Currently, in the cryptocurrency trading market, liquidity providers face a challenge as trading volumes are decreasing on many exchanges. This means traders have to wait for their orders to be fully matched or place orders on multiple exchanges. However, there is a solution called LetMeTrade. Are you curious about what LetMeTrade is? Its advantages and disadvantages, how to register an account, and how to use its features? All will be explained below.
What is LetMeTrade?
LetMeTrade is an intermediary tool that helps your orders execute quickly on supported exchanges.
LetMeTrade was created by the former chairman of Huobi Capital, based in Hong Kong. Major exchanges linked and supported by LetMeTrade include Binance, Bitmax, Okex, and Huobi.
If you hold a large amount of coins and experience slow liquidity or unfavorable prices, LetMeTrade helps you liquidity faster and at more stable prices.
Main Advantages and Disadvantages of LetMeTrade
Advantages
- Connected with many major exchanges
- Includes API for bot usage
- Supports both Exchange and Margin trading
- Has copy trade functionality
- Supports Vietnamese language
Disadvantages
- Support for coins is not yet diverse
- Trading volume is still small
Detailed Guide to Register an Account
How to create an account
Visit “https://lmt.trade/register” to start registration.
Fill in your phone number, password, then click “Continue”.
Account verification
Prepare your ID card or passport for verification.
Select “Identity Verification” and fill in the required information:
- Country or Region: Vietnam
- Last Name: Your last name
- Name: Your first name
- ID Type: Choose “Identity Card” if using ID, “Passport” if using passport
- ID Number: Enter your ID or passport number
Click “Next”.
Then upload 3 photos:
1/ Front of ID card/passport
2/ Back of ID card/passport
3/ Take a photo holding a paper with your account name and current date for verification.
After completing these steps, wait for the response from the platform.
Set up 2FA security
Enable 2FA to protect your account. Log in, go to “Security Settings”, select “Google Authenticator”, then “Activate Verification”.
Install Google Authenticator app on your phone.
The platform will send a verification code. Scan the QR code or enter it manually into Google Authenticator, then input the code into “Google Verification Code”.
How to deposit/withdraw coins on LetMeTrade
Deposit coins
Select “Assets” then “Deposit”.
Use the provided wallet address to deposit coins.
Withdraw coins
Click “Withdraw”.
- Address: Destination wallet address
- Amount: Number of coins to withdraw
Click “Submit”.
Detailed Guide to Using LetMeTrade Features
Trading on Instant Trading
LetMeTrade aims to make Instant Trading simple and user-friendly, especially for beginners.
Purpose: Buy/sell crypto quickly, easily, suitable for those who need fast transactions (instant).
Steps include:
- Select cryptocurrency
- Choose Buy/Sell
- Enter the amount of coins to buy/sell
- LetMeTrade will suggest the best buy/sell prices for you
- Click “Request Price”.
Using Copy Trade
Copy Trading is a popular feature on LetMeTrade.
This allows you to copy the trades of successful Traders to earn profit.
Under “Community”, there are list of Master Traders for review. Click on their profile for details.
Basic info includes:
- Number of signals sold
- Winning probability
- Profit share for signals providers
- Followers count
- Average win rate
Based on this info, consider whether to follow a trader.
After selecting a trustworthy trader, click “Follow” to start following.
Specify the amount you want to allocate for each trade, then click “Confirm”.
Once a Master Trader opens a position, your account will automatically allocate the set amount and copy the trade.
- If the trade results in a loss => Loss
- If the trade wins => Profit, shared with the Master Trader
Who is suitable for this trading method?
- You cannot analyze and monitor the market frequently but still want to participate in trading.
- Novice traders lacking market understanding, best to follow veteran traders for potential profit increases.
Note: Using this trading approach involves risk, especially if the Master Trader makes wrong trading signals.
Margin Trading on LetMeTrade
Margin trading on LetMeTrade is similar to other exchanges.
Note: Margin trading can quickly increase profits but also involves high risk; consider carefully before using. Margin trading incurs a leverage fee of 0.05% per 8 hours.
Once you select a trading pair, you need to:
- Select transaction type, supporting various options like Limit Order, Stop-Limit, TWAP, Iceberg Order, Sniper Order, Trail Order
- Set trading parameters
- Finally, choose Buy/Sell
Conclusion
This article primarily discusses basic aspects of LetMeTrade: What is LetMeTrade? Advantages and disadvantages, how to register, and how to use its services. Hope this provides useful information for your trading activities.
