Frequently Asked Questions (FAQ) in BTCEX

Register

Is the download of the program to a computer or smartphone required?

No, it’s not necessary. Simply complete the form on the company’s website to register and create an individual account.

How do I change my account email address?

If you would like to change your account email, please forward the following details to [email protected] from your registered email:

• your full name
• your registered residential address
• the phone number you registered in our system
• a selfie picture of yourself holding a valid ID (preferably the one you used to verify your account), and a pen-written note with the words “BTCEX email change"; your email address; the new email address, and today’s date. Please make sure the photo is as clear as possible so that we can read all the information.
• the new email address.

Once we’ve received your email, our Compliance team will review your information and update your account. Please note that we have procedures to ensure your account’s safety funds.

Verify

Why have I been asked to resubmit my selfie for Profile Verification?

If you have received an email from us asking you to re-upload your selfie, this means that unfortunately, the selfie you submitted could not be accepted by our compliance team. You will have received an email from us explaining the specific reason why the selfie was not acceptable.

When submitting your selfie for the profile verification process, it is very important to ensure the following:

•  The selfie is clear, unblurred, and in color,
•  The selfie is not scanned, re-captured, or modified in any way,
•  There are no third parties visible in your selfie or liveness reel,
•  Your shoulders are visible in the selfie,
•  The photo is taken in good lighting and no shadows are present.

Ensuring the above will enable us to process your application faster and smoother.

Can I submit my ID documents/selfie for Profile Verification (KYC) via live chat or email?

Unfortunately, due to compliance and security reasons, we cannot personally upload your profile verification (KYC) documents via live chat or email.

We adhere to high security and compliance practices, so we believe in and encourage our users to submit their applications with minimal involvement by outside parties.

Of course, we can always provide support and suggestions on the process. We have extensive knowledge of what documents are most likely to be accepted and verified with no problem.

How long does Address Verification take?

When it comes to submitting a valid proof of address document to verify your address, please note that wait times are typically up to 24 hours; although this may take a little longer when we have a higher volume of documents to review.

Our compliance team is constantly working hard to review all verification documents in the order that they have been received by us, and it is not possible to have your documents prioritized as we value each and every one of our customers.

Please rest assured that our team will review your documents as soon as possible. In the meantime, we thank you for your patience whilst the team checks all submissions as fast as they can.

Once the review has been completed, you will receive an email with the outcome.

Deposit

Deposit Fees?

Free

Can I change my deposit address?

To modify the address, click [Use new address] on the deposit screen.

Note that only the address that is currently being utilized can be modified. BTCEX cannot produce a new address for an address that has never been used.

What should I do if deposit to the wrong address?

Transactions with digital currency cannot be undone. Once it has been sent, only the recipient can return the coin to you; BTCEX cannot assist you in getting it back. In this instance, we advise contacting the receiver platform of the incorrect address for assistance. The assets cannot be recovered if the address of the owner is unknown.

Trading

How to View Profits?

Your profits and ROE are listed on Copy Trade page. To get more information, click [Details]. Trading details can also be found under [Perpetual Asset] on your wallet page.

How to Close Positions?

Log into your trader account, then on the copy trade page, click [Details] next to your username.

Click the blue tab to close. Please note that each position must be closed separately. You can only close the whole position at market price rather than partially close.

Or you can visit Perpetual trading page and close your position.

Liquidation Protocol

Liquidation

BTCEX uses the Mark Price to avoid unnecessary liquidations and to combat market manipulation.

What is the difference between Mark Price and the Last Price?

To avoid spikes and unnecessary liquidations during periods of high volatility, BTCEX Futures uses the Last Price and Mark Price.

The last Price refers to the latest transaction price the contract was traded at. In other words, the last trade in trading history defines the Last Price. It’s used for calculating your realized PnL (Profit and Loss).

On the other hand, Mark Price is calculated using a combination of funding data and a basket of price data from multiple spot exchanges. Your liquidation prices and unrealized PnL are calculated based on the Mark Price.

Risk and leverage are adjusted based on the user’s absolute exposure; the larger the position, the higher the required margin, and the lower the leverage. A liquidation is triggered when:

Collateral = Initial Collateral + Realized PnL + Unrealized PnL

It is important to note that the maintenance margin change will directly affect the liquidation price. To avoid being liquidated (i.e. margin ratio hits 100%), please add more margin or reduce your positions. It is recommended to control the margin ratio below 80%.

Liquidation Price

Liquidation occurs when the Mark Price hits the liquidation price of a position. Traders are advised to pay close attention to the movements of the Mark Price and the liquidation price to avoid being liquidated.

BTCEX allows highly leveraged trading by using a sophisticated risk engine and liquidation model. The liquidation model might be intricate.

What happens during liquidation?

During the liquidation process, all open orders are immediately canceled. All users will be subjected to the same liquidation protocols referred to as “Smart Liquidation.” BTCEX takes full liquidation of a user’s position. For any traders that are cleared via forced liquidation and not by an order issued by the user, a liquidation fee will be charged on the amount liquidated.

It is important to mention that, as a general rule, users who hold small positions that enter liquidation are highly likely to be entirely liquidated. Users with larger accounts will see a smaller percentage of their accounts liquidated compared to smaller users. This is because the Maintenance Margin is based on a user’s position amount and not their leverage selection. As a result, the effective Maintenance Margin for smaller users is lower than the liquidation fee rate. As such, they are already bankrupt when first entering liquidation, regardless of the final price when clearing.

Liquidation orders

Note that all orders for liquidations are Immediate or Cancel orders. The order will fill as much as possible and cancel the rest.

The user’s position will be closed at the bankruptcy price, and the Insurance Fund will take over the position, and the user is declared bankrupt. A portion of the remaining collateral (if any) will go to the Insurance Fund. If an account becomes bankrupt (negative wallet balance), the Insurance Fund will payout to balance the account back to 0.

Automated Negative Balance Clearance

When a user’s account balance falls into negative equity, BTCEX will use the Insurance Fund to cover the deficit losses in the user’s account. The automated negative balance clearance will be performed every ten minutes.

Please note the negative account balances will be automatically cleared for users who meet all the requirements below:

For negative balances in USDT-margined accounts, there are no open positions (cross or isolated) in the account.

• The user did not transfer him/herself to deficit losses in his/her account after liquidation.
• In cases where you did not meet the criteria stated above, please contact our Customer Service agents for assistance.

Insurance Clear Fee

When a user’s position is liquidated, a certain percentage of the Insurance Clear fee will be collected and contributed to Insurance Fund reserves, marked as ’’Insurance Clear’’ in the Transaction History.

Since the liquidation price will not change, it is recommended that users strictly control their position risks to avoid liquidation.
 
Please note:

• The Insurance Fund will take over the liquidation positions at the bankruptcy prices, and the bankruptcy prices may be out of the contract’s market price range but the bankruptcy price will not show on the K-line.
• We will send margin call and liquidation call notifications by mail, text message, and internal message. The notifications serve as a risk warning and cannot guarantee timely delivery. You agree that during your use of the Service, under certain circumstances (including due to personal network congestion and poor network environment), users may be unable or delayed to receive SMS or e-mail reminders. BTCEX reserves the right with no obligation to deliver notifications.