Solus Finance Review: The Easy Way To Trade Crypto Derivatives
A trillion dollar industry which is still growing at a rate more than 200% is dominated only by 20% of crypto traders. Since, BTC fell down in 2022, more spot trading volume moved to FUTURES but the adoption among traders remains roughly at 20%. One of the main reasons for the low adoption is only 11% traders make profit in Futures due to the complexity of understand the space.
That’s where Solus comes into play. Solus is for retailers to unleash the power of futures and are changing the future of crypto FUTURES.
Solus Finance Review dives into the narrative of how a relatively new trading platform plans to introduce cutting edge features to the $3 trillion derivative trading market. In a market valued at trillions of dollars, only a handful of the world’s retail investors have managed to participate in derivatives, while the rest of them constitute large institutions.
Solus.Finance is an easy-to-use derivatives platform that uses a gamified approach to simplify trading. On the platform, anyone can trade crypto, NFTs, stocks, commodities, or non fungible tokens. Solus is secure, newbie friendly and has an intuitive interface to support traders of all levels.
Solus Finance Background
The platform rose from the need to make futures trading more appealing to retail investors. Its founders had discovered an increasing gap with present derivatives platforms, which were mostly geared towards institutional traders.
Not only did Nelson Malath and Sanghitaa De, the co-founders of the platform discover this gap but they also realized how difficult it was for young retail investors to explore financial instruments. Hence, they set out on a mission to remove the complexities of derivatives trading using Solus, and in doing so, educate the world’s youngest people about derivatives to enable them to make profits even when prices were down.
Despite being an year old as of the writing of this review, Solus already boasts 72K active traders, 32K+ token holders and a total of 238K+ transactions. The platform gained more than 150 users in its first weeks of launch, and since then, has pursued a vision to become the gateway for anyone getting into derivatives trading.
Crucial to the trading platform are its three pillars for democratizing futures trading, simplicity, low-risk, and social engagement.
The three pillars of Solus Finance
The team at Solus has dire respect for decentralization, transparency and fairness. Therefore, the platform utilizes a dynamic smart contract to take every transaction and resolve it depending on the expiration date.
Simplified Derivatives Trading Platform
The demand for easy-to-use DEFI platforms has continued planting roots in the crypto industry. Many seem turned off by the increasingly complex UX, cryptographic keys and smart contracts. Several exchanges and platforms have already expressed measures to make their front-end designs and processes more user-friendly. However, some aspects of crypto can only remain complex due to the inherent sophistication of the blockchain. For Solus, the mission is to eliminate technical and expertise barriers associated with futures trading.
On Solus, you will find fun, expert guidance, earn products by running validator nodes, a gamified trading experience and several types of derivatives trading features. These features are the subject of subsequent sections of this Solus Finance Review.
The platform is suitable for retail investors, newbies, derivatives traders and anyone who prioritizes simplicity in their investment strategies.
Futures Market
This page is one of the first things you see after visiting Solus.Finance. To get started with Futures Trading on the platform, click the Launch App. If you are not yet signed up, the web application will prompt you to sign up with either your email or wallet. You will also be asked whether you prefer KYC or non-KYC. In order to unblock withdrawals, a user needs to provide KYC details to Solus Finance.
Read more about the mandatory KYC process for the futures trading platform here.
The trading platform provides two main types of trading contracts, LIVE Price prediction and Perpetual swaps. The trading pairs for each contract type constitutes either Bitcoin or Ethereum paired to USDT or SUS, the native token of Solus.
A future is a contract where a trader predicts the price of an asset will be X within a specified period Y. A perpetual swap is a special type of future where the contract does not have the expiry date Y. For perpetuals, the risk is a bit lower compared to general futures trading.
Perpetual Futures
It is very easy to trade perpetual futures on Solus Finance. The interface is easy and favors the newbie who knows very little technicalities about cryptocurrencies, investing or even trading. However, the best thing about Solus isn’t its user-friendly UI but its ability to support trades worth as little as $1.
Just below the trade panel after clicking either Bitcoin or Ethereum, Solus provides a small panel aggregating the latest news in cryptocurrencies. These updates are from leading names in crypto media.
With Perpetual Swaps, you can either LONG or SHORT depending on your expectations on the direction of Bitcoin or Ethereum’s price. As per the screenshot below, all you have to do is choose the amount you are investing in a trade, for example, 100 SUS, and the price range at which the contract should auto-resolve. Solus awards the margin according to the value of the trade, the higher SUS coins you stake in one trade, the higher the margin you can access. However, the amount you choose is flexible, meaning you can trade with as low or as much leverage you want.
To view your open or past positions, look next to the [Place Order] navigation tab and click [Your Positions]
Trade BTC/SUS Futures
The positions page will show you currently open and closed positions, and will also include details about each order such as invested amount, margin and the type of order whether buy or sell.
Trade ETH/SUS Futures
The process for trading Ethereum perpetual swap contracts on Solus Finance is similar to the Bitcoin process. Thanks to the platform’s test trading demo account, newbies can train themselves and get used to the Solus using free SUS test coins.
Solus Live prediction
An option is the right and not the obligation to purchase or sell a particular asset for a specific price on a particular date, the expiry date. The Solus Live Price Prediction is a simplified form of options that enables traders to risk and earn USDT coins with each correct price prediction.
The interface for trading a Bitcoin Live Price Prediction on Solus is shown below:
According to the Live prediction snapshot above, we had to predict the price of 1 Bitcoin by February 12, 2024 9:00 pm.
Userfriendly Portfolio Management Feature
Solus has an intuitive and userfriendly portfolio tracking feature to help traders monitor their trades, returns and losses in one place. The portfolio tab has Live Markets that indicates your investments, and perfomance of each investment in real-time. There is also a Closed Markets feature on the portfolio tab for indicating markets that have already closed. Other features you will find here include a field showing the total investment amount, returns, and a ROI percentage.
Leaderboard, Badges and Power Ups
Solus Finance has a weekly and past weekly leaderboard that lists the top traders by ROI. The leaderboard refreshes each, and incentivizes the top active traders of the week. Every week begins from 0000hrs UTC on Monday and ends 2359 hrs UTC on Sunday.
There are also six types of badges available on Solus. A trader receives either of the six for achieving particular milestones. See each type of badge and its benefits below:
Badges on Solus
Additionally, active traders also receive power ups. See a list of all available powerups on the list below:
Conclusion
Solus Finance is one of the crypto trading products that came around due to the increasing demand for user-friendly blockchain platforms. The exchange has broken records by registering hundreds of thousands of active traders in a small amount of time. Thanks to its gamified approach to trading crypto assets futures, we are confident that someone of any level can trade using the application.
Solus is also easily accessible through a web application, there are no hidden fees, the interface is straightforward and there are multiple rewards if you can make it to the weekly leaderboard. If you are looking for a reliable trading platform to start investing in Bitcoin or Ethereum futures, look no further here. The platform is also particularly essential for tutors trying to bring newbies into the crypto trading game.
