To help you better understand and use the Megabit exchange, we have compiled a detailed FAQ. We hope this information will be helpful to you.
1. How to register a Megabit account?
Step 1: Visit the Megabit official website.
Step 2: Click the “Register” button in the upper right corner.
Step 3: Enter your email address, set a password, and agree to the terms of service.
Step 4: Click “Register,” then check your email and complete the email verification.
2. How to complete identity verification (KYC)?
Step 1: Log in to your Megabit account.
Step 2: Go to the “Personal Center” and select “Identity Verification.”
Step 3: Upload your identification documents (such as passport or driver’s license) and address proof as prompted.
Step 4: After submission, the Megabit team will review your information within 1-3 business days.
3. How to deposit funds?
Step 1: Log in to your Megabit account.
Step 2: Go to the “Asset Management” page and select “Deposit.”
Step 3: Choose the cryptocurrency you want to deposit and select the appropriate transfer network to generate a deposit address.
Step 4: Transfer the cryptocurrency to the generated address and wait for network block confirmations.
4. How to trade?
Step 1: Log in to your Megabit account and ensure you have sufficient balance.
Step 2: Go to the “Trade” or “Contract” page, and select the trading pair you want to trade (e.g., BTC/USDT or BTC/USDT Perpetual).
Step 3: In the trading interface, choose “Limit Order” or “Market Order,” enter the quantity to buy or sell, or the corresponding USDT margin.
Step 4: Confirm the order details and click “Submit” to complete the trade.
5. How to withdraw funds?
Step 1: Log in to your Megabit account.
Step 2: Go to the “Asset Management” page and select “Withdraw.”
Step 3: Choose the cryptocurrency you want to withdraw, select the appropriate transfer network, and enter the withdrawal address and amount.
Step 4: Confirm the information and click “Submit,” then wait for the withdrawal to be processed.
6. What are the trading fees?
Megabit’s trading fees depend on the user’s level and trading volume. Generally, spot trading fees range from 0.1% to 0.2%, and contract trading fees are 0.03% for Makers and 0.05% for Takers. Detailed fee information can be viewed on the Megabit official website’s “Fee Schedule” page.
7. How to ensure account security?
•Enable Two-Factor Authentication (2FA): Enable 2FA on the “Account Security” page to enhance account security.
•Change Password Regularly: Regularly change your account password and use a strong password combination.
•Be Cautious: Avoid logging in from public networks or unsecured devices to prevent information leakage.
8. How to contact customer service if you encounter issues?
You can contact Megabit’s customer service team via:
•Email: help@megabit.vip
•Online Support: The online chat feature on the Megabit official website.
9. What cryptocurrencies does Megabit support?
Megabit currently supports various major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and more. Additional spot and contract trading pairs will be added based on market demand and user feedback.
10. How to get the latest market news and announcements?
•Official Website Announcements: Regularly visit the “Announcements” page on the Megabit official website for the latest news and updates.
•Social Media: Follow Megabit’s official Twitter, Facebook, and Telegram channels for timely market news and platform updates.
11. What is the difference between a limit order and a market order?
•Limit Order: Users can set a specific price to buy or sell an asset, and the order will only be executed when the market price reaches the set price.
•Market Order: Users buy or sell an asset at the current market price immediately, suitable for situations where quick execution is needed.
12. What is a cryptocurrency wallet?
A cryptocurrency wallet is a tool used to store and manage cryptocurrencies. There are two types:
•Hot Wallet: Connected to the internet, convenient for daily transactions but less secure.
•Cold Wallet: Not connected to the internet, more secure, suitable for long-term storage of large amounts of cryptocurrency.
13. How to recover a forgotten password?
Step 1: Visit the Megabit official website and click the “Login” button.
Step 2: Click the “Forgot Password” link on the login page.
Step 3: Enter your registered email and submit the request.
Step 4: Check your email and follow the instructions in the email to reset your password.
14. What is Two-Factor Authentication (2FA), and how to enable it?
Two-Factor Authentication (2FA) is an additional security measure that generates a dynamic verification code using applications like Google Authenticator to enhance account security.
•Step 1: Log in to your Megabit account and go to “Security Settings.”
•Step 2: Select “Enable Two-Factor Authentication” and follow the instructions to download and install the Google Authenticator app.
•Step 3: Scan the QR code or manually enter the key to bind the application.
•Step 4: Enter the verification code generated by the app to enable 2FA.
15. How to deal with phishing websites and scams?
•Check the URL: Ensure the website you are logging into is the official Megabit site (https://www.megabit.vip).
•Avoid Suspicious Links: Do not click on links in unknown emails or messages.
•Enable Security Settings: Use 2FA and strong passwords to protect your account.
16. How to participate in Megabit’s activities and reward programs?
•Step 1: Log in to your Megabit account.
•Step 2: Go to the “Activity Announcements” page to view current activities and reward programs.
•Step 3: Follow the activity rules, such as completing specific trading volumes or inviting new users.
•Step 4: Rewards will be automatically credited to your account once you meet the conditions.
17. What is the difference between fiat currency and cryptocurrency?
•Fiat Currency: Money issued by the government and used as legal tender, such as USD, EUR, etc.
•Cryptocurrency: Digital currency based on blockchain technology, using cryptographic techniques to secure transactions, such as Bitcoin, Ethereum, etc.
18. How to protect my privacy?
•Anonymous Transactions: In some cases, cryptocurrency transactions can be anonymous.
•Data Encryption: Megabit uses advanced encryption technologies to protect user privacy.
•Privacy Policy: Read and understand Megabit’s privacy policy to know how the platform uses and protects your data.
19. What is a trading pair?
A trading pair refers to two assets that can be traded against each other. For example, BTC/USDT means you can buy or sell BTC with USDT. The trading pair price indicates how many units of the quote currency can be exchanged for one unit of the base currency.
20. What is a market stop-limit order?
A market stop-limit order means that when the market price reaches the preset stop or limit price, the system will execute the trade immediately at the current market price. This ensures the trade is executed at the target price to achieve the desired profit or limit losses.
21. What is a limit stop-limit order?
A limit stop-limit order means that when the market price reaches the preset stop or limit price, the system will execute the trade at the user-set limit price. The trade will only be executed when the market price reaches the set limit, suitable for users who want to execute trades at a specific price without urgency.
22. What is the difference between market stop-limit and limit stop-limit orders?
•Market Stop-Limit Order: Once triggered, the trade is executed immediately at the current market price, ensuring a swift transaction. This method is suitable for quick market reactions.
•Limit Stop-Limit Order: Once triggered, the trade is executed at the set limit price, only when the market price reaches that price. This method might carry the risk of not being executed if the market price does not meet the limit.
23. What is a conditional order? Give an example.
A conditional order is a trade order that automatically executes based on preset conditions. For example, a user can set a condition to buy 1 BTC when the price reaches $50,000. This type of order is useful for users who want to execute trades based on specific conditions without monitoring the market in real-time.
24. What is Cross Margin Mode?
Cross Margin Mode uses all funds in the account as margin to support all positions. If one position incurs a loss, other funds in the account can be used to avoid liquidation. This mode is suitable for managing risks across multiple positions, utilizing the total account funds to withstand losses from individual positions.
25.What is the Isolated Margin mode?
The Isolated Margin mode means that each position is allocated its own margin, and losses are limited to the margin of that specific position. If a position is liquidated, it will not affect other positions in the account. This mode allows for better control of risk for individual positions.
26.Differences between Cross Margin and Isolated Margin
Cross Margin: In Cross Margin mode, the total funds in the account are distributed across multiple positions, but these positions share the same margin pool. Losses and profits can offset each other, which is suitable for overall risk management.
Isolated Margin: Each position has its own margin, and losses are limited to that position alone, without affecting other positions.
27.Differences between Isolated Margin - Cross Margin and Isolated Margin - Fixed Margin
Isolated Margin - Cross Margin: Each position still has a separate margin, but the management is centralized within a single account, which facilitates overall monitoring and management.
Isolated Margin - Fixed Margin: Each position maintains an independent margin, with a focus on managing each position separately without overall account management.
28.What is the Maintenance Margin Ratio?
The Maintenance Margin Ratio is the minimum margin ratio required to hold a position. When the account margin falls below this ratio, it may trigger a liquidation to prevent the account from going into negative balance.
29.What are the conditions for liquidation, and is the remaining funds injected into the platform’s risk margin?
When the account margin falls below the Maintenance Margin Ratio, the system will automatically trigger liquidation to reduce risk. After liquidation, any remaining funds will be injected into the platform’s risk margin pool to offset potential trading risks and losses caused by market volatility.
30.What is the Funding Rate, and how is it calculated?
The Funding Rate is the fee exchanged between long and short position holders in contract trading. The calculation is usually based on the difference between the contract price and the spot market price. A positive Funding Rate means longs pay fees to shorts, while a negative Funding Rate means shorts pay fees to longs. The Funding Rate is generally calculated and paid every 8 hours.
31.How to calculate contract profit and loss?
Profit and loss in cryptocurrency contracts are divided into realized profit and loss (Realized PnL) and unrealized profit and loss (Unrealized PnL).
Realized Profit and Loss: Calculated when you close a position (sell the held cryptocurrency). Formula: Realized Profit and Loss = Selling Price - Buying Price. For example, if you bought 1 BTC at $50,000 and sold it at $55,000, the realized profit is $5,000.
Unrealized Profit and Loss: Refers to the potential profit or loss of currently held positions, not yet realized through trading. Formula: Unrealized Profit and Loss = Current Market Price - Buying Price. For instance, if you bought 1 BTC at $50,000 and the current market price is $55,000, the unrealized profit is $5,000.
Detailed Calculation:
•Realized Profit and Loss:
•For U-Base Contracts:
•Long: (Closing Price - Opening Average Price) * Position Quantity * Contract Value;
•Short: (Opening Average Price - Closing Price) * Position Quantity * Contract Value;
•For Inverse Contracts:
•Long: (1 / Opening Average Price - 1 / Closing Price) * Position Quantity * Contract Value;
•Short: (1 / Closing Price - 1 / Opening Average Price) * Position Quantity * Contract Value;
•Unrealized Profit and Loss:
•For U-Base Contracts:
•Long: (Fair Price - Opening Average Price) * Position Quantity * Contract Value;
•Short: (Opening Average Price - Fair Price) * Position Quantity * Contract Value;
•For Inverse Contracts:
•Long: (1 / Opening Average Price - 1 / Fair Price) * Position Quantity * Contract Value;
•Short: (1 / Fair Price - 1 / Opening Average Price) * Position Quantity * Contract Value.
32.How to calculate trading fees?
Trading fees are usually based on trading volume and user level. Steps are as follows:
Calculate Fee: Trading Fee = Trading Amount × Fee Rate. For example, if your trading amount is $10,000 and the fee rate is 0.1%, the fee is $10.
User Level: Different trading platforms may set different fee rates based on the user’s trading volume and token holdings. Generally, the higher the trading volume, the lower the fee rate.
Other Fees: Some platforms may also charge withdrawal fees and other operational fees.
33.Why was I still liquidated even with a fully hedged position?
Even with a fully hedged (locked) position in Cross Margin mode, liquidation may still occur due to the following reasons:
Mark Price Trigger: Liquidation in Cross Margin mode is based on the Mark Price rather than the Last Traded Price. If the Mark Price reaches or falls below the Maintenance Margin Requirement, the system will trigger liquidation. This means that even in a hedged position, if the Mark Price fluctuates significantly, liquidation may still occur.
Insufficient Available Balance: In Cross Margin mode, all positions share the available balance in the account. If the overall margin rate of your account falls below the Maintenance Margin Ratio and there is insufficient available funds to replenish the margin, the system will automatically trigger liquidation to prevent a negative balance.
Liquidation Mechanism: When liquidation is triggered, the system first cancels all unexecuted orders to release funds to meet the margin requirement. If this is still insufficient, the system will liquidate positions based on the overall margin rate and net position.
34.What is the Auto-Deleveraging (ADL) Mechanism?
Auto-Deleveraging (ADL) is a risk management tool used to protect trading platforms and users’ funds during extreme market fluctuations. When a user’s position is liquidated but the market liquidity is insufficient to fully execute the liquidation order, the ADL mechanism is activated. Details are as follows:
ADL Trigger Conditions:
•User’s position is liquidated, and market liquidity is insufficient to execute the order at the intended price.
•The insurance fund is insufficient to cover the loss.
How ADL Works:
•The system automatically reduces the positions of high-leverage and high-profit traders based on their leverage and profit rankings.
•Traders with higher rankings (i.e., higher leverage or greater profit) are more likely to have their positions reduced by the system.
Reduction Process:
•The system first cancels all unexecuted orders to release funds to meet the margin requirement.
•If further action is needed, the system will gradually reduce the positions of the most at-risk traders according to ADL rankings.
ADL Indicators:
•The trading platform provides ADL indicators to show the risk of automatic reduction of your position. Traders can use this information to adjust their positions and reduce the likelihood of being reduced.
Advantages and Risks:
•Advantage: ADL can prevent “socialized losses,” which means distributing the loss of a single trader among all traders, thereby protecting the platform’s overall stability.
•Risk: Traders with high leverage and high profits may be prioritized for reduction under extreme market conditions, leading to unexpected losses.
ADL is a common mechanism used by many cryptocurrency derivatives trading platforms, such as Binance, Bybit, and Gate.io, to ensure risk control in highly volatile markets.
35.What is a liquidation?
Liquidation refers to the forced closure of positions by the exchange when a trader’s margin account balance is insufficient to maintain leveraged positions, preventing the account from going into a negative balance. In cryptocurrency trading, liquidation occurs due to extreme market price fluctuations, which cause the margin ratio to fall below the Maintenance Margin (the account shows a negative balance due to large losses), resulting in automatic liquidation to avoid further losses.
36.What is a clawback?
A clawback refers to the process where, after a liquidation, the Megabit risk protection fund automatically replenishes the user’s account to continue normal use without requiring the user to bear additional losses from the liquidation. (The Megabit risk protection fund is maintained with a 1:1 reserve ratio of user assets, and any remaining funds from liquidated positions are injected into the risk protection fund to compensate for liquidation losses during extreme market fluctuations.)
In extreme market conditions, when the losses from liquidation exceed the exchange’s insurance fund, the exchange may use the clawback mechanism to withdraw funds from profitable users’ accounts to cover the losses. While this approach helps maintain the platform’s financial health, it may cause dissatisfaction among some users.
Therefore, traders using high leverage should exercise caution and adopt appropriate risk management strategies to avoid liquidation and potential clawback risks.
37.What should I do if I can’t receive the email verification code?
If you are having trouble receiving the email verification code, try the following solutions:
Check Spam Folder: The verification email might be mistakenly marked as spam. Add Megabit’s email address to your whitelist or mark it as not spam.
Verify Email Address: Ensure you are using the correct email address registered with the account.
Check Email Client Settings: Make sure there are no security conflicts caused by firewalls or antivirus software.
Check Email Storage: If your email storage is full, delete some old emails to free up space.
Use Major Email Providers: Such as Gmail, QQ, Outlook, etc., which are generally more reliable in receiving verification emails.
Contact Customer Service: If the above methods do not resolve the issue, contact Megabit’s online customer service for further assistance.
By following these steps, you should be able to resolve the issue of not receiving the email verification code. For any issues, please consult Megabit’s online customer service.
38. What should I do if I can’t receive the SMS verification code?
If you are unable to receive the SMS verification code, try the following solutions:
• Check Phone Signal: Ensure you have a strong phone signal. If the signal is unstable, move to a location with better signal strength and try again.
•Disable Firewall and SMS Filtering Apps: Check and disable any firewall, antivirus software, or SMS filtering apps on your phone that might block the receipt of verification SMS.
•Restart Phone: Try restarting your phone; this can sometimes resolve temporary network or device issues.
•Check SMS Storage: If your phone’s SMS storage is full, delete some old messages to free up space.
•Check Phone Settings: Ensure that your phone’s “Do Not Disturb” mode or similar settings are not blocking SMS reception.
•Retry Sending Code: Wait a few minutes and then click the “Resend Code” button.
•Check International SMS Service: If you are roaming internationally or using an international phone number, confirm that your service provider supports receiving international SMS or contact your service provider for potential compatibility issues.
•Contact Customer Support: If none of the above methods work, contact Megabit’s online customer support for further assistance.
By following these steps, you should be able to resolve the issue of not receiving the SMS verification code. For further issues, please contact Megabit’s online customer support.
39.What should I do if my Android device indicates a virus when downloading the exchange app?
If your Android device indicates a virus when downloading the Megabit exchange app, try the following steps:
• Verify Download Source: Ensure you are downloading the app from Megabit’s official website or official app stores (e.g., Google Play Store). Avoid downloading from third-party websites, which may pose security risks.
•Disable Phone’s Clean Mode: Some Android devices (such as Xiaomi’s MIUI system) have a Clean Mode that blocks downloads from unofficial app stores. To disable Clean Mode:
•Open your phone’s “Settings.”
•Go to “Security” or “Privacy” options.
•Turn off “Clean Mode” and then try downloading the app again.
•Clear Browser Cache: Go to phone settings, find your browser app, and clear the cache and data.
•Disable Unnecessary Security Software: Some antivirus software may mistakenly flag legitimate apps as viruses. Try temporarily disabling such software and re-download the app.
•Check System and App Updates: Ensure your Android system and all apps are updated to the latest versions to avoid compatibility issues.
40.Steps for Apple users to download the TF Sign app via TestFlight
If you are an Apple user and want to download and install the TF Sign app via TestFlight, follow these steps:
• Download and Install TestFlight:
•Open the App Store, search for “TestFlight,” and install the app.
•Return to TF Sign Download Page and Start Testing:
•Go back to the TF Sign download page and select “Step 2: Start Testing.”
•Install the App via TestFlight:
•When the application page opens, click “Install.”
•Launch and Use the App:
•Once installed, you will see the app icon on your home screen. Open the app to start using it.
41.What to do if users in restricted regions cannot access the official website or app?
If you are unable to access the Megabit official website, try the following solutions:
• Use a VPN: The official website might be blocked by your ISP. Try using a VPN service to bypass the block and access the website. Recommended VPN software includes ExpressVPN, NordVPN, or Surfshark.
•Contact Customer Support for Alternative Links: If using a VPN does not resolve the issue, contact Megabit’s online customer support to get an alternative access link or further assistance.
These common issues and solutions should help you with your queries. If you have other questions or need further assistance, please contact Megabit’s customer service team.
Let me know if you need any more help!
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