Are you an aspiring 1 BCH holder? Do you want to have additional source of your BCH income?
If yes, Detoken is another good site for earning BCH. I used this site for a couple of days now, so far I like the service and the simple feature it offers.
As part of my BCH goal for 2021, I will add this trading platform as one of my source of BCH earnings.
What is Detoken?
Detoken is a non-custodial financial trading platform. Which only means we are always in control of our money. We can withdraw and deposit anytime our earnings here. One good thing is the transactions are based from Bitcoin cash. It is a futures contract wherein we predict the future price of the BCH.
How to create an Account?
To start, first register an account with this Detoken link (a referral link, so far reward is not yet available)
After clicking the Detoken Link, you will be redirected to this page wherein you will choose between creating new wallet and importing an existing one. In my case I created a new wallet so that I could easily track my earning and spending for this site.
Then you need to confirm if you are 18 years or older, must read and agreed with its user agreement and privacy policy, and confirm if you are not a resident of a prohibited jurisdiction or country.
Enter basic information such as your name, a valid email address and password. Your password must include having an uppercase, a number and a symbol.
You will now redirected to the back up of the seed words for the safety of our wallet. Just tap on the Show seed words and it will generate yout unique seed words that needs to be back up immediately.
I recommend to write it in your notebook and don't save it via screenshot or pasting on your phones notepad or any apps. This would prevent loss of your seeds and the probability that it might get by anyone with bad intentions to your crypto.
Here's an example of seed words. It consists of 12 unique random words. I blurred some words for the protection of my wallet 😁.
Then tick the box ensuring that you understand what a seed words is and that you backed them up and click continue.
Another extra layer or protection is the 2fa. Just set it up and then after that an email will be sent to you, check it out and verify your account.
After clicking the link sent to your email, next step is to log in to the site. And let the trading begin😆
The first page you will see after logging in is your Dashboard. Unlike other trading platform, Detoken has a simple user interface. I could say that it is user friendly, especially for a beginner.
This is also the page where you start opening our position.
Receive : To fund your account with BCH, the receiving BCH address will be found here.
Send : To withdraw your earnings, click here and enter your personal BCH address.
BCH/USD : You will see the current price of Bitcoin cash in US dollars. This will also be the entry price of your position if you start the trade.
Hedge : This mode will lock the USD value of our BCH for 24 hour period or 144 blocks to be exact.
Long : This mode is used if you predict that the price of BCH after 24 hours or 144 blocks to be exact will increase in relation to the entry price.
Balance : You will see your remaining balance here in BCH and in USD value.
Margin : Here you will enter your BCH willing to be a margin for that particular position. You can also click MAX to use all of your balance.
Start : If you are done entering your margin and Analysed the BCH price, Tap here to start the position click here.
To start a position, simply chose between Hedge or Long, enter your margin and click Start.
A minimum of at least 0.005 bch is needed for a long trade and atleast 0.0012 bch for hedge.
Hedge or Long?
Hedge - With this, we can lock the value of Bitcoincash, escaping the price volatility and stabilizing its USD value. For more info about Hedge, check my article about Earn with Hedge.
Long - We predict the price will increase. It has a leverage of 3x which is very safe.
My Position
To access your position, just tap on three horizontal lines on top right of the screen.
As of now, my position is on Long. I took advantage of the price drop of BCH last day which I entered on $381 BCH price, and I predicted it will increase after 24 hours.
Here's the existing position at the time of writing this article.
So far my P&L or the Profit & Loss is green, which means as of that time, I earned from $1.96 to $2.19.
Conclusion
I must say, It is a must-have platform for us BCH enthusiasts. 💚
Simple and safer compared to other trading. With a combination of risk management and learning the price movement, this can be a profitable platform.
The downside of this is we can not close the position manually, but we need to wait for 24 hours(144 blocks) and it will automatically close my position, even if we earn or lost.
But so far, I really like this trading platform, very simple and less risky than any other platforms I had. 👍
Another thing I like about this is the fees, the contract fees are fixed to 0.3% of the size of our position and it is paid during the creation of contract or position.
If you are familiar with Futures Trading, this one will be easier for you to understand. For newbie trader like me, this one is also great way to earn additional profit with a less riskier leverage.
But, take note that Basics in trading is still necessary. Manage risk by learning the price movement before entering position, don't put all your money in a single position. And do your own research as this article is not a financial advice.
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