If you are a follower of Crypto Twitter at all, then this morning you have seen a whole lot of links to a new trading platform making some waves. This post is no different. I'm here to shill you on my referral link for 1Fox.
What is 1Fox?
1Fox is a new place for leverage trading BTC. It is an alternative for those of us who live in the United States who may be uncomfortable with using a VPN to trade on BitMex.
For those who don't know (because I didn't) in BitMex's terms of service, they reserve the right to liquidate all of your positions if they suspect you of opening an account from a location other than where you actually live. So technically, they can close your account, take all of your money, and hang you out to dry, and you signed on for it by accepting their terms of service.
1Fox does not require a VPN, just head over and sign up. Their max leverage is 5x, so no big 100x swing trades available. This seems like a great starting place for people who aren't real sure about leverage trading and are likely to get liquidated out at higher leverage levels.
From the Makers of 1Broker.
One of the great things about 1Fox that will be coming soon is the ability to copy your favorite traders. So if there is a trader you trust, who has proven to be a profitable trader, you can join their trades and move in and out of the market with them. This is a feature the company already has available on the FOREX market with their sister site, 1Broker.
I Love the idea of this feature! I know there are people out there who are way better at trading than me. So given the opportunity to copy their trades sounds like a no brainer to me. In fact, I've been pondering putting some funds over on 1Broker to do just that with the Forex Market. So to be able to do it with Crypto is awesome!
The feature is not live yet, but should be coming soon. So head over and get signed up for an account. If you have never done a leverage trade, maybe throw a couple of bucks in and try a few small trades just to get a feel for the process. Keep doing it on your own, or find a good trader to copy and go to the moon with!
Here's the link again 1Fox . It is, of course, a referral link, so if you would rather not sign up with my link you can always just go to 1fox.com and sign up without a referral.
Happy Trading!
Interesting. I wonder if they will offer a lending market. I don't even know what they are called.
I'm still confused on how to do the leverage trading on here...
so lets say you do 5 times leverage on .0144 BTC and you go long (9877 todays price may 5 2018) can you keep this position open as long as you want? so say until it reaches 20k US or even higher...plus where does the leverage money come from? I'm still confused on this
any input would be great from anyone...thanks
Best way to think about it is a bet. You are betting that BTC will go up or down. Leverage allows you to "bet" op to five times your deposit amount. In exchange you get what's called a "liquidation point" this is a price for BTC at which you basically lose your bet and all money is gone.
So in your example of doing a long, you buy a contract expecting BTC to go up from 9877, you will have a liquidation point that is higher the higher the leverage you use. So if you just do a 1x your liquidation might be 9450, whereas with a 5x it might be 9700. As BTC goes up or down your gains or losses are shown and you can exit at whatever point you like, either taking profit or loss depending on BTCs price movement.
Basically, as long as you watch it, and don't get liquidated, you keep at least something. Ahahha
Thanks for the explanation appreciated! :)