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Detoken Experience (back up wallet to Electroncash)

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Avatar for Pisces-jr15
Written by   84
1 year ago
Topics: Club1BCH, Goals, BCH, Bitcoin.com, 2021, ...

Last January 20 2021, I was surfing the internet looking for another platform to venture in. This is part of my February Plans for 2021 1BCH goal, to discover more opportunities for additional Bitcoincash earnings.

And I found Detoken, a very promising platform. So I read their background first and I find it legit site for Bitcoincash. Detoken is a futures trading platform, and it uses Anyhedge, the first DeFi product on BCH.

If you want to learn more about Detoken, please visit my article Earn BCH with Detoken here.


My Impressions

These are my opinion and my personal experience with the site.

  • User-interface - Detoken is not like any other platform that I had. This one is has a minimalist concept. What you see is what you get. Some might find it lacking of feature, but for me the simple design is very fine.

    The one down side of its simple design is there is no chart available. There is no order book and other stuff, plainly just the current price of Bitcoincash. But we can use other apps to look for the chart if we want to plan our entry like Tradingview. With this, chart unavailability will not be a major problem (in my opinion).

  • Position - There are only two order that we can do with this platform, Hedge and Long. At first I thought that would be difficult if there is no short, especially in every trade that I make, I combined short and longs in a multiple pairings in every trade.

    But the Hedge mode is very cool, That suffice the lacking of short mode. I think I would use this more often.

  • Risk - One thing that I find great with this is the risk level in every trade. It only offers 3x leverage. For some this isn't good because most traders do higher leverage.

    But in my case, This will be fine because I will not be tempted to leverage higher, unlike other platform I always set to higher leverage😆. For someone who is new to crypto trading, this will be a good start to practice their risk management and at the same time, much safer for their funds to get liquidated.

  • Settlement - One unique feature of Detoken is the expiration of its position. Other platforms has a manual close of each trade. Detoken's duration is fixed to 144 blocks or approximately 24 hour. After that the position will be automatically settled and P&L are computed accordingly.

    I have split opinion with this, I find it ok and a bit worried. It is ok for me because I feel less stressed on my position, I even check my position after few hours unlike with other platform that I check them more often. On the other hand, a bit worried because when the price moves unfavorable to me, I can't close my position and that will be a sure loss.

  • Wallet - Good thing about Detoken is that it is a non custodial, we are in control of our own wallet. We own its seed words, so that we can easily back them up and import and export to other wallet. Our funds are safe with this.

  • Fees - According to their site they offer 0.3% or $0.01 fee. A lower fees will be a good opportunity to have a more profitable transactions. Not to mention that BCH is really low transaction fee, great💚.

  • Transactions - Nothing more I can say. This is Bitcoin Cash, so it means fast and reliable transactions. Receiving and sending is very fast. After you transact, no waiting time, few seconds and it's in your wallet.

  • Server issue - I don't know if what really the problem with this, but I experienced having a "server unavailable" issue twice. I checked their telegram group, and the admin said that their fixing the problem. And yeah, that was a good sign that they attend to some kind of problem. I hope it won't happen again in the future.


My Experience

Here's my trading experience ever since I joined Detoken. At first my trade was a big loss haha 😂. I got excited positioning so that I can test each corners of this platform. And the effect, wrong trading decisions.

Then I entered long, few hours my P&L is all green. Then I just left the site and do other stuff, after 24 hours I checked my position and I lost. That was also the day the BCH have a dip.

My first Trade, a big loss😅

After that, my mind returned to reality and I said hey, why I didn't plan my trade.🤦‍♂️

So I planned my entry again, And then the next trades majority are successful😊.

My first winning trade 🎉

As you can see, my lost trade was bigger than my winning. But that's fine, little by little it will grow.

And so it did😊. So far the combined loss is now smaller than my combined gains. 🥳

Regarding with Long trades, I find it very profitable if we positioned correctly. Better to plan ahead before entering. This is like a typical futures trade that we predict the price will increase.

With Hedge, This one is very cool. On my experience, I gained here much than my long trade. Why? Because upon entry of my position, the USD value is being locked, thus whatever happen to price either up or down, I still have a gain. Isn't that great? 😁


🔐Secure Your Seed Words!

I just want to share this to you my fellow Detoken users. Our seeds in Detoken is very important. Upon creating an account, seeds are shown to us to make our own copy.

For whatever reason, what if the site will crash, how are we going to get our hard-earned BCH there?🤔

The Detoken team don't have access in our wallet. So we are the ones responsible in taking care of it.

Here's the answer,

We can now access our wallet with this simple steps:

  • Choose which software you want to download for your device.

  • Let's use Android for our example, After installing the app, open it and you will see this

  • Add wallet: Click the menu (three horizontal lines on the upper left corner) and choose New Wallet

  • On the Wallet Type, Tap on the arrow down and choose Restore from seed (Prepare the Seed Words of your Detoken Wallet)

  • Next is to Fill in the Wallet Name and your desired Password and tap Next.

  • Then paste the Seed Words and tap Ok, leave the other options by default.

  • Then your wallet creation is done. You will now see your Detoken balance and all of the transactions of your wallet. Something like this

Now our Detoken wallet is much safer and we can access it even if the Detoken site is down or if ever the site disappears, which I think will not happen soon. But for the safety of our BCH, I highly recommend doing this.

Remember, keep your passwords and seeds in a safe place. Never share them to anyone, especially online. Do your own research regarding investment and manage taking risks.


Conclusion

Is this platform really profitable?

Yes, it is. If it is used properly. A combination of futures familiarization and basic knowledge, risk management by lower margin and patience, Detoken will be a profitable platform to earn BCH.

Make sure that start a trade with a margin that you can afford to lose. No one can exactly predict the market movement, that's why we need to take care of our own funds.

Small gain matters, it's still a gain. Little by little, our goals in life will be achieved. Patience and pereseverance are our key to success. >>p1sce5

Are you ready to trade with Detoken?


Thanks for reading🎉

#Club1BCH 💚

#TradeSafely 🦾

#SecureYourSeeds 🔐


Photos used in this article are from my own account and from electroncash website

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Avatar for Pisces-jr15
Written by   84
1 year ago
Topics: Club1BCH, Goals, BCH, Bitcoin.com, 2021, ...
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Comments

Guess what? I managed to download the wallet and added DEtoken. Even that worked although it took me some time since the wallet is in Dutch. The translations are weird. Good you added pucs I could aee. 👍💕

$ 0.00
1 year ago

Oh, Why in dutch? Ahm that's good that you manage to create one. Thanks 😊

$ 0.00
1 year ago

I cannot say it's easy to plan at this moment. Not much is happening. A bit up a bit down. About the wallet I find hard. I'll see if I can figure it out as long as my connection works.

$ 0.00
1 year ago

Yeah. Bch market is not yet stable. Sure. Make sure to back up the seeds. Goodluck👍

$ 0.00
1 year ago

I just did. 👍💕

$ 0.00
1 year ago

Ngayon lang ako nakapagbasa hahaha 4:21 am. Try ko yang seed seed na yan. Naghedge ako kagabi sana tama desisyon ko pero mukang mali😆 Di kasi ako nagplano hahaha

$ 0.00
1 year ago

Haha. Goodluck sayo. 😆 Kaya yan. One step at a time lang👍

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1 year ago

Hahaha mali na nga desisyon ko sa buhay😆 ano ba yabg one step at a time na yan😆

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1 year ago

Haha ung hinayhinay lang. Treat failure na lesson, para mas magsucceed haha lol😂

$ 0.00
1 year ago

read.cash/@Minim/who-sets-bitcoi... I can writte article for you Price: 1$ per article

$ 0.00
1 year ago

So pag namali ng prediction bye bye na 😵

$ 0.00
1 year ago

Pag long, di nmn bye bye. Ang liit lng ng risk kasi 3x lang sya, dpende kung major dump ung mangyari. Sa hedge, ok n ok😁

$ 0.00
1 year ago

Oo nga maghehedge ako, try ko yan one of this day.

$ 0.00
1 year ago

Good luck 🍀

$ 0.00
1 year ago

Thank you for your articles on Detoken. I have no experience in such things and did not know what long and hedge is, but after your explanations I understood and tried Detoken. It works really well and is very simple. I did a hedge first and I also lost, but only about 1000 satoshis.

$ 0.00
1 year ago

Welcome😊and thank you for readint my articles.

Thanks, wow, i appreciated that you've like my explanations on my articles😊

You've done hedge? Nice, yeah you will see a loss of 1000 but the usd value is still retained, have you checked your balance if it decreased? 😊

$ 0.00
1 year ago

Hmm so this wallet is an app? I'm gonna try it now haha.

$ 0.00
1 year ago

Yes its an app, Thanks☺️

$ 0.00
1 year ago

The hedge is 0.01 bch haha. I'm afraid to try maybe tomorrow 😇

$ 0.00
1 year ago

Yeah its 0.01bch. My hedge just ended, naretain nya talaga ung usd value, sakto dba bumaba ung bch knna, hahaha 😅

Take your time😁

$ 0.00
1 year ago

Naka bet na Long haha Mahal si hedge mamaya madaling araw sana swerte haha.

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1 year ago

Good luck😆 Sana positive bch tayo later

$ 0.00
1 year ago

SA kasamaang palad nag negative nawala Lang bigla so Long matapos Ang given time haha at naging itlog Ang Bch balance so ganun yon? 😅

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1 year ago

Wait. Zero? Di naman po bumagsak ang bch, dba naka long ka po? Check mo po sa positions mo po

$ 0.00
1 year ago

hahaha Kaya nga ako nagtaka nabasa ko Articke ni Sir Telesfor babalik daw yon check ko nga ulit.

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1 year ago

Check mo po sa balance. Nasa dashboard. Di un mauubos ng ganon kadali😁

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1 year ago

di pala ako nag red flag haha. It's a green💃 akala ko talaga nawala andun Lang pala naka ginansiya ng $0.28😇 Makasulat nha din ng Detoken Journey ko haha pero mamaya na e try ko pa Ang hedge later😇 pero need na matulog. Thank you for sharing Detoken 😇

$ 0.00
1 year ago

Haha naghide lang ung position after mclose haha. May tickbox dun.

Buti kahit papano may gain. Ok na dn ung 0.28 aa.. 😁 Haha sige, gawan na ng trend ang Detoken journey. 🎉 Salamat ☺️

$ 0.00
1 year ago

baka ma obsessed Tayo Kay Detoken haha gising pa ako😅

$ 0.00
1 year ago

Mukang yun na nga ang mangyayari 🤣 Unti unti ko na nga nililipat funds ko e🤣

Own wallet din naman natin ung Detoken, kasi non custodial naman😁

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1 year ago

oh my phone is overloaded already with many apps😅 but will see I still did not try as I put on trading haha maybe it will increase later 😇

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1 year ago

No that's a website

https://app.detoken.net

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1 year ago

I think she meant the electroncash wallet 😊

$ 0.00
1 year ago

Ok😆full of earning apps huh haha..

$ 0.00
1 year ago

Yes and yes! Because of your very inviting and convincing article I am now using detoken. 1st time to try hedging tonight and hoping to earn a dollar everyday ☺️

$ 0.00
1 year ago

🎉 Thank you. Good luck to your trading. Nice, hedging is better. More BCH to come 🥳

$ 0.00
1 year ago