General Questions

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<p>Bitsgap is designed to cater to <strong>both beginners and experienced traders</strong>, offering a user-friendly interface for automated trading, placing orders, managing portfolios, and monitoring results with ease.</p>
<p>Here’s why Bitsgap works for everyone:</p>
<ul>
<li><strong>For Beginners:</strong></li>
</ul>
<p class="wysiwyg-indent5">- Intuitive interface for easy navigation.</p>
<p class="wysiwyg-indent5">- Access to demo accounts to practice risk-free.</p>
<p class="wysiwyg-indent5">- Simple trading tools with helpful guides and tutorials.</p>
<ul>
<li><strong>For Everyone:</strong></li>
</ul>
<p class="wysiwyg-indent5">- Advanced features like bot automation and trading algorithms.</p>
<p class="wysiwyg-indent5">- Comprehensive portfolio management tools.</p>
<p class="wysiwyg-indent5">- Detailed trading data and customizable settings.</p>
<p>Our goal is to provide an <strong>optimized and intuitive platform</strong> with all the essential tools required for seamless daily trading.</p>
<p>Need help getting started or mastering the platform? Check out our resources:</p>
<ul>
<li>
<strong>Help Center:</strong><a href="https://bitsgap.com/helpdesk/"> <span class="wysiwyg-underline" style="color: #1155cc;">Find tips and step-by-step guides</span></a>.</li>
<li>
<strong>Video Tutorials:</strong><a href="https://landing.bitsgap.com/welcome-tutorials-m1"> <span class="wysiwyg-underline" style="color: #1155cc;">Watch tutorials to learn quickly</span></a>.</li>
</ul>
<p>Whether you’re new to trading or a seasoned expert, Bitsgap has the tools you need to trade confidently!</p>
<p><strong>Need Assistance?</strong><strong><br></strong>If you encounter any issues or have questions, don’t hesitate to contact the Bitsgap <a href="mailto:support@bitsgap.com"><span class="wysiwyg-underline" style="color: #1155cc;">Customer Support</span></a> Team.</p>
</div>

Is it for beginners or experienced traders?

<p>No, Bitsgap does <strong>not charge any trading fees or hidden commissions</strong>. We simply don’t have the technical capability to do so.</p>
<h4 id="h_01JMXYZDWTJ3VWGATSKGXCF07N"><strong>How It Works:</strong></h4>
<ul>
<li>
<strong>Subscription-Based Service:</strong>
<ul>
<li>To use Bitsgap, you only need to activate one of our <strong>paid subscription plans</strong>.</li>
<li>There are no additional charges for the trades executed through our platform.</li>
</ul>
</li>
<li>
<strong>Enhanced Security:</strong>
<ul>
<li>API keys with <strong>withdrawal permissions</strong> are not allowed.</li>
<li>This ensures that your funds remain securely in your exchange account and inaccessible for unauthorized transactions.<strong style="font-size: 1.1em; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Helvetica, Arial, sans-serif;">Learn More:</strong>
</li>
</ul>
</li>
</ul>
<p>For details on our API restrictions and security measures, check out this article: <a href="https://bitsgap.com/helpdesk/article/9970764647964-Does-Bitsgap-have-access-to-my-exchange-wallet"><span class="wysiwyg-underline" style="color: #1155cc;">Does Bitsgap have access to my exchange wallet?</span></a></p>
<p>Enjoy secure, commission-free trading with Bitsgap!</p>
<p><strong>Need Assistance?</strong><strong><br></strong>If you encounter any issues or have questions, don’t hesitate to contact the Bitsgap <a href="mailto:support@bitsgap.com"><span class="wysiwyg-underline" style="color: #1155cc;">Customer Support</span></a> Team.</p>

Does Bitsgap take a commission on my trades?

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<p>Stay informed about the latest updates, platform features, and announcements from Bitsgap by following us on our official channels. Please note that these profiles are <strong>not for customer support purposes</strong>.</p>
<h4 id="h_01JMXYJDPW1T77YAKF45JSWWQZ"><strong>Official Social Media Channels:</strong></h4>
<ul>
<li>
<a href="https://bitsgap.com/blog"><strong><span class="wysiwyg-underline" style="color: #1155cc;">Bitsgap Blog</span></strong></a> – Dive into detailed articles, tutorials, and updates.</li>
<li>
<a href="https://twitter.com/Bitsgap"><strong><span class="wysiwyg-underline" style="color: #1155cc;">X</span></strong></a> – Quick updates and announcements.</li>
<li>
<a href="https://facebook.com/Bitsgap"><strong><span class="wysiwyg-underline" style="color: #1155cc;">Facebook</span></strong></a> – Platform news and community updates.</li>
<li>
<a href="https://linkedin.com/company/Bitsgap"><strong><span class="wysiwyg-underline" style="color: #1155cc;">LinkedIn</span></strong></a> – Professional updates and milestones.</li>
<li>
<a href="https://www.youtube.com/@bitsgap"><strong><span class="wysiwyg-underline" style="color: #1155cc;">YouTube</span></strong></a> – Watch tutorials, feature demos, and webinars.</li>
<li>
<a href="https://www.instagram.com/bitsgap.official/"><strong><span class="wysiwyg-underline" style="color: #1155cc;">Instagram</span></strong></a> – Insights and behind-the-scenes updates.</li>
<li>
<a href="https://reddit.com/r/Bitsgap"><strong><span class="wysiwyg-underline" style="color: #1155cc;">Reddit</span></strong></a> – Join discussions and share experiences.</li>
<li>
<a href="https://discord.com/invite/PwdsEsp4j8"><strong><span class="wysiwyg-underline" style="color: #1155cc;">Discord</span></strong></a> – Connect with the Bitsgap community.</li>
<li>
<a href="https://t.me/Bitsgap_news"><strong><span class="wysiwyg-underline" style="color: #1155cc;">Telegram</span></strong></a> – Exchange information with fellow traders.</li>
</ul>
<h4 id="h_01JMXYJDPWPX3YCZ36MWVKSE9W"><strong>For Technical Support:</strong></h4>
<p>If you need assistance or have an issue requiring immediate action, reach out to Bitsgap’s support team via:</p>
<ul>
<li>
<strong>Email:</strong> <a href="mailto:support@bitsgap.com"><span class="wysiwyg-underline" style="color: #1155cc;">support@bitsgap.com</span></a>.</li>
<li>
<strong>In-platform Chat:</strong> Available in the bottom-right corner of your account dashboard.</li>
</ul>
<p class="wysiwyg-indent1 wysiwyg-text-align-center"><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/18676650082332" alt="1.png"></p>
<p class="wysiwyg-indent1">&nbsp;</p>
<p><strong>Important:</strong> Telegram and Discord are for community interaction only and do not provide direct customer support. Always use the official support options for account-specific inquiries.</p>
<p>Stay connected and informed with Bitsgap!</p>
<p><strong>Need Assistance?</strong><strong><br></strong>If you encounter any issues or have questions, don’t hesitate to contact the Bitsgap <a href="mailto:support@bitsgap.com"><span class="wysiwyg-underline" style="color: #1155cc;">Customer Support</span></a> Team.</p>
</div>
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</div>

How to follow Bitsgap updates and news

<p>Automated cryptocurrency trading platforms like Bitsgap can simplify and enhance your trading experience, but tax reporting for multiple trades across exchanges can be complex. Here’s a concise guide to help you navigate tax reporting efficiently.</p>
<h4 id="h_01JMXZQ6SZ9Z8HD387D0D6AF6T"><strong>What Taxes Apply to Cryptocurrencies?</strong></h4>
<p>Cryptocurrencies are often treated as <strong>assets</strong> or <strong>investments</strong> by governments. For example:</p>
<ul>
<li>In the <strong>U.S.</strong>, the IRS classifies cryptocurrencies as property.</li>
<li>Selling crypto at a profit (capital gains) may incur <strong>capital gains tax</strong>.</li>
</ul>
<p>Even if you trade on crypto-to-crypto markets or use automated strategies, maintaining accurate records of your trades is essential to determine your taxable gains or losses.</p>
<h4 id="h_01JMXZQ6SZFXGJHK53CS5X6A9X"><strong>What Records Should You Keep?</strong></h4>
<p>To streamline tax reporting, ensure you keep:</p>
<ul>
<li>
<strong>Trading History:</strong> Export CSV or Excel files with your transactions from each exchange. Most centralized exchanges provide this feature.</li>
<li>
<strong>Manual Records:</strong> If you use decentralized exchanges without downloadable transaction histories, log trades manually to avoid missing key details.</li>
</ul>
<p>At the end of the year, you can upload these records into cryptocurrency tax tools or calculate taxes manually using spreadsheet editors.</p>
<h4 id="h_01JMXZQ6T0RMY8HK2FKX1V5MSA"><strong>What Tax Software Can Help?</strong></h4>
<p>Specialized cryptocurrency tax tools simplify the reporting process by importing trading histories and generating tax reports. Examples include:</p>
<ul>
<li><strong>CoinTracking</strong></li>
<li><strong>Koinly</strong></li>
</ul>
<p>These tools integrate with exchanges, reducing the time and effort needed to prepare accurate tax reports.</p>
<h4 id="h_01JMXZQ6T0CAP889V6Q8FV80BY"><strong>What Forms Should You Complete?</strong></h4>
<p>Tax reporting requirements vary by country. For instance:</p>
<ul>
<li>In the <strong>U.S.</strong>, you’ll need to complete <a href="https://www.irs.gov/forms-pubs/about-form-8949"><strong><span class="wysiwyg-underline" style="color: #1155cc;">IRS Form 8949</span></strong></a> to report capital gains and losses.</li>
<li>Use your trading history to document every trade, calculate total gains or losses, and summarize your net position for the year.</li>
</ul>
<p>For more detailed guidance, consult a tax professional or review your local tax regulations.</p>
<p><strong>Need Assistance?</strong><strong><br></strong>If you encounter any issues or have questions, don’t hesitate to contact the Bitsgap <a href="mailto:support@bitsgap.com"><span class="wysiwyg-underline" style="color: #1155cc;">Customer Support</span></a> Team.</p>

Tax Reporting for Automated Cryptocurrency Trading

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<p>Bitsgap is an all-in-one cryptocurrency trading platform that unifies all your exchange accounts in one place. It allows you to automate trading and to trade seamlessly across multiple exchanges from a single, intuitive interface, while offering tools that go beyond what traditional exchanges provide.</p>
<p class="wysiwyg-text-align-center"><iframe src="//www.youtube-nocookie.com/embed/aeUqsovKA-Q" width="560" height="315" frameborder="0" allowfullscreen=""></iframe></p>
<h4 id="h_01JMY01Q41KKJ905DY49MMSZX5"><strong>Key Features of Bitsgap</strong></h4>
<ul>
<li>
<strong>Unified Trading Experience:</strong><strong><br></strong>Trade on over 15 major crypto exchanges—including Binance, Kraken, Bitfinex, Coinbase, and more—using advanced tools like <strong>Smart Trade</strong>, <strong>Scaled Orders, etc</strong>.</li>
<li>
<strong>Automated Bots:</strong><strong><br></strong>Take advantage of market fluctuations with automated trading bots that generate profits from every price move. No need to wait for a market surge—be ahead of it!</li>
<li>
<strong>Live Portfolio Tracking:</strong><strong><br></strong>Monitor your portfolio performance and earnings in real time. Bitsgap’s portfolio feature provides a clear, accurate overview of your holdings and profits.</li>
</ul>
<p><strong>Need Assistance?</strong><strong><br></strong>If you encounter any issues or have questions, don’t hesitate to contact the Bitsgap <a href="mailto:support@bitsgap.com"><span class="wysiwyg-underline" style="color: #1155cc;">Customer Support</span></a> Team.</p>
</div>

What is Bitsgap?

<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">

<p>For you to start trading Futures on Binance, there's a requirement where you need to "activate" this option, namely you need to pass a test devoted to the knowledge of Futures trading.</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><a href="https://www.dropbox.com/s/upyhooi6hj8o0tf/How%20to%20open%20Binance%20Futures%20account.mp4?dl=0" target="_blank" rel="nofollow noopener noreferrer">Following the link</a>, you can find a video that covers all the steps to open a Futures wallet on Binance.</p>
</div>
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<p>Below we shared the list of the steps in written form.</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><strong>1. </strong>In the menu, choose <strong>Derivatives --&gt; USDS-M Futures.</strong><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/9919557153180" alt="Fu1.png"></p>
<p><strong>2. </strong>On the right side of the opened section, familiarise yourself with the risks of Futures trading and proceed with an [<strong>Open now</strong>] button.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/9919566859036" alt="Fu2.jpeg"></p>
<p><strong>3. </strong>After a Futures trading menu is opened, click on either [<strong>Buy/Long</strong>] or [<strong>Sell/Short</strong>]. <img src="https://bitsgap4907.zendesk.com/hc/article_attachments/9919527289884" alt="Fu3.jpeg"></p>
<p><strong>4. </strong>In an opened window with the tutorial, please click on [<strong>Start Quiz</strong>]. <img src="https://bitsgap4907.zendesk.com/hc/article_attachments/9919541394844" alt="Fu4.png"></p>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><strong>5.</strong> To activate access to Futures trading, you need to give a correct answer to all 14 questions.</p>
</div>
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<p>Below is the list with these questions and correct answers so that you can have a small practice.</p>
</div>
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<p class="notes"><strong>Note <br></strong>Futures trading is a highly risky endeavour, with the potential for both great profits and significant losses. Please be aware that in the event of extreme price movement, there is a chance that all margin balance in your futures wallet may be liquidated. Futures trading is restricted to users from certain regions.</p>
</div>
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<p>1. Which of the following action should you take when you fail to place an order?</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><strong>Correct - Check your network, save screenshots or related information, and ask for help from customer service. (answer #2)</strong></p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>2. There is a maximum size limit for each order. Which action should you take when you receive this type of error message?</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><strong>Correct - Divide the large order into several smaller orders. (answer #3)</strong></p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>3. Which of the following description of Stop-Market Order is correct?</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><strong>Correct - The order will be executed at the market price once the price hits the trigger price. But the executed price may not be equal to the trigger price. (answer #2)</strong></p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>4. Which of the following description of the Stop-Limit Order is correct?</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><strong>Correct - The order will be placed at the limit price once the price hits the trigger price. But the limit order may not necessarily be filled as the latest market price may have moved away from the limit price. (answer #1</strong>)</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>5. Which of the following description of Profit and Loss (PnL) is correct?</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><strong>Correct - Realized PnL is calculated based on the opening price and the closing price after a position is closed. (answer #3)</strong></p>
</div>
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<p>6. What is the maximum loss that may occur in futures trading?</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><strong>Correct - All the money in my futures wallet (answer #1)</strong></p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>7. Which coin can be used as margin for a Coin-margined futures?</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><strong>Correct - The base asset of this future. For example, I can use BTC as margin when I trade BTCUSD future. (answer #2)</strong></p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>8. When a futures position is liquidated, what price is it based on?</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><strong>Correct - Mark Price (answer #3)</strong></p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>9. Futures fees include:</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><strong>Correct - Commissions, Insurance Clear Fees and Funding Fees while holding positions. (answer #2)</strong></p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>10. Are you aware that after a futures position is liquidated, in addition to the loss of the position, an Insurance Clear Fee will occur, which may decrease your futures wallet balance to zero? p.s. Insurance Clear Fee = Position nominal value * Liquidation fee rate</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><strong>Correct - Yes, I am aware of the existence and calculation of the Insurance Clear Fee and the risks that may cause the balance to return to zero. (answer #2)</strong></p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>11. . What kind of behaviour should I avoid when engaging in futures trading?</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><strong>Correct - Strong gambling, trading addictions, continuous losses, and blaming others. (answer #3)</strong></p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>12. To continue trading on futures, I have:</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><strong>Correct - Understood the rules and risks of futures trading, and I agree that any loss incurred during futures trading is my own responsibility regardless of the platform. (answer #2)</strong></p>
</div>
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<p>13. Due to network delays, system failures and other possible factors which may lead to suspension or deviation of Binance Futures service execution, Binance will use commercially reasonable efforts to ensure but not promise that Binance Futures service system runs effectively. Binance shall not be liable for the final execution results due to the above factors.</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><strong>Correct - Agree (answer #1)</strong></p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>14. In the event of a service disruption on Binance Futures, you may use the “close all positions” function to cancel all orders and close all open positions. However, due to unpredictable factors, the final execution result of this function might deviate from your expectations, and Binance shall not be liable for the final results.</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><strong>Correct - Agree (answer #1)</strong></p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/9919536709788" alt="Fu5.png"></p>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>As soon as you are done answering the questions, click on [<strong>Submit</strong>]. Should all the answers be correct, the interface of Futures trading will be activated.</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><strong>6. </strong>To start trading Futures, you need to transfer USDT from your spot wallet to Futures. When transferring <strong>no</strong> fees are charged by Binance. For that, please simply click on the [<strong>Transfer</strong>] button in the right menu, enter the desired amount and proceed with the [<strong>Confirm</strong>] button.<img src="https://bitsgap4907.zendesk.com/hc/article_attachments/9919527294108" alt="Fu6.jpeg"></p>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>Congratulations! You are now all set to start trading Futures on Binance.</p>
</div>
<div class="intercom-interblocks-horizontal-rule"><hr style="height: 3px;"></div>
<div class="intercom-interblocks-subheading4 intercom-interblocks-align-left">
<p id="h_d088c714c8"><strong>Get stuck? Ask your question to our community on <a href="https://t.me/bitsgap" target="_blank" rel="nofollow noopener noreferrer">Telegram</a>!</strong></p>
</div>
</div>
</div>
</div>

General Questions

Is it for beginners or experienced traders?

Does Bitsgap take a commission on my trades?

How to follow Bitsgap updates and news

Tax Reporting for Automated Cryptocurrency Trading

What is Bitsgap?

How to Open a Futures Wallet on Binance