Tips for Using OrbDex Safely

Trading on a decentralized leveraged platform requires caution and good practices. Here are some additional tips and best practices:

• Start Small: If you are new to OrbDex or perpetual futures, start with a small amount of collateral and low leverage to get familiar with the platform’s behavior. This way, any mistakes or learning experiences will have minimal cost.

• Use Testnet (if available): OrbDex might offer a testnet or demo mode where you can practice trading with simulated funds. If so, use it to practice placing orders, setting stop-losses, etc., without real risk.

• Secure Your Wallet: Since OrbDex requires your crypto wallet, make sure your wallet is secure. Use strong passwords, enable two-factor authentication if available, and never share your wallet’s private keys or seed phrase. Be cautious of phishing sites – always ensure you are on the official OrbDex website when connecting your wallet.

• Stay Informed: Keep an eye on OrbDex announcements or community channels for updates. Decentralized platforms may upgrade contracts or adjust parameters (like max leverage or supported assets). Being informed will help you adapt to changes.

• Understand Contract Risks: OrbDex’s smart contracts manage your funds while they are deposited. While decentralization removes the risk of a single company misusing funds, there is still smart contract risk. The OrbDex team likely audits their contracts, but always be aware that bugs or vulnerabilities can theoretically occur in DeFi platforms.

• Customer Support and Community: If you encounter issues or have questions, check if OrbDex has a support channel. This could be a Discord, Telegram group, or a support email. The documentation might provide links. Don’t hesitate to ask the community or admins if something is unclear – but never give out sensitive info. Support will never need your private keys, etc.

• Plan Your Trades: Given the volatility of crypto, it’s wise to plan entry and exit points in advance. Use the stop-loss and take-profit features to enforce your plan. Emotional trading (e.g., not cutting a loss and hoping for a rebound) can be especially dangerous with leverage.

• Watch Your Leverage: It’s tempting to use high leverage, but remember that liquidations happen quickly at high leverage. A 50× leverage position gets liquidated with only a 2% adverse move. Use leverage judiciously and consider the volatility of the asset (some coins can swing more than 5-10% in a day easily).

• Diversify and Limit Risk: Don’t put all your capital into one single trade. It’s better to diversify or keep some funds in reserve. Also, only trade with money you can afford to lose – crypto markets can be unpredictable.

By following these guidelines and using the OrbDex platform features wisely, you can trade more confidently and safely.