Rollbit is among the select few platforms where traders can speculate on the price movements of SOL and potentially multiply their profit through leveraged trading.
Rollbit offers up to 1000x leverage options, meaning traders can participate in Solana’s market dynamics with significant profit maximization. Here’s a comprehensive guide on how Solana holders can trade on Rollbit with leverage.
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Step 1: Account Creation
Register on the Rollbit platform and create an account to start trading on Solana price movements. Rollbit’s user-friendly interface makes the registration process swift and hassle-free. All it will require is an email ID, a unique username, and a strong password. Once this process is complete, you are registered on the platform, and your Rollbit account is created.
Step 2: Funding Your Account
The next step is funding your Rollbit account with Solana tokens. On the Rollbit dashboard, locate the “Cashier” option and access the deposit feature. Choose “Solana (SOL),” and you will be given a Rollbit wallet address to deposit SOL. Now, access your crypto wallet and transfer the desired amount of SOL to your Rollbit wallet.
Step 3: Navigating to Crypto Futures
After making the SOL deposit, return to the homepage and click the menu on the dashboard’s left side. From the dropdown menu, select the “Crypto Futures” option, and specifically, choose SOL as your trading asset.
Step 4: Configuring Your Trade
Now, you are ready to trade on SOL price movement with leverage. But before you do, you need to specify the trading parameters. You can trade on rising or falling prices, whichever you think is likely and wish to bet on. If you anticipate Solana’s price will rise, click “Up.”
Conversely, if you expect SOL’s price to fall, select “Down.” You can also opt for your preferred leverage level, ranging from 1x to 1000x. Additionally, you can choose between “manual” and “auto” trades. The “auto” feature permits you to set predetermined “take profit” and “stop-loss” margins before executing the trade.
Step 5: Executing the Trade
Once you’ve configured your trade parameters to your satisfaction, click the “Place Bet” button to submit your trade order.
Step 6: Monitoring Your Trade
On the Rollbit platform, you can keep track of the trades in real time by using its monitoring feature. The platform automatically displays your open trade. You will find it below the chart in the “Active Bets” tab. Here, you have all crucial trade information, such as the entry price, the wagered amount, the price at which your bet becomes unprofitable, your chosen leverage, and the current profit and loss associated with the trade.
While trading Solana with 1000x leverage on Rollbit can potentially increase profits. But leverage trading also has a flip side with certain inherent risks. The cryptocurrency market often witnesses price volatility; high leverage can result in substantial risks. To safeguard your investments, you should follow prudent risk management practices. You should avoid taking more leverage than you can manage. It will ensure you don’t end up losing heavily.