VirgoX Exchange
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VirgoX Exchange

VirgoX Launches “We Cover Your Loss” Promotion with a 100,000 USDT Compensation Pool for Traders

At VirgoX, we appreciate the long-term support of our clients and community and are always looking to introduce more features to more users. To thank the support of the community and users, VirgoX will launch a new promotion for future contracts traders: Get started with us! We cover your loss! We have prepared a 100,000 USDT Compensation Pool for the users that trade any contracts pair in the VirgoX Perpetual Contracts Section. The promotion details are as follows.

Promotion: “We Cover Your Loss”

Rules:

Users who open positions over 20 USDT for the first time on the VirgoX Futures sections and are liquidated due to great market volatility will be eligible to get a 20 USDT coverage.

The total compensation pool is 100,000 USDT. First come, first served!

Terms and Conditions:

  1. Users who participate in the above promotion must fill in the official form and complete the T2 KYC verification to become eligible for the rewards.
  2. The rewards will be distributed twice a month.
  3. VirgoX reserves the right to change, modify, renew or cancel this promotion at its sole discretion at any time without prior notice.
  4. VirgoX reserves the right to disqualify duplicate accounts set up by the same individual or entity from receiving any of the above-mentioned rewards.

To register your participation and request your compensation, please fill this form → https://forms.gle/3dwubYmMTbQtwJba6

Beginner’s guidance for futures trading

Futures trading is a different way to engage the crypto markets. Unlike Spot trading, with Futures, you don’t actually buy into another coin. Rather, you take a view on the future price of the asset you’re interested in and trade into contracts that derive their value from that asset.

It may sound complex, but it’s really easy. Instead of ‘buying’ and ‘selling’, with futures contracts we say you can ‘go long’ or ‘short’. If you expect the price to go up, you go long; if you expect it to go down, you go short. If you go long and the price goes up, you can make a profit. Likewise, if you go short and the price goes down, you can make a profit.

Step 1: Enter the perpetual swap trading page

On VirgoX official website, enter the [Contracts] section.

Step 2: Choose the trading pairs

Then Select and click the “BTCUSD” button to open the floating window to choose the trading pair which you want to enter.

Name, latest price, and 24h price change are shown in the trading pairs switching area.

Step 3: Analysis and decision making

Check the Candlestick Chart and order book to Analysis and make your investment decision.

  • The Candlestick Chart shows the trend of trading pairs, it can be shown by different times, which includes showing by minute, day, week, month, and year. The Candlestick Chart also supports various indicators and mapping tools.
  • The order book shows all the buy and sells orders in the market.
  • Sell order: All orders on the market that traders wish to sell (shown in red)
  • Buy order: All orders on the market that traders wish to purchase (shown in green)

Step 4: Fund your perpetual swap account

Transfer funds from your other accounts (exchange, financial, farm, etc) to start with the contracts trading.

Click the “Transfer” button on the top-right corner.

Then you can see the transfer pop-up winder. Choose the transfer account, coin type, and quantity to complete the fund transfer process.

Then you can see the fund that you just transferred reflected on the “Available Balance”.

Step 5: Place your order

On VirgoX, you can trade futures with leverage. Let’s say, you have $100USD worth of BTC and you want to trade Bitcoin futures against the USD. With 100x leverage, you can turn your $100 into $10,000 and get much more exposure to price movements. This means you can make bigger profits, but it also comes with greater risks. It’s good to know, however, that on VirgoX, you can not lose more than you put in.

Traders can buy or sell digital assets here, VirgoX supports 3 kinds of order types: Limit order, Market order, and Stop order.

When a trader places a buy or sells order, before they can submit the order, our system will check that they have enough “Available Balance” to reserve the Initial Margin and estimated trading Fees. If the trader has an existing position in that instrument, it will also check that they have enough available balance to cover the change in Maintenance Margin and PNL, should the position be priced at the order price. If they have enough balance, then they can place the order.

Step 6: Check your orders’ status.

After you placed the order, you could check your open orders, active orders, stops, and order history is shown in this area.

  • Position: the number of contracts that one long or short from a specific price;
  • Active Orders: Orders that have not been filled;
  • Stops: Stop orders that have not been triggered. A stop order will be automatically submitted if specified criteria are met. It can be used to set up a stop or take profit strategies;
  • Order History: the records of all the completed orders.

If you have any further questions, you can click the question mark on the top-right corner to get more information about perpetual swap trading.

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