Detoken Experience (back up wallet to Electroncash)

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.

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😊.

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:

• Save your Seed Words in a safe place.

• Go to electroncash.org

• 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