Overbit exchange provides a smooth user interface on both mobile and desktop that gets you right into the action of trading. Creating your account is extremely fast and easy, KYC (know your customer) is required for withdrawals (not deposit) and proves Overbit is here for long-term business. At the time of this article, you cannot buy Bitcoin and other cryptocurrencies directly with fiat currency, but it may become an option in the future. Depositing Ethereum was extremely fast in our teams’ testing of the features on Overbit and we expect it to be the same for all currencies.
One of the many advantages you have after creating your trading account is the selection of trading pairs and options for derivatives. Unlike sites such as Binance exchange, Overbit has launched with margin trading right from the start and in all our testing it worked flawlessly. Traders who have been looking for a solid platform to exchange forex using cryptocurrency will be very happy to see the FOREX trading pairs!
These were the pairs available when testing forex and precious metals derivatives trading on Overbit:
For trading precious metals and FOREX currency trading pairs traders can margin up to 500X while cryptocurrency pairings can be margin traded between 20X-50Xdepending on the pairing selected. One thing we would have liked to see, was more options for trading pairs on FOREX, but the fact that Overbit provides these, is a huge boost to traders looking for variety.
Leveraged trading is a powerful tool which allows you to trade positions which are significantly larger than your available capital. While at first glance this sounds great, it must be clearly stated that the use of leverage is a double-edged sword: while significant returns are possible, significant losses are also possible. As such, regardless of whether you are trading Forex, Commodities or Cryptocurrencies, it is important to embrace the statistical nature of the market and realize that there is no failsafe method or indicator which will allow you to place consistently profitable trades. As such, for long-term trading success, it is important to limit your risk exposure to small amounts relative to your capital; our recommendation for non-expert traders is to limit your risk exposure per position to 1% to 2% of your capital, especially so when trading cryptocurrencies, which tend to be more volatile than forex instruments.
Furthermore, in the absence of a clear trend - which is the current (Jan 2020) situation for cryptocurrencies - you should not base your trading decisions instinct, hunches or (even worse) on so-called inside information but rather rely on a combination of proven indicators, preferably spanning multiple time-frames. While indicators per definition are based on past price action and thus can not forecast the future, the use of several indicators which match your trading preferences is highly suggested as they can shift the probability of success in your favor. For novice traders, we suggest using a demo account with virtual funds in order to arrive at a trading routine which matches your risk appetite and trading style. Overbit exchange has thankfully included a demo trading option to capitalize on this by providing traders with 8 virtual BTC to start exploring bitcoin derivatives trading.
Overbit gives traders a simple to use GUI where you can buy, sell, trade, and place limit orders. This exchange skillfully implemented a simple to use slider selection bar that gives the user control over the level of risk they desire before placing a margin order. (shown highlighted below in yellow)
The interface was very responsive and fast, all user positions were clearly marked, and you can easily see trade statistics to add or adjust as you see fit in real-time.
Overbit derivatives exchange has plenty of security, in fact, they use military-grade security and users’ funds are stored in cold wallets, never in hot wallets. Combined with account security, which provides multiple options for two-factor authentication (phone, google authenticator, email etc.), this exchange has gone to great lengths to keep funds safe and protect its clients from theft.
Overbit has partnered with Coinfirm to add a huge boost to its transparency, security, anti-fraud and KYC/AML in order to protect its users and provide additional benefits to the exchange through this partnership.
What really sets this exchange apart from the rest is how professional and simple to use the entire platform was for us, it just felt smooth with every trade. From account creation, to deposit, to trading margins, Overbit has truly positioned itself as a leader in a professional derivatives exchange. Our team contacted support and found them to be very helpful and response time was quite good throughout multiple time zones. Overbit has a very bright future and we look forward to future announcements from their team.
Try them today, we know you won’t be disappointed!
Overbit website with our affiliate code: https://www.overbit.com/a/7tzdac
Overbit twitter: https://twitter.com/OfficialOverbit
Overbit telegram: https://t.me/OfficialOverbit
Overbit Blog: https://blog.overbit.com/en/
Overbit exchange general help: https://help.overbit.com/hc/en-us
Overbit FAQs: https://help.overbit.com/hc/en-us/categories/360000308038-FAQ