In this article, I want to explain to you, as if you were the complete beginner, all the information about how you can deposit and withdraw funds from BTCNEXT by Platinum Q DAO Engineering and how you can actually trade.
I am going to explain all the major points so that you can start trading today. But if you still have some questions make sure that you ask them in the comments below - I do read comments every day and I will provide you some detailed answers for all of the questions below.
How to sign up?
First, let's look at how you register with BTCNEXT.
1. Go to https://www.btcnext.io/. Make sure that it's https because there's a lot of phishing sites, imitating the website of this popular exchange.
2. Click on "Login/Registration" in the upper right corner (Figure 1).
3. In the opened window, click "Sign Up" (Figure 2).
4. In the next window, specify the required data. Make sure that the password includes not less than 6 symbols, at least 1 upper-case letter and 1 non-letter (Figure 3). And click the "Continue" button.
5. Then, you'll need to check your email. Paste the code you've received into the field and click "Confirm" (Figure 4).
6. Now, you can open the home page again, click on "Login/Registration" and in the opened window click on "Login" in the left half of the page. Your email address and password will be automatically specified in the respective fields (Figure 5).
And that's it! It's that easy to register a BTCNEXT account. In the next sections we'll tweak with some basic setting for your account.
How to adjust settings for a new account?
Now that you've got your hands on a brand new account with BTCNEXT, we need to make some changes to the settings:
1. You can change the language of the interface. Click on the "Flag" button in the top right corner. Don't be shy - make the exchange to feel just like home (Figure 6).
2. Then click on the "Person" button nearby in order to open your Profile Settings (Figure 7).
3. You can always change your password if you believe that somebody might have seen your current one.
A. To do that, click on the "change" phrase (Figure 8).\n
B. Then copy the code thatyou've received (Figure 9).
C. Paste it in the field on the site and click "OK" (Figure 10).
D. Create the new password and click "OK (Figure 11).
E. You'll get redirected to the login page where you'll need to enter the email address and the new password (Figure 12).
4. In order to assure higher security, you are advised to use the 2FA option at BTCNEXT.
Here's how you do that:
A. In your profile settings, go to "Two-Factor Authentication" Section and click on "Enable" (Figure 13).
B. Install Google Authenticator on your smartphone.
C. Open Google Authenticator and pick the option "Enter code to create a new account" (You can also pick "Scan the QR Code").
D. Type the code from BTCNEXT into Google Authenticator (Figure 14).
E. Google Authenticator will show the code, which you need to type into the window at BTCNEXT. And then click "Send" (Figure 15).
D. And now you'll see that you've enabled 2FA feature (Figure 16).
E. Now, you need to log out the system. The next time you log in, you'll be asked to provide the code from Google Authenticator. Codes change every 10 seconds, so don't worry if your code does not get accepted, just try a new one.
5. Another useful feature is changing the communications language, so that customer support will assign specialists who speak your language.
A. To do that, go to the last Section in the Profile Section and Click "Edit".
B. In the opened window, pick the language you want to use. Then click "Save".
This is how you can adjust setting before using BTCNEXT. As you can see, it doesn't take you a lot of time. And users can assure heightened security thanks to Google Authenticator 2FA feature enabled here.
And now let's learn how you can deposit funds in order to start trading.
How to deposit and withdraw funds?
BTCNEXT is extremely easy to use. Depositing and withdrawing funds doesn't require users to go through lengthy procedures. And it's done extremely fast!
1. Go to the Tab "Wallet". You'll get to this page when you log in.
2. Here, you need to pick the currency you want to deposit. Let's choose Bitcoin. Click on the button "Deposit" before the currency's name.
3. In the next window, click on the button "Proceed".
4. Now, there are two options. Users can scan the QR code at their platform and send the funds to the exchange. Or, they can copy the exchange wallet address and use it at the platform where they store funds.
The funds will be sent to the exchange as soon as the transaction has been processed by the Bitcoin blockchain. It can take anywhere from 10 minutes up to an hour.
1. Go to the Tab "Wallet". You'll get to this page when you log in.
2. Here, you need to pick the currency you want to withdraw. Let's choose Bitcoin. Click on the button "Withdraw" before the currency's name.
3. In the next window, check that the selected currency (Action 1 on Figure 26). Then specify the amount you want to withdraw (Action 2), the receiving wallet (Action 3). You can specify any comments for the transaction so that it's easier to track funds (Action 4). Review the amounts for fees and total withdrawal (Action 5). And finally, click "Proceed" (Action 6).
That's it. BTCNEXT guarantees easy and convenience.
How to trade?
Now that you've deposited some funds, it's time to learn about trading. Cryptocurrencies offer huge opportunities for trading profits, but it's important to learn basics and best practices.
1. Go to the Tab "Exchange" in the top menu.
2. A new window will open with the trading console. Here, I maked 8 Sections with frames.
Let's look into each of the Section individually, so that you can learn how to trade successfully and use all of the tools available at BTCNEXT.
Sections in Trading Console
Section 1: Quick Data Panel
To the right, you see basic statistics data. Look at them in order to quickly understand what's going on in the pair you want to trade.
To the left, active pair is shown. Click on it in order to enter the menu where you can change the basis currency and choose a pair.
Section 2: Chart
This is the chart. Importantly, BTCNEXT uses some of the best charting tech in order to bring forward crisp and high-quality charting.
At the top, you have the open, high, low and close prices for the current unit of measurement.
Section 3: Chart Settings
In this Section, you can see various tools to change settings for the chart.
Let's look into each of these buttons individually.
Button 1: Use this button to choose the time interval.
Button 2: Choose a type of charting technique you want to use. The most popular is candles. I personally like Heikin Ashi a lot because it takes out minor gyrations and helps me focus on major moves.
Button 3: Here you can adjust various settings for the chart. Play with them in order to bring out the visuals you like most.
Button 4: This button takes you to an extensive list of indicators that help you make well-balanced trading decisions.
Button 5: Use these two arrows to move to the left and right across the chart.
Button 6: Click on this button for the chart to blow up for the full screen. Press key "Esc" on your keyboard to get back into the standard mode.
Section 4: Advanced Tools
This Section contains advanced tools that can bring even more convenience for your trading.
BTCNEXT has paid much attention to creating a set of highly useful tools. Browse around and find the features that will help you make better trading decisions and analyze charts in a faster and more efficient manner.
Section 5: Orders
This is where you manage your orders.
BTCNEXT enables 3 main Orders: Market, Limit and Stop. These are shown at the top of the Section.
A market order is created immediately. A limit order will be opened only after the price reaches the specified level. And a stop (stop loss) order activates whenever a certain price limit is reached and it's used to close out your position and thus limit your losses.
The interface is very clean and intuitive. Orders are executed very fast and without "slippage", i.e. without any price movements between the levels when you open order and it actually executes.
Section 6: List of current orders
Here, you can see all of the current orders, opened at the exchange. This is a great way for more sophisticated traders to see the big picture and understand potential for future moves.
At the same time, if you are just starting to trade, you don't have to use this Section.
Section 7: List of executed orders
In this Section, you can review the orders that have already been executed. Importantly, BTCNEXT shows a lot of previously executed orders.
This helps sophisticated traders analyse the historic data better.
Section 8: List of opened orders
In this Section, you can track all of your opened orders.
For your convenience, you can use the filter at the top in order to select particular orders.
We've looked into the major components at BTCNEXT, but there is something more to say.
BTCNEXT is managed by a highly experienced team of Platinum Q DAO Engineering that has already implemented several successful projects and has a significant background in the blockchain and crypto trading industry, including providing IEO, listing and market making services. The exchange is actively listing coins and developing new services, including the mobile app.
It’s also worth mentioning the partnership with USDQ, a fully decentralized stable coin backed by Bitcoin and other top 10 currencies in the future, and its governance token Q DAO. Since stable coins are collateralized, they are not prone to the market volatility so severely as usual virtual coins are. This feature allows them to be more stable and reliable, which opens new opportunities for the traders. The Q DAO ecosystem will be expanded with a range of stable coins backed by fiats soon (JPYQ, KRWQ, SGDQ, HKDQ, CNYQ, and RUBQ). They will be available on BTCNEXT, too.
Now you can start making your first trades. Just remember: always trade with the money that you are not afraid to lose. Correct money and risk management is as important as winning trading techniques since it's these practices that will help you make or break your long-term strategy.
CEO of Platinum