PrimeBit WebTrader is an intuitive application stacked with great features. However, in this post, I’ll focus on basics and show you the easiest way to make a trade. This is enough to win PrimeBit Demo Contest.
In this tutorial, I’ll show you how to trade on your desktop or laptop. If you’re trading on mobile read this guide.
I’m using my DEMO tether account which works similar to a CONTEST theter account, which will be activated on October 19 when the competition starts.
With tether accounts (Demo, Live, or Contest), you can trade three cryptocurrency pairs – BTCUSDT, ETHUSDT, and LTCUSDT. You can switch between them using the dropdown list at the top.
Placing market orders is the easiest way to trade. You can make a market order by clicking the “BUY” or “SELL” buttons on the right side of the app.
I expect the bitcoin price to rise, so I choose “BUY”. Voila! I opened a long position on 1 BTCUSDT contract worth 10 703.5. I can close it anytime by clicking the “x” icon in the “Open Order” tab below the chart.
If the price does go up, I’ll make a profit. Every time the BTCUSDT price goes up by $1 my contract value increases by 1USDT. PrimeBit contracts have fixed values, which means that the value of a price point does not change with the contract price.
Additionally, the contract does not expire, so there’s no limit to profits assuming you are on the right side of the market.
Now, let’s short ethereum. To do this I switch to ETHUSDT first.
In the “New order” window I select the “SELL” tab and click the “SELL” button.
Now, I’m hedging my long BTCUSDT position with a short ETHUSDT position.
The ethereum and litecoin contracts work just like the bitcoin contracts. Whenever the ETHUSDT price goes down by $1, my contract value increases by 1 USDT.
Give it a go before October 19 when the contest starts.
If you’d like to learn more about making orders using the PrimeBit Order Book, look at this tutorial.