Are you looking for Dogecoin? You can go on with that ByBit!
The doggy-themed crypto craze could come to an end. Dogecoin is down well over 50% from its all-time high of around $ 0.70 per coin. Today, DOGE is trading at a modest $ 0.24, but the cryptocurrency still holds a market cap of over $ 30 billion.
This isn’t the first time Dogecoin has crashed. The meme cryptocurrency is known to pump and flip, and many speculate that Dogecoin “whales” (investors with huge amounts of Dogecoin) are manipulating the market in this way.
As you can see from the Dogecoin / USD chart, DOGE has slumped several times. This chart shows the price of Dogecoin from 2017 to 2019, where the meme crypto lost most of its value.
What is margin trading?
Margin trading is inherently riskier than buying cryptocurrency directly, but it allows investors to sell or bet against cryptocurrencies. This is a great way to make money when the price of a cryptocurrency like Dogecoin goes down.
When you trade with leverage, your capital is used to cover the margin based on your leverage. For example, if you were to short Dogecoin with 10x leverage, you’d get a 100% return if DOGE was down 10% (currently around 2.5 cents). Conversely, if Dogecoin appreciates 10%, the capital you put on the margin will be liquidated.
ByBit enables traders to use leverage from 1x to 100x. The higher the leverage you use, the higher the risk. If you choose to leverage your position 100x, a 1% move will either liquidate your position or return 100%.
Short circuit Dogecoin
The best place to short Dogecoin is byBit. ByBit has a mobile app on iOS that makes it easy to manage volatile investments on the go. The platform allows you to use Dogecoin, Bitcoin, Ethereum, Uniswap and several other popular cryptocurrencies.
While the platform isn’t as intuitive as exchanges like Coinbase and eToro, the exchange offers several unique features that you don’t get on other platforms. To trade with ByBit, your IP address must be outside of the US as ByBit is not yet available to US customers.
The story goes on
In order to place a trade, you need to decide whether to long or short the crypto of your choice. You also need to choose your leverage. While it can be tempting to take on high leverage, it is extremely risky and not recommended. Once you have entered your position, you will see your winnings in real time. You can sell your position at any time and manage your investments right in the iOS application.
Pro tip: Use ExpressVPN
With a VPN, you can securely access the Internet in an untraceable way. If you are a cryptocurrency trader, you may want to remain anonymous or mask your IP address for another location. That way nobody will know when you are in the US! For retail in particular, ExpressVPN is the best option out there.
Not only can it automatically connect before you access the internet, but it also offers lightning-fast speeds. something that is needed for trading in the volatile cryptocurrency markets.
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