What is BKEX?
Founded in 2018, BKEX is a cryptocurrency exchange that offers investment and trading services between a plethora of digital assets—more than 1,200, in fact. Its user base consists of millions, spread across over 100 countries, including those within Europe, Latin America, Asia, and more. Its services range from spot and futures to copy trading, mining, and much more, which may be ample enough for veterans and casuals alike.
BKEX exchange is currently suspended.
How to Spot Trade on BKEX
To begin using the BKEX trading platform, you will obviously have to create an account and deposit some funds first. However, this guide will instead focus more on trading than onboarding. So, here we will take a look at how one can place a few orders on the BKEX spot trading page while going into some detail concerning what those orders are.
Step 1. Click Spot Trading
To start spot trading here, just head over to its official website, log into your account, point your cursor towards Spot Trading, which you will find at the top, and from the drop-down menu, click Spot Trading again.
Step 2. Select Trading Pair
On the spot trading page, you will have to select a trading pair you want to use, such as BTC/USDT for instance. You can do that by hovering your cursor over the default trading pair that you will find at the top left, which will be followed by a drop-down menu that includes all the trading pairs it currently offers. You can type the token you are looking for in the search bar and then look for a trading pair you’d prefer that includes it.
Step 3. Choose Order Type
Once you have selected your trading pair, you can choose the type of order you’d like to make. BKEX currently offers Market, Limit, and Trigger orders. You can toggle between them in the Buy and Sell section, which you will find towards the right.
A market order represents an instruction where assets can be bought and sold instantly, i.e., at their existing prices within the market. As for limit orders, there are instructions that allow for a wait until an order hits the specific price at which it has been set, at which point it is executed immediately.
In trigger orders, on the other hand, users can set their trigger prices, quantity, and order prices in advance. Upon the market’s latest price hitting the trigger price, an order will be automatically placed based on the quantity and the order price that was set in advance. Consequently, trigger orders enable one to preset their selling and buying prices so that they can automatically stop losses (SL) or take profits (TP) without any of the hassles that come with monitoring markets, particularly the more volatile ones. So, let us see how you can place either of them at BKEX.
Step 4. Place Your Order
To place a limit order within BKEX’s spot trading page, choose the option for it in the Buy and Sell section. Set the price at which you want the order to be executed and the number of tokens you’d like to purchase, and then simply click the relevant button below to place your order. Following that, once the market price hits the price you have set, your order will be instantly executed.
To place a market order, simply select the option for it, enter the number of tokens you’d like to buy and place your order. Since it is a market order, your order will be instantly executed at the market price the token was at when you placed the order.
As for placing a trigger order, choose the option for it, set the order and trigger prices, and also the number of tokens you want to buy. You will have to adjust things accordingly here, depending on the trading strategies you are employing, i.e., whether you are “stopping your losses” or “taking profits.” So, once you have set your trigger order, the moment the market price of the tokens involved hits the trigger price, an order will be placed that will have the order price and quantity you have set, and once it hits that price, your order will then be executed.
Follow the link for more information on how to deposit on BKEX and how to withdraw from BKEX!
How to Trade Perpetual on BKEX
Besides spot trading, BKEX also offers derivative trading with the same options, i.e., Market, Limit, and Trigger. Unlike spot trading, derivative trading tends to be a bit different, as one does not actually require owning the underlying assets. And here, you can also adjust your leverage and position, among other things that are unique to this trading method. However, all of this can also make things a bit more complicated and, therefore, lengthy to explain, which is why going deep into all of those intricacies is not the focus of this article.
As for perpetual, they are like futures but without any expiration dates. Similar to futures, perpetual are contracts that derive their value from an underlying digital asset.
Step 1. Select Perpetual
So, to trade perpetual, hover over Derivatives on the homepage and select the Perpetual option from the drop-down menu.
Step 2. Choose Order Type
On the perpetual page, select your preferred trading pair, and like spot trading, you can select the type of order you’d like to make.
Step 3. Place Order
Following that, you can open the positions you’d prefer, such as long or short, adjust the prices and leverage, and enter the number of tokens you’d like to purchase. Once you have set everything accordingly, you can place your order and close it, which you will have to do manually.
Click the link to learn about BKEX derivatives trading through a YouTube video!
【BKEX Institute】BKEX Ultimate-M promotional video | BKEX Institute YouTube channel
FAQs
How Much Do Trading Fees Cost at BKEX?
From what we have gathered, trading fees on BKEX are 0.20% for takers and 0.15% for makers.
How to Short on BKEX
To short on BKEX, simply head over to its perpetual trading page and select the token you feel like shorting by choosing the trading pairs that include it. Adjust the leverage based on your trading needs, enter the amount you want, and choose the type of order you want to short through, which can be either limit, market, or trigger orders. So, click that Short button below to open a position after you are done entering everything. You can close your positions at any time if you’re satisfied with the profits you’ve made.
How to Short on BKEX Without Leverage
You could carry that out by simply adjusting the leverage to 1X, or you don’t really have to do all that through derivatives trading, meaning you can simply head over to the spot section if you don’t feel like using leverage.
