GMO launches Bitcoin trading service! Z Coin account opening steps and various fees

Official service began on May 31, 2017!

What are the features of GMO's Bitcoin exchange, Z.com Coin?

【Feature 1】Bitcoin leverage trading with a maximum leverage of 25x*

※Basic leverage is 5x

【Feature 2】Easy trading anytime with the dedicated smartphone app "Bitorekun"!

※Android version is scheduled to be released on July 1, 2017.

【Account Opening Procedure】

Account opening can be done not only with an email address, but also easily with Facebook or Google accounts.

【About Account Plans】

As with any cryptocurrency exchange, when buying/selling cryptocurrency or engaging in crypto FX,

you must submit identity verification documents.

【Upgrade is Easy!】

Submission of identity verification documents can be done by uploading the documents or, upon receipt verification,

either way.

Regarding verification,it's OK even without a photo-ID!

In strict cases, you may be asked for two or more forms of identification such as a passport plus health insurance card,

and there are cases where two or more IDs are required, but

the screening passes with only mobile number verification and a single ID upload.

For someone like me, whose passport is expired and who does not have a driver's license, this was a convenient ease.

【Features of Crypto FX】

The big features are, "No margin calls, up to 25x leverage, 24-hour trading"!

【Crypto FX Trading Rules】

【How to calculate required margin】

When 1 BTC = 300,000 yen, the required margin is

Buying 1 BTC with 5x leverage = 300000 ÷ 5 = 60,000 yen

Buying 1 BTC with 25x leverage = 300000 ÷ 25 = 12,000 yen

This required margin depends on the current Bitcoin price, so when Bitcoin price is low

the required margin is also lower.

【Concept of Margin Maintenance Rate】

With 25x leverage, 12,000 yen, having 12,000 yen in the account doesn't necessarily allow you to buy 1 BTC,

that's not the case.

If you buy, the margin maintenance rate can instantly reach 100%, and once losses reach negative 30%, you face a forced loss cut.

Bitcoin prices can swing rapidly, so when trading with leverage,

consider your acceptable loss and prepare your account funds accordingly.

【If holding beyond one day, leverage fees are charged】

It's the same concept as a "negative swap" in FX, but if you hold positions across days,

a fee of holding amount × 0.03% is debited.

1 BTC at 300,000 yen × 0.03% = 9,000 yen, so

even if the price goes from 300,000 to 310,000 and you have a profit, after subtracting the leverage fee you will have only about 1,000 yen of profit, so be careful.

【Dedicated App, Bitorekun】

To avoid leverage fees, short-term trading is important in margin trading!

With the dedicated app, you can trade instantly while viewing charts!

The Android version is scheduled for release on July 1, 2017.

In leveraged trading, you should definitely trade both "buy" and "sell"!