You have two different ways to trade crypto on Millionero: spot trading in real-time and crypto perpetual futures, which are slightly different. This post teaches us how to trade crypto on Millionero through perpetual contracts!
What are crypto perpetuals?
Perpetual futures or perpetuals are a kind of derivative contract that lets you speculate on a crypto’s future price with no expiry date for the trade you are making. So, unlike spot trading, the trades are not completed in real-time.
How to trade crypto on Millionero with crypto perpetual contracts?
Without any more delay, let’s get into the step-by-step process:
- Log into your Millionero account through our website or Android app. Ensure your perpetual wallet is funded, and head to the ‘Perpetual’ market.
- Choose a trading pair from the drop-down list, as shown below. In this example, we have taken BTC/USDT.
- Once you have chosen a trading pair, the page will show you a chart of the crypto against USDT in recent times, along with your wallet balance, equity, open profit and loss from trading any existing open position, and leverage used. You need to move to the right side of the screen to trade crypto on Millionero with perpetual futures.
- We’ll start with Long Market orders. Going long in perpetual futures means buying that asset’s derivative and a ‘market’ order is opting to buy at the current market price. Simply choose ‘Long’ and then ‘Markets,’ and write the amount of USDT you are using to buy Bitcoin. In this case, we have chosen 20 USDT. Note that the ‘Free’ part right above the Amount box mentions the USDT balance you have in your wallet to put into this trade.
Once done, choose your leverage, which lets you magnify the amount you put into a trade. For example, we have chosen 2x leverage here, which means the 20 USDT being used is amplified to 40 USDT by Millionero.
Now we move to the ‘Take Profit’ and ‘Stop Loss’ parts, which respectively close your position for profit and close your position to stop any further loss. On a buy order, you want to place the Stop Loss level at a lower price than the current market price, while the Take Profit level will be placed at a higher price than the current price of the crypto, as we have done. So when the price drops, Millionero will quickly close your position to keep existing profits, and when the price goes up, Millionero will close your position again to keep the profits.
- Once you are done setting the Take Profit and Stop Loss levels, click ‘Long.’ Your order has now been placed, and you will receive a notification saying, ‘Your order was placed successfully.’
- Next, we move to short-market orders. Shorting means selling your assets. You will check your wallet balance in the ‘Free’ section before setting an Amount, and again choose a leverage. Finally, for Sell orders, the Stop Loss level must be placed at a higher price than the current market price, and the Take Profit level must be placed at a lower value than the current price of the crypto, as we have done in the image below. This is the exact opposite of a Long order, to stop losses when the market goes up and take in profits when the market goes further down.
- Once done, click on ‘Short.’ You will receive a message saying, ‘Your order was placed successfully.’
- Now we move to Long Limit orders. This is where you can select a price for the crypto at which you want to execute your order instead of the current market price. As usual, set the Amount you want to use to buy after checking your available balance in the ‘Free’ section. Set the Price at a lower than current value so you can buy at a profit, and then the leverage, which is again at 2x for us, so Millionero makes the trade worth 40 USDT.
Finally, set a Take Profit level higher than your chosen price and a lower Stop Loss level.
- Once done, click on ‘Long.’ You will receive a message saying, ‘Your order was placed successfully.’
- Finally, we come to short-limit orders. Set an Amount after checking your available balance at ‘Free,’ set a Price higher than the current market value so you can sell at a profit, and choose leverage. Finally, again, Take Profit at a lower level than the price you have chosen, and Stop Loss at a higher price.
- Once done, click on ‘Short.’ You will receive a notification that says, ‘Your order was placed successfully.’
Hedging with crypto perpetual on Millionero
There is one option you have to ensure that your crypto remains safe even when the market moves against you. You can do this by opening a position opposite to an existing position in crypto futures. Let us show you how:
- Let’s say you have a BTC/USDT long position at the volume 4999.97, as shown in the image below. You can find your position history by scrolling to the bottom of the perpetual market page on Millionero.
- You can click on the arrow on the left of the open position to expand its details.
- Now, at the bottom of this history section, you will find a bar to scroll and get to the right of the position details. Please scroll this bar until you get to the extreme right.
- Click on the ‘Hedge’ option. Note that you can click on ‘Close’ to exit this existing position.
- Millionero asks you to confirm opening the opposite position to hedge. Click on ‘Submit.’
- Now you have two positions opposite each other, which helps you survive losses in case the market moves against you.
Now you have learned how to trade crypto on Millionero with perpetual futures! Stay tuned for more tutorials on how to navigate our platform!
If you need further support, please reach out to us with the chat option you will find at the bottom right of your screen on the Millionero website.
You can also email us at support@millionero.com. We’re happy to assist you at any time!