Currently, Bitwells provides BTC, ETH, LTC, EOS, and XRP perpetual contracts for futures trading, and 100l leverage is available on Bitwells. The traders only need to pay a small number of funds at a certain rate of the contract price as the financial guarantee for the fulfillment of the contract, and then can participate in the sale and purchase of the contract.
Explanation of relevant terms:
1. Account Deposit & Withdrawal & P/L Settlement Currency
Bitwells only accepts BTC deposits and withdrawals;
Margin used, profit and loss will be calculated in BTC.
2. Open a position & Close a position
Open a position means to place an order and hold it for making a profit; close a position means to reverse the trade that you placed.
3. No negative balance
The maximum loss will only be limited to the trading account balance. If the account balance becomes negative, the system will reset the account balance and bonus (if have) to 0 automatically.
The balance in your wallet will not be included in the position margin and will be no loss.
The total amount of funds in the trading account (excluding floating profit and loss).
5. Net worth
The current total funds in the account.
Net Worth=Balance + Bonus+ Floating P/L
The sum of the customer's participation in the event or the reward bonus
The margin used by our platform and mainstream digital currency futures exchanges is the funds that can be used to buy up or down contracts, which is the sum of funds that can be used to open positions.
7. Free margin
The total amount of margin that can be used to open positions.
8. Margin used
The amount of equity in an account that is used by the current opening positions.
9. Margin level
Margin level=Net worth/Margin used.
When the margin level <=30%, your position will be forcibly liquidated.
10. Floating profit and loss (Floating p/l)
The unrealized floating profit and loss of opened positions.
11. Forced Liquidation
When the floating loss of a position reaches a certain percentage, the platform will force the sale of the contract in order to protect the trader.
When the margin level <=30%, the positions will be liquidated automatically.
12. Auto-Selling in Profit
When the profit reaches 85% of your net account value (including bonus), the corresponding positions will be automatically closed at the market price by the system.
You can continue to open new positions and get higher profits.
13. Bitwells' Quotes
The Price Index on Bitwells is based on the calculation on the weighted data from 5 major exchanges in the world - Binance, Poloniex, Bitfinex, Huobi and Coinbase.