Trading on BSX: A Step-by-Step Guide

Welcome to your comprehensive guide on how to buy and sell on BSX. This tutorial will walk you through the process from the initial setup to executing trades.

Firstly, go to BSX website which can be accessed here.

Step 1: Connect Your Wallet

To trade, you must connect your wallet to BSX.

Click on the "Connect Wallet" button on the top right of the BSX interface.

Choose your wallet provider and follow the instructions to connect.

Step 2: Enable One-Click Trading

To ensure a smooth trading experience on BSX, you need to enable one-click trading.

After Connecting your wallet into BSX, you will see a prompt asking you to "Enable One-Click Trading"

Click on "Sign Message" to authorize.

Step 3: Agree to Terms and Conditions

Before you start trading, BSX requires that you acknowledge their terms and policies:

A window titled "Agree to Terms and Conditions" will appear.

Review the terms, conditions, and privacy policy.

Confirm that you are not a U.S. resident or in a sanctioned area.

Click on "Enable Fast Trading" to proceed.

Step 4: Deposit Funds

Before making any trades, you need to deposit funds into your BSX account:

Click on "Deposit" in the upper right corner of the screen.

In the pop-up window, enter the amount of USDC you want to deposit.

Confirm the deposit and wait for the transaction to be processed. Your balance will update accordingly.

Now that your account is funded, you're ready to trade.

Step 5: Executing a Trade on BSX

Buying (Going Long)

To buy or "go long" on BTC-PERP means you're expecting the price of Bitcoin to increase. Here’s how to place a long order:

Select the Market: On the BSX interface, make sure you’re on the "Trading" page and BTC-PERP is selected.

Choose Order Type: Select "Market" to buy at the current market price.

Enter Amount: Specify the amount of BTC you want to purchase. In our example, we’re using 0.01 BTC.

Set Leverage: Use the slider to choose your desired leverage level, up to 10x. The example shows a 7x leverage.

Advanced Options (Optional): You can select “Post-only” to ensure your order is added to the order book and not filled immediately, affecting the market price. Select "Reduce-only" to ensure the order only reduces a position, not increases it.

Review Order: Check the summary, including the estimated price, total notional, and fee.

Place Order: Click "Long" to execute the purchase.

The order will be processed, and the position will appear under "Positions" on the trading page.

Selling (Going Short)

To sell or "go short" on BTC-PERP means you're expecting the price of Bitcoin to decrease. The process is similar to placing a long order, but you'll click "Short" instead of "Long" when executing the trade.

Step 6: Managing Orders and Positions

Once you have open orders or positions:

Navigate to the "Orders" or "Positions" tab to view them.

You can cancel any open orders or close positions by clicking "Cancel" or "Close" next to the relevant order.

Step 7: Account Overview and Risk Management

To view your account details and manage risk:

Go to the "Portfolio" tab.

Here you can see your Account Equity, Margin Usage, and Liquidation Risk.

Monitor these metrics closely to manage your trades and avoid liquidation.

Step 8: Closing a Position

To close a position on BSX, navigate to the 'Positions' tab where you'll see a list of all your open positions.

Find the position you want to close and click on it. This will open a "Close position" window.

In the window, you'll see details about the position, such as size, average entry price, and your estimated PnL.

You can choose to close a specific amount of your position by entering the amount or using the percentage buttons (10%, 25%, 50%, 75%, or Full) to specify how much of the position you wish to close.

Review the details, and if you're ready to proceed, click on the "Close position" button. This action will execute a trade to close your position at the current market price.

Step 9: Withdrawing Funds

Once you've closed your positions and are ready to withdraw funds:

Go to the 'Portfolio' tab and click on the 'Withdraw' button.

A withdrawal window will appear, prompting you to specify the amount you wish to withdraw.

Enter the amount of USDC you want to withdraw. Make sure it doesn't exceed your available balance.

The system will display the available amount, the withdrawal fee, and the net amount you'll receive after fees.

Review the details, and if everything looks correct, click on "Confirm withdraw".

Your withdrawal will be processed, and funds will be sent on your Base wallet. A 'Pending Withdrawal' indicator will show up in your balance tab until the transaction is complete.