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- Tether (USDT) belongs to a new type of cryptocurrencies which referred to as stable coins.
- Here is a guide on how to increase buying power with margin trading USDT on Bitfinex exchange.
USDT is a blockchain-based cryptocurrency. An equal amount of the conventional fiat currencies, like the euro, dollars, and the Japanese yen back the USDT coins. These fiat currencies held into a designated bank account.
Tether belongs to a new type of cryptocurrencies which referred to as stablecoins. So, crypto coins focus on keeping the cryptocurrency valuations stable. This feature is quite opposite to the wide variations observed in the prices of traditional cryptocurrencies. Here we are referring to Bitcoin and Ethereum. Tether allows it to used as a medium of exchange because of its stability. At the same time, it also acts as a mode of storage of value, instead of using it as a medium of speculative investments.
Bitifinex Margin Trading for USDT introduced in December 2018
Bitfinex operated and owned by iFinex Inc., a well-known cryptocurrency exchange. Currently headquartered in Hong Kong and registered in the British Virgin Islands. Bitfinex had introduced Margin Trading for USDT in DECEMBER 2018.
Margin trading with cryptocurrency allows its users to borrow money against their current funds. And because of this, users prefer margin trading cryptocurrency on an exchange like the Bitfinex. Users can leverage their existing cryptocurrency and increase their buying power. Here is a guide on how to increase buying power with margin trading USDT on Bitfinex exchange.
Step by Step Guide on Margin trading USDT on BitFinex
- Go on to the Trading page.
- Select the desired pair.
- Margin section (not Exchange).
- Setup a Margin Sell order (specify the price, amount, and order type).
- Place your order by clicking on “Margin Sell”.
- The p2p margin funding platform will automatically take care of margin funding
- Next, when you want to close the position, either use the close button or place the limit.
- Margin Buy order of the same amount of BTC as a short.
- Once the order is full then the short will also close.
- The profit/losses will be credited to the trading account balance.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
