for every level of expertise. It empowers people to take control of their personal finances at their very best.

Users can use Matrixport login to log in to bit.com. Besides, you can transfer assets to other users with ease and zero fees.

Bit.com offers primarily crypto derivatives like options and futures; however, it has spot crypto trading as well, but derivatives are its major offering. A derivative is essentially an instrument that’s priced based on the value of another asset like bonds, stocks, and commodities.

Among its main selling points, Bit.com features arguably security and performance. Those are the significant features in crypto trading, and the exchange prides itself on offering institutional level security and performance. Therefore, the platform promises the protection of your investment while it improves your performance.

So, what does Bit.com have for traders?

Available Crypto Assets

Bit.com offers three asset classes that one can trade on the platform:

Spot

Here, cryptos are traded at market prices against the other cryptocurrencies, creating a high-performance trading venue offering mainstream and popular altcoins in both USDT and USDC trading pairs, such as;

• BTC/USDT
• BTC/USDC
• CHESS/USDT
• ETH/USDT
• ETH/USDC
• PEOPLE/USDT
• SUSHI/USDT
• UNI/USDT
• …

Currently, it looks like a limited number of coins compared to other crypto exchanges, but it makes the exchange a specialized platform. After all, short selling is possible; that wouldn’t be the case on the other platforms – meaning you can earn a profit whether the coin is going down or up. Plus Bit.com has paced up on new coin listings with incentive campaigns, aiming to complete 100+ coins listing by the end of Q2 this year.

Options

An option contract grants the holder an opportunity to buy an asset at a particular price in the future with no obligation to make a purchase. With options, one only needs to put up a section of the trade’s value (margin) to create a position, meaning a trader is allowed to trade even with limited capital.

For now, traders can trade options like BTC, ETH, and BCH on Bit.com. Trading volume-wise, Bit.com takes the second position worldwide in the ETH and BTC options market. The fact that it’s a limited number, the crypto options are still growing in demand, and Bit.com will more likely draw more trading volume and more options.

Futures

Like options trading, in the futures, one needs a margin for initiating the position. However, the difference is that here future contracts have specified price and date. Bit.com offers both futures and perpetual futures, whereby one can keep their position open forever.

Unified Margin

All the assets offered in Bit.com exchange act somehow independently, meaning they have various conditions, fee schedules, and many others. However, users need not have separate accounts to access markets because of the Unified Margin (UM). Furthermore, unified Margin allows traders to use one account without limitations – a revolutionary feature of Bit.com.

Unified Margin is an upgraded trading and risk management system, adopting one single account solution to optimally trade spot, margin, perpetual, futures, and options. All collateral cryptocurrencies in the unified account are shared as USDT denominated margin to improve capital utilization, thus lowering the risk of being liquidated.

Leverage Trading

Bit.com exchange only requires a portion of the trader’s value to create a position; it’s referred to as margin/leverage trading. Future and options contracts have it. Spot traders can also access leverage trading under UM mode. On future contracts, the leverage is 50x while options traders enjoy a 10x leverage.

However, it should be clear that leverage trading can be risky given that potential losses are not too far away behind. For instance, a drop in the price of an asset, the drop in price is deducted from a trader’s margin, which will lead to a margin call and hence lose the entire capital – in fact, you can even lose more than the investment.

Bit.com Trading Platform

The exchange’s primary trading platform is barely web-based accessible from a plethora of web browsers. However, the platform is ideal for users as one doesn’t need to download any other apps. Therefore, traders are free to access their accounts and trade from any device available within reach.

The platform offers the necessary tools, with the most important being the technical analysis tools, advanced trade controls, and Tier 2 market data.

Mobile traders also have everything to smile about as apps for both Android and iOS are available for download. The mobile apps have all the crucial features every trader would need for trading, albeit smaller than the desktop platform.

Fees

The trading fees on the exchange are not standardized like it’s the case with the other exchanges. Instead, the fee is tiered to boost more trading and reward active traders.

Trading Fees

Every time a trader places an order, an exchange usually charges a trading fee – which is ideally a percentage of the value of the order. For example, Bit.com has a 0.07% fee for takers and 0.02% for makers. The taker fee is 0.05% for perpetual futures, and the maker fee is 0.01%. The quarterly futures fee is 0.05% for takers and 0.01% for makers, and for options contracts, the taker fee is 0.03% and the maker fee 0.02%.

Maker fees are usually charged for pending orders that do add liquidity into the market. Taker fees tend to be slightly higher given that traders take liquidity away from trading the current market prices.

Withdrawal Fees

Bit.com Exchange charges users a withdrawal fee of 0.0005 BTC for every BTC withdrawal. Clearly, the fee is lower than the global industry average, which is at about 0.000643 per BTC withdrawal.

Deposit Methods

Apart from depositing crypto into the Bit.com exchange, the platform allows the user to deposit fiat currency. All deposits are made through debit/credit card purchases and wire transfers. Therefore, it makes Bit.com exchange one of the easiest places for every trader to start trading.

Ambassador Program

Bit.com is currently looking for ambassadors to expand its community and influence. Crypto enthusiasts and influencers are welcome to apply and join to get an up to 50% commission rebate on a monthly salary base. As the ambassador, you will be granted early access to upcoming new features, and regular online meetings with the Bit.com team to learn about the latest industry trend, plus an exclusive Bit.com swag once onboard.

For more information and the ambassador application please click here

Security

There’s no denying that security is a vital aspect when investing in any exchange. A smooth trading career is a foundation for gaining profits, given the fact that the internet has a lot of scammers and hackers.

Bit.com boasts institutional-grade security powered by Cactus Custody, which is a qualified custodian.

Besides, the platform applies an incremental liquidation mechanism for ensuring extra user protection amidst extreme market conditions. A world-class technical professionals and derivatives team built this robust risk management system of Bit.com.