Bitget Adds Stop-Loss and Take-Profit Tools to Contracts Trading
With a view to help traders on its platform make the most of their investments, one of the leading crypto derivatives exchanges around the globe has added Take-profit and Stop-loss features to its futures contract service offering. Bitget has added these two important features to its Quanto Swap contract offering, which debuted towards the end of first quarter of the year.
The Take-Profit and Stop-loss trading tools can be found on most exchanges. These tools help crypto traders maximize their investments and reduce their losses to as low as possible. The take-profit tool enables traders to set automatic sell orders on their initial positions, such that they do not have to monitor their positions frequently. On the other hand, the Stop-loss tool operates to reduce losses incurred by traders on trades. Where a position does not go as predicted, the tool automatically cancels it by selling off. The two tools perform the same function but in different scenarios.
QuantoSwap Functionality Launches on Exchange
According to Bitget, the tools were introduced to ensure traders on the exchange secure their profits and hedge their losses on futures positions. The exchange commented on the benefits of the stop-loss tool, which is a pivotal risk management tool. Bitget will be implementing the tools on its Quanto Swap functionality. The Quanto Swap feature was recently added to the exchange.
Reports indicate that the functionality provides users of the exchange with a range of options to pick from. It allows traders to access multiple crypto assets and numerous trading pairs on the futures contract, on a margin basis. It supports cross trading on multiple options. In addition, it relieves the burden and costs of trading crypto assets.
Over 7 milion Traders Recorded on Bitget’s QuantoSwap Contract
With the Quanto Swap offering, traders can also copy their trades and positions from one another. Since copy trading launched on the exchange, it has seen up to 7 million trades from over 8000 traders using the tool. Drawing from this, traders do not have to analyze their trades before they open positions, although it is risky.
Interestingly, there is no timeframe on positions opened on Perpetual Quanto Swap Contract such that users can stay on a position for as long as they want. Users can also decide whatever crypto asset they intend to make an entry into. Bitget’s Quanto Swap functionality is the first-ever in the global crypto space. Trading pairs on leading cryptocurrencies are listed on the exchange.
Bitget has millions of users around the globe. The exchange is one of those setting the pace in crypto derivatives trading. It is a Singapore-based crypto platform. They completed a recent round where they pooled $10 million from major institutional investors such as Alan Capital and renowned digital entertainment firm, SNK.
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