Rollbit is a unique platform that allows users to speculate on Cardano’s (ADA) price movements with the option of maximizing profits through leveraged trading. With a leverage option of up to 1000x, traders can multiply their profit by 1,000. This step-by-step guide will provide all the information required to trade 1000x ADA leverage on Rollbit.
Step 1: Registration and Account Creation
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Embark on your trading journey by signing up and creating your account on the Rollbit platform. Thanks to its user-friendly interface, completing the registration process and creating your account on Rollbit is super easy. It goes like this: choose a unique username, provide your email address, and set a strong password. After completing this step, your registration is successful, and your account is created.
Step 2: Funding Your Account
Now is the time to fund your account. You should use ADA tokens to fund your account to be able to trade with ADA leverage. On the Rollbit dashboard, go to the “Cashier” section, where you will find the deposit feature. Select “Cardano (ADA)” and copy the wallet address linked to your Rollbit account. Then, transfer your desired amount of ADA from your crypto wallet to your Rollbit wallet.
Step 3: Accessing Crypto Futures
After your funds have been deposited, return to the homepage and click on the menu button on the dashboard’s left side. From the dropdown menu, pick the “Crypto Futures” option and specifically choose ADA as your trading asset.
Step 4: Configuring Your Trade
Now, you need to set parameters for your trade. If you plan to bet on the Cardano’s price rising, click “Up.” Conversely, if you want to bet on the ADA’s price falling, select “Down.” At this stage, you can also choose your desired leverage level, which, on Rollbit, ranges from 1x to 1000x. Additionally, you can choose between “manual” and “auto” trades. The “auto” feature allows you to preset “take profit” and “stop-loss” margins before executing the trade.
Step 5: Executing the Trade
Once you’ve customized your trade parameters to your satisfaction, proceed by clicking the “Place Bet” button to submit your trade order.
Step 6: Monitoring Your Trade
Rollbit offers real-time trade monitoring, enabling users to stay updated about their positions. The platform automatically displays your open trade beneath the chart in the “Active Bets” tab. Here, you can easily access crucial trade details, including the entry price, wagered amount, the price at which your bet becomes unprofitable, chosen leverage, and the current profit and loss associated with the trade.
By trading Cardano with 1000x leverage on Rollbit, you choose the potential for profit maximization. But you must keep in mind the risks of leveraged trading. The cryptocurrency market often sees sudden and steep rise and fall in prices. Using leverage up to 1000x carries substantial risks. To safeguard your investments, practice sound risk management. Refrain from going for more leverage than you can manage without your finances getting seriously dented in a negative turn of events.