Bitunix is a crypto derivatives trading platform that allow new users to set up accounts, transfer crypto, and start trading, without any KYC requirements. It offers up to 125X leverage, and supports over 250 coins and tokens, along with low trading fees. Bitunix operates with a 1:1 reserve of user assets, and offers unique ways of modifying the user interface to create an optimal trading process.
New crypto exchange Bitunix, is picking up a lot of traction, so should you be using it, what are the advantages, and how can you get started?
In this Bitunix beginner guide we’ll cover getting set up with an account, and how to trade spot and futures on Bitunix, but let’s start with a look at what the platform offers to set it apart from the competition and attract new users.
Bitunix Launch and Growth
Bitunix is a Seychelles-registered crypto derivatives trading platform that launched in October 2022 and has been growing rapidly, so that it now has a cumulative daily trading volume in excess of $1 billion.
And as for exactly why Bitunix is accelerating, here are the key points in its favor:
- There is no KYC required, meaning that anyone in any region can trade, and setting up an account is almost instant.
- You can trade with up to 125% leverage across over 250 coins and tokens, including a range of meme coins and degen favorites.
- Bitunix charges low fees compared to other exchanges, with fees lowering further depending on trading activity and deposits.
- The exchange operates with a full 1:1 reserve of all user assets, and with some asset reserve ratios above 100%.
- Bitunix offers several unique ways of modifying the interface, with chart customization and multi-window layouts.
Bitunix Account Setup
Going through a KYC process when you want to use a new crypto exchange is sometimes off-putting, and the sign-up process can be complicated by the fact that residents of some countries face regulatory restrictions.
This is where Bitunix has a big advantage over the competition, as there is no KYC required no matter which country you’re resident in, meaning the Bitunix account setup procedure is very simple to complete.
On the front page of the site (make sure you’re on www.bitunix.com), you just need to click on Sign up, and then you can simply enter your email address and a password, enter the security verification code that is sent to your email address, and that’s it, you have a trading account!
Alternatively, instead of signing up with an email address, you can click on the icons to sign up with a Google, Apple, or Facebook account, but signing up through Twitter/X is not yet active.
Funding Your Account
To start trading on Bitunix, you need funds in your account, and the simplest approach–if you already have crypto in a wallet or on another exchange–is to simply transfer some coins straight across. To do that, hover over the Assets tab at the top right on Bitunix, and click Deposits from the menu. You can then select the token you’re sending, make sure you’re on the right network, and you’ll get a deposit address that you can send assets to.
The alternative way to get funds into your account is by on-ramping some fiat, and to do that, you need to click on Buy Crypto at the top left. This will go through a third-party payment provider, and if you enter the amount you want to spend and the coin you want to receive, you’ll be offered a selection of providers.
You can then choose a provider, select your payment method, and click Buy, but be aware that you will have to pay the third party provider’s fees, and if you take this route, you actually will be required to complete KYC–a pop up will let you click on Upgrade benefits in order to do this.
How to Trade on Bitunix
With your account funded, you’re then ready to make your Bitunix first trade, so let’s look at the simplest and safest way to do that, which is a spot trade, so there’s no leverage.
As you’d expect, you first need to click on the Spot tab at the top, and then you can select which pair to trade. So for example, with lots happening in the Solana ecosystem, let’s trade USDT and SOL.
Buying spot you’re just making a straight swap, and with a market order, your trade will execute at the best possible market price, so you need to look below the price chart where the order input is, click Market order on there, and then on the left-hand side you can enter the amount of USDT you want to trade for SOL and click the green Buy SOL button. Or if you’re selling SOL for USDT, then on the right-hand side, enter the amount of SOL to sell and click the red Sell SOL button.
Alternatively, a limit order will only execute at a given price, so to do this, click Limit order instead of Market order, and then the input box will have an additional field you need to fill in, right at the top where it says Order price. This sets the price at which an order to executes, so for example, let’s say I want to sell SOL here at $145, I just type that in the Order price field on the sell side, and the order will only execute if that price is hit.
After you set a limit order, it will be shown at the bottom of the page under Open orders, and you can see that there’s an option to cancel orders at the end of the row, and the limit order is also actually shown on the price chart higher up the page, with an X you can click there to cancel it too.
Futures Trading with Leverage
As mentioned, when looking at how to trade on Bitunix, a major plus point is that you can use up to 125X leverage, although this brings additional risks that aren’t present when trading spot.
Let’s say you’re using 10X leverage: putting in $100 of your own funds now means you control a $1,000 position, and you can also choose to go short–betting on the price of an asset dropping–but you’ll have to pay interest as long as a trade is open (as you’re effectively taking out a loan), and there’s a liquidation price. If the asset hits that liquidation point (meaning price drops too low if you’re long, or rises too high if you’re short) then you will be liquidated, losing everything you had riding on the trade.
So essentially, it’s higher risk, higher reward, with those factors amplifying as you ramp up the leverage rate, but let’s now run through the basics of placing this kind of trade.
First, you’ll need to transfer some funds from your spot account (the default account) to your futures account by clicking on Spot account under the Assets tab, and then clicking Transfer. Note that the Futures account is called USDT-M, and you can only transfer USDT.
That done, you can then click on the Futures tab and select a trading pair such as, again, SOL/USDT, and if I want to open a long position–as either a Market or Limit order–I look across to the input area on the right of the chart.
I can click where it says 20X to adjust my leverage, enter the amount to trade, and–as an option–I can set a stop loss and a take profit (where it says Buy TP/SL). The stop loss will automatically close the order at a specified point in the red, incurring losses but avoiding liquidation, while a take profit will automatically close the trade at a specified price in the black, locking in profits. When that’s all done, click Buy/Long to place the order, after which a confirmation click is required.
In the opposite direction, if I want to open a short position because I think the price of SOL is heading down, it’s the same procedure, but I’ll need to use Sell TP/SL and click Sell/Short to place the order.
Having opened leveraged positions, I can monitor them in the Open orders area below the chart, they’re also displayed on the chart itself, and I can adjust the details of the position at any time, for example changing the leverage level, stop loss, and take profit, and I can manually close trades.
Withdrawing Funds
You can withdraw crypto to any wallet, with no ID checks required, by hovering over the Assets tab and clicking Withdraw. You’ll get several options to set up additional security checks, which is definitely recommended, and then you’ll just need to enter the coin to withdraw, make sure you’re using the appropriately matching network, paste in the receiving address to which you want your coins sent, and specify the amount to withdraw.
Overall then, Bitunix provides straightforward cryptocurrency trading for beginners with no KYC required, but also offers the capacity to use leverage, which is ideal for more experienced traders willing to take on additional risk.
