BTT/USD: Trade BTT to US Dollar
The BTT/USD currency pair indicates the amount of USD needed for buying 1 BTT. On the BTT/USD chart, users can find price history and monitor price performance over time using numerous timeframes.
What is BTT and why trade BTT/USD?
BTT is a utility token that powers the popular peer-to-peer file sharing platform BitTorrent. Since the BitTorrent acquisition in 2018, the developers have added various tools and services that users get access to using BTT tokens. BTT can be used for increasing download speed and as compensation for file sharing in the BitTorrent network.
BitTorrent is one of the most famous decentralized networks in the world, so it is not surprising that BTT token has faced significant support from crypto enthusiasts. As a result, BTT has quickly entered the top-100 cryptocurrencies by market capitalization and become popular among crypto traders. The BTT/USD price is quite volatile, so this market may suit a lot of types of traders.
How to trade BTT on margin?
BTT enthusiasts can trade it on margin using derivatives, for example, Contract for Difference (CFDs). With CFDs, you can benefit from asset price fluctuations without the need to have an underlying asset, meaning you can trade BTT even if you don't own any BTT tokens.
To profit from trading CFDs on BTT, traders open so-called Long and Short positions. A Long position allows traders to benefit from price movement upward, while a Short position is open to take advantage of a downward market. So if the market price movement successfully follows your expectations and open positions, then you can benefit from a price change. Closing the position means fixing your financial result for a particular trade.
If you want to trade BTT/USD on margin, then CEX.IO Broker can be a great option for you. It supports multiple leverage sizes for this market and provides advanced trading tools for both entry-level and experienced traders.
How to start trading BTT/USD on CEX.IO Broker?
If you want to start trading with CEX.IO Broker, then your first step is registration. In case you already have a CEX.IO account, you can use it for login on CEX.IO Broker.
For the next step, you need to select account currency (BTC, ETH, USDT) and leverage size for your trading account. If you change your mind about the account currency or leverage, then you can just create a new trading account. In total, you can manage up to 10 trading accounts with different currency and leverage setups.
The final step is funding your trading account using selected account currency. After that, you will be able to go trading BTT/USD on margin.
If you feel that you are not ready to trade on the Live account, you can use the Demo account on CEX.IO Broker. It should help get acquainted with margin trading basics and terminal functionalities. Experienced traders may use a Demo account for testing strategies on different markets without involving their own funds.
What leverage size can be used for BTT/USD trading on CEX.IO Broker?
CEX.IO Broker allows trading BTT/USD with a broad range of leverage — 2x-100x.
Note that all trading operations use the leverage you set up when creating a trading account. It means if you select 10x leverage, then your equity available for trading will increase tenfold by borrowing funds from CEX.IO Broker. With leverage, you can multiply your potential profit if the price moves according to your position. But if the price goes in the direction you are not expecting, then leverage increases potential risks.
What trading options are available for BTT/USD trading on CEX.IO Broker?
CEX.IO Broker platform allows traders to use four different order types — market, limit, stop, and one-cancels-the-other (OCO).
With a market order, you can buy or sell an asset for the current market price. Such an order can’t be canceled due to its instant execution.
Limit order allows you to set the price you want to buy or sell with. It can be canceled since it fills only when the price reaches the predetermined level or better.Stop order also allows you to set up the price as a limit order but executes only at the exact price.
OCO order provides an opportunity to place two order types (limit and stop) at the same time. However, only one order type will be completed. When one of the orders is filled, the second one cancels automatically.
What trading instruments can help make BTT/USD trading more successful?
The CEX.IO Broker platform features a combination of cross and isolated margins. Cross margin allows positions to offset each other, so the excess margin of one position can be used to satisfy the margin requirements of another position. On the other hand, isolated margin means that the margin of certain positions is not permitted to satisfy the requirements of another position.
Unlike many other margin trading platforms where traders need to choose what to use, CEX.IO Broker users can use both options since it supports multiple trading accounts. Each account is isolated in terms of margin and financial results, allowing to minimize potential risks. Cross margin works only within one trading account.
When trading you can use another option available on CEX.IO Broker to reduce potential risks — protection orders such as Stop Loss and Take Profit. These orders are used to close the position automatically when the price reaches a specific level. Stop Loss and Take Profit help traders follow the strategy, save time from constant price chart monitoring to fix the financial result, and lessen the risks of unexpected price movements. Protection orders can be placed, canceled, or modified anytime if the order is still open.
CEX.IO Broker: safe haven for crypto and traditional financial markets
CEX.IO Broker started with cryptocurrency pairs in it’s trading assets arsenal. But now the platform also gives access to margin trading on traditional currency pairs, stocks, and commodities serving as a bridge between the crypto and traditional financial markets. CEX.IO Broker is constantly adding new assets on the platform to provide users an opportunity to take advantage of the market that suits them most.