There are several reasons you might consider trading Bitcoin futures on this platform, some of which include:
It is the most liquid platform in the industry, far ahead.
It allows you to short Bitcoin and other cryptocurrencies, hedge positions, and improve risk management to protect your cryptocurrency investment portfolio during bear markets.
Due to leverage, you don't need to hold a large amount of BTC on the exchange.
You can use up to 125x leverage on Bitcoin futures on GalaxyCoin. However, it's important to note that leverage trading is not recommended for beginners as it involves significant risks. Compared to other trading methods, you may lose funds more quickly. This is why it's advisable not to engage in it unless you have sufficient experience. In any case, always make sure not to risk more than you can afford to lose.
Now that we've covered some basics, let's delve deeper into Bitcoin futures on GalaxyCoin and how to trade them.
What are Bitcoin futures?
Bitcoin futures allow you to buy or sell Bitcoin at a predetermined price at some point in the future. When the contract expires, the contract buyer is obligated to purchase the asset while the seller is obligated to provide the asset.
In addition to traditional futures, GalaxyCoin also supports perpetual contracts, a widely used and highly traded derivative product type. Perpetual futures contracts have no predetermined expiration date and settlement date. They are pegged to the spot index price, and traders can terminate them at any time. In other words, when you buy or sell perpetual contracts, you are not required to buy or sell them at a predetermined date. Instead, you can do so at any time.
Bitcoin futures on GalaxyCoin are traded in USDT but can be settled and margined with USDT, BUSD, and other cryptocurrencies via the COIN-M derivative.
A year after its launch, GalaxyCoin contract trading platform also introduced quarterly futures contracts for the BTC/USD trading pair. Subsequently, it added ETH/USD quarterly futures contracts.
Which cryptocurrencies are supported by the GalaxyCoin contract trading platform?
As of the writing of this article, the GalaxyCoin contract trading platform offers a wide range of trading pairs. Users can trade certain currency pairs with different levels of leverage, including:
Bitcoin (BTC) / USDT
Ethereum (ETH) / USDT
Ripple (XRP) / USDT
Binance Coin (BNB) / USDT
Bitcoin Cash (BCH) / USDT
Cardano (ADA) / USDT
Stellar (XLM) / USDT
TRON (TRX) / USDT
APE Coin (APE) / USDT
Dogecoin (DOGE) / USDT
Polkadot (DOT) / USDT More trading pairs are continuously being added. Some other coins available for trading include but are not limited to SOL, AVAX, KSM, OCEAN, HNT, SUSHI, UNI, SRM, FTM, ENJ, TOMO, NEAR, COMP, OMG, VET, ONT, ATOM, THETA, NEO, and many others.