BTCC Pro Frequently Asked Questions
1. What is BTCC Pro?
BTCC Pro is an innovative leveraged platform for bitcoin swap trading. Using BTCC Pro, traders can enter perpetual swap contracts, denominated in USD, based on their predictions of bitcoin price. Trading on BTCC Pro is based on a dealer model, which ensures that orders as large as 100 bitcoins can be filled at an exact price, with no slippage. BTCC Pro offers 10x leverage, which means that traders can enter a contract worth 10 bitcoins by depositing only 1 bitcoin.
BTCC Pro Product Details
| Item | Description |
|---|---|
| Trading Pairs | BTC/USD |
| Contract Unit | 1 Bitcoin |
| Supported Currencies | USD |
| Trading Time Zone | UTC+0 |
| Trading Hours | 7 days * 24 hours |
| Maximum Leverage | 10x |
| Tick Size | $0.01 ($1 = 100 ticks) |
| Trading Fee Structure | Execution (No maker/taker.) |
| Trading Fee | None |
| Margin (0-10 positions) | 10% |
| Margin (11-50 positions) | 30% |
| Forced Liquidation | 4% |
| Minimum Order Size | 1 contract (1 bitcoin) |
| Maximum Order Size | 100 contracts (100 bitcoins) (20 during beta) |
| Maximum Open Positions | 50 contracts (50 bitcoins) (50 during beta) |
| Carrying Fee | 0.0082% per long position; 0% per short position* |
| Carrying Fee Assessment Frequency | Once Daily |
| Carrying Fee Assessment Time | 00:00 (UTC+0) |
| Delivery Fee | Delivery is currently not available. |
| Contract Expiry | None - continuous until position close/liquidation |
Carrying fees will be adjusted based on bank interest rates.
2. What are the main differences between BTCC Pro and BTCC USD Exchange?
The main differences between BTCC Pro and BTCC USD Exchange are as follows:
- BTCC Pro offers 10x leverage, which means that you can trade on the value of 10 bitcoins by only depositing the USD equivalent of one bitcoin on BTCC Pro.
- BTCC USD Exchange is a spot trading platform, in which you exchange USD for bitcoins, or vice versa immediately, and take immediate ownership of the bitcoins or USD you would have bought or sold. BTCC Pro is a contracts-for-difference trading platform, in which traders speculate on bitcoin price in USD at a future point in time. Traders on BTCC Pro lock in their profits or losses when they close their positions.
3. What trading model does BTCC Pro use?
BTCC Pro uses a real-time quote transaction trading model.
4. What currency is used for BTCC Pro transactions?
The currency used for trading on BTCC Pro is USD.
5. How do I deposit to or withdraw from BTCC Pro?
Traders deposit funds on BTCC Pro by first depositing USD on BTCC USD Exchange, and then transferring the USD to BTCC Pro. To withdraw funds, traders first transfer USD from BTCC Pro to BTCC USD exchange, and then withdraw the USD from BTCC USD Exchange. Please note that you can only withdraw funds in the same currency that you have deposited them.
6. Which currencies does BTCC support for deposits? How do you convert HKD into USD for deposits?
All deposits to BTCC Pro are handled by depositing funds to BTCC USD Exchange, and then transferring USD to BTCC Pro. BTCC USD currently supports the following currencies: USD, HKD and BTC.
If you deposit HKD, we will convert the HKD into USD using the live currency exchange rate at the time, and deposit the USD in your BTCC USD Exchange Account. BTCC does not charge a currency conversion fee for this service. Withdrawals from BTCC USD Exchange are in USD by default; if you want to withdraw HKD, please contact us beforehand at support@btcc.com.
7. How is the Bitcoin Price Index on BTCC Pro determined?
The Bitcoin Price Index is the USD BPI used on BTCC Pro.
The USD BPI is weighted as follows:
| Trading Platform | Weight in BPI Index |
|---|---|
| Bitfinex | 25% |
| Bitstamp | 25% |
| Coinbase | 25% |
| Gemini | 10% |
| Kraken | 10% |
| itBit | 5% |
8. What are short positions and long positions?
In trading, when you buy an asset expecting that its price will rise, that is called having a long position. If the price rises, you can sell the asset at the higher price and make a profit.
Having a short position, on the other hand, is when you sell an asset you borrow with the expectation that its price will fall. If the price drops, you can buy back the stock at a lower price, return it to the lender, and make a profit.
For example, if bitcoin price is 1,000 USD, and a trader expects that bitcoin price will go up, he can buy one contract, which is equivalent to 1,000 USD. If the price were to rise to 1,100, the trader could sell one contract, and earn 100 USD in profit.
Similarly, if bitcoin price is 1,000 USD, and a trader expects that bitcoin price will go down, he can sell one contract, which is equivalent to 1,000 USD. If the price were to fall to 900, the trader could buy one contract, and earn 100 USD in profit.
9. How do I place orders? What order types does BTCC Pro offer?
BTCC Pro offers dealer, limit, and stop orders.
A dealer order buys or sells positions immediately at the best available price.
A stop order automatically buys or sells positions when the market price reaches a certain threshold, freeing traders from the need to continuously monitor the market. Please note that stop orders are not automatically canceled when you close your positions. If you want to cancel your stop order, you should do so manually, otherwise your stop order will be executed at the price you set.
A limit order buys or sells positions when the market reaches a specified price or better.
10. What options does BTCC Pro offer for closing positions?
BTCC Pro allows you to close your positions by:
Executing an opposing trade – You can close your positions by placing an order that is opposite to the order you placed when you opened your position. For example, if you currently have five long positions, you would sell five positions to close the long positions. Similarly, if you currently have five short positions, you would buy five positions to close the short positions. Delivery – You can close your positions by taking delivery. A fee is charged to deliver positions, and a minimum delivery request size of 100 BTC applies. The application process is outlined below.
11. How do I request delivery of my positions on BTCC Pro (Not yet available)
Delivery will only be allowed for amounts above 100 BTC. Customers can apply for delivery by contacting delivery@btcc.com. When applying for delivery, traders should provide all the information outlined below otherwise the delivery application will be deemed invalid. We will confirm receipt of application within an hour from 10:00 AM to 4:00 PM (UTC+8) during weekdays during work days. Each customer can only submit one request for delivery. The body of the email should be in the following format:
Customer XXX requests delivery of [Amount] BTC/USD.
XXX should be the full name you used when you registered for a BTCC account.
Accepted requests for delivery will be processed within three working days. Applications for delivery of more than 1,000 positions may take longer than three working days to process. The first 1,000 positions will be delivered within three working days of accepting a delivery request. The remaining positions will be delivered within the next three working days.
When taking delivery, users should ensure they have enough USD to cover the amount they want delivered.
12. When does BTCC Pro force liquidation?
BTCC Pro forces liquidation of customers’ funds when a customer’s margin goes below the required maintenance margin rate (otherwise known as the forced liquidation rate).
For example: if the market price is 1,000 USD and a trader buys one position with 100 USD (10% of the market price used as deposit) buys a bitcoin, the customer’s position would be force-liquidated when the value of the customer’s margin reaches below 40 USD, that is below the forced liquidation rate of 4%.
13. Why can’t I withdraw my profits or open new positions with my profits?
Realized profits are gains from closed positions.
Unrealized profits are potential gains on open positions.
Unrealized profits cannot be withdrawn or used to open new positions.
You can only withdraw and open new positions with usable margin.
Usable Margin = (Total Deposit + Realized Profit) - Initial Margin - Unrealized Profit
For example:
If you deposit 800 USD, and take a long position for one bitcoin at 1,000 USD, and the price of a bitcoin rises to 1,200 USD, then your total equity rises to 800 USD + 200 USD (from the price gain) = 1,000 USD.
Your unrealized profit would then be 200 USD (2,200 USD - 2,000 USD * 1).
Your initial margin would be 220 USD (2,200 USD * 10%).
As such, the amount you would be able to withdraw or use to open new positions would be 690 USD (1,000 USD - 200 USD - 110 USD).
To withdraw the full 1,000 USD, you would need to close out all your positions, which in this example would mean closing out your one long position.
14. Can I hold long and short positions at the same time?
You cannot hold long and short positions at the same time. Traders can hold a maximum of 50 positions at any time.
15. Why can’t I place an additional order when I have received a quote, but haven’t cancelled my order?
Traders cannot place an additional order when they have received a quote. To place an additional order, first cancel your order and place another order.
16. Does BTCC Pro support API transactions?
BTCC Pro currently does not support API transactions.
17. Which browsers does BTCC Pro support?
BTCC Pro supports Chrome, Firefox, and Internet Explorer 11 and above.
