ROOBEE Trading Contest on HitBTC

Roobee contest

We are pleased to announce that another ROOBEE trading contest with a prize pool of 4300 $USDT tokens will take place on our platform from 00:00 (UTC) on November 13th to 00:00 (UTC) on November 20th, 2020.

How to participate?

1.Trade ROOBEE on HitBTC during the contest period.

2.Sit back, relax and wait until the end of the contest to see if you won. Users will be ranked on their buy and sell trade volumes during the contest period.

Prizes and Positions
1: 1500 $USDT
2: 1000 $USDT
3: 700 $USDT
4: 400 $USDT
5: 200 $USDT
6-10: 100 $USDT

Good Luck and Happy Trading!

Apply now: https://hitbtc.com/trading-contest/76

Please note that we have a zero-tolerance policy towards wash trading and other unfair trading strategies. Those suspected of wash trading will be excluded from the list of winners.

Upcoming Bitcoin Cash (BCH) Hard Fork Information

BCH Hardfork

Dear Traders,

It is estimated that the Bitcoin Cash (BCH) Hard Fork is set to take place around November 15th, 2020 at 12:00 PM (UTC). Following the update, BCH might split into two tokens Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN).

HitBTC will support the upcoming fork and will do the following:

1. BCH Deposits & Withdrawals

Our technical team will pause deposits and withdrawals of BCH on November 15th, 2020 at 10:00 AM (UTC) until the update is complete. Your funds will remain safe during the update.

2. What happens if a new token is created?

If the BCH Hard Fork results in the creation of two tokens, HitBTC will credit all users with the additional token once the update is complete. The new token will be issued to all users by a 1:1 ratio based on a full snapshot of BCH balances on HitBTC at 12:00 PM (UTC) on November 15th. A decision on which chain will carry BCH ticker on HitBTC will be taken after the completion of the fork.

3. What happens if no new coin is created?

If no new coin is created, then our technical team will open BCH deposits and withdrawals as soon as possible.

4. BCH Trading

Spot and margin trading Bitcoin Cash will not be affected by this process. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.

Happy Trading on HitBTC!

BEST Trading Contest on HitBTC

BEST Trading Contest

A Bitpanda Ecosystem Token (BEST) trading contest with a prize pool of 100,000 BEST will take place on HitBTC from 00:00 (UTC) on September 24th to 00:00 (UTC) October 8th, 2020.


How to participate?

1.Trade as much BEST as possible on HitBTC during the contest period.

2.Users will be ranked on their buy and sell trade volumes during the contest period.

3.Sit back, relax and wait until the end of the contest to see if you won.


Prizes and Positions

1st pos: 35,000 BEST

2nd pos: 20,000 BEST

3rd pos: 10,000 BEST

4th to 10th pos: 5,000 BEST


Apply now: https://hitbtc.com/trading-contest/70

Please note that we have a zero-tolerance policy towards wash trading and other unfair trading strategies. Those suspected of wash trading will be excluded from the list of winners.

What is Margin Trading?


What is Margin Trading?

Margin trading is a type of trading that uses borrowed funds or assets provided to the trader on credit against the agreed amount of collateral, which is called “margin”. This trading mechanism is common in both traditional finance and cryptocurrency markets, and it is used to gain access to greater financial resources, thereby leveraging and potentially amplifying the traders’ profits. In traditional financial markets, the loan is typically obtained from an investment broker. In the cryptocurrency market, the funds are usually provided by the cryptocurrency exchange.

Although there are similarities between cryptocurrency trading and trading on traditional markets, there are also some differences, which we will briefly describe in the next section. We will also explain the basic principles and components of margin trading, as well as the advantages and disadvantages of this strategy, so you could decide if it is right for you.


Traditional Vs. Crypto Trading

Traditional Vs. Crypto Trading

More and more people are flocking to the cryptocurrency markets in the hope of making a profit from buying and selling digital assets. Some of them come to the industry, believing that trading crypto is just like trading fiat or stock – a notion that is not entirely wrong. However, although there are many similarities and overlaps in basic concepts and approaches, they are also several notable differences. Let’s briefly talk about them.

Unlike foreign exchange or stock markets, which only have trading “sessions,” with a break for weekends and holidays, crypto business is happening 24/7 and is not limited by geographical boundaries. As a digital asset class, any cryptocurrency in existence can be bought and sold any time, anywhere, using a crypto exchange that lists the specific currency pair – and thanks to this quality, this market is even more dynamic than traditional markets, operating at virtually breakneck speed.

Moreover, entering the cryptocurrency market is much easier for an average user than getting into fiat or stock trading, where there are mounds of paperwork to be filed and substantial initial costs before you can even place your first order. And even then, it can take a pretty long time before you can show a profit – assuming that you keep abreast of various data points involved in staying in the green, such as political situation, breaking news items, economic developments, etc.

But the cryptocurrency marketplace is much more accessible for a beginner: you can start trading with just $100 or less in cryptocurrency and endeavour to earn a profit from a market that is pretty volatile compared to the traditional markets, which means that, although the risks might be higher, the rewards may also be more satisfying and attainable.

Speaking of risks, this is another factor that both the traditional and cryptocurrency markets share: the need for reliable risk management strategies to keep you from going broke. If the market does not go the way you expect, you can be in the red in the blink of an eye. We will talk about the risk mitigation approaches further on.

Both markets rely on a vast array of trading approaches and strategies, many of them shared, such as day trading, long-term trading, scalping, stop-loss, etc. One of these overlapping approaches is margin trading.

How Does Margin Trading Work?

How Does Margin Trading Work?

As we mentioned in the introduction, in margin trading, you borrow capital from other market players to trade cryptocurrencies taking advantage of the higher leverage. The main reason you might want to do this is if you believe that the market is going to move in a particular direction, and you want to maximize your profits.

By way of example, let’s imagine that you are looking to buy a particular cryptocurrency whose price, you believe, is going to go up. Unfortunately, all you have in your trading account is the $100 you entered the market with. If only you had access to a bit more capital, you know you could derive more profit, as long as the market delivers. This is where trading on margin comes in handy: you could use your $100 as collateral to secure a loan from the exchange and, by borrowing another $100, you will then have $200 to work with. If the price of the currency you’re betting on fluctuates as you predicted, your profits will double. You will then pay back the loan (along with the interest rate and trading fees) and keep the profit.

When a trader initiates a margin trade, they must set aside a certain share of their order value, a margin, to create the leverage, which is the ratio of their borrowed funds and their margin. For instance, to open a $1,000 margin trade with a 10:1 leverage, a user would need to commit their own $100.

This is just one potential scenario, a simple illustration of the mechanism. In the real world, there are many different rules and leverages offered by different markets and platforms. The margin can be as low as 2:1 (on the stock market), hover at 15:1 (for futures contracts), or go as high as 200:1 (in certain currency exchange situations). These ratios are often represented by the “x” character, and on the cryptocurrency market, the leverage typically ranges from 2x to 100x.

What is a Margin Account?

What is a Margin Account?

To start trading cryptocurrency on margin, you first have to create a margin account. This type of account is separate from your regular trading account, and it is used to store your collateral for the funds you borrow – in a way, it can be compared to a mortgage, that is, borrowing money from the bank to buy a house, only with a margin account, you are borrowing money from the exchange to trade at greater leverage. The advantage of this separation between your regular trading account and your margin account is that if your trading account falls short of funds as a result of a trading loss, your margin account will not be affected, so you can continue buying and selling crypto without having to replenish it. Essentially, margin accounts are a way for a trader to leverage their position and benefit from both bearish and bullish market movements. Most margin accounts come with certain minimum requirements.

What are The Advantages of Trading on Margin?

What are The Advantages of Trading on Margin?

Although margin trading can potentially boost your bottom line, it does not come without certain risks. Here are some of the pros and cons of trading on margin.

The pros:
– Greater purchasing power
– Opportunity to amplify your gains
– Ability to take advantage of both long and short strategies

The cons:
– Potential for greater losses
– Minimum balance requirements
– Having to pay interest on borrowed funds

How to Minimize Risks?

When the exchange lets you borrow money to trade cryptocurrency on margin, it will always also set specific rules and limits to mitigate the risks. If the market ends up moving in the direction opposite to your expectations, the exchange will likely ask for more collateral to maintain your position, or it might just close it.

When this happens, you will likely get a so-called “margin call” (the notification usually arrives over email) – a situation in which, as a result of trading losses, the value of your collateral falls below the margin account minimum, and the exchange from which you’re borrowing the money for your margin trade will ask you to deposit more funds to minimize their risks.

If you can’t or won’t replenish your margin, the exchange will automatically liquidate your position – in fact; they have to do so to maintain their solvency and ensure that the only loss is the money you had in your margin account.

These risks faced by both the trader and the exchange are tangible and common. Thankfully, some strategies help address them, namely using stop-loss and take-profit orders.

Stop-loss is a common strategy for controlling the risks that acts as a safeguard to minimize the risk of losing too much on your trade. The order is placed to automatically sell your assets when a specific price is reached if your market prediction didn’t come to pass. Stop-loss can be used both in the long and short positions, and it allows you to not have to make every individual decision in difficult or unpredictable market situations.

A take-profit order is a strategy that allows traders to set the price at which they close their open position and pocket the gains. The take-profit order does not get filled unless the price of the asset rises to the set limit price. Take-profit is often used as a price bracket in conjunction with a stop-loss order, so the order is automatically filled if the asset price drops to the stop-loss level (bottom) or rises to the take-profit level (top).

These two strategies are designed to limit the risks and take some of the gambling element out of trading. A highly volatile market may not always be the best situation to make rational decisions, and establishing your limits in advance is a prudent way to maintain your financial standing and avoid unnecessary risks. These two strategies are commonly used both in the traditional markets (stock/fiat) and in the cryptocurrency market.

Margin Trading With Cryptocurrency


Margin Trading With Cryptocurrency

Margin trading in cryptocurrency is a complex and involved process that comes with its own set of benefits and frustrations. Generally speaking, due to much higher market volatility, it is a more risky process than the same type of trading on a forex or stock exchange. To do well trading crypto on margin, a trader has to be acutely aware of the current and past market trends, has to be able to analyze the price movement charts and graphs, and have a deep and thorough understanding of both the process and their personal business goals. But when things line up just right, it is a worthy pursuit.


ROOBEE Trading Contest on HitBTC

We are pleased to announce that another ROOBEE trading contest with a prize pool of 4300 USDT tokens will take place on our platform from 00:00 (UTC) on September 10th to 00:00 (UTC) on September 17th, 2020.

How to participate?

  • Trade ROOBEE on HitBTC during the contest period.
  • Sit back, relax and wait until the end of the contest to see if you won. Users will be ranked on their buy and sell trade volumes during the contest period.

Prizes and Positions

1: 1500 USDT
2: 1000 USDT
3: 700 USDT
4: 400 USDT
5: 200 USDT
6-10: 100 USDT

Good Luck and Happy Trading!

Apply now: https://hitbtc.com/trading-contest/69

Please note that we have a zero-tolerance policy towards wash trading and other unfair trading strategies. Those suspected of wash trading will be excluded from the list of winners.

Pantos (PAN) Trading Contest on HitBTC

Pantos Trading Contest

Get ready for the Pantos (PAN) trading contest with a prize pool of 200K PAN that will take place between 00:00 (UTC) on August 26th to 00:00 (UTC) September 9th, 2020.

How to participate?

Trade as much PAN as possible on HitBTC during the contest period.

Users will be ranked on their buy and sell trade volumes during the contest period.

Sit back, relax and wait until the end of the contest to see if you won.

Prizes and Positions

1st pos: 70,000 PAN

2nd pos: 40,000 PAN

3rd pos: 20,000 PAN

4th to 10th pos: 10,000 PAN each


Good luck and happy trading!

Apply now: https://hitbtc.com/trading-contest/67

Please note that we have a zero-tolerance policy towards wash trading and other unfair trading strategies. Those suspected of wash trading will be excluded from the list of winners.

How Does Cryptocurrency Work?


Cryptocurrency is a digital asset designed to work as a payment mechanism in much the same way as regular money. Cryptocurrency is based on the technology of blockchain – a distributed public ledger, in which all transaction records are stored. The combination of encryption and blockchain makes it immutable and decentralized. If you ever wondered about how does cryptocurrency work, this article presents you with explanations of the basic principles behind the technology and clarifies how and why it differs from other types of money.


The Cryptocurrency Basics


Even people that are far removed from the world of cryptocurrencies must’ve occasionally encountered mentions of such things as bitcoin, crypto wallet, coin, crypto exchange, mining, etc. In this little write-up, we will give you a brief overview of the main concepts and terms of the trade.

To use cryptocurrency, you don’t need to be an expert in the advanced mechanics and algorithms behind them – after all, when you go to your bank and use your debit card, you don’t have to have a deep knowledge of the global financial system. However, it is very useful to understand such concepts as digital currency, blockchain, and cryptography.

The comparison we just made between cryptocurrencies and banks is not as far-fetched as you might think: in both scenarios, these are intricate systems in which assets circulate, transactions and balances are recorded to enable people and businesses to send or receive payments electronically, online. There is, however, a significant difference between regular, fiat money and cryptocurrencies, and it is that central banks and governments issue regular money, while cryptocurrencies may be released by private parties, without centralized backing.

All cryptocurrencies are based on highly sophisticated mathematics and computer programming techniques, and thanks to that, they are difficult to hack or forge. The protocols used in cryptocurrencies also disguise the personal information of their users, and as the result, the transactions and money movements are not linked to users’ identities and are hard to trace.

Users can send and receive cryptocurrencies directly, peer-to-peer, and all transactions are logged in a digital public ledger (a system known as “blockchain” – a chain of blocks distributed on users’ computers all over the globe). All records are cryptographically-encrypted (hence, the “crypto” in “cryptocurrency”). The system is decentralized: no banks or central governments are involved, and users and computer algorithms control all operations. In addition to being sent and received by users directly, cryptocurrencies can also be traded on cryptocurrency exchanges, which operate similarly to stock exchanges.

History of Cryptocurrencies


Cryptocurrencies are a relatively new invention. Although many attempts to create digital currencies have been made since the early 1980s, it was not until 2009 that the first true, encrypted cryptocurrency Bitcoin has been developed by a certain Satoshi Nakamoto – a name many believe to be assumed. Today, Bitcoin (denoted by the symbol BTC) remains the dominant cryptocurrency on the global cryptocurrency market, although there are hundreds of smaller cryptocurrencies out there, with new ones being released all the time. All cryptocurrencies, other than Bitcoin, are called “altcoins.” Some of the common altcoins are:
· Ethereum (ETH);
· Ripple (XRP);
· Litecoin (LTC);
· Tether (USDT); and
· Bitcoin Cash (BCH).

Public Ledgers


As we mentioned above, all transactions involving cryptocurrency are recorded in a public ledger, much like the system banks use to track banking operations. Unlike banks, however, in a blockchain ledger, transactions are mostly open, which ensures their transparency. Knowing that every transaction is visible guarantees that users play by the rules and that balances are carefully tracked to avoid spending more than is actually available.

The ledger looks like a list of database entries that cannot be modified unless specific conditions are met. The blockchain ledger belongs to no one: various bits and pieces are spread between users’ computers globally, making it decentralized. Anyone can log in and check the status of the system at any given time. This makes the system immutable.

Blockchain Transaction Verification: How It Works


Let’s look a bit closer at what we’ve briefly touched upon above. Here’s how it actually works.

1. A blockchain is a type of log or database in which information about transactions is entered;
2. Every transaction generates a hash;
3. A hash looks like a string of letters and numbers;
4. Transactions appear on the ledger in chronological order, and this has crucial importance;
5. The hash does not depend only on the transaction itself but also on the hash of the previous transaction;
6. Every microscopic change that occurs in a transaction creates an entirely new hash;
7. The so-called nodes (computers on which bits and pieces of the ledger are hosted) inspect the hash to verify that a transaction has not been changed;
8. If a majority of the nodes agree (reach “consensus”) that the transaction is genuine, it gets approved and written into a block;
9. Each block contains a reference to the previous block, so together they form the blockchain;
10. As the blockchain is spread over many nodes, each of which has a complete copy of the record, it would be virtually impossible to falsify the records;
11. The state of the blockchain is automatically updated, and the update (block) time depends on the specific currency’s network;
12. And as the nodes are spread out all over the world, it is essentially impossible for a single party to hijack or tamper with the entire network.

Mining


The term “mining” refers to the process of verifying transactions and adding them to the decentralized blockchain. The word “miner” has two meanings in the cryptocurrency industry:
a) A node (a computer) on any given blockchain that “manufactures” blocks by solving complex mathematical problems known as “proof of work”; and
b) A person who owns the node with whose computing capacity the calculations are performed. The equipment owners usually receive a reward in cryptocurrency as their miners produce a block about which the nodes reach the consensus. The reward per block currently stands at 6.25 BTC – or just half of what it was in late 2017.
c) In addition to the proof of work, there’s an alternative method for validating the transactions and achieving consensus called “proof of stake”. The validators support the ecosystem by locking up a certain portion of their assets as a stake in the blockchain. Once this is done, the participants wager on which blocks may be added to the chain next. When the block they betted on does get added, the validators receive a block reward proportionate to their stake.

Primary Defining Characteristics of Cryptocurrency


We have touched on several important qualities and functions of cryptocurrency. Let’s look again at how cryptocurrency differs from regular, fiat money. It is:
1. virtual, with no physical representation in the 3D world;
2. decentralized, i.e., in most cases, not backed by any government, and is truly global;
3. encrypted, which makes it immune to hacking or tampering;
4. virtually anonymous if that is what the users wish;
5. open-source;
6. requires the use of computer power to solve proof of work challenge or acquire proof of stake and generate coins;
7. can be used peer-to-peer, without the involvement of any intermediary banks; and
8. Depending on the blockchain, transactions take seconds or minutes, unlike some bank transfers.

Conclusion


We hope that our explanations have made things a bit clearer for you. But if you’re still feeling uncertain, don’t be anxious: these concepts are not intuitively clear to most beginners. Just keep reading about it – or better yet, try your hand in a little crypto trading. Our support center contains many useful guides that will help you get started. Trading is engaging, exciting, and can even be lucrative. Moreover, cryptocurrencies are not going anywhere – we believe that they have an essential role to play in our shared global future. Numerous experts think that cryptocurrencies will provide safe financial heaven for many in the rapidly shifting world economy. So we encourage you to learn more and join in the mass adoption trend that we are witnessing.

Join the Insolar Airdrop on HitBTC

An Insolar Airdrop will take place on HitBTC between 11:00 (UTC) August 6th to 11:00 (UTC) August 20th, 2020.

During this time all users who participate will each receive 2 XNS tokens for carrying out a few easy tasks.

How to take part?

– Fill out and submit this form

– Join the HitBTC and Insolar Telegram Groups and follow this Telegram Channel

– Follow Insolar and HitBTC on Twitter

ARPA Trading Contest on HitBTC



Get ready for the ARPA trading contest that will take place on our platform between 00:00 (UTC) on July 20th to 00:00 (UTC) August 3rd, 2020.

How to participate?
Trade ARPA on HitBTC during the contest period.
Sit back and wait until the end of the contest to see if you won. Users will be ranked on their buy and sell trade volumes during the contest period.

Prizes and Positions
1st pos: 100,000
2nd pos: 80,000
3rd pos: 60,000
4th pos: 40,000
5th pos: 32,500
6th to 10th pos: 30,000 each

Good Luck and Happy Trading!

Apply now: https://hitbtc.com/trading-contest/60

Please note that we have a zero-tolerance policy towards wash trading and other unfair trading strategies. Those suspected of wash trading will be excluded from the list of winners.

SENSO Airdrop Round 3

Get ready for the 3rd SENSO Airdrop taking place on our platform where this time you can win up to 200 SENSO tokens for showcasing your best trading skills.

The Airdrop will run from 00:00 (UTC) July 14th to 00:00 (UTC) July 21st, 2020.

How to take part?

– Trade SENSO on HitBTC during the Airdrop period.
– Rank in the top 100 traders at the end.
– Win 200 SENSO tokens.

Rules

The top-100 traders of SENSO with the highest trading volumes will receive 200 SENSO tokens after the Airdrop period has ended.