1fox.com is a site for exchanging Bitcoin and US Dollars that offers leverage (loans) so that users can potentially increase their returns on their trades. 1fox.com is the brain child of the folks behind 1broker, a popular CFD platform (Contract for Differences).
Your capital is at risk.
Following its soft launch in 2017, 1fox.com already had 40,000 registered members, many of whom were actively making BTC/USD trades on the platform. This is due to the extremely intuitive user interface and of course the option users have to leverage their purchases of bitcoin.
We will explain some of the other key features and a description of 1fox.com, specifically how BTC/USD trades work. But first, here's a quick explanation of what we mean whenh we use the technical term leverage.
How Leverage Works
Suppose you want to make money in real estate, buying and then flipping (selling for profit) a home. Suppose that you have $100,000 to buy a home. You find a property that ccosts $100,000 and you manage to sell it for $110,000, making a profit of $10,000 or 10 percent of your investment.
Another way to invest the same $100,000 would be to divide it by 10, and put a $10,000 down payment on 10 different houses that cost $100,000 and then leverage the remaining funds, which is to say to use borrowed funds for the remainder ($90,000 per house opr $900,000 in total). In this case, if you sell each home for $110,000 your profit is $100,000 after payiong back the lender. You've doubled your money for a profit of 100 percent.
Bitcoin, like a house, is an asset, and by offering their registered users leverage when they buy BTC, they give them the chance to have much higher returns on their initial investment.
Using fox1.com
Setting up an account on fox1.com is as easy as setting up a social media account: all you need is an email address, a username, and a password.
Once you've logged into your account you want to head over to the Market Dashboard to place an order by clicking on the trade tab. This reveals two arrows: one pointing down and another pointing up. The downward pointing arrow is for a short position meaning that you profit when the price of BTC decreases. The upward pointing arrow is for a long position meaning that you profit when the price of BTC rises.
Once you've decided between a short and long term position, you make your order and here there are three choices: market, limit and stop entry. You can leverage your order by demonitating up to 5X the price of the order.
1fox.com supports withrawals and deposits in BTC (the site only accepts Bitcoin) and the site provides users with a unique deposit address. To make a withdrawal you need to have a BTC address. The service charge for each withdrawal is 0.00001689 BTC.
All trading involves risk. Only risk capital you're prepared to lose. Past performance is not an indication of future results. This content is for educational purposes only and is not investment advice.
1fox is definitely a good tip, works much more easily than, for example, Birmex. The only function I'm missing is the ability to copy other traders. I read somewhere that they're working on this, curious to see when that goes live.
Payment of profits is very quick, transaction fees are low, but could be lower. Depositing funds can take quite a long time, don't know exactly how many transaction fees I need to send to trade fast.
Where do you get the prices from, for the bitcoin? When I look on coinmarketcap I see different prices for the bitcoin than on 1fox. Can you tell me more about how this price is determined?
All trading involves risk. Only risk capital you're prepared to lose. Past performance is not an indication of future results. This content is for educational purposes only and is not investment advice.