1) Registration and Deposition
We assume from here that you already have Bitcoins in your Wallet as described in Step 1 (How to get Bitcoins). If not, please begin there.
After finnishing the registration please login to Bitmex. Click then on "Account" at the top menu and select "Desposit" at the left. You will see something like this:
Copy the adress you see (begins here with 2NMB...) to clipboard and open your Bitcoin Wallet (here: Electrum). Click on "Send" and paste it to "Pay to". Now enter your desired amount and click "Send".
You will then receive two E-Mails from Bitmex containing "Desposit Pending" and "Desposit confirmed". It usally takes 15-20 Minutes until your transaction is confirmed. When you look now in Bitmex at Account>Balances you will see that your amount is desposited.
2) Interface BasicsNow we are just ready for trading! But before starting, let's clear some basics.
For a better handling you should now switch your "Currency Display" to uXBT (also called "bits"). This means that 1 Bitcoin (1 XBT) is displayed as 1,000,000 uXBT. When you are trading (especially with smaller amounts) you have a much better look at your profits when the units are smaller. To do this click at Bitmex at the right top corner on your E-Mail-Adress and select "uXBT (micro-Bitcoin)" like shown in the following screenshot.
At the top you can now select what you want to trade (Bitcoin, Dash, Litcoin etc.) and also in which mode you want to trade. For this tutorial and in general we suggest you to stay at "Bitcoin" and "Perpetual Swap". Here we have the highest volume and the greatest stability:
3) Profit calcucation
Bitmex offers a calcutator to take a look at potential profits and losses. To open it click on the symbol at the left:
Let's say we want to find out how much we can gain with a 500$ trade from 8000 to 8200. We enter our values:
And we can see that we would make a profit of 1525 uXBT. If you want to know how much this is in EUR or $ at the current bitcoin price, you can visit a calculator-website: Just check out "gobitcoin.io", select BITS and your currency (with the search field you can find more currency rather the default ones):
As your can see, at the bitcoin price level the screenshot was made, our 1525 uxBT whould have gained us 16.69 USD.
Of course you can also calcutate potential losses by swapping the numbers.
4) Risk calcucation
To check your risks, please open the calculator like described in step 3)
Now click on "Liquidation price". Get sure that "Long" and "Cross" is selected and enter your amount at Quantity:
Important for you is the "Liquidation Price". This means the bitcoin price which have to be reached that your losses are so great that your account balance will be 0 and your position gets liquidated: bankrupt. It's very important that you choose your position not to big and have enough distance to this limit. Until it's not reached every loss is only temporarily until the bitcoin price will turn upward again. In this example at which we simulate trading with 500$ and a wallet with 700031 uXBT balance shown at the screenshot we are not bankrupt as long as Bitcoin stays over 674$.
5) Let's trade!
In the left you find the nescessary buttons for making buy and sell orders.
Let's trade an example here: We want to trade Bitcoins for 500$ and bet on a rising price movement of 200$ (e.g. change of the Bitcoin price from 10000$ to 10200$) .
We start with a market order. This means that we want to buy at the best price we can get at this moment at the market. To do so click on "Market" at "Place orders", enter 500 and click "Buy Market":
Now we get a window where we see an overview about our order and also a slider to set our margin mode.
Please select "Cross" and click buy. After this, we see our position at the bottom:
At "Entry Price" we can see that we baught our position at 10968.52. Now we need to place also a sell order. In our example we will bet that the bitcoin rises 200$ from here. So we make a Sell order at 11168: 10968+200 ( get sure to adjust this values for your own trading depending on your own entry price ). For this, we use a "limit order". Please select it at the left, enter the amount and then click "Sell".
You will see name the same confirmation dialog like before at buying. Get sure that "Cross" is selected and click "Sell". Now our sell order is placed.
You can see your order afterwards at "Active Orders" at the bottom. When the price is reached, the amount will be sold, your position will be closed automatically and your gains get credited.
You can see your executed trades at by clicking on "Account" and "Trade History". Your gains will be listed for every day unter "Account" and "Balances".
The contributions offered here are for the sole purpose of information and do not constitute a recommendation to buy or sell. They are neither explicit nor implicit as an assurance of a certain price development of the financial instruments mentioned or as a demand for action. The acquisition of securities entails risks which could lead to the total loss of the capital employed. The information does not replace any expert advice, tailored to individual needs. Liability or guarantee for the topicality, correctness, adequacy and completeness of the provided information as well as for property damages is not accepted either expressly or tacitly.